Financial statement analysis and security valuation:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston [u.a.]
McGraw-Hill
2004
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Table of contents Inhaltsverzeichnis |
| Beschreibung: | XXIII, 740 S. graph. Darst. |
| ISBN: | 007253317X |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | 1 Introduction to Investing and Valuation
2 Introduction to the Financial
Statements 28
PART ONE
Financial Statements and Valuation 62
3 How Financial Statements Are Used
in Valuation 64
4 Cash Accounting, Accrual Accounting,
and Discounted Cash Flow Valuation 11
5 Accrual Accounting and Valuation:
Pricing Book Values 140
6 Accrual Accounting and Valuation:
Pricing Earnings 184
PART TWO
The Analysis of Financial Statements 218
7 Business Activities and Financial
Statements 220
8 The Analysis of the Statement
of Shareholders Equity 240
9 The Analysis of the Balance Sheet
and Income Statement 276
10 The Analysis of the Cash Flow
Statement 322
11 The Analysis of Profitability 348
12 The Analysis of Growth and Sustainable
Earnings 382
2 PART THREE
Forecasting and Valuation Analysis 428
13 The Value of Operations and the
Evaluation of Enterprise Price to Book
Ratios and Price Earnings Ratios 430
14 Simple Forecasting and Simple
Valuation 478
15 Full Information Forecasting, Valuation,
and Business Strategy Analysis 510
0
PART FOUR
Accounting Analysis and Valuation 556
16 Creating Accounting Value and Economic
Value 558
17 Analysis of the Quality of Financial
Statements 602
PART FIVE
The Analysis of Risk 642
18 The Analysis of Equity Risk and the Cost
of Capital 644
19 The Analysis of Credit Risk 680
APPENDIX
A Summary of Formulas 706
INDEX 723
Chapter 1
Introduction to Investing and Valuation 2
Investment Styles and Fundamental Analysis 3
Bubble, Bubble 6
How Bubbles Work 7
Analysts During the Bubble 7
Fundamental Analysis Anchors Investors 9
The Setting: Investors, Finns, Securities, and Capital
Markets 9
The Business of Analysis: The Professional
Analyst 12
Investing in Firms: The Outside Analyst 12
Investing within Firms: The Inside Analyst 12
The Analysis of Business 14
Strategy and Valuation 14
Mastering the Details 15
The Key Question: Durability of Competitive
Advantage 16
Financial Statements: The Lens on the
Business 17
Choosing a Valuation Technology 17
Classifying and Ordering Information 18
Anchoring Value in the Financial
Statements 19
How to Use this Book 19
An Outline of the Book 20
The Web Connection 21
Key Concepts 21
Concept Questions 22
Exercises 23
Minicase 25
Chapter 2
Introduction to the Financial Statements 1
The Form of the Financial Statements 30
The Balance Sheet 30
The Income Statement 31
The Cash Flow Statement 35
The Statement of Stockholders Equity 35
The Footnotes and Supplementary Information
Financial Statements 36
The Articulation of the Financial Statements:
How the Statements Tell a Story 36
xvi
Measurement in the Financial Statements 38
The Price to Book Ratio 39
Measurement in the Balance Sheet 41
Measurement in the Income Statement 43
The Price Earnings Ratio 46
The Reliability Criterion: Don t Mix What You
Know with Speculation 47
Tension in Accounting 48
Summary 49
The Web Connection 50
Key Concepts 50
The Analyst s Toolkit 51
Concept Questions 52
Exercises 52
Minicase 56
PART ONE
FINANCIAL STATEMENTS
AND VALUATION 62
Chapter 3
How Financial Statements
Are Used in Valuation 64
Multiple Analysis 66
The Method of Comparables 66
Screening on Multiples 70
Asset Based Valuation 73
Fundamental Analysis 74
The Process of Fundamental Analysis 75
Financial Statement Analysis, Pro Forma
Analysis, and Fundamental Analysis 78
The Architecture of Fundamental Analysis:
8 The Valuation Model 79
