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Financial Statement Analysis and Security Valuation

Paperback Engels 2012 9780071326407
Verkooppositie 6121
Verwachte levertijd ongeveer 10 werkdagen


This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm’s debt and equity.

The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.


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List of Cases
List of Accounting Clinics

1. Introduction to Investing and Valuation
2. Introduction to the Financial Statements

Part One: Financial Statements and Valuation
3. How Financial Statements Are Used in Valuation
4. Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation
5. Accrual Accounting and Valuation: Pricing Book Values
6. Accrual Accounting and Valuation: Pricing Earnings

Part Two: The Analysis of Financial Statements
7. Viewing the Business Through the Financial Statements
8. The Analysis of the Statement of Shareholders’ Equity
9. The Analysis of the Balance Sheet and Income Statement
10. The Analysis of the Cash Flow Statement
11. The Analysis of Profitability
12. The Analysis of Growth and Sustainable Earnings

Part Three: Forecasting and Valuation Analysis
13. The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
14. Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
15. Full-Information Forecasting, Valuation, and Business Strategy Analysis

Part Four: Accounting Analysis and Valuation
16. Creating Accounting Value and Economic Value
17. Analysis of the Quality of Financial Statements

Part Five: The Analysis of Risk and Return
18. The Analysis of Equity Risk and Return
19. The Analysis of Credit Risk and Return

Appendix A: Summary of Formulas


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        Financial Statement Analysis and Security Valuation