Financial statement analysis and security valuation:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
McGraw-Hill
2013
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| Ausgabe: | 5. ed., internat. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVI, 740 S. graph. Darst. |
| ISBN: | 9780071326407 |
Internformat
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| 245 | 1 | 0 | |a Financial statement analysis and security valuation |c Stephen H. Penman |
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| 300 | |a XXVI, 740 S. |b graph. Darst. | ||
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Datensatz im Suchindex
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| adam_text |
Titel: Financial statement analysis and security valuation
Autor: Penman, Stephen H
Jahr: 2013
Contents
List Of Cases XXV The Income Statement 36
List Of Accounting Clinks XXVi The Cash Flow Statement 40
The Statement of Shareholders 'Equity 40
The Footnotes and Supplementary
Chapter 1 Information to Financial Statements 41
Introduction to Investing and Valuation 2 The Articulation of the Financial Statements:
How the Statements Tell a Story 42
Investment Styles and Fundamental Analysis 3 Measurement in the Financial Statements 44
Bubble, Bubble, Toil, and Trouble 6 The Price-to-Book Ratio 44
Measurement in the Balance Sheet 46
Measurement in the Income Statement 46
More Toil and Trouble 8
The Price-Earnings Ratio 50
Fundamental Analysis Anchors Investors 9
Accounting as an Anchor: Don t Mix
The Setting: Investors, Firms, Securities, What You Know with Speculation 51
and Capital Markets 10 Tension in Accounting 53
The Business of Analysis: Accounting Quality 54
The Professional Analyst 12 Summary 55
Investing in Firms: The Outside Analyst 12 The Web Connection 55
Investing Within Firms: The Inside Analyst 13 Key Concepts 56
The Analysis of Business 14 The Analyst's Toolkit 57
Strategy and Valuation 15 A Continuing Case: Kimberly-Clark Corporation 51
Mastering the Details 16 Concept Questions 63
The Key Question: Sustainabihty Exercises 63
of Competitive Advantage 17 Minicase 69
Financial Statements: The Lens on
the Business 17
Choosing a Valuation Technology 18
Guiding Principles 18
Anchoring Value on the Financial Statements 20
How to Use This Book 21
An Outline of the Book 21
The Web Connection 22 How Financial Statements
Key Concepts 22 Are Used in Valuation 74
A Continuing Case: Kimberly-Clark Corporation 24
Concept Questions 27 The Analyst's Checklist 75
Exercises 28 Multiple Analysis 76
Minicase 30 The Method of Comparables 76
Screening on Multiples 79
Chapter 2 Asset-Based Valuation 82
Introduction to the Financial Statements 32 Fundamental Analysis 84
The Process of Fundamental Analysis 85
The Analyst's Checklist 33 Financial Statement Analysis, Pro Forma
The Form of the Financial Statements 34 Analysis, and Fundamental Analysis 86
Introducing Nike, Inc. 34 The Architecture of Fundamental Analysis:
The Balance Sheet 34 The Valuation Model 87
PART ONE
FINANCIAL STATEMENTS
AND VALUATION 72
Chapter 3
Terminal Investments and Going-Concern Prototype Valuations 142
Investments 88 Valuing a Project 142
Valuation Models for Terminal Investments 89 Valuing a Savings Account 143
Valuation Models for Going-Concern The Normal Price-to-Book Ratio 144
Investments 91 A Model for Anchoring Value on Book Value 145
Criteria for a Practical Valuation Model 91 Residual Earnings Drivers
What Generates Value? 92 and Value Creation 147
Valuation Models, the Required Return, A Simple Demonstration and a
and Asset Pricing Models 96 Simple Valuation Model 150
Summary 97 Applying the Model to Equities 151
The Web Connection 97 The Forecast Horizon and the
Key Concepts 98 Continuing Value Calculation 152
The Analyst's Toolkit 99 Beware ofPaying Too Much for Growth 155
A Continuing Case: Kimberly-Clark Corporation 99 Converting Analysts' Forecasts
Concept Questions 100 to a Valuation 156
Exercises 101 Build Your Own Valuation Engine 157
Minicases 104 Applying the Model to Projects and Strategies 159
Appendix The Required Return and Features of the Residual Earnings Valuation 161
Asset Pricing Models 106 Book Value Captures Value and Residual