Valuation Models for Terminal Investments 82
Valuation Models for Going Concern
Investments 84
Criteria for a Practical Valuation Model 84
What Generates Value? 85
Valuation Models and Asset Pricing Models 89
to The Dividend Discount Model 89
Summary 91
The Web Connection 92
Key Concepts 92
The Analyst s Toolkit 93
Concept Questions 94
Exercises 95
Minicases 99
Appendix The Required Return and Asset Pricing
Models 105
Chapter 4
Cash Accounting, Accrual Accounting,
and Discounted Cash Flow Valuation 110
The Discounted Cash Flow Model 112
Free Cash Flow and Value Added 116
The Statement of Cash Flows 117
Forecasting Free Cash Flows 120
Cash Flow, Earnings, and Accrual Accounting 121
Earnings and Cash Flows 121
Accruals, Investments, and the Balance
Sheet 125
Summary 128
The Web Connection 129
Key Concepts 130
The Analyst s Toolkit 13 0
Concept Questions 130
Exercises 131
Minicases 134
Chapter 5
Accrual Accounting and Valuation: Pricing
Book Values 140
The Concept Behind the Price to Book Ratio 141
Beware of Paying Too Much for Earnings 142
Prototype Valuations 142
Valuing a Project 142
Valuing a Savings Account 143
The Normal Price to Book Ratio 144
A Model for Anchoring Value on Book Value 145
Residual Earnings Drivers and Value
Creation 148
Applying the Model to Equities 150
The Forecast Horizon and the Continuing Value
Calculation 152
Converting an Analyst s Forecast to a
Valuation 155
Applying the Model to Debt 157
Applying the Model to Projects and Strategies 158
Features of the Residual Earnings Model 160
Book Value Captures Value and Residual
Earnings Captures Value Added to Book
Value 160
Protection from Paying Too Much for Earnings
Created by the Accounting 161
Residual Earnings Are Not Affected
by Dividends, Share Issues, or Share
Repurchases 162
What the Residual Earnings Model Misses 162
Reverse Engineering the Model for Active
Investing 164
Implied Earnings Forecasts 165
Summary 165
The Web Connection 166
Key Concepts 166
The Analyst s Toolkit 167
Concept Questions 167
Exercises 168
Minicases 173
Appendix Equivalent Valuation Methods;
The Residual Earnings Model Supplies
the Terminal Value for the Dividend
Discount Model 181
Chapter 6
Accrual Accounting and Valuation:
Pricing Earnings 184
The Concept Behind the Price Earnings Ratio 185
Beware of Paying Too Much for Earnings
Growth 186
Prototype Valuation 187
The Normal Forward P/E Ratio 189
The Normal Trailing P/E Ratio 190
A Poor P/E Model 191
A Model for Anchoring Value on Earnings 191
Measuring A bnormal Earnings Growth 193
Applying the Model to Equities 194
Anchoring Valuation on Current Earnings 196
The Forecast Horizon and the Continuing Value
Calculation 196
Converting an Analyst s Forecast
to a Valuation 197
Features of the Abnormal Earnings Growth
Model 199
Buy Earnings 199
Abnormal Earnings Growth Valuation and
Residual Earnings Valuation 199
Abnormal Earnings Growth Is Not Affected
by Dividends, Share Issues, and Share
Repurchases 200
Accounting Methods and Valuation 200
Reverse Engineering the Model for Active
Investing 203
Implied Earnings Forecasts 204
Screening on Earnings Yield 204
Screening on PEG Ratios 205
Summary 207
The Web Connection 208
Key Concepts 208
The Analyst s Toolkit 208
Concept Questions 209
Exercises 209
Minicases 214
PART TWO
THE ANALYSIS OF FINANCIAL
STATEMENTS 218
Chapter 7
Business Activities and Financial
Statements 220
Business Activities: The Cash Flows 222
The Reformulated Cash Flow Statement 224
The Reformulated Balance Sheet 225
Business Activities: All Stocks and Flows 226
The Reformulated Income Statement 22 7
Accounting Relations that Govern Reformulated
Statements 228
The Sources of Free Cash Flow and the
Disposition of Free Cash Flow 228
The Drivers of Dividends 229
The Drivers of Net Operating Assets
