PART I
Learning Outcomes, Summary Overview, and Problems
CHAPTER 1
Equity Valuation: Applications and Processes  3
Learning Outcomes   3
Summary Overview   3
Problems  5
CHAPTER 2
Return Concepts  7
Learning Outcomes   7
Summary Overview   7
Problems  9
CHAPTER 3
Discounted Dividend Valuation  13
Learning Outcomes   13
Summary Overview   14
Problems  16
CHAPTER 4
Free Cash Flow Valuation  25
Learning Outcomes   25
Summary Overview   26
Problems  28
CHAPTER 5
Residual Income Valuation  41
Learning Outcomes   41
Summary Overview   42
Problems  43

CHAPTER 6
Market-Based Valuation: Price and Enterprise Value Multiples  49
Learning Outcomes   49
Summary Overview   50
Problems  52
CHAPTER 7
Private Company Valuation  59
Learning Outcomes   59
Summary Overview   60
Problems  61
PART II
Solutions
CHAPTER 1
Equity Valuation: Applications and Processes  71
Solutions  71
CHAPTER 2
Return Concepts  73
Solutions  73
CHAPTER 3
Discounted Dividend Valuation  77
Solutions  77
CHAPTER 4
Free Cash Flow Valuation  85
Solutions  85
CHAPTER 5
Residual Income Valuation  99
Solutions  99
CHAPTER 6
Market-Based Valuation: Price and Enterprise Value Multiples  107
Solutions 107
CHAPTER 7
Private Company Valuation  113
Solutions 113
About the CFA Program  117