A unique analysis of sophisticated valuation models from three top investment banks Investors can benefit greatly from a thorough understanding of valuation models. Unfortunately, many investors, portfolio managers, and instructors fail to understand the valuation models used by big investment banks. This book explains the three most sophisticated valuation models used in leading institutions and uses hands-on examples to explain them. Readers will gain a firm understanding of how analysts estimate cash flows, calculate discount rates, adjust for accounting distortions, and take uncertainty into consideration. Jan Viebig (Frankfurt, Germany) is Director of Equity Hedge Funds at DWS Investment. Armin Varmaz (Bremen, Germany) is a professor at the University of Bremen. Thorsten Poddig (Bremen, Germany) is a professor at the University of Bremen.