and Net Indebtedness 229
Tying It Together for Shareholders: What Generates
Value? 231
Stocks and Flows Ratios: Business Profitability 233
Summary 233
The Web Connection 234
Key Concepts 234
The Analyst s Toolkit 235
Concept Questions 235
Exercises 236
Minicases 238
Chapter 8
The Analysis of the Statement
of Shareholders Equity 240
Reformulating the Statement of Owners Equity 241
Introducing Nike and Reebok 242
Reformulation Procedures 243
Dirty Surplus Accounting 248
Comprehensive Income Reporting 249
Ratio Analysis 250
Payout and Retention Ratios 250
Shareholder Profitability 251
Growth Ratios 252
Hidden Dirty Surplus 252
Issue of Shares in Operations 252
Issue of Shares in Financing Activities 257
Share Transactions in Inefficient Markets 258
The Eye of the Shareholder 259
Summary 260
The Web Connection 260
Key Concepts 260
The Analyst s Toolkit 261
Concept Questions 262
Exercises 263
Minicases 271
Chapter 9
The Analysis of the Balance Sheet
and Income Statement 276
Reformulation of the Balance Sheet 277
Issues in Reformulating Balance Sheets 2 79
Reformulation of the Income Statement 288
Tax Allocation 289
Issues in Reformulating Income Statements 291
Comparative Analysis of the Balance Sheet and
Income Statement 298
Common Size Analysis 298
Trend Analysis 300
Ratio Analysis 302
Summary 305
The Web Connection 306
Key Concepts 306
The Analyst s Toolkit 307
Concept Questions 307
Exercises 308
Minicase 317
Chapter 10
The Analysis of the Cash Flow
Statement 322
The Calculation of Free Cash Flow 324
GAAP Statement of Cash Flows and Reformulated
Cash Flow Statements 325
Reclassifying Cash Transactions 326
Tying It Together 332
Cash Flow from Operations 334
Cash Flow and Product Life Cycles 334
Summary 337
The Web Connection 337
Key Concepts 338
The Analyst s Toolkit 338
Concept Questions 338
Exercises 339
Minicase 347
Chapter 11
The Analysis of Profitability 348
Cutting to the Core of the Operations: The Analysis of
Profitability 350
First Level Breakdown: Distinguishing Financing and
Operating Activities and the Effect of
Leverage 351
Financial Leverage 351
Operating Liability Leverage 353
Summing Financial Leverage and Operating
Liability Leverage Effects on Shareholder
Profitability 355
Return on Net Operating Assets and Return
on Assets 355
Financial Leverage and Debt to Equity
Ratios 358
Second Level Breakdown: Drivers of Operating
Profitability 359
Third Level Breakdown 362
Profit Margin Drivers 362
Turnover Drivers 362
Borrowing Cost Drivers 365
Summary 368
The Web Connection 368
Key Concepts 368
The Analyst s Toolkit 369
Concept Questions 369
Exercises 370
Minicases 374
Chapter 12
The Analysis of Growth and Sustainable
Earnings 382
What Is Growth? 383
Introduction to Growth Analysis 386
The Analysis of Changes in Profitability and
Sustainable Earnings 388
Analysis of Changes in Operations 389
Issues in Identifying Sustainable Earnings 391
Operating Leverage 398
Analysis of Changes in Financing 399
The Analysis of Growth in Shareholders Equity 400
Growth, Sustainable Earnings, and the Evaluation of
P/B Ratios and P/E Ratios 402
How Price to Book Ratios and Trailing P/E
Ratios Articulate 403
Trailing Price Earnings Ratios and
Growth 406
Trailing Price Earnings Ratios and Transitory
Earnings 407
P/E Ratios and the Analysis of Sustainable
Earnings 409
Summary 409
The Web Connection 410
Key Concepts 410
The Analyst s Toolkit 410
Concept Questions 411
Exercises 411
Minicases 419
PART THREE
FORECASTING AND VALUATION
ANALYSIS 428
Chapter 13
The Value of Operations and the Evaluation
of Enterprise Price to Book Ratios
and Price Earnings Ratios 430
A Modification to Residual Earnings Forecasting:
Residual Operating Income 432
The Drivers of Residual Operating Income 436
