How to value businesses and shares -
an introductory guide

"Looking for a book on company and stock valuation that gets to the point? Here it is. Global practice on a broad theoretical foundation. You will get a high return on your investment in reading time by growing your knowledge and reducing the risk of misjudgments. The Value (increase) is definitely higher than the price. Well done!" Wolfgang Kniest, Dipl.-Kfm., CVA, Co-Founder and Managing Director of the European Association of Certified Valuators and Analysts (EACVA)
"How do you know how much a stock is really worth? My suggestion? Read this book! Four experts break down the secrets to valuation in easily digestible pieces written so that everybody understands what really matters." Joachim Klement, Managing Director, Panmure Liberum investment bank (UK)
"Valuation is an ART not a SCIENCE...but it does need you to get your tools right to get the best out of that art. The only book you need on the shelf taking you from a novice to valuing businesses like a seasoned banker." Sameer Merchant, CEO City Investment Training
"Beautifully written to take me from 0mph to 88mph in one book. Nothing is assumed, everything is explained and the reality of examples used makes every topic pop into focus." Stuart O’Brien, CEO, Cinnmonchalk
"An engaging journey through valuation principles that challenges readers to think critically while providing a solid foundation of knowledge." Matthew Ashley, former group CFO, Micro Focus International plc, National Express Group plc, William Hill plc
"The Valuation Book strikes the perfect balance between accessibility and rigour, making it a must-read for anyone looking to understand this critical field." Geoff Robinson, Founder of TheInvestmentAnalyst.com, 9x #1 ranked Institutional Investor Analyst
"This book is a gem for anyone eager to master valuations. It takes you from novice to expert with a crystal-clear language and user-friendly structure. Packed with comprehensive insights and down-to-earth wisdom from top practitioners and academics, it will skyrocket your knowledge and fuel your passion for diving deeper into this field. Highly recommended!" Dr Dr Rodrigo Souza, Senior Lecturer, Roehampton University, London
"What a pleasure to read this concise, clear, and practical guide. This book is an excellent companion for anyone approaching a valuation exercise. While it is aimed at beginners, it offers new and useful insights to readers of all levels and backgrounds. A must-have for any finance and accounting student, educator, or professional." Dr Matt Bamber, Associate Professor of Accounting, The Schulich School of Business, York University, Canada
"An insightful book that bridges the gap between theoretical concepts and real-world application in valuation." Charles Richardson, former CFO and Strategy & M&A Director, Bupa Global and UK
"An easy-to-read and understand book on how to value firms. Packed with practical examples for issues related to valuation, such as how to value private and young firms and how to approach ethical and environmental concerns in valuation. Highly recommended for both students and professionals." Professor Antonios Siganos, Professor of Finance, Edinburgh Napier University
"This book indeed masters to cover all aspects of valuation in a non-rocket science way. Regardless of the reader’s starting level everyone benefits from being served each chapter at the right bite size to understand the essence of the valuation practice well enough and to explain it simple and confident enough" Ben Husemann, Head of M&A at Giesecke+Devrient GmbH
"The “Valuation Book” provides a strong conceptual framework for business valuation in a clear and direct writing style, with insights based on real life experience and on a solid accounting and financial analysis foundation: a useful guide for valuation specialists as well as for investors, students, attorneys, and anyone with an interest in business valuation." Antonella Puca, CPA/ABV, CFA, Managing Partner, BlueVal and Author of “Early Stage Valuation” (Wiley: 2020)
"At last – a clear, jargon-free and practical guide to valuation! The book is engagingly written, easy to follow and filled with real-world examples, making it the most accessible and practical book on valuation that I have seen." Deborah Taylor, finance instructor, Financial Edge
"A must-read for anyone seeking to understand the fundamentals of equity valuation. This textbook distils complex concepts into clear, manageable insights for readers of all backgrounds." Professor Frank Hong Liu, Professor of Accounting and Finance, Loughborough University
"This textbook is an invaluable resource for university students, providing clear and accessible insights into valuation and accounting. Tailored for non-specialists, it demystifies complex financial concepts and offers practical examples that make learning engaging. With the addition of a comprehensive online resource, students are well-equipped to build a solid foundation in finance." Andreas Karaiskos, Chief Executive Officer, Fitch Learning
"An outstanding resource offering clear guidance and practical insights. It effectively bridges the gap between theory and real-world application, making it ideal for professionals and students eager to deepen their understanding of equity valuation." Professor Andreas Charitou, Professor of Accounting & Finance, School of Economics and Management, University of Cyprus
"This textbook is an excellent and accessible resource for students, making learning both enjoyable and straightforward. Its clear explanations and engaging content ensure that complex topics are easily understood. Ideal for non-specialists and those enrolled in valuation courses, I highly recommend it for anyone looking to enhance their understanding of valuation." Dr Trang Nguyen, University of Bristol
"This is book is an excellent first step into the world of equity valuation for the uninitiated and, to the specialist, a great reminder of the ever-important (and often forgotten) foundations of financial analysis." Dr Joao Toniato, Head of Global Equity Strategy, Aviva Investors
"The Valuation Book by Aleksanyan, Lee, Meitner and Pande provides an excellent introduction to the theory and practice of company valuation. Focusing on the core aspects of valuation and presenting the material in short chapters that avoid excessive complexity or jargon, the authors provide an accessible yet rigorous guide to valuation, of relevance to students and practitioners alike" Professor Jo Danbolt, Baillie Gifford Professor in Financial Markets at the University of Edinburgh Business School
"An excellent introductory text which lays out the key tenets of equity valuation in an easily understandable way that avoids you being overwhelmed with technical detail." Satheesh Nadarajah, CFA, Partner, WG Partners LLP
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  • No detailed prior knowledge required
  • Short accessible chapters
  • Valuation tools used by professionals

About the authors

Written by academics who are also practitioners, The Valuation Book provides a unique mix of theory and practical application. It is designed around the authors’ experience of teaching thousands of people about valuation principles over the last two decades.

Professor Kenneth Lee Loughborough University

Professor in the Accounting and Finance research group of Loughborough Business school and the Director of Postgraduate Taught programmes.

Professor Matthias Meitner International School of Management (ISM - Munich)

Managing partner of VALUESQUE, a consultancy firm that focuses on business valuations and financial analysis.

Professor Mark Aleksanyan University of Glasgow

Professor of Accounting and Finance at the Adam Smith Business School, University of Glasgow.

Neil Pande Financial Training Consultant

Financial training consultant, non-executive director and value investor, based in Canary Wharf in London.

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