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020			_a9780071326407
040			_aUOWD
082	0	4	_a332.632042 PE FI
100	1		_aPenman, Stephen H. _920432
245	1	0	_aFinancial statement analysis and security valuation _cStephen H. Penman
250			_a5th ed.
260			_aNew York : _bMcGraw-Hill, _cc2013.
300			_axxvi, 740 p. : _bill. ; _c26 cm.
500			_aIncludes index.
505			_aMachine generated contents note: ch. 1 Introduction to Investing and Valuation Investment Styles and Fundamental Analysis Bubble, Bubble, Toil, and Trouble How Bubbles Work Analysts During the Bubble More Toil and Trouble Fundamental Analysis Anchors Investors The Setting: Investors, Firms, Securities, and Capital Markets The Business of Analysis: The Professional Analyst Investing in Firms: The Outside Analyst Investing Within Firms: The Inside Analyst The Analysis of Business Strategy and Valuation Mastering the Details The Key Question: Sustainability of Competitive Advantage Financial Statements: The Lens on the Business Choosing a Valuation Technology Guiding Principles Anchoring Value on the Financial Statements How to Use This Book An Outline of the Book The Web Connection Key Concepts A Continuing Case: Kimberly-Clark Corporation Concept Questions Exercises Minicase Contents note continued: ch. 2 Introduction to the Financial Statements The Analyst's Checklist The Form of the Financial Statements Introducing Nike, Inc. The Balance Sheet The Income Statement The Cash Flow Statement The Statement of Shareholders' Equity The Footnotes and Supplementary Information to Financial Statements The Articulation of the Financial Statements: How the Statements Tell a Story Measurement in the Financial Statements The Price-to-Book Ratio Measurement in the Balance Sheet Analysis in the Income Statement The Price-Earnings Ratio Accounting as an Anchor: Don't Mix What You Know with Speculation The tension in Accounting Accounting Quality Summary The Analyst's Toolkit Pt. ONE FINANCIAL statement AND VALUATION Ch. 3 How Financial Statements AreUsed in Valuation Contents note continued: The Analyst's Checklist Multiple Analysis The Method of Comparables Screening on Multiples Asset-Based Valuation Fundamental Analysis The Process of Fundamental Analysis Financial Statement Analysis, Pro Forma Analysis, and Fundamental Analysis The Architecture of Fundamental Analysis: The Valuation Model Terminal Investments and Going-Concern Investments Valuation Models for Terminal Investments Valuation Models for Going-Concern Investments Criteria for a Practical Valuation Model What Generates Value? Valuation Models, the Required Return, and Asset Pricing Models Mini cases Appendix The Required Return and Asset Pricing Models ch. 4 Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation Contents note continued: The Dividend Discount Model The Discounted Cash Flow Model Free Cash Flow and Value Added The Statement of Cash Flows The Cash Flow Statement under IFRS Forecasting Free Cash Flows Cash Flow, Earnings, and Accrual Accounting Earnings and Cash Flows Accruals, Investments, and the Balance Sheet ch. 5 Accrual Accounting and Valuation: Pricing Book Values The Concept Behind the Price-to-Book Ratio Beware of Paying Too Much for Earnings Prototype Valuations Valuing a Project Valuing a Savings Account The Normal Price-to-Book Ratio A Model for Anchoring Value on Book Value Residual Earnings Drivers and Value Creation A Simple Demonstration and a Simple Valuation Model Applying the Model to Equities Contents note continued: The Forecast Horizon and the Continuing Value Calculation Beware of Paying Too Much for Growth Converting Analysts Forecasts to a Valuation Build YouOwn Valuation Engine Applying the Model to Projects and Strategies Features of the Residual Earnings Valuation Book Value Captures Value, and Residual Earnings Captures Value Added to Book Value Protection from Paying Too Much for Earnings Generated by Investment Protection from Paying Too Much for Earnings Created by the Accounting Capturing Value Not on the Balance Sheet for All Accounting Methods Residual Earnings Are Not Affected by Dividends, Share Issues, or Share Repurchases What the Residual Earnings Model Misses ch. 6 Accrual Accounting and Valuation: Pricing Earnings Contents note continued: The Concept Behind the Price-Earnings Ratio Beware of Paying Too Much for Earnings Growth From Price-to-Book Valuation to P/E Valuation Prototype Valuation The Normal Forward P/E Ratio The Normal Trailing P/​E Ratio A Poor P/​E Model A Model for Anchoring Value on Earnings Measuring Abnormal Earnings Growth Anchoring Valuation on Current Earnings Converting Analysts' Forecasts to a Valuation Features of the Abnormal Earnings Growth Model Buy Earnings Abnormal Earnings Growth Valuation and Residual Earnings Valuation Abnormal Earnings Growth Is Not Affected by Dividends, Share Issues, or Share Repurchases Accounting Methods and Valuation The Fed Model PEG Ratios Contents note continued: Concept Questions Ch. 7 Valuation and Active Investing How the Fundamental Investor Operates Common Misconceptions About Valuation Applying Fundamental Principles Challenging Speculation in the Market Price Reverse Engineering the S&​P 500 Challenging the Price of a Stock Reverse Engineering with the Abnormal Earnings Growth Model Build Your Own Active Investing Tool Pt. TWO THE ANALYSIS OF FINANCIAL STATEMENTS ch. 8 Viewing the Business Through the Financial Statements Business Activities: The Cash Flows The Reformulated Cash Flow Statement The Reformulated Balance Sheet Business Activities: All Stocks and Flows The Reformulated Income Statement Contents note continued: Accounting Relations That Govern Reformulated Statements The Sources of Free Cash Flow and the Disposition of Free Cash Flow The Drivers of Dividends The Drivers of Net Operating Assets and Net Indebtedness Tying It Together for Shareholders: What Generates Value? Build Your Analysis Engine ch. 9 The Analysis of the Statement of Shareholders' Equity Reformulating the Statement of Owners' Equity Running with Nike Reformulation Procedures Dirty-Surplus Accounting Comprehensive Income Reporting Under U.S. GAAP and IFRS Ratio Analysis Payout and Retention Ratios Shareholder Profitability Growth Ratios Hidden Dirty Surplus Issue of Shares in Operations Issue of Shares in Financing Activities Contents note continued: Handling Diluted Earnings per Share Share Transactions in Inefficient Markets The Eye of the Shareholder Accounting Quality Watch ch. 10 The Analysis of the Balance Sheet and Income Statement Reformulation of the Balance Sheet Issues in Reformulating Balance Sheets Strategic Balance Sheets Reformulation of the Income Statement Tax Allocation Issues in Reformulating Income Statements Value Added to Strategic Balance Sheets Residual Income from Operations Comparative Analysis of the Balance Sheet and Income Statement Common-Size Analysis Trend Analysis Contents note continued: A Continuing Case: Kimberly-Clark Corporation Ch. 11 The Analysis of the Cash Flow Statement The Calculation of Free Cash Flow GAAP Statement of Cash Flows and Reformulated Cash Flow Statements Reclassifying Cash Transactions Tying It Together Cash Flow from Operations Ch. 12 The Analysis of Profitability The Analysis of Return on Common Equity First-Level Breakdown: Distinguishing Financing and Operating Activities and the Effect of Leverage Financial Leverage Operating Liability Leverage Summing Financial Leverage and Operating Liability Leverage Effects on Shareholder Profitability Return on Net Operating Assets and Return on Assets Contents note continued: Financial Leverage and Debt-to-Equity Ratios Second-Level Breakdown: Drivers of Operating Profitability Third-Level Breakdown Profit Margin Drivers Turnover Drivers Key Drivers Borrowing Cost Drivers Build You Own Analysis Engine ch. 13 The Analysis of Growth and Sustainable Earnings What Is Growth? Warnings About Growth Cutting to the Core: Sustainable Earnings Core Operating Income Issues in Identifying Core Operating Income Core Operating Profitability Core Borrowing Cost Analysis of Growth Growth Through Profitability Operating Leverage Analysis of Changes in Financing Analysis of Growth in Shareholders' Equity Growth, Sustainable Earnings, and the Evaluation of P/​B Ratios and P/​E Ratios Contents note continued: How Price-to-Book Ratios and Trailing P/​E Ratios Articulate Trailing Price-Earnings Ratios and Transitory Earnings P/​E Ratios and the Analysis of Sustainable Earnings Price-to-Book and Growth Pt. THREE FORECASTING AND VALUATION ANALYSIS ch. 14 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios A Modification to Residual Earnings Forecasting: Residual Operating Income The Drivers of Residual Operating Income A Modification to Abnormal Earnings Growth Forecasting: Abnormal Growth in Operating Income Abnormal Growth in Operating Income and the "Dividend" from Operating Activities Eye on the Future: Sustainable Income The Cost of Capital and Valuation Contents note continued: The Cost of Capital for Operations The Cost of Capital for Debt Operating Risk, Financing Risk, and the Cost of Equity Capital Financing Risk and Return and the Valuation of Equity Leverage and Residual Earnings Valuation Leverage and Abnormal Earnings Growth Valuation Leverage Creates Earnings Growth Debt and Taxes