Business analysis & valuation: text only
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Andover [u.a.]
South-Western, Cengage Learning
2010
|
| Ausgabe: | 2. ed., IFRS ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVI, 576 S. graph. Darst. |
Internformat
MARC
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| 100 | 1 | |a Palepu, Krishna G. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Business analysis & valuation |b text only |c Krishna G. Palepu ; Paul M. Healy ; Erik Peek |
| 250 | |a 2. ed., IFRS ed. | ||
| 264 | 1 | |a Andover [u.a.] |b South-Western, Cengage Learning |c 2010 | |
| 300 | |a XVI, 576 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 700 | 1 | |a Healy, Paul M. |e Verfasser |4 aut | |
| 700 | 1 | |a Peek, Erik |e Verfasser |4 aut | |
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Datensatz im Suchindex
| _version_ | 1804145528455299072 |
|---|---|
| adam_text | IMAGE 1
CONTENTS
PREFACE ACKNOWLEDGEMENTS AUTHORS XI XV XVI
FRAME WORK
1 A FRAMEWORK FOR BUSINESS ANALYSIS AND VALUATION USING FINANCIAL
STATEMENTS THE ROLE OF FINANCIAL REPORTING IN CAPITAL MARKETS FROM
BUSINESS ACTIVITIES TO FINANCIAL STATEMENTS
INFLUENCES OF THE ACCOUNTING SYSTEM ON INFORMATION QUALITY FROM
FINANCIAL STATEMENTS TO BUSINESS ANALYSIS PUBLIC VERSUS PRIVATE
CORPORATIONS SUMMARY CORE CONCEPTS QUESTIONS, EXERCISES AND PROBLEMS
NOTES APPENDIX: DEFINING EUROPE
CASE THE ROLE OF CAPITAL MARKET INTERMEDIARIES IN THE DOT-COM CRASH OF
2000
4 6 7
10 13 13 14 15 17
18
20
BUSINESS ANALYSIS
AND VALUATION TOOLS
2 STRATEGYANALYSIS INDUSTRY ANALYSIS APPLYING INDUSTRY ANALYSIS: THE
EUROPEAN AIRLINE INDUSTRY COMPETITIVE STRATEGY ANALYSIS
CORPORATE STRATEGY ANALYSIS SUMMARY CORE CONCEPTS . QUESTIONS, EXERCISES
AND PROBLEMS NOTES
CASE HAIER: TAKING A CHINESE COMPANY GLOBAL
43
45
45
50
52
56
59
60
61
63
65
IMAGE 2
VI CONTENTS
3 O V E R V I EW OF A C C O U N T I NG ANALYSIS 90
THE INSTITUTIONAL FRAMEWORK FOR FINANCIAL REPORTING 90
FACTORS INFLUENCING ACCOUNTING QUALITY 96
STEPS IN ACCOUNTING ANALYSIS 98
ACCOUNTING ANALYSIS PITFALLS - 104
VALUE OF ACCOUNTING DATA AND ACCOUNTING ANALYSIS 105
SUMMARY 106
CORE CONCEPTS 107
QUESTIONS, EXERCISES AND PROBLEMS 108
NOTES 112
CASE FIAT GROUP S FIRST-TIME ADOPTION OF IFRS ~. 116
4 I M P L E M E N T I NG A C C O U N T I NG ANALYSIS 135
RECASTING FINANCIAL STATEMENTS 136
FIRST-TIME ADOPTION OF IFRS 142
RECOGNITION OF ASSETS 143
ASSET DISTORTIONS 147
RECOGNITION OF LIABILITIES 166
LIABILITY DISTORTIONS 167
EQUITY DISTORTIONS 176
SUMMARY 178
CORE CONCEPTS 179
QUESTIONS, EXERCISES AND PROBLEMS 181
NOTES 189
APPENDIX: RECASTING FINANCIAL STATEMENTS INTO STANDARDIZED TEMPLATES 191
CASE MARKS AND SPENCER S ACCOUNTING CHOICES . 197
5 F I N A N C I A L A N A L Y S IS 205
RATIO ANALYSIS 205
CASH FLOW ANALYSIS 227
SUMMARY 233
CORE CONCEPTS 234
QUESTIONS, EXERCISES AND PROBLEMS 235
NOTES 242
APPENDIX A: BANG & OLUFSEN A/S FINANCIAL STATEMENTS 243
APPENDIX B: LOEWE AG FINANCIAL STATEMENTS 249
CASE CARREFOUR S A. 255
6 P R O S P E C T I VE A N A L Y S I S: F O R E C A S T I NG 275
THE OVERALL STRUCTURE OF THE FORECAST 275
PERFORMANCE BEHAVIOR: A STARTING POINT 277
RELATIONSHIP OF FORECASTING TO THE OTHER ANALYSES 281
NOPAT MARGINS 285
IMAGE 3
CONTENTS VII
MAKING FORECASTS 287
SENSITIVITY ANALYSIS 291
SUMMARY 293
CORE CONCEPTS 293
QUESTIONS, EXERCISES AND PROBLEMS 294
NOTES 298
APPENDIX: THE BEHAVIOR OF COMPONENTS OF ROE 298
