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Financial Statement Analysis and Security Valuation

Vörumerki: McGrawHill
Vörunúmer: 0077147928
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Financial Statement Analysis and Security Valuation

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Efnisyfirlit

  • Preface
  • List of Cases
  • List of Accounting Clinics
    • Chapter 1. Introduction to Investing and Valuation
      • Investment Styles and Fundamental Analysis
      • Bubble, Bubble, Toil, and Trouble
        • How Bubbles Work
        • Analysts During the Bubble
        • More Toil and Trouble
        • Fundamental Analysis Anchors Investors
      • The Setting: Investors, Firms, Securities, and Capital Markets
      • The Business of Analysis: The Professional Analyst
        • Investing in Firms: The Outside Analyst
        • Investing Within Firms: The Inside Analyst
      • The Analysis of Business
        • Strategy and Valuation
        • Mastering the Details
        • The Key Question: Sustainability of Competitive Advantage
        • Financial Statements: The Lens on the Business
      • Choosing a Valuation Technology
        • Guiding Principles
        • Anchoring Value on the Financial Statements
      • How to Use This Book
        • An Outline of the Book
      • The Web Connection
      • Key Concepts
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 2. Introduction to the Financial Statements
      • The Analyst's Checklist
      • The Form of the Financial Statements
        • Introducing Nike, Inc.
        • The Balance Sheet
        • The Income Statement
        • The Cash Flow Statement
        • The Statement of Shareholders' Equity
        • The Footnotes and Supplementary Information to Financial Statements
        • The Articulation of the Financial Statements: How the Statements Tell a Story
      • Measurement in the Financial Statements
        • The Price-to-Book Ratio
        • Measurement in the Balance Sheet
        • Measurement in the Income Statement
        • The Price-Earnings Ratio
        • Accounting as an Anchor: Don't Mix What You Know with Speculation
        • Tension in Accounting
        • Accounting Quality
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
  • PART ONE. FINANCIAL STATEMENTS AND VALUATION
    • Chapter 3. How Financial Statements Are Used in Valuation
      • The Analyst's Checklist
      • Multiple Analysis
        • The Method of Comparables
        • Screening on Multiples
      • Asset-Based Valuation
      • Fundamental Analysis
        • The Process of Fundamental Analysis
        • Financial Statement Analysis, Pro Forma Analysis, and Fundamental Analysis
      • The Architecture of Fundamental Analysis: The Valuation Model
        • Terminal Investments and Going-Concern Investments
        • Valuation Models for Terminal Investments
        • Valuation Models for Going-Concern Investments
        • Criteria for a Practical Valuation Model
        • What Generates Value?
        • Valuation Models, the Required Return, and Asset Pricing Models
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
      • Appendix The Required Return and Asset Pricing Models
    • Chapter 4. Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation
      • The Analyst's Checklist
      • The Dividend Discount Model
      • The Discounted Cash Flow Model
        • Free Cash Flow and Value Added
      • The Statement of Cash Flows
        • The Cash Flow Statement under IFRS
        • Forecasting Free Cash Flows
      • Cash Flow, Earnings, and Accrual Accounting
        • Earnings and Cash Flows
        • Accruals, Investments, and the Balance Sheet
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 5. Accrual Accounting and Valuation: Pricing Book Values
      • The Analyst's Checklist
      • The Concept Behind the Price-to-Book Ratio
        • Beware of Paying Too Much for Earnings
      • Prototype Valuations
        • Valuing a Project
        • Valuing a Savings Account
        • The Normal Price-to-Book Ratio
      • A Model for Anchoring Value on Book Value
        • Residual Earnings Drivers and Value Creation
        • A Simple Demonstration and a Simple Valuation Model
      • Applying the Model to Equities
        • The Forecast Horizon and the Continuing Value Calculation
        • Beware of Paying Too Much for Growth
        • Converting Analysts' Forecasts to a Valuation
      • Build Your Own Valuation Engine
      • Applying the Model to Projects and Strategies
      • Features of the Residual Earnings Valuation
        • Book Value Captures Value and Residual Earnings Captures Value Added to Book Value
        • Protection from Paying Too Much for Earnings Generated by Investment
        • Protection from Paying Too Much for Earnings Created by the Accounting
        • Capturing Value Not on the Balance Sheet—for All Accounting Methods
        • Residual Earnings Are Not Affected by Dividends, Share Issues, or Share Repurchases
        • What the Residual Earnings Model Misses
      • The Web Connection
      • Summary
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
    • Chapter 6. Accrual Accounting and Valuation: Pricing Earnings
      • The Analyst's Checklist
      • The Concept Behind the Price-Earnings Ratio
        • Beware of Paying Too Much for Earnings Growth
        • From Price-to-Book Valuation to P/E Valuation
      • Prototype Valuation
        • The Normal Forward P/E Ratio
        • The Normal Trailing P/E Ratio
        • A Poor P/E Model
      • A Model for Anchoring Value on Earnings
        • Measuring Abnormal Earnings Growth
        • A Simple Demonstration and a Simple Valuation Model
        • Anchoring Valuation on Current Earnings
      • Applying the Model to Equities
        • Converting Analysts' Forecasts to a Valuation
      • Build Your Own Valuation Engine
      • Features of the Abnormal Earnings Growth Model
        • Buy Earnings
        • Abnormal Earnings Growth Valuation and Residual Earnings Valuation
        • Abnormal Earnings Growth Is Not Affected by Dividends, Share Issues, or Share Repurchases
        • Accounting Methods and Valuation
      • The Fed Model
      • PEG Ratios
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 7. Valuation and Active Investing
      • The Analyst's Checklist
      • How the Fundamental Investor Operates
        • Common Misconceptions About Valuation
        • Applying Fundamental Principles
      • Challenging Speculation in the Market Price
        • Reverse Engineering the S&P 500
        • Challenging the Price of a Stock
        • Reverse Engineering with the Abnormal Earnings Growth Model
      • Build Your Own Active Investing Tool
      • The Web Connection
      • Summary
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
  • PART TWO. THE ANALYSIS OF FINANCIAL STATEMENTS
    • Chapter 8. Viewing the Business Through the Financial Statements
      • The Analyst's Checklist
      • Business Activities: The Cash Flows
        • The Reformulated Cash Flow Statement
        • The Reformulated Balance Sheet
      • Business Activities: All Stocks and Flows
        • The Reformulated Income Statement
      • Accounting Relations That Govern Reformulated Statements
        • The Sources of Free Cash Flow and the Disposition of Free Cash Flow
        • The Drivers of Dividends
        • The Drivers of Net Operating Assets and Net Indebtedness
      • Tying It Together for Shareholders: What Generates Value?
      • Build Your Own Analysis Engine
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
    • Chapter 9. The Analysis of the Statement of Shareholders' Equity
      • The Analyst's Checklist
      • Reformulating the Statement of Owners' Equity
        • Running with Nike
        • Reformulation Procedures
      • Dirty-Surplus Accounting
        • Comprehensive Income Reporting Under U.S. GAAP and IFRS
      • Ratio Analysis
        • Payout and Retention Ratios
        • Shareholder Profitability
        • Growth Ratios
      • Hidden Dirty Surplus
        • Issue of Shares in Operations
        • Issue of Shares in Financing Activities
        • Handling Diluted Earnings per Share
        • Share Transactions in Inefficient Markets
      • The Eye of the Shareholder
      • Build Your Own Analysis Engine
      • Accounting Quality Watch
      • The Web Connection
      • Summary
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 10. The Analysis of the Balance Sheet and Income Statement
      • The Analyst's Checklist
      • Reformulation of the Balance Sheet
        • Issues in Reformulating Balance Sheets
        • Strategic Balance Sheets
      • Reformulation of the Income Statement
        • Tax Allocation
        • Issues in Reformulating Income Statements
        • Value Added to Strategic Balance Sheets
        • Residual Income from Operations
      • Comparative Analysis of the Balance Sheet and Income Statement
        • Common-Size Analysis
        • Trend Analysis
      • Ratio Analysis
      • Build Your Own Analysis Engine
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
    • Chapter 11. The Analysis of the Cash Flow Statement
      • The Analyst's Checklist
      • The Calculation of Free Cash Flow
      • GAAP Statement of Cash Flows and Reformulated Cash Flow Statements
        • Reclassifying Cash Transactions
        • Tying It Together
      • Cash Flow from Operations
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 12. The Analysis of Profitability
      • The Analyst's Checklist
      • The Analysis of Return on Common Equity
      • First-Level Breakdown: Distinguishing Financing and Operating Activities and the Effect of Leverage
        • Financial Leverage
        • Operating Liability Leverage
        • Summing Financial Leverage and Operating Liability Leverage Effects on Shareholder Profitability
        • Return on Net Operating Assets and Return on Assets
        • Financial Leverage and Debt-to-Equity Ratios
      • Second-Level Breakdown: Drivers of Operating Profitability
      • Third-Level Breakdown
        • Profit Margin Drivers
        • Turnover Drivers
        • Key Drivers
        • Borrowing Cost Drivers
      • Build You Own Analysis Engine
      • The Web Connection
      • Summary
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 13. The Analysis of Growth and Sustainable Earnings
      • The Analyst's Checklist
      • What Is Growth?
