Financial statement analysis and security valuation:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
McGraw-Hill
2012
|
| Ausgabe: | 5. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVI, 740 S. graph. Darst. |
| ISBN: | 9780078025310 0078025311 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text |
Contents
List of Cases xxv
List of Accounting Clinics xxvi
Chapter 1
Introduction to Investing and Valuation 2
Investment Styles and Fundamental Analysis 3
Bubble, Bubble, Toil, and Trouble 6
How Bubbles Work 7
Analysts During the Bubble 8
More Toil and Trouble 8
Fundamental Analysis Anchors Investors 9
The Setting: Investors, Firms, Securities,
and Capital Markets 10
The Business of Analysis:
The Professional Analyst 12
Investing in Firms: The Outside Analyst 12
Investing Within Firms: The Inside Analyst 13
The Analysis of Business 14
Strategy and Valuation 15
Mastering the Details 16
The Key Question: Sustainability
of Competitive Advantage 17
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
Key Concepts 22
A Continuing Case: Kimberly-Clark Corporation 24
Concept Questions 27
Exercises 28
Minicase 30
Chapter 2
Introduction to the Financial Statements 32
The Analyst’s Checklist 3 3
The Form of the Financial Statements 34
Introducing Nike, Inc. 34
The Balance Sheet 34
xviii
The Income Statement 36
The Cash Flow Statement 40
The Statement of Shareholders 'Equity 40
The Footnotes and Supplementary
Information to Financial Statements 41
The Articulation of the Financial Statements:
How the Statements Tell a Story 42
Measurement in the Financial Statements 44
The Price-to-Book Ratio 44
Measurement in the Balance Sheet 46
Measurement in the Income Statement 46
The Price-Earnings Ratio 50
Accounting as an Anchor: Don 't Mix
What You Know with Speculation 51
Tension in Accounting 53
Accounting Quality 54
Summary 55
The Web Connection 55
Key Concepts 56
The Analyst’s Toolkit 57
A Continuing Case: Kimberly-Clark Corporation 57
Concept Questions 63
Exercises 63
Minicase 69
PART ONE
FINANCIAL STATEMENTS
AND VALUATION 72
Chapter 3
How Financial Statements
Are Used in Valuation 74
The Analyst’s Checklist 75
Multiple Analysis 76
The Method of Comparables 76
Screening on Multiples 79
Asset-Based Valuation 82
Fundamental Analysis 84
The Process of Fundamental Analysis 85
Financial Statement Analysis, Pro Forma
Analysis, and Fundamental Analysis 86
The Architecture of Fundamental Analysis:
The Valuation Model 87
Contents xix
Terminal Investments and Going-Concern
Investments 88
Valuation Models for Terminal Investments 89
Valuation Models for Going-Concern
Investments 91
Criteria for a Practical Valuation Model 91
What Generates Value? 92
Valuation Models, the Required Return,
and Asset Pricing Models 96
Summary 97
The Web Connection 97
Key Concepts 98
The Analyst’s Toolkit 99
A Continuing Case: Kimberly-Clark Corporation 99
Concept Questions 100
Exercises 101
Minicases 104
Appendix The Required Return and
Asset Pricing Models 106
Chapter 4
Cash Accounting, Accrual Accounting,
and Discounted Cash Flow Valuation 110
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 ¡23
Cash Flow, Earnings, and Accrual Accounting 124
Earnings and Cash Flows 124
Accruals, Investments, and the
Balance Sheet 127
Summary 129
The Web Connection 129
Key Concepts 130
The Analyst’s Toolkit 130
A Continuing Case: Kimberly Clark Corporation 131
Concept Questions 131
Exercises 132
Minicase 138
Chapter 5
Accrual Accounting and Valuation:
Pricing Book Values 140
The Analyst’s Checklist 141
The Concept Behind the Price-to-Book Ratio 141
Beware of Paying Too Much for Earnings 141
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 147
A Simple Demonstration and a
Simple Valuation Model 150
Applying the Model to Equities 151
The Forecast Horizon and the
Continuing Value Calculation 152
Beware of Paying Too Much for Growth 155
Converting Analysts' Forecasts
to a Valuation 156
Build Your Own Valuation Engine 15 7
Applying the Model to Projects and Strategies 159
Features of the Residual Earnings Valuation 161
Book Value Captures Value and Residual
Earnings Captures Value Added to
Book Value 161
Protection from Paying Too Much for
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
Summary 165
Key Concepts 166
The Analyst’s Toolkit 166
A Continuing Case: Kimberly-Clark Corporation 167
Concept Questions 167
Exercises 168
Minicases 173
Chapter 6
Accrual Accounting and Valuation:
Pricing Earnings 178
The Analyst’s Checklist 179
The Concept Behind the Price-Earnings Ratio 179
Beware of Paying Too Much for Earnings
Growth 180
From Price-to-Book Valuation to
P/E Valuation 180
XX Contents
Prototype Valuation 181
The Normal Forward P/E Ratio 183
The Normal Trailing P/E Ratio 184
A Poor P/E Model 185
A Model for Anchoring Value on Earnings 185
Measuring Abnormal Earnings Growth 187
A Simple Demonstration and a Simple
Valuation Model 188
Anchoring Valuation on Current Earnings 189
Applying the Model to Equities 190
Converting Analysts 'Forecasts
to a Valuation 191
Build Your Own Valuation Engine 192
Features of the Abnormal Earnings
Growth Model 194
Buy Earnings 195
Abnormal Earnings Growth Valuation
and Residual Earnings Valuation 195
Abnormal Earnings Growth
Is Not Affected by Dividends,
Share Issues, or Share Repurchases 196
Accounting Methods and Valuation 196
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
Exercises 203
Minicase 208
Chapter 7
Valuation and Active Investing 210
The Analyst’s Checklist 211
How the Fundamental Investor Operates 211
Common Misconceptions About Valuation 211
Applying Fundamental Principles 213
Challenging Speculation in the Market Price 213
Reverse Engineering the S P 500 215
Challenging the Price of a Stock 218
Reverse Engineering with the Abnormal
Earnings Growth Model 221
Build Your Own Active Investing Tool 222
The Web Connection 222
Summary 222
Key Concepts 223
The Analyst’s Toolkit 223
A Continuing Case: Kimberly-Clark Corporation 223
Concept Questions 224
Exercises 225
Minicases 229
PART TWO
THE ANALYSIS OF FINANCIAL
STATEMENTS 232
Chapter 8
Viewing the Business Through
the Financial Statements 234
The Analyst’s Checklist 235
Business Activities: The Cash Flows 236
The Reformulated Cash Flow Statement 240
The Reformulated Balance Sheet 241
Business Activities: All Stocks and Flows 242
The Reformulated Income Statement 243
Accounting Relations That Govern
Reformulated Statements 243
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
Summary 250
The Web Connection 250
Key Concepts 251
The Analyst’s Toolkit 251
A Continuing Case: Kimberly-Clark Corporation 252
Concept Questions 252
Exercises 253
Chapter 9
The Analysis of the Statement
of Shareholders’ Equity 258
The Analyst’s Checklist 259
Reformulating the Statement of Owners’ Equity 259
Running with Nike 260
Reformulation Procedures 260
Dirty-Surplus Accounting 263
Comprehensive Income Reporting
Under U.S. GAAP and IFRS 265
Contents xxi
Ratio Analysis 266
Payout and Retention Ratios 266
Shareholder Profitability 267
Growth Ratios 267
Hidden Dirty Surplus 268
Issue of Shares in Operations 268
Issue of Shares in Financing Activities 2 72
Handling Diluted Earnings per Share 2 72
Share Transactions in Inefficient Markets 274
The Eye of the Shareholder 27 5
Build Your Own Analysis Engine 276
Accounting Quality Watch 276
The Web Connection 278
Summary 278
Key Concepts 278
The Analyst’s Toolkit 279
A Continuing Case: Kimberly-Clark Corporation 280
Concept Questions 281
Exercises 282
Minicase 288
Chapter 10
The Analysis of the Balance
Sheet and Income Statement 292
The Analyst’s Checklist 293
Reformulation of the Balance Sheet 293
Issues in Reformulating Balance Sheets 294
Strategic Balance Sheets 301
Reformulation of the Income Statement 303
Tax Allocation 304
Issues in Reformidating Income
Statements 308
Value Added to Strategic Balance Sheets 312
Residual Income from Operations 312
Comparative Analysis of the Balance Sheet
and Income Statement 314
Common-Size Analysis 315
Trend Analysis 316
Ratio Analysis 318
Build Your Own Analysis Engine 321
Summary 321
The Web Connection 322
Key Concepts 322
The Analyst’s Toolkit 323
A Continuing Case: Kimberly-Clark Corporation 324
Concept Questions 325
Exercises 325
Minicases 334
Chapter 11
The Analysis of the Cash Flow Statement 342
The Analyst’s Checklist 343
The Calculation of Free Cash Flow 343
GAAP Statement of Cash Flows and
Reformulated Cash Flow Statements 345
Reclassifying Cash Transactions 346
Tying It Together 351
Cash Flow from Operations 353
Summary 355
The Web Connection 355
Key Concepts 356
The Analyst’s Toolkit 356
A Continuing Case: Kimberly-Clark Corporation 356
Concept Questions 357
Exercises 357
Minicase 362
Chapter 12
The Analysis of Profitability 364
The Analyst’s Checklist 365
The Analysis of Return on Common Equity 365
First-Level Breakdown: Distinguishing Financing
and Operating Activities and the Effect
of Leverage 366
Financial Leverage 366
Operating Liability Leverage 368
Summing Financial Leverage and
Operating Liability Leverage Effects on
Shareholder Profitability 3 70
Return on Net Operating Assets and
Return on Assets 371
Financial Leverage and
Debt-to- Equity Ratios 3 73
Second-Level Breakdown: Drivers
of Operating Profitability 373
Third-Level Breakdown 376
Profit Margin Drivers 376
Turn over Drivers 376
Key Drivers 379
Borrowing Cost Drivers 380
Build You Own Analysis Engine 3 81
The Web Connection 382
Summary 382
Key Concepts 382
The Analyst’s Toolkit 383
A Continuing Case: Kimberly-Clark Corporation 383
Concept Questions 384
xxiv Contents
Cutting Through the Accounting:
Detecting Income Shifting 594
Separating What We Know from
Speculation 597
Prelude to a Quality Analysis 598
Quality Diagnostics 600
Diagnostics to Detect Manipulated Sales 603
Diagnostics to Detect Manipulation
of Core Expenses 604
Diagnostics to Detect Manipulation
of Unusual Items 612
Detecting Transaction Manipulation 614
Core Revenue Timing 614
Core Revenue Structuring 614
Core Expense Timing 615
Releasing Hidden Reserves 615
Other Core Income Timing 616
Unusual Income Timing 616
Organizational Manipulation: Off-Balance-
Sheet Operations 616
Justifiable Manipulation? 617
Disclosure Quality 617
Quality Scoring 618
Abnormal Returns to Quality Analysis 620
Summary 621
The Web Connection 621
Key Concepts 621
The Analyst’s Toolkit 622
Concept Questions 623
Exercises 624
Minicases 633
PART FIVE
THE ANALYSIS OF RISK
AND RETURN 640
Chapter 19
The Analysis of Equity Risk
and Return for Active Investing 642
The Analyst’s Checklist 643
The Required Return and the Expected Return 643
The Nature of Risk 644
The Distribution of Returns 644
Diversification and Risk 648
Asset Pricing Models 649
Fundamental Risk 651
Risk to the Return on Common Equity 653
Growth Risk 654
Value-at-Risk Profiling 654
Adaptation Options and Growth Options 659
Strategy and Risk 660
Discounting for Risk 660
Price Risk 661
Market Inefficiency Risk 661
Liquidity Risk 664
Inferring Expected Returns for Active Investing 664
Growth-Return Profiles 666
Finessing the Required Return Problem 667
Evaluating Implied Expected Returns with
Value-at֊Risk Profiles 667
Investing Within Risk Classes 668
Beware of Paying for Risky Growth 668
Expected Returns in Uncertain Times 670
Summary 670