Earnings Captures Value Added to
Book Value 161
Chapter 4
Cash Accounting, Accrual Accounting, Protection from Paying Too Much for
and Discounted Cash Flow Valuation 110 Earnings Generated by Investment 162
Protection from Paying Too Much
for Earnings Created by the Accounting 163
Capturing Value Not on the Balance
Sheet-for All Accounting Methods 164
Residual Earnings Are Not Affected by
Dividends, Share Issues, or Share
Repurchases 165
What the Residual Earnings Model Misses 165
The Web Connection 165
The Analyst's Checklist 111
The Dividend Discount Model 111
The Discounted Cash Flow Model 114
Free Cash Flow and Value Added 117
The Statement of Cash Flows 119
The Cash Flow Statement under IFRS 122
Forecasting Free Cash Flows 123
Cash Flow, Earnings, and Accrual Accounting 124
Earnings and Cash Flows 124 Summary 165
Accruals, Investments, and the
Balance Sheet 127
Summary 129
The Web Connection 129
Concept Questions 167
Key Concepts 130 Exercises 168
The Analyst s Toolkit 130
A Continuing Case: Kimberly-Clark Corporation 131
Concept Questions 131
Exercises 132 Chapter 6
Minicase 138 Accrual Accounting and Valuation:
Key Concepts 166
The Analyst's Toolkit 166
A Continuing Case: Kimberly-Clark Corporation 167
Chapter 5
Accrual Accounting and Valuation:
Pricing Earnings 178
The Analyst's Checklist 179
The Concept Behind the Price-Earnings Ratio 179
Pricing Book Values 140 Beware of Paying Too Much for Earnings
The Analyst's Checklist 141 Growth 180
The Concept Behind the Price-to-Book Ratio 141 From Price-to-Book Valuation to
Beware of Paying Too Much for Earnings 141 P/E Valuation 180
Prototype Valuation 181 A Continuing Case: Kimberly-Clark Corporation 223
The Normal Forward P/E Ratio 183 Concept Questions 224
The Normal Trailing P/E Ratio 184 Exercises 225
A Poor P/E Model 185 Minicases 229
A Model for Anchoring Value on Earnings 185
Measuring Abnormal Earnings Growth 187
A Simple Demonstration and a Simple PART I WO
Valuation Model 188 THE ANALYSIS OF FINANCIAL
Anchoring Valuation on Current Earnings 189 STATEMENTS 232
Applying the Model to Equities 190
Converting Analysts 'Forecasts
to a Valuation 191
Chapter 8
Build Your Own Valuation Engine 192 Viewing the Business Through
Features of the Abnormal Earnings the Financial Statements 234
Growth Model 194
The Analyst s Checklist 235
Business Activities: The Cash Flows 236
Abnormal Earnings Growth Valuation
The Reformulated Cash Flow Statement 240
and Residual Earnings Valuation 195
The Rejormulated Balance Sheet 241
Abnormal Earnings Growth Business Activities: All Stocks and Flows 242
Is Not Affected by Dividends,
Share Issues, or Share Repurchases 196
The Reformulated Income Statement 243
Accounting Relations That Govern
Accounting Methods and Valuation 196 Reformulated statements 243
The Fed Model 197
PEG Ratios 199
Summary 200
The Web Connection 201
Key Concepts 201
The Analyst's Toolkit 201
A Continuing Case: Kimberly-Clark Corporation 202
Concept Questions 202
The Sources of Free Cash Flow and the
Disposition of Free Cash Flow 244
The Drivers of Dividends 244
The Drivers of Net Operating Assets
and Net Indebtedness 245
Tying It Together for Shareholders:
What Generates Value? 246
Build Your Own Analysis Engine 248
Minicase 208
The Web Connection 250
Key Concepts 251
Chapter 7 The Analyst's Toolkit 251
Valuation and Active Investing 210 A Continuing Case: Kimberly-Clark Corporation 252
The Analyst's Checklist 211 Concept Questions 252
How the Fundamental Investor Operates 211 Exercises 253
Common Misconceptions About Valuation 211
Applying Fundamental Principles 213 Chapter 9
Challenging Speculation in the Market Price 213
Reverse Engineering the S P 500 215
Challenging the Price of a Stock 218
The Analysis of the Statement
of Shareholders' Equity 258
Reverse Engineering with the Abnormal The Analyst's Checklist 259
Earnings Growth Model 221 Reformulating the Statement of Owners' Equity 259
Build Your Own Active Investing Tool 222 Running with Nike 260
The Web Connection 222 Reformulation Procedures 260
Summary 222 Dirty-Surplus Accounting 263
Key Concepts 223 Comprehensive Income Reporting
The Analyst's Toolkit 223 Under U.S. GAAP and IFRS 265
Ratio Analysis 266 Chapter 11