A Modification to Abnormal Earnings Growth
Forecasting: Abnormal Growth in Operating
Income 438
Abnormal Growth in Operating Income and the
Dividend from Operating Activities 439
The Cost of Capital and Valuation 442
The Cost of Capital for Operations 442
The Cost of Capital for Debt 442
Operating Risk, Financing Risk, and the Cost
of Equity Capital 443
Financing Risk and Return and the Valuation of
Equity 445
Leverage and Residual Earnings Valuation 445
Leverage and Abnormal Earnings Growth
Valuation 449
Leverage Creates Earnings Growth 451
Debt and Taxes 454
Mark to Market Accounting: A Tool for Incorporating
the Cost of Stock Options in Valuation 455
Enterprise Multiples 457
Enterprise Price to Book Ratios 45 7
Enterprise Price Earnings Ratios 460
Summary 462
The Web Connection 463
Key Concepts 463
The Analyst s Toolkit 464
Concept Questions 464
Exercises 465
Minicases 470
Chapter 14
Simple Forecasting and Simple
Valuation 478
Simple Forecasts and Simple Valuations from
Financial Statements 480
Forecasting from Book Values: SFI
Forecasts 480
Forecasting from Earnings and Book Values:
SF2 Forecasts 482
Forecasting from Accounting Rates of Return:
SF3 Forecasts 485
Simple Forecasting: Adding Speculation to Financial
Statement Information 491
A Simple Forecast of Growth: Growth in
Sales 491
The Applicability of Simple Valuations 493
Simple Valuations with Short Term and Long Term
Growth Rates 498
Simple Valuation as an Analysis Tool 499
Summary 501
The Web Connection 502
Key Concepts 502
The Analyst s Toolkit 502
Concept Questions 503
Exercises 503
Minicase 507
Chapter 15
Full Information Forecasting, Valuation,
and Business Strategy Analysis 510
Financial Statement Analysis: Focusing the Lens on
the Business 512
Focus on Residual Operating Income and Its
Drivers 512
Focus on Change 513
Focus on Key Drivers 521
Focus on Choices versus Conditions 523
Full Information Forecasting and Pro Forma
Analysis 524
A Forecasting Template 527
Features of Accounting Based Valuation 532
Value Generated in Share Transactions 534
Mergers and Acquisitions 534
Share Repurchases and Buyouts 535
Valuation Using Earnings per Share
Forecasts 536
Financial Statement Indicators and Red Flags 536
Business Strategy Analysis and Pro Forma
Analysis 538
Unarticulated Strategy 538
Scenario Analysis 539
Summary 540
The Web Connection 540
Key Concepts 541
The Analyst s Toolkit 541
Concept Questions 542
Exercises 542
Minicases 546
PART FOUR
ACCOUNTING ANALYSIS
AND VALUATION 556
Chapter 16
Creating Accounting Value
and Economic Value 558
Value Creation and the Creation of Residual
Earnings 559
Accounting Methods, Price to Book Ratios, Price
Earnings Ratios, and the Valuation of Going
Concerns 562
Accounting Methods with a Constant Level of
Investment 562
Accounting Methods with a Changing Level of
Investment 565
An Exception: LIFO Accounting 569
Hidden Reserves and the Creation of Earnings 570
Conservative and Liberal Accounting in Practice 574
LIFO versus FIFO 575
Research and Development in the
Pharmaceuticals Industry 576
Purchase versus Pooling Accounting 577
Expensing Goodwill and Research and
Development Expenditures 578
Liberal Accounting: Breweries and Hotels 5 78
Profitability in the 1990s 5 79
Economic Value Added Measures 5 79
Accounting Methods and the Forecast Horizon 580
The Quality of Cash Accounting and Discounted
Cash Flow Analysis 581
Summary 583
The Web Connection 584
Key Concepts 584
The Analyst s Toolkit 585
Concept Questions 585
Exercises 586
Minicases 592
Chapter 17
Analysis of the Quality
of Financial Statements 602
Five Questions About Accounting Quality 604
Accounting Quality, Earnings Quality, and
Forecasting 605
Cutting Through the Accounting: Detecting
Manipulation 606
Prelude to a Quality Analysis 608
Diagnostics to Detect Manipulated Sales 611
Diagnostics to Detect Manipulation of Core
Expenses 614
Diagnostics to Detect Manipulation of Unusual
Items 619
Detecting Transaction Manipulation 621
Core Revenue Timing 621
Core Expense Timing 621
Other Core Income Timing 622
Unusual Income Timing 622
Organizational Manipulation: Off Balance Sheet
Operations 622
Justifiable Manipulation? 623
Disclosure Quality 623
Abnormal Returns to Quality Analysis 624
Summary 626
The Web Connection 627
Key Concepts 627
The Analyst s Toolkit 628
Concept Questions 628
Exercises 629
Minicases 635
PART FIVE
THE ANALYSIS OF RISK 642
Chapter 18
The Analysis of Equity Risk and the Cost
of Capital 644
The Nature of Risk 646
The Distribution of Returns 646
Diversification and Risk 649
Asset Pricing Models 651
Fundamental Risk 652
Return on Common Equity Risk 654
Growth Risk 655
Value at Risk Profiles 656
Adaptation Options and Growth Options 661
Strategy and Risk 662
Discounting for Risk 662
Fundamental Betas 663
Price Risk 664
Market Inefficiency Risk 665
Liquidity Risk 667
Inferring Risk from Market Prices 668
Adapting to the Risk Measurement Problem 669
Relative Value Analysis: Evaluating Firms within
Risk Classes 669
Conservative and Optimistic Forecasting and the
Margin of Safety 671
Summary 671
The Web Connection 672
Key Concepts 672
The Analyst s Toolkit 673
Concept Questions 673
Exercises 674
Chapter 19
The Analysis of Credit Risk 680
The Suppliers of Credit and the Price of Credit 681
Ratio Analysis for Credit Evaluation 682
Reformulated Financial Statements 682
Short Term Liquidity Ratios 685
Long Term Solvency Ratios 686
Operating Ratios 68 7
Forecasting and Credit Analysis 688
Preclude to Forecasting: The Interpretive
Background 688
Ratio Analysis and Credit Scoring 689
Full Information Forecasting 692
Liquidity Planning and Financial Strategy 696
Summary 697
The Web Connection 697
Key Concepts 697
The Analyst s Toolkit 698
Concept Questions 698
Exercises 699
Minicase 702
Appendix
A Summary of Formulas 706
Index 723
List of Cases
Critique of an Equity Analysis: America Online,
Inc. 25
Reviewing the Financial Statements of Nike, Inc. 56
An Arbitrage Opportunity? Cordant Technologies and
Howmet International 99
Nifty Stocks? Returns to Stock Screening 100
What Is the Value of the Big Board? 101
Attempting Asset Based Valuations: Weyerhaeuser
Company 101
Comparison of Free Cash Flows and Profitability:
Analog Devices, Inc. 134
Discounted Cash Flow Valuation: Coca Cola
Company and Home Depot, Inc. 134
The Goldman Sachs IPO 173
Strategy and Valuation: Weyerhaeuser Company 173
Chrysler Corporation: The Kerkorian Bid 174
Borders Group: Reverse Engineering with Earnings
Forecasts 214
Dell Computer Corporation: Pricing Earnings
Forecasts with Sensitivity Analysis 214
Should Cendant Corporation Buy Back Its Own
Shares? 215
Evaluation of an Equity Research Report on Kmart
Corporation 215
Accounting Relations, Forecasting, and Valuation:
Nike, Inc. 238
Analysis of the Equity Statement, Hidden Losses, and
Off Balance Sheet Liabilities: Microsoft
Corporation 271
Losses from Put Options: Household
International 274
Asset Leasing, Indebtedness, Profitability, and
Leverage: UAL Corp. 317
Analysis of Cash Flows: Dell Computer 347
Analysis with Equity Accounting and the Use of
Proportional Consolidation: AirTouch
Communications 374
Analysis of Return on Common Equity and Some
What If Questions: VF Corporation 377
A Study in Value Creation: Dell Computer
Corporation 419
Analysis of Growth in Core Operating Income During
the 1990s: International Business Machines 424
Valuing the Operations and the Investments of a
Property and Casualty Insurer: Chubb
Corporation 470
Economic Profit and Value Generation: The Coca
