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Applied Equity Analysis Stock Valuation Techniques for Wall Street Professionals

ISBN-10: 0071360514
ISBN-13: 9780071360517
Edition: 2001
Authors: James English
List price: $84.00 Buy it from $37.99
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Description: This work combines both a solid discussion of finance and investment theory with the techniques frequently applied by working today's buy and sell side analysts, to develop a complete picture of stock investment analysis.

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Book details

List price: $84.00
Copyright year: 2001
Publisher: McGraw-Hill Education
Publication date: 6/4/2001
Binding: Hardcover
Pages: 422
Size: 6.50" wide x 9.25" long x 1.50" tall
Weight: 0.462
Language: English

This work combines both a solid discussion of finance and investment theory with the techniques frequently applied by working today's buy and sell side analysts, to develop a complete picture of stock investment analysis.

Preface
Getting Started
A Day in the Life
Talking the Talk
Doing the Work
Taking a Position
Equity Analysis and Objectivity
Notes
Fundamentals of Equity Valuation
GAAP-Based Financial Accounting
The Problems with GAPP Accounting
The Primacy of Return on Capital: High Times at Consolidated Imports Ltd.
Competitive Equilibrium: Troubles for Consolidated Imports Ltd.
Growth and Value: Hope Rises from the Ashes at Consolidated Imports Ltd.
Transitory Earnings: An Unexpected 10 Percent Price Increase at Consolidated Imports Ltd.
The Equivalence of Growth and Investment
Growth in Perpetuity
Notes
Strategy and Competition I: The Firm's External Environment
Good Companies = Good Stocks?
Market Efficiency and Competitive Impediments
SWOT, Nature, and Nurture
The Generic Opportunities: Emerging to Mature Industries
Beyond Porter
Notes
Strategy and Competition II: The Firm's Internal Competitive Resources
The Porter Approach: Cost Leadership, Differentiation, and Focus
The Resource View: What about Internal Resources?
Sustaining Resource Heterogeneity
Operational Effectiveness Is Not Strategy
The VRIO System
A Dynamic View: Renewal and Erosion of Advantage
Notes
Fundamentals of Stock Behavior
A Thought Experiment: The Haugen Methodology
The Evidence Suggests Market Bias Is Real, Maybe
Implications for Investment Styles
Efficient and Inefficient Markets
If You're So Smart, Why Aren't You Rich?
Maybe Keynes Was Right
Notes
The Basic Tools
Reading a Financial Statement: The Accuracy, Sustainability, and Predictability of Financial Information
Financial Misreporting: The Seven Shenanigans
Facing Reality: Earnings Surprises and Analytic Inertia
Predicting performance: Nonrecurring Items
An NRI Analysis of Gateway
Notes
Financial Statements
Gateway Financial Statements
Reading a Financial Statement: The Composition of Returns
The Focus of Ratio Analysis Is ROE
Margins Reveal Operational Decisions
Turnovers Describe Investment Decisions
Leverage Is the Return Amplifier
Some Other Ratio Issues
Connecting Strategy to Value
The Composition of Returns
Gateway Time Series Analysis
Dell Computer in Its Industry Context
Direct Sellers Have the Edge
Notes
Comparative Financial Analysis: Personal Computer Industry
Reading a Financial Statement: Early-Stage Companies and Investment Capacity
Stages of Company Development
Startup: The Company Defines Itself
Emerging Growth: The Battle Is Joined
Notes
Reading a Financial Statement: Later-Stage Companies and the Transition to Maturity
Established Growth: Past the Shakeout
The Transition to Maturity: Maximum Analytic Risk
Mature Companies: The Old--But Good--Economy
Declining Companies: Demand Shrinks
Notes
Economic Value Added: An Alternative to Traditional Analysis Techniques
The Foundations of EVA
The Firm As a Savings Account
NOPAT Is the Pool of Profits
Gateway: EVA in Practice
Notes
Gateway's Cost of Capital
Cost of Equity
Weighted-Average Cost of Capital
Financial Models
Financial Modeling: Base Case Assumptions and Model Design
Consistency and Continuity in Financial Models
Those Pesky Quarterly Earnings Forecasts
The Laws of Economics and Other Disappointments
Financial Model Design: Tricks and Traps
Starting a Financial Model: Dell Computer
A Partial Reality Check
Notes
Dell Computer Corporation Consolidated Statement of Income
Financial Modeling: The Income Statement and Balance Sheet
The Income Statement: The Equity Analyst's Lodestone
The Balance Sheet: Overcoming Circularity
Closing the Balance Sheet: Avoiding Circularity
Alternative Balance Sheet Closers
Other Financial Model Features
Notes
Financial Modeling: The Statement of Cash Flows
The Origins of the SOCF
The Direct SOCF Format
Total Cash Flow Format
Notes
Equity Valuation
Valuation: Foundations and Fundamentals
Combat Finance
Accounting Is Sometimes Annoying, But It Is Not Fatally Flawed
Discounted-Cash-Flow Valuation
Terminal Values Are a Big Deal
Dell Computer
Notes
Combat Finance: Relative Methods and Companion Variable Models
The Theory, As Usual
The Computer Industry
Other Industry Valuation Models
Cheap Stocks
Companion Variables and Target Prices
Times Series Models
Notes
Hybrid Valuation Techniques
An Equity Reformation
Self-Correcting Valuations
The Growth Content of Stock Prices
The Complete Specification of Valuation Multiples
Valuation Multiples and Company Performance
Notes
The Quirky Price/Earnings Ratio
The Drivers of the P/E Multiple
Gordon Growth and the P/E Ratio
The P/E-to-Growth Ratio: Another Casualty
P/E and the Franchise Factor
Notes
Valuation of Speculative Stocks
Reverse Engineering Speculative Stocks
Amazon.com
The Calculation
Dell Computer
Relative Valuation Techniques Falter
Another Rule of Thumb: Hope Springs Eternal
High Growth Stocks: The Siegel Calculator
Notes
Equity Analysis and Business Combinations
The Unfortunate Value Story
Deals Happen Anyway
Earnings Accretion and Value Addition
Notes
Getting It Down on Paper
Financial Writing: Don't Bury the Lead
The Structure of an Analytic Report
Giving the Reader a Break
Style and Its Abuse
The Chained-Logic Trap
Notes
Bibliography
Index

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