The Web Connection 671
Key Concepts 671
The Analyst’s Toolkit 672
Concept Questions 672
Exercises 672
Minicase 678
Chapter 20
The Analysis of Credit Risk and Return 680
The Analyst’s Checklist 681
The Suppliers of Credit 681
Financial Statement Analysis for Credit Evaluation 682
Reformulated Financial Statements 682
Short-Term Liquidity Ratios 684
Long-Term Solvency Ratios 686
Operating Ratios 687
Forecasting and Credit Analysis 687
Prelude to Forecasting: The Interpretive
Background 687
Ratio Analysis and Credit-Scoring 688
Full-Information Forecasting 692
Required Return, Expected Return, and Active
Debt Investing 695
Active Bond Investing 696
Liquidity Planning and Financial Strategy 696
The Web Connection 697
Summary 697
Key Concepts 698
The Analyst’s Toolkit 698
Concept Questions 699
Exercises 699
Minicase 704
Appendix
A Summary of Formulas 709
Index 725
List of Cases
Critique of an Equity Analysis: America Online Inc. 30
Reviewing the Financial Statements of Kimberly-
Clark Corporation 69
An Arbitrage Opportunity? Cordant Technologies and
Howmet International 104
Nifty Stocks? Returns to Stock Screening 105
Discounted Cash Flow Valuation: Coca-Cola
Company 138
Value-Added Growth? Tyco and Citigroup 173
Analysts’ Forecasts and Valuation: PepsiCo and
Coca-Cola I 174
Kimberly-Clark: Buy Its Paper? 175
Analysts’ Forecasts and Valuation: PepsiCo and
Coca-Cola II 208
Challenging the Market Price: Cisco
Systems, Inc. 229
Reverse Engineering Google: How Do I Understand
the Market’s Expectations? 230
Analysis of the Equity Statement, Hidden Losses,
and Off-Balance-Sheet Liabilities: Microsoft
Corporation 288
Financial Statement Analysis: Procter
Gamble I 334
Understanding the Business Through Reformulated
Financial Statements: Chubb Corporation 338
Analysis of Cash Flows: Procter Gamble II 362
Financial Statement Analysis: Procter
Gamble III 391
Financial Statement Analysis: Procter
Gamble IV 425
A Question of Growth: Microsoft Corporation 426
Analysis of Sustainable Growth: International Business
Machines 429
Valuing the Operations and the Investments of a
Property and Casualty Insurer: Chubb
Corporation 477
Simple Forecasting and Valuation: Procter
Gamble V 500
Simple Valuation, Reverse Engineering, and Sensitivity
Analysis for Cisco Systems, Inc. 500
Full Forecasting and Valuation: Procter
Gamble VI 542
Challenging the Stock Price of Dell, Inc. 542
The Battle for Maytag: An Analysis of a
Takeover 549
Advertising, Low Quality Accounting, and Valuation:
E*Trade 586
A Quality Analysis: Xerox Corporation 633
A Quality Analysis՛. Lucent Technologies 637
Growth, Risk, and Expected Return
for Google, Inc. 678
Analysis of Default Risk: Fruit of the Loom 704
XXV |
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| id | DE-604.BV040284389 |
| illustrated | Illustrated |
| indexdate | 2024-11-25T15:02:38Z |
| institution | BVB |
| isbn | 9780078025310 0078025311 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025139687 |
| oclc_num | 802520702 |
| open_access_boolean | |
| owner | DE-1050 DE-11 DE-739 |
| owner_facet | DE-1050 DE-11 DE-739 |
| physical | XXVI, 740 S. graph. Darst. |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Penman, Stephen H. Verfasser aut Financial statement analysis and security valuation Stephen H. Penman 5. ed. New York, NY McGraw-Hill 2012 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 1\p DE-604 Unternehmensbewertung (DE-588)4078594-4 s 2\p DE-604 Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025139687&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 2\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=025139687&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT penmanstephenh financialstatementanalysisandsecurityvaluation |