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9780072533170

Financial Statement Analysis and Security Valuation

by
  • ISBN13:

    9780072533170

  • ISBN10:

    007253317X

  • Edition: 2nd
  • Format: Nonspecific Binding
  • Copyright: 2003-07-23
  • Publisher: McGraw-Hill/Irwin

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Summary

Penman'sFinancial Statement Analysis and Security Valuation 2/efocuses on the output of financial statements, not the input. As such, the book asks what financial statements tell you, not how they are prepared. The idea is to get students to see accounting "working." The book focuses on using financial statements in valuation. The text takes the approach that the best way to accurately value a firm is to look at the future earnings of the firm. The main pretext of the book is that financial statement analysis and valuation analysis are inextricably entwined: valuation is an exercise in financial statement analysis. Financial statement analysis is directed by the need to get information for valuation. Accordingly, the book brings finance and accounting concepts together. The book stresses concepts, but the idea is to show how to move from concepts to practice.

Table of Contents

1. Introduction to Investing and Valuation

2. Introduction to the Financial Statements

Part 1 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 2 The Analysis of Financial Statements

7. Business Activities and 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 3 Forecasting, Valuation and Strategy

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

14.Simple Forecasting and Simple Valuation

15. Full-Information Forecasting, Valuation, and Business Strategy Analysis

Part 4 Accounting Analysis and Valuation

16. Creating Accounting Value and Economic Value

17. Analysis of the Quality of the Financial Statements

Part 5 The Analysis of Risk

18. The Analysis of Equity Risk and the Cost of Capital

19. The Analysis of Credit Risk

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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