Equity Valuation: Science, Art or Craft?


Wednesday 28 February 2018

Prof. Focardi will present his latest work: "Equity Valuation: Science, Art, or Craft?" by Frank J. Fabozzi, CFA - Sergio M. Focardi - Caroline Jonas.
Click here to read

The price at which a stock is traded in the market reflects the ability of the firm to generate cash flow and the risks associated with generating the expected future cash flows. The authors point to the limits of widely used valuation techniques. The most important of these limits is the inability to forecast cash flows and to determine the appropriate discount rate. Another important limit is the inability to determine absolute value. Widely used valuation techniques such as market multiples - the price-to-earnings ratio, firm value multiples or a use of multiple ratios, for example - capture only relative value, that is, the value of a firm's stocks related to the value of comparable firms (assuming that comparable firms can be identified).

In collaboration with

Arca_iShares


Agenda


9:00 am

Registration


9:20 am

A quantitative approach to active equity investing

Giorgio Bortolozzo, CFA - Gestore Arca Equity

9:35 am

5 Investing Megatrends and the Growth of Indexing

Enrico Camerini - Head of Institutional clients - iShares Italy, BlackRock

9:50 am

Equity Valuation: Science, Art, or Craft?

Prof. Sergio Focardi - Professor and Researcher at the Finance Group, ESILV EMLV, of the Pole Universitaire De Vinci, Paris

10:35 am

Q&A



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Location: Milan, Arca SGR - Via Disciplini, 3 - 20123 Milano

Time: From 9 am to 12 am (estimated)

Price: Free of charge

Credits: 1,0


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