        • Warnings About Growth
      • Cutting to the Core: Sustainable Earnings
        • Core Operating Income
        • Issues in Identifying Core Operating Income
        • Core Operating Profitability
        • Core Borrowing Cost
      • Analysis of Growth
        • Growth Through Profitability
        • Operating Leverage
        • Analysis of Changes in Financing
        • Analysis of Growth in Shareholders' Equity
      • Growth, Sustainable Earnings, and the Evaluation of P/B Ratios and P/E Ratios
        • How Price-to-Book Ratios and Trailing P/E Ratios Articulate
        • Trailing Price-Earnings Ratios and Transitory Earnings
        • P/E Ratios and the Analysis of Sustainable Earnings
        • Price-to-Book and Growth
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
  • PART THREE. FORECASTING AND VALUATION ANALYSIS
    • Chapter 14. The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-
      • The Analyst's Checklist
      • A Modification to Residual Earnings Forecasting: Residual Operating Income
        • The Drivers of Residual Operating Income
      • A Modification to Abnormal Earnings Growth Forecasting: Abnormal Growth in Operating Income
        • Abnormal Growth in Operating Income and the “Dividend” from Operating Activities
        • Eye on the Future: Sustainable Income
      • The Cost of Capital and Valuation
        • The Cost of Capital for Operations
        • The Cost of Capital for Debt
        • Operating Risk, Financing Risk, and the Cost of Equity Capital
      • Financing Risk and Return and the Valuation of Equity
        • Leverage and Residual Earnings Valuation
        • Leverage and Abnormal Earnings Growth Valuation
        • Leverage Creates Earnings Growth
        • Debt and Taxes
      • Mark-to-Market Accounting: A Tool for Incorporating the Liability for Stock Options in Valuation
      • Enterprise Multiples
        • Enterprise Price-to-Book Ratios
        • Enterprise Price-Earnings Ratios
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 15. Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
      • The Analyst's Checklist
      • Simple Forecasts and Simple Valuations
        • Introducing PPE, Inc.
        • The No-Growth Forecast and Valuation
        • The Growth Forecast and Valuation
      • Simple Forecasting: Adding information to Financial Statement Information
        • Weighed-Average Forecasts of Growth
        • Simple Valuations with Short-Term and Long-Term Growth Rates
        • Growth in Sales as a Simple Forecast of Growth
        • Information in Analysts' Forecasts
      • Simple Valuation as an Analysis Tool
        • Sensitivity Analysis
        • Reverse Engineering to Challenge the Market Price
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
    • Chapter 16. Full-Information Forecasting, Valuation, and Business Strategy Analysis
      • The Analyst's Checklist
      • Financial Statement Analysis: Focusing the Lens on the Business
        • 1. Focus on Residual Operating Income and Its Drivers
        • 2. Focus on Change
        • 3. Focus on Key Drivers
        • 4. Focus on Choices Versus Conditions
      • Full-Information Forecasting and Pro Forma Analysis
        • A Forecasting Template
        • Features of Accounting-Based Valuation
      • Value Generated in Share Transactions
        • Mergers and Acquisitions
        • Share Repurchases and Buyouts
      • Financial Statement Indicators and Red Flags
      • Business Strategy Analysis and Pro Forma Analysis
        • Unarticulated Strategy
        • Scenario Analysis
      • The Web Connection
      • Summary
      • Key Concepts
      • The Analyst's Toolkit
      • A Continuing Case: Kimberly-Clark Corporation
      • Concept Questions
      • Exercises
      • Minicases
  • PART FOUR. ACCOUNTING ANALYSIS AND VALUATION
    • Chapter 17. Creating Accounting Value and Economic Value
      • The Analyst's Checklist
      • Value Creation and the Creation of Residual Earnings
      • Accounting Methods, Price-to-Book Ratios, Price-Earnings Ratios, and the Valuation of Going Concerns
