Security Analysis and Business Valuation on Wall Street A Comprehensive Guide to Today's Valuation Methods

ISBN-10: 0470277343
ISBN-13: 9780470277348
Edition: 2nd 2010
Authors: Jeffrey C. Hooke
List price: $95.00 Buy it from $44.94 Rent it from $34.27
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Description: Security Analysis is a core investment discipline on Wall Street, and Security Analysis on Wall Street is a core book on the topic for all investors with the desire to learn the art and science of this investment discipline. To become an astute  More...

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Book details

List price: $95.00
Edition: 2nd
Copyright year: 2010
Publisher: John Wiley & Sons, Incorporated
Publication date: 5/3/2010
Binding: Hardcover
Pages: 480
Size: 7.00" wide x 10.50" long x 1.50" tall
Weight: 2.024

Security Analysis is a core investment discipline on Wall Street, and Security Analysis on Wall Street is a core book on the topic for all investors with the desire to learn the art and science of this investment discipline. To become an astute investor, it is essential to learn the same valuation techniques and disciplines of Wall Street professionals, and the proper situations to apply these techniques effectively. Completely revised to reflect the most sophisticated and popular methods used by Wall Street professionals, this new edition represents the most comprehensive book on the subject.

Preface
What Is Security Analysis?
Recent Trends
Why Study Security Analysis?
Overview of the Contents
What's New in the Second Edition
The Investing Environment
Why Analyze a Security?
The Origins of Security Analysis
No Profit Guarantee
Day-to-Day Trading and Security Analysis
Herd Psychology and Security Analysis
Momentum Investors
Game Theory and Security Analysis
The Premise of Security Analysis
Scientific Method
Security Analysis Techniques
Basic Valuation Approaches
Other Valuation Approaches
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Who's Practicing Security Analysis?
Securities Firms and Their Analysts
Major Institutional Investors
A Dying Art?
Index Funds and Exchange Traded Funds
Small Money Management Firms
Rating Agencies
Individual Investors: A Special Category
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Seeking a Level Playing Field
Brief History of Securities Regulation
The Chief Regulator-The Securities and Exchange Commission
Sales and Trading Practices
Margin Regulation
The Life Cycle of a New Security Issue
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Other Sources of Information
The Business Media
The Free Internet
The Fee for Service Internet
Trade Associations, Consulting Firms, Government Publications and Financial Organizations
Credit Rating Agencies
Securities Firm Research
News Wires
Independent Expert Services
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Performing the Analysis and Writing the Research Report
Starting the Analysis
The Security Analysis Process
Model Research Report
The Analyst's Responsibility
The Cascade of Projections
Selecting Stocks for Study: Top-Down vs. Bottoms-Up
Limited Time and Resources
The Margin of Safety
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Industry Analysis
Background
Organizing an Industry Analysis
Industry Classification
External Factors
Demand Analysis
Supply Analysis in the Industry Study
Profitability, Pricing and the Industry Study
International Competition and Markets
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Company-Specific Analysis
Systematic Approach of a Business Analysis
Overview and Business Description
Products and Markets Section
Production and Distribution
Competition
Other Topics Included in the Business Review
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Financial Statement Analysis of an Established Business
Beginning the Investigation
The Raw Materials of an Analysis
Evolution of the Approach to Financial Statements
Illustration of the Basic Approach
Review of Neiman Marcus Financial Analysis
Management's Projections
Summary
Questions and Short Problems
Adopt-a-Company Exercises
The Limitations of Accounting Data
Basic Accounting Issues
Global Issues
Company-Specific Accounting Issues
The Fundamental Objective of Public Companies
Case Study: Stability Corp
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Financial Analysis and Company Classification
Company Classifications
The Mature Company
The Growth Company
The Cyclical Company
The Declining Company
The Turnaround
The Pioneer
Financial Games
Extra Shares Outstanding?
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Financial Projection Pointers
The Cascade of Projections
The Typical Financial Projection
Alternate Means of Forecasting
Critiquing the Huntsman Chemical Projection
Preparing Projections
Cyclical Company Forecast
Hockey Stick Phenomenon
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Valuation and the Investment Decision
Valuation Methodologies
Assessing Each Methodology
Applying Multiple Methodologies
Summary
Questions and Short Problems
Intrinsic Value and Discounted Cash Flow
Issues in Applying Discounted Cash Flow
Discounted Cash Flow vs. Relative Value
Discounted Cash Flow and the P/E Ratio
The Discounted Cash Flow Valuation Process
Summary
Questions and Short Problems
Discounted Cash Flow:
Choosing the Right Discount Rate
Beta
The Buildup Method for the Equity Rate of Return
Special Cases
Summary
Questions and Short Problems
Adopt-a-Company Exercises
The Relative Value Approach
Real Estate Analogy
What's the Right P/E Ratio?
Case Study: Temporary Staffing Services
Valuing an Initial Public Offering
Balance Sheet Items and Relative Value
How High is Up?
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Marginal Performers
Defining the Problem Company
Small Companies and Relative Value
Summary
Questions and Short Problems
Adopt-a-Company Exercises
The M&A Market, Security Analysis, and Valuation
Understanding Leveraged Buyouts
LBO Mechanics
Case Study: Keane, Inc
How Much Can the PE Firm Pay?
LBO Valuation and the Security Analysis of a Publicly-Traded Company
Strategic Takeover Values
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Sum-of-the-Parts Analysis
Background
Taxes Favor Spin-offs vs. Cash Sales
Sample Sum-of-the-Parts Analysis
Business Division Valuation
Non-Operating Corporate Assets and Liabilities
Unlocking Sum-of-the-Parts Values
Summary
Questions and Short Problems
Adopt-a-Company Exercises
The Investment Recommendation
Summary Top-Down Analysis
Discounted Cash Flow Valuation
Relative Value/Sum-of-the-Parts Valuation Approach
Acquisition Value
Leveraged Buyout Method
Investment Recommendation
Summary
Questions and Short Problems
Adopt-a-Company Exercises
Special Cases
Private Equity
Industry Segmentation
One Trillion Plus Funds Under Management
Private Equity Fund Investors
Fee Structure
Other Fees Charged to Clients
Private Equity Does Not Beat the S&P 500
Private Equity Funds and Information Collection
Similar Accounting Information
Private Equity Changes to the Public Company Valuation Methodology
Liquidity and Control Adjