Financial Statement Analysis: A Valuation Approach

Leonard Soffer, Robin Soffer

476 pages, parution le 17/12/2002

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Résumé

For undergraduate/graduate courses in Financial Statement Analysis and Valuation.

This text combines finance, accounting, and business strategy theory with enough real accounting information to teach students how to actually use financial statement data in valuation and analysis-as well as understand the corporate finance theory behind it.

Emphasis on both theory and practice throughout-Presents rigorous financial theory in a practical way.
Gives students the necessary skills to 1) interpret information for financial analysis and valuation, 2) deal with the imprecision and vagueness that often accompany disclosures, and 3) avoid common pitfalls in valuation analysis.
Integrated discussion of accounting, finance, and business strategy-Covers the concepts needed to analyze and value a business.
Enables students to understand the business strategy and the finance needed for the valuation; as well as find, interpret, and analyze information in the financial statements.
Survey of all valuation models-Includes the five cash flow models: the free cash flow model; the dividend discount model, the flows to equity model; the adjusted present value model; and the residual income model; as well as a thorough discussion of multiples.
Familiarizes students with all commonly used models.
Practical, real-word applications-Includes a running Starbucks example throughout and provides other examples from actual financial statements.
Allows students to use actual financial statements and disclosures effectively, and requires them to think critically and make assumptions and estimates from these statements. This prepares them for the work they will do in their careers.
Coverage of special topics-Not usually found in other texts.
Teaches students how to properly value pensions and employee stock options using financial statement data.

Contents

I. INTRODUCTION

Introduction to Security Analysis
Security Analysis and Efficient Markets

II. BUSINESS AND FINANCIAL STATEMENT ANALYSIS

Business Analysis
Accounting Analysis and the Financial Statements
Financial Statement Analysis

III. CASH FLOW BASED VALUATION

The Economic Balance Sheet and an Overview of Cash Flow Based Valuation Models
Discount Rates in Valuation
The Dividend Discount and Flows to Equity Models
Free Cash Flow Model and Analysis
Forecasting Free Cash Flow
The Adjusted Present Value Model
The Residual Income Model

IV. SPECIAL TOPICS IN CASH FLOW BASED VALUATION

Using Income Tax Information
Employee Stock Options and Valuation
Valuation of Firms with Pension Plans and Other Postemployment Benefit Plans

V. MULTIPLES VALUATION

A "Theory" of Multiples
PE Ratios and Earnings Growth
Additional Issues in Multiples Analysis

Caractéristiques techniques

	PAPIER
Éditeur(s)	Prentice Hall
Auteur(s)	Leonard Soffer, Robin Soffer
Parution	17/12/2002
Nb. de pages	476
Format	20,7 x 26
Couverture	Relié
Poids	1080g
Intérieur	2 couleurs
EAN13	9780130328342