Business analysis & valuation: text only
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
London
South-Western Cengage Learning
2008
|
| Edition: | IFRS ed., [Nachdr.] |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 572 S. graph. Darst. |
| ISBN: | 9781844804931 1844804933 |
Staff View
MARC
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Record in the Search Index
| _version_ | 1804138689990754304 |
|---|---|
| adam_text | CONTENTS
Preface
xi
Authors
xvi
FRAMEWORK
_______________________________
ι
1
A FRAMEWORK FOR BUSINESS ANALYSIS AND
VALUATION USING FINANCIAL STATEMENTS
3
The Role of Financial Reporting in Capital Markets
4
From Business Activities to Financial Statements
6
From Financial Statements to Business Analysis
9
Public versus Private Corporations
12
Summary
12
Discussion Questions
13
Notes
13
Appendix: Defining Europe
14
CASE The Role of Capital Market Intermediaries in the
Dot-Com Crash of
2000 16
BUSINESS ANALYSIS
AND VALUATION TOOLS
____________________«
2
STRATEGY ANALYSIS
43
Industry Analysis
43
Applying Industry Analysis: The European Airline Industry
48
Competitive Strategy Analysis
50
Corporate Strategy Analysis
54
Summary
57
Discussion Questions
59
Notes
60
CASE America Online. Inc.
62
3
OVERVIEW OF ACCOUNTING ANALYSIS
87
The Institutional Framework for Financial Reporting
87
vi
CONTENTS
Factors Influencing Accounting Quality
92
Steps in Accounting Analysis
95
Accounting Analysis Pitfalls
100
Value of Accounting Data and Accounting Analysis
101
Summary
102
Discussion Questions
103
Notes
104
CASE Land Securities Group (A): Choosing Cost or Fair Value on
Adoption of IFRS
107
4
IMPLEMENTING ACCOUNTING ANALYSIS
119
Recasting Financial Statements
120
First-Time Adoption of IFRS
127
Recognition of Assets
128
Asset Distortions
132
Recognition of Liabilities
152
Liability Distortions
153
Equity Distortions
162
Summary
165
Discussion Questions
166
Notes
168
Appendix: Recasting Financial Statements Into Standardized
Templates
170
CASE Fiat Group s First-Time Adoption of IFRS
176
5
FINANCIALANALYSIS
196
Ratio Analysis
196
Cash Flow Analysis
218
Summary
223
Discussion Questions
224
Notes
225
Appendix A: Volkswagen
AG
Financial Statements
226
Appendix B: Dr. Ing. h.c.F. Porsche Financial Statements
233
CASE
Carrefour
S.A. 240
ó
PROSPECTIVE ANALYSIS: FORECASTING
260
Relation of Forecasting to Other Analyses
260
The Techniques of Forecasting
261
Making Forecasts
266
Sensitivity Analysis
271
Summary
272
Discussion Questions
273
CONTENTS
vii
Notes 275
Appendix:
The Behavior of Components of ROE
276
CASE Forecasting Earnings and Earnings Growth in the
European Oil and Gas Industry
278
7
PROSPECTIVE ANALYSIS:
VALUATION THEORY AN
D
CONCEPTS
293
Defining Value for Shareholders
294
The Discounted Abnormal Earnings Valuation Method
295
The Discounted Abnormal Earnings Growth Valuation Method
298
Valuation Using Price Multiples
300
Shortcut Forms of Earnings-Based Valuation
305
The Discounted Cash Flow Model
308
Comparing Valuation Methods
309
Summary
312
Discussion Questions
313
Notes
314
Appendix: Reconciling the Discounted Dividends,
Discounted Abnormal Earnings, and Discounted
Abnormal Earnings Growth Models
316
CASE
Puma AG
Rudolf Dassler Sport
318
8
PROSPECTIVE ANALYSIS:
VALUATION IMPLEMENTATION
329
Detailed Forecasts of Performance
329
Computing a Discount Rate
330
Terminal Values
336
Computing Estimated Values
342
Summary
346
Discussion Questions
347
Notes
348
CASE Ryanair Holdings pic
350
BUSINESS ANALYSIS AND
VALUATION APPLICATIONS
_________________
ш
9
EQUITY
S
EC
U
RITY
ANALYS
IS
373
Investor Objectives
374
Equity Security Analysis and Market Efficiency
375
Approaches to Fund Management and Securities Analysis
377
viii CONTENTS
The Process of a Comprehensive Security Analysis
378
Performance of Security Analysts and Fund Managers
383
Summary
385
Discussion Questions
386
Notes
387
CASE The Initial Public Offering of PartyGaming Pic
390
10
CREDIT ANALYSIS AND DISTRESS PREDICTION
401
The Market for Credit
402
The Credit Analysis Process
405
Financial Statement Analysis and Public Debt
412
Prediction of Distress and Turnaround
417
Summary
419
Discussion Questions
420
Notes
421
CASE KarstadtQuelle
AG
423
11
MERGERS AND ACQUISITIONS
434
Motivation for Merger or Acquisition
434
Acquisition Pricing
438
Acquisition Financing
444
Acquisition Outcome
447
Summary
450
Discussion Questions
451
Notes
452
CASE The Air
France-KLM
Merger
453
12
CORPORATE FINANCING POLICIES
476
Factors That Determine Firms Debt Policies
476
The Optimal Long-Term Mix of Debt and Equity
477
The Financing of New Projects
484
Factors That Determine Dividend Policies
487
Summary
491
Discussion Questions
492
Notes
493
CASE
CUC
International. Inc.
495
13
COMMUNICATION AND GOVERNANCE
508
Governance Overview
509
Management Communication with Investors
5
11
Communication Through Financial Reporting
514
CONTENTS
ix
Other Forms of Communicating with Investors
518
Auditor Analysis
522
Audit Committee Reviews
526
Summary
528
Discussion Questions
529
Notes
530
CASE Investor Relations at Total
533
Index
563
Author index
571
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