        • Accounting Methods with a Constant Level of Investment
        • Accounting Methods with a Changing Level of Investment
        • An Exception: LIFO Accounting
      • Hidden Reserves and the Creation of Earnings
      • Conservative and Liberal Accounting in Practice
        • LIFO Versus FIFO
        • Research and Development in the Pharmaceuticals Industry
        • Expensing Goodwill and Research and Development Expenditures
        • Liberal Accounting: Breweries and Hotels
        • Profitability in the 1990s
        • Economic-Value-Added Measures
      • Accounting Methods and the Forecast Horizon
        • The Quality of Cash Accounting and Discounted Cash Flow Analysis
        • Growth, Risk, and Valuation
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 18. Analysis of the Quality of Financial Statements
      • The Analyst's Checklist
      • What Is Accounting Quality?
        • Accounting Quality Watch
        • Five Questions About Accounting Quality
      • Cutting Through the Accounting: Detecting Income Shifting
        • Separating What We Know from Speculation
        • Prelude to a Quality Analysis
        • Quality Diagnostics
        • Diagnostics to Detect Manipulated Sales
        • Diagnostics to Detect Manipulation of Core Expenses
        • Diagnostics to Detect Manipulation of Unusual Items
      • Detecting Transaction Manipulation
        • Core Revenue Timing
        • Core Revenue Structuring
        • Core Expense Timing
        • Releasing Hidden Reserves
        • Other Core Income Timing
        • Unusual Income Timing
        • Organizational Manipulation: Off-Balance-Sheet Operations
      • Justifiable Manipulation?
      • Disclosure Quality
      • Quality Scoring
      • Abnormal Returns to Quality Analysis
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • Concept Questions
      • Exercises
      • Minicases
  • PART FIVE. THE ANALYSIS OF RISK AND RETURN
    • Chapter 19. The Analysis of Equity Risk and Return for Active Investing
      • The Analyst's Checklist
      • The Required Return and the Expected Return
      • The Nature of Risk
        • The Distribution of Returns
        • Diversification and Risk
        • Asset Pricing Models
      • Fundamental Risk
        • Risk to the Return on Common Equity
        • Growth Risk
      • Value-at-Risk Profiling
        • Adaptation Options and Growth Options
        • Strategy and Risk
        • Discounting for Risk
      • Price Risk
        • Market Inefficiency Risk
        • Liquidity Risk
      • Inferring Expected Returns for Active Investing
        • Growth-Return Profiles
        • Finessing the Required Return Problem
        • Evaluating Implied Expected Returns with Value-at-Risk Profiles
        • Investing Within Risk Classes
        • Beware of Paying for Risky Growth
        • Expected Returns in Uncertain Times
      • Summary
      • The Web Connection
      • Key Concepts
      • The Analyst's Toolkit
      • Concept Questions
      • Exercises
      • Minicase
    • Chapter 20. The Analysis of Credit Risk and Return
      • The Analyst's Checklist
      • The Suppliers of Credit
      • Financial Statement Analysis for Credit Evaluation
        • Reformulated Financial Statements
        • Short-Term Liquidity Ratios
        • Long-Term Solvency Ratios
        • Operating Ratios
      • Forecasting and Credit Analysis
        • Prelude to Forecasting: The Interpretive Background
        • Ratio Analysis and Credit-Scoring
        • Full-Information Forecasting
        • Required Return, Expected Return, and Active Debt Investing
      • Active Bond Investing
      • Liquidity Planning and Financial Strategy
      • The Web Connection
      • Summary
      • Key Concepts
      • The Analyst's Toolkit
      • Concept Questions
      • Exercises
      • Minicase
  • A Summary of Formulas
  • Index

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Vörumerki: McGrawHill
Vörunúmer: 0077147928
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