Financial statement analysis and security valuation

By:

Penman, Stephen H

Material type: Text

TextPublication details: McGraw Hill New Delhi 2014Edition: 4 EdDescription: xxii,754 p. 25 cm ; PbkISBN:

9789339204693

Subject(s):

Production management Business logistics

DDC classification:

657.3 PEN

Contents:

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

Summary: 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.

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Holdings
Item type	Current library	Collection	Call number	Status	Date due	Barcode
Books	H.T. Parekh Library	GSB Collection	657.3 PEN (Browse shelf(Opens below))	In transit from H.T. Parekh Library to H.T. Parekh Library since 22/09/2022		40307

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.

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