Payout and Retention Ratios 266 The Analysis of the Cash Flow Statement 342
Shareholder Profitability 267
Growth Ratios 267 The Analyst's Checklist 343
Hidden Dirty Surplus 268 The Calculation of Free Cash Flow 343
Issue of Shares in Operations 268 GAAP Statement of Cash Flows and
Issue of Shares in Financing Activities 272 Reformulated Cash Flow Statements 345
Handling Diluted Earnings per Share 272 Reclassifying Cash Transactions 346
Share Transactions in Inefficient Markets 274 Tying It Together 351
The Eye of the Shareholder 275 Cash Flow from Operations 353
Build Your Own Analysis Engine 276 Summary 355
Accounting Quality Watch 276 The Web Connection 355
The Web Connection 278 Key Concepts 356
Summary 278 The Analyst's Toolkit 356
Key Concepts 278 A Continuing Case: Kimberly-Clark Corporation 356
The Analyst's Toolkit 279 Concept Questions 357
A Continuing Case: Kimberly-Clark Corporation 280 Exercises 357
Concept Questions 281 Minicase 362
Exercises 282
Minicase 288 Chapter 12
The Analysis of Profitability 364
Chapter 10 The Analyst's Checklist 365
The Analysis of Return on Common Equity 365
The Analysis of the Balance
Sheet and Income Statement 292
First-Level Breakdown: Distinguishing Financing
and Operating Activities and the Effect
The Analyst's Checklist 293 of Leverage 366
Reformulation of the Balance Sheet 293 Financial Leverage 366
Issues in Reformulating Balance Sheets 294 Operating Liability Leverage 368
Strategic Balance Sheets 301 Summing Financial Leverage and
Reformulation of the Income Statement 303 Operating Liability Leverage Effects on
Tax Allocation 304 Shareholder Profitability 370
Issues in Reformulating Income Return on Net Operating Assets and
Statements 308 Return on Assets 371
Value Added to Strategic Balance Sheets 312 Financial Leverage and
Residual Income from Operations 312 Debt-to-Equity Ratios 373
Comparative Analysis of the Balance Sheet Second-Level Breakdown: Drivers
and Income Statement 314 of Operating Profitability 373
Common-Size Analysis 315 Third-Level Breakdown 376
Trend Analysis 316 Profit Margin Drivers 376
Ratio Analysis 318 Turnover Drivers 376
Build Your Own Analysis Engine 321 Key Drivers 379
Summary 321 Borrowing Cost Drivers 380
The Web Connection 322 Build You Own Analysis Engine 381
Key Concepts 322 The Web Connection 382
The Analyst's Toolkit 323 Summary 382
A Continuing Case: Kimberly-Clark Corporation 324 Key Concepts 382
Concept Questions 325 The Analyst's Toolkit 383
Exercises 325 A Continuing Case: Kimberly-Clark Corporation 383
Minicases 334 Concept Questions 384
Exercises 385 A Modification to Residual Earnings Forecasting:
Minicase 391 Residual Operating Income 438
The Drivers of Residual Operating Income 441
Chapter 13 Modification to Abnormal Earnings
The Analysis of Growth and
Sustainable Earnings 392
Growth Forecasting: Abnormal Growth
in Operating Income 443
Abnormal Growth in Operating Income and
The Analyst's Checklist 393 the "Dividend" from Operating Activities 443
What Is Growth? 393 Eye on the Future: Sustainable Income 445
Warnings About Growth 394 The Cost of Capital and Valuation 445
Cutting to the Core: Sustainable Earnings 396 The Cost of Capital for Operations 446
Core Operating Income 396 The Cost of Capital for Debt 447
Issues in Identifying Core Operating Income 397 Operating Risk, Financing Risk, and the
Core Operating Profitability 404 Cost of Equity Capital 448
Core Borrowing Cost 406 Financing Risk and Return and the
Analysis of Growth 407 Valuation of Equity 450
Growth Through Profitability 407 Leverage and Residual Earnings Valuation 450
Operating Leverage 408 Leverage and Abnormal Earnings Growth
Analysis of Changes in Financing 409 Valuation 451
Analysis of Growth in Shareholders'Equity 409 Leverage Creates Earnings Growth 456
Growth, Sustainable Earnings, and the Evaluation Debt and Taxes 459
of P/B Ratios and P/E Ratios 411 Mark-to-Market Accounting: A Tool for
How Price-to-Book Ratios and Incorporating the Liability for Stock
Trailing P/E Ratios Articulate 411 Options in Valuation 461
Trailing Price-Earnings Ratios Enterprise Multiples 463
and Transitory Earnings 414 Enterprise Price-to-Book Ratios 463
P/E Ratios and the Analysis of Enterprise Price-Earnings Ratios 465
Sustainable Earnings 416 Summary 468
Price-to-Book and Growth 416 The Web Connection 468
Summary 417 Key Concepts 469
The Web Connection 417 The Analyst's Toolkit 469
Key Concepts 418 A Continuing Case: Kimberly-Clark Corporation 470
The Analyst's Toolkit 419 Concept Questions 471
A Continuing Case: Kimberly-Clark Corporation 419 Exercises 472
Concept Questions 420 Minicase 477
Exercises 421
Minicases 425
Chapter 15
Anchoring on the Financial Statements:
PART THREE Simple Forecasting and Simple
FORECASTING AND VALUATION Valuation 480
ANALYSIS 434 The Analyst's Checklist 481
Simple Forecasts and Simple Valuations 482
Chapter 14 Introducing PPE, Inc. 482
The No-Growth Forecast and Valuation 483
The Growth Forecast and Valuation 484
Simple Forecasting: Adding information to
Financial Statement Information 488
The Analyst's Checklist 437 Weighed-Average Forecasts of Growth 488
The Value of Operations and the
Evaluation of Enterprise Price-to-Book
Ratios and Price-Earnings Ratios 436
Simple Valuations with Short-Term PART FOUR
ACCOUNTING ANALYSIS
AND VALUATION 552
Chapter 17
Creating Accounting Value and
Economic Value 554
and Long-Term Growth Rates 488
Growth in Sales as a Simple Forecast
of Growth 489
Information in Analysts' Forecasts 490
Simple Valuation as an Analysis Tool 491
Sensitivity Analysis 491
Reverse Engineering to Challenge
the Market Price 491 The Analyst's Checklist 555
Summary 492 Value Creation and the Creation
The Web Connection 493 of Residual Earnings 555
Key Concepts 493 Accounting Methods, Price-to-Book Ratios,
The Analyst's Toolkit 493 Price-Earnings Ratios, and the Valuation
A Continuing Case: Kimberly-Clark Corporation 494 of Going Concerns 558
Concept Questions 494 Accounting Methods with a Constant
Exercises 494 Level of Investment 558
Minicases 500 Accounting Methods with a Changing
Level of Investment 561
Chapter 16 An Exception: LIFO Accounting 565
Full-Information Forecasting, Valuation, Hidden Reserves and the Creation of Earnings 566
and Business Strategy Analysis 504 Conservative and Liberal Accounting
in Practice 570
The Analyst's Checklist 505 LIFO Versus FIFO 571
Financial Statement Analysis: Focusing the Lens Research and Development in the
on the Business 505 Pharmaceuticals Industry 572
1. Focus on Residual Operating Income Expensing Goodwill and Research and
and Its Drivers 506 Development Expenditures 573
2. Focus on Change 507 Liberal Accounting: Breweries and Hotels 574
3. Focus on Key Drivers 514 Profitability in the 1990s 574
4. Focus on Choices Versus Conditions 515 Economic-Value-Added Measures 575
Full-Information Forecasting and Accounting Methods and the Forecast Horizon 575
Pro Forma Analysis 515 The Qmlity ofCash Accounting and
A Forecasting Template 520 Discounted Cash Flow Analysis 576
Features of Accounting-Based Valuation 525 Growth, Risk, and Valuation 577
Value Generated in Share Transactions 526 Summary 578
Mergers and Acquisitions 527 The Web Connection 579
Share Repurchases and Buyouts 528 Kev Concents 579
Financial Statement Indicators and Red Flags 528 The Analyst's Toolkit 580
Business Strategy Analysis and Pro Forma Concept Questions 580
Analysis 530 Exercises 581
Unarticulated Strategy 530 Minicase 586
Scenario Analysis 531
The Web Connection 532 Chapter 18
Summary 532 Analysis of the Quality
Key Concepts 533 of Financial Statements 590
The Analyst's Toolkit 533
A Continuing Case: Kimberly-Clark Corporation 534 The Analyst's Checklist 591
Concept Questions 534 What Is Accounting Quality? 591
Exercises 535 Accounting Quality Watch 592
Minicases 542 Five Questions About Accounting Quality 593
Cutting Through the Accounting: Strategy and Risk 660
Detecting Income Shifting 594 Discounting for Risk 660
Separating What We Know from Price Risk 661
Speculation 597 Market Inefficiency Risk 661
Prelude to a Quality Analysis 598 Liquidity Risk 664
Quality Diagnostics 600 Inferring Expected Returns for Active Investing 664
Diagnostics to Detect Manipulated Sales 603 Growth-Return Profiles 666
Diagnostics to Detect Manipulation Finessing the Required Return Problem 667
of Core Expenses 604 Evaluating Implied Expected Returns with
Diagnostics to Detect Manipulation Value-at-Risk Profiles 667
of Unusual Items 612 Investing Within Risk Classes 668
Detecting Transaction Manipulation 614 Beware ofPaying for Risky Growth 668
Core Revenue Timing 614 Expected Returns in Uncertain Times 670
Core Revenue Structuring 614 Summary 670
Core Expense Timing 615 The Web Connection 671
Releasing Hidden Reserves 615 Key Concepts 671
Other Core Income Timing 616 The Analyst's Toolkit 672
Unusual Income Timing 616 Concept Questions 672
Organizational Manipulation: Off-Balance- Exercises 672
Sheet Operations 616 Minicase 678
Justifiable Manipulation? 617
Disclosure Quality 617 Chapter 20
Quality Scoring 618 The Analysis of Credit Risk and Return 680
Abnormal Returns to Quality Analysis 620
Summary 621 The Analyst's Checklist 681
The Web Connection 621 The Suppliers of Credit 681
Kev Concents 621 Financial Statement Analysis for Credit Evaluation 682
The Analvst's Toolkit 622 Reformulated Financial Statements 682
Concept Questions 623 Short-Term Liquidity Ratios 684
Exercises 624 Long-Term Solvency Ratios 686
Minicases 633 Operating Ratios 687
PART FIVE
Forecasting and Credit Analysis 687
Prelude to Forecasting: The Interpretive
Background 687
THE ANALYSIS OF RISK Ratio Analysis and Credit-Scoring 688
AND RETURN 640 Full-Information Forecasting 692
Chapter 19
Required Return, Expected Return, and Active
Debt Investing 695
The Analysis of Equity Risk Active Bond Investing 696
and Return for Active Investing 642 Liquidity Planning and Financial Strategy 696
The Analyst's Checklist 643 The Web Connection 697
The Required Return and the Expected Return 643 summary 697
The Nature of Risk 644 Key Concepts 698
The Distribution of Returns 644 The Aanalyst's Toolklt 698
Diversification and Risk 648
Asset Pricing Models 649
Fundamental Risk 651
Risk to the Return on Common Equity 653 Appendix
Growth Risk 654
Value-at-Risk Profiling 654
Concept Questions 699
Exercises 699
Minicase 704
A Summary of Formulas 709
Adaptation Options and Growth Options 659 Index 725 |
| any_adam_object | 1 |
| author | Penman, Stephen H. |
| author_GND | (DE-588)170349497 |
| author_facet | Penman, Stephen H. |
| author_role | aut |
| author_sort | Penman, Stephen H. |
| author_variant | s h p sh shp |
| building | Verbundindex |
| bvnumber | BV039701767 |
| classification_rvk | QP 770 QP 827 |
| ctrlnum | (OCoLC)767778562 (DE-599)BVBBV039701767 |
| discipline | Wirtschaftswissenschaften |
| edition | 5. ed., internat. ed. |
| format | Book |
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| id | DE-604.BV039701767 |
| illustrated | Illustrated |
| indexdate | 2024-10-18T18:17:03Z |
| institution | BVB |
| isbn | 9780071326407 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024550296 |
| oclc_num | 767778562 |
| open_access_boolean | |
| owner | DE-945 DE-384 DE-522 DE-473 DE-BY-UBG DE-20 DE-19 DE-BY-UBM DE-188 DE-Aug4 DE-1049 DE-N2 DE-92 |
| owner_facet | DE-945 DE-384 DE-522 DE-473 DE-BY-UBG DE-20 DE-19 DE-BY-UBM DE-188 DE-Aug4 DE-1049 DE-N2 DE-92 |
| physical | XXVI, 740 S. graph. Darst. |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Penman, Stephen H. Verfasser (DE-588)170349497 aut Financial statement analysis and security valuation Stephen H. Penman 5. ed., internat. ed. New York, NY McGraw-Hill 2013 XXVI, 740 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Bilanzanalyse (DE-588)4069453-7 gnd rswk-swf Gewinn- und Verlustrechnung (DE-588)4121363-4 s Bilanzanalyse (DE-588)4069453-7 s DE-604 Unternehmensbewertung (DE-588)4078594-4 s 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024550296&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 Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Bilanzanalyse (DE-588)4069453-7 gnd |
| subject_GND | (DE-588)4121363-4 (DE-588)4078594-4 (DE-588)4069453-7 |
| 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 | Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Bilanzanalyse (DE-588)4069453-7 gnd |
| topic_facet | Gewinn- und Verlustrechnung Unternehmensbewertung Bilanzanalyse |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024550296&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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