Mark-to-Market Accounting: A Tool for Incorporating the Liability for Stock Options in Valuation Enterprise Multiples Enterprise Price-to-Book Ratios Enterprise Price-Earnings Ratios ch. 15 Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation Simple Forecasts and Simple Valuations Introducing PPE, Inc. The No-Growth Forecast and Valuation The Growth Forecast and Valuation Contents note continued: Simple Forecasting: Adding information to Financial Statement Information Weighed-Average Forecasts of Growth Simple Valuations with Short-Term and Long-Term Growth Rates Growth in Sales as a Simple Forecast of Growth Information in Analysts' Forecasts Simple Valuation as an Analysis Tool Sensitivity Analysis Reverse Engineering to Challenge the Market Price Ch. 16 Full-Information Forecasting, Valuation, and Business Strategy Analysis Financial Statement Analysis: Focusing the Lens on the Business 1.Focus on Residual Operating Income and Its Drivers 2.Focus on Change 3.Focus on Key Drivers 4.Focus on Choices Versus Conditions Full-Information Forecasting and Pro Forma Analysis A Forecasting Template Contents note continued: Features of Accounting-Based Valuation Value Generated in Share Transactions Mergers and Acquisitions Share Repurchases and Buyouts Financial Statement Indicators and Red Flags Business Strategy Analysis and Pro Forma Analysis Unarticulated Strategy Scenario Analysis Pt. FOUR ACCOUNTING ANALYSIS AND VALUATION Ch. 17 Creating Accounting Value and Economic Value Value Creation and the Creation of Residual Earnings Accounting Methods, Price-to-Book Ratios, Price-Earnings Ratios, and the Valuation of Going Concerns Accounting Methods with a Constant Level of Investment Accounting Methods with a Changing Level of Investment An Exception: LIFO Accounting Hidden Reserves and the Creation of Earnings Contents note continued: Conservative and Liberal Accounting in Practice LIFO Versus FIFO Research and Development in the Pharmaceuticals Industry Expensing Goodwill and Research and Development Expenditures Liberal Accounting: Breweries and Hotels Profitability in the 1990s Economic-Value-Added Measures Accounting Methods and the Forecast Horizon The Quality of Cash Accounting and Discounted Cash Flow Analysis Growth, Risk, and Valuation Ch. 18 Analysis of the Quality of Financial Statements What Is Accounting Quality? Five Questions About Accounting Quality Cutting Through Accounting: Detecting Income Shifting Separating What We Know from Speculation Prelude to a Quality Analysis Quality Diagnostics Diagnostics to Detect Manipulated Sales Contents note continued: Diagnostics to Detect Manipulation of Core Expenses Diagnostics to Detect Manipulation of Unusual Items Detecting Transaction Manipulation Core Revenue Timing Core Revenue Structuring Core Expense Timing Releasing Hidden Reserves Other Core Income Timing Unusual Income Timing Organisational Manipulation: Off-BalanceSheet Operations Justifiable Manipulation? Disclosure Quality Quality Scoring Abnormal Returns to Quality Analysis Pt. FIVE THE ANALYSIS OF RISK AND RETURN Ch. 19 The Analysis of Equity Risk and Return for Active Investing The Required Return and the Expected Return The Nature of Risk The Distribution of Returns Diversification and Risk Asset Pricing Models Fundamental Risk A risk to the Return on Common Equity Growth Risk Contents note continued: Value-at-Risk Profiling Adaptation Options and Growth Options Strategy and Risk Discounting for Risk Price Risk Market Inefficiency Risk Liquidity Risk Inferring Expected Returns for Active Investing Growth-Return Profiles Finessing the Required Return Problem Evaluating Implied Expected Returns with Value-at-Risk Profiles Investing Within Risk Classes Beware of Paying for Risky Growth Expected Returns in Uncertain Times Ch. 20 The Analysis of Credit Risk and Return The Suppliers of Credit Financial Statement Analysis for Credit Evaluation Reformulated Financial Statements Short-Term Liquidity Ratios Long-Term Solvency Ratios Operating Ratios Forecasting and Credit Analysis Prelude to Forecasting: The Interpretive Background Contents note continued: Ratio Analysis and Credit-Scoring Full-Information Forecasting Required Return, Expected Return, and Active Debt Investing Active Bond Investing Liquidity Planning and Financial Strategy Appendix A Summary of Formulas.
520			_aValuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. "Financial Statement Analysis and Security Valuation" by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.
526	0		_aFIN924 FIN324
650		0	_aFinancial statements _92616
650		0	_aInvestment analysis _9648
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