CASE FORECASTING EARNINGS AND EARNINGS GROWTH IN THE EUROPEAN OIL AND
GAS INDUSTRY 301
7 PROSPECTIVE ANALYSIS: VALUATION T H E O RY
A ND C O N C E P TS 315
DEFINING VALUE FOR SHAREHOLDERS 316
THE DISCOUNTED CASH FLOW MODEL 317
THE DISCOUNTED ABNORMAL EARNINGS VALUATION METHOD , 319
THE DISCOUNTED ABNORMAL EARNINGS GROWTH VALUATION METHOD 321
VALUATION USING PRICE MULTIPLES 326
SHORTCUT FORMS OF EARNINGS-BASED VALUATION 331
COMPARING VALUATION METHODS 333
SUMMARY 336
CORE CONCEPTS 337
SUMMARY OF NOTATION USED IN THIS CHAPTER 338
QUESTIONS, EXERCISES AND PROBLEMS 338
NOTES 342
APPENDIX A: ASSET VALUATION METHODOLOGIES 343
APPENDIX B: RECONCILING THE DISCOUNTED DIVIDENDS, DISCOUNTED ABNORMAL
EARNINGS, AND DISCOUNTED ABNORMAL EARNINGS GROWTH MODELS 345
CASE PUMA AG RUDOLF DASSLER SPORT 347
8 PROSPECTIVE ANALYSIS: VALUATION
I M P L E M E N T A T I ON 357
COMPUTING A DISCOUNT RATE 357
DETAILED FORECASTS OF PERFORMANCE 364
TERMINAL VALUES 368
COMPUTING ESTIMATED VALUES 372
SOME PRACTICAL ISSUES IN VALUATION 375
SUMMARY 377
CORE CONCEPTS 377
QUESTIONS, EXERCISES AND PROBLEMS 378
NOTES 380
CASE RYANAIR HOLDINGS PIC 382
IMAGE 4
VIII CONTENTS
BUSINESS ANALYSIS AND
VALUATION APPLICATIONS 405
9 EQUITY SECURITY ANALYSIS 407
INVESTOR OBJECTIVES AND INVESTMENT VEHICLES 408
EQUITY SECURITY ANALYSIS AND MARKET EFFICIENCY 409
APPROACHES TO FUND MANAGEMENT AND SECURITIES ANALYSIS 411
THE PROCESS OF A COMPREHENSIVE SECURITY ANALYSIS 412
PERFORMANCE OF SECURITY ANALYSTS AND FUND MANAGERS 417
SUMMARY 419
CORE CONCEPTS 420
QUESTIONS 420
NOTES 422
CASE VALUATION AT NOVARTIS 425
10 CREDIT ANALYSIS A ND DISTRESS PREDICTION 440
WHY DO FIRMS USE DEBT FINANCING? 441
THE MARKET FOR CREDIT 443
COUNTRY DIFFERENCES IN DEBT FINANCING , 445
THE CREDIT ANALYSIS PROCESS IN PRIVATE DEBT MARKETS 447
FINANCIAL STATEMENT ANALYSIS AND PUBLIC DEBT 453
PREDICTION OF DISTRESS AND TURNAROUND 458
SUMMARY 461
CORE CONCEPTS . 462
QUESTIONS 463
NOTES 464
CASE GETRONICS DEBT RATINGS 466
11 MERGERS A ND ACQUISITIONS 472
MOTIVATION FOR MERGER OR ACQUISITION 473
ACQUISITION PRICING 476
ACQUISITION FINANCING AND FORM OF PAYMENT 481
ACQUISITION OUTCOME 485
SUMMARY 487
CORE CONCEPTS , 488
QUESTIONS 489
NOTES 490
CASE THE AIR FRANCE-KLM MERGER 491
12 C O M M U N I C A T I ON A ND G O V E R N A N CE 513
GOVERNANCE OVERVIEW 514
MANAGEMENT COMMUNICATION WITH INVESTORS 516
IMAGE 5
COMMUNICATION THROUGH FINANCIAL REPORTING
COMMUNICATION THROUGH FINANCIAL POLICIES ALTERNATIVE FORMS OF INVESTOR
COMMUNICATION THE ROLE OF THE AUDITOR THE ROLE OF THE AUDIT COMMITTEE
SUMMARY CORE CONCEPTS QUESTIONS
NOTES
CASE INVESTOR RELATIONS AT TOTAL,
ADDITIONAL CASES
1 AMAZON.COM IN THE YEAR 2000 2 KARSTADTQUELLE AG 3 HOME DEPOT, INC. IN
THE NEW MILLENNIUM 4 KRISPY KREME DOUGHNUTS
5 PRE-PAID LEGAL SERVICES, INC. 6 SPYKER CARS N.V. 7 THE HOME DEPOT,
INC.
8 THE INITIAL PUBLIC OFFERING OF PARTYGAMING PIC 9 TWO EUROPEAN HOTEL
GROUPS (A): EQUITY ANALYSIS 10 TWO EUROPEAN HOTEL GROUPS (B): DEBT
ANALYSIS 11 UNITED PARCEL SERVICE S IPO 12 VALUATION RATIOS IN THE
AIRLINE INDUSTRY
INDEX AUTHOR INDEX
CONTENTS IX
519 523
525
526
530
532
532
533
535
537
567
569
596
607
628
644
658
666
687
698
712
717
741
751 759
|
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| title_full | Business analysis & valuation text only Krishna G. Palepu ; Paul M. Healy ; Erik Peek |
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