Cola Company 473
A Firm with Implied Value of Operations of Zero:
Comverse Technology, Inc. 475
Simple Forecasting, Valuation, and Sensitivity
Analysis: Home Depot 507
Sensitivity Analysis, Valuation, and Strategy: Dell
Computer 546
Tracking Nike and Reebok 546
Exploring Strategic Options: Borders Group 548
Evaluating a P/E Ratio: Procter Gamble 550
Profitability and Growth through Acquisitions and
Goodwill Amortization: Quaker Oats 552
Accounting Value and Economic Value: Sara Lee
Corporation 592
Advertising, Low Quality Accounting, and Valuation:
E*Trade 596
The Quality of Accounting Rates of Return:
Starbucks 599
A Quality Analysis: Xerox Corporation 635
A Quality Analysis: Lucent Technologies 639
Analysis of Default Risk: Fruit of the Loom 702
|
| any_adam_object | 1 |
| author | Penman, Stephen H. |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.63/2042 |
| dewey-search | 332.63/2042 |
| dewey-sort | 3332.63 42042 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV019612742 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:01:19Z |
| institution | BVB |
| isbn | 007253317X |
| language | English |
| lccn | 2003051348 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-012942372 |
| oclc_num | 52127747 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR |
| physical | XXIII, 740 S. graph. Darst. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
| publishDateSort | 2004 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Penman, Stephen H. Verfasser aut Financial statement analysis and security valuation Stephen H. Penman 2. ed. Boston [u.a.] McGraw-Hill 2004 XXIII, 740 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economische waarde gtt Effecten gtt Financiële verslaglegging gtt Taxatie gtt États financiers aFinancial statements Bilanzanalyse (DE-588)4069453-7 gnd rswk-swf Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s Bilanzanalyse (DE-588)4069453-7 s DE-604 Gewinn- und Verlustrechnung (DE-588)4121363-4 s 1\p DE-604 http://www.loc.gov/catdir/toc/mh041/2003051348.html Table of contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=012942372&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Penman, Stephen H. Financial statement analysis and security valuation Economische waarde gtt Effecten gtt Financiële verslaglegging gtt Taxatie gtt États financiers aFinancial statements Bilanzanalyse (DE-588)4069453-7 gnd Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4069453-7 (DE-588)4121363-4 (DE-588)4078594-4 |
| title | Financial statement analysis and security valuation |
| title_auth | Financial statement analysis and security valuation |
| title_exact_search | Financial statement analysis and security valuation |
| title_full | Financial statement analysis and security valuation Stephen H. Penman |
| title_fullStr | Financial statement analysis and security valuation Stephen H. Penman |
| title_full_unstemmed | Financial statement analysis and security valuation Stephen H. Penman |
| title_short | Financial statement analysis and security valuation |
| title_sort | financial statement analysis and security valuation |
| topic | Economische waarde gtt Effecten gtt Financiële verslaglegging gtt Taxatie gtt États financiers aFinancial statements Bilanzanalyse (DE-588)4069453-7 gnd Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Economische waarde Effecten Financiële verslaglegging Taxatie États financiers aFinancial statements Bilanzanalyse Gewinn- und Verlustrechnung Unternehmensbewertung |
| url | http://www.loc.gov/catdir/toc/mh041/2003051348.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=012942372&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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