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EBOOK: Financial Statement Analysis and Security Valuation

5th Edition
0077147928 · 9780077147921
Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from f… Read More
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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 Variation

5 Accrual Accounting and Valuation: Pricing Book Values

6 Accrual Accounting and Valuation: Pricing Earnings

7 Valuation and Active Investing

PART TWO: The Analysis of Financial Statements

8 Viewing the Business Through the Financial Statements

9 The Analysis if the Statement of Shareholders' Equity

10 The Analysis of the Balance Sheet and Income Statement

11 The Analysis of the Cash Flow Statement

12 The Analysis of Profitability

13 The Analysis of Growth and Sustainable Earnings

PART THREE: Forecasting and Valuation Analysis

14 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios

15 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

17 Creating Accounting Value and Economics Value

18 Analysis of the Quality of Financial Statements

PART FIVE: The Analysis of Risk and Return

19 The Analysis of Equity Risk and Return for Active Investing

20 The Analysis of Credit Risk and Return

Appendix

A Summary of Formulas

Index

Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.
Focus on Active Investing: The analysis in this book is a tool for the investor who wishes to challenge the market price and to understand how the market price reflects value. The approach is from the point of view of the active investor.
Handling Risk Investing: The reverse engineering approach places the emphasis on the expected return to investing at the current market price rather than a determination of the cost of capital. The financial statement analysis is designed to challenge the forecasts extracted from the market price, particularly growth forecasts.
Concise Presentation on Valuation: Valuation models are used appropriately, finessing the reliance on an assumed cost of capital and growth rate and used to understand the forecasts implicit in market prices.
Emphasis on Beware of Buying Growth: Growth is risky, and it is easy to overpay for growth. This text addresses minimizing the risk of paying too much for growth.
New and Relevant Updates: Material in all chapters has been updated to incorporate new accounting standards. Examples, cases, illustrations and graphical material have been updated and are current through 2010. Comparisons between U.S. GAAP accounting and international (IFRS) accounting are made more relevant. New end-of-chapter exercises and cases have been added.
Forecasting & Valuation Simplified: Chapter 15 on simple forecasting and valuation has been extensively revised and simplified.
Conceptual Framework: This book continues to work from a conceptual framework that helps the student understand how businesses work, how they generate value, and how the value they generate is captured in financial statements.
Module sections of the text: Each text part is a distinct module, allowing the parts to be taught out of order without inconveniencing the instructor.
Pedagogical features: Pedagogical features include chapter-opening flow charts, the Analyst’s Checklist, and the Analyst’s Toolkit. The Web Connection box at the end of each chapter directs students to features on the web page for that chapter, including accounting material. Select end-of-chapter exercises incorporate the Building Your Own Analysis valuation tool on the website
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