Financial statement analysis and security valuation
Penman, Stephen H
Financial statement analysis and security valuation - 4 Ed. - New Delhi McGraw Hill 2014 - xxii,754 p. 25 cm ; Pbk
Table of Contents
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
Index
This edition emphasizes the role of financial statement analysis in negotiating with Mr. Market over the price to pay for securities (to use the words of Benjamin Graham). Students will be able to understand how earnings forecasts relate to value, reverse engineer the market price to understand the forecast that Mr. Market is making and then challenge that forecast with sound financial statement analysis.
With the bubble valuation of the 1990s as a backdrop, earlier editions emphasized the danger of buying overpriced shares. With multiples falling below historical benchmarks during the credit crisis of the fall of 2008, this edition applies the same analysis to evaluating underpricing.
Each text part is a distinct module, allowing the parts to be taught out of order without inconveniencing the instructor.
9789339204693
Production management
Business logistics
657.3 PEN
Financial statement analysis and security valuation - 4 Ed. - New Delhi McGraw Hill 2014 - xxii,754 p. 25 cm ; Pbk
Table of Contents
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
Index
This edition emphasizes the role of financial statement analysis in negotiating with Mr. Market over the price to pay for securities (to use the words of Benjamin Graham). Students will be able to understand how earnings forecasts relate to value, reverse engineer the market price to understand the forecast that Mr. Market is making and then challenge that forecast with sound financial statement analysis.
With the bubble valuation of the 1990s as a backdrop, earlier editions emphasized the danger of buying overpriced shares. With multiples falling below historical benchmarks during the credit crisis of the fall of 2008, this edition applies the same analysis to evaluating underpricing.
Each text part is a distinct module, allowing the parts to be taught out of order without inconveniencing the instructor.
9789339204693
Production management
Business logistics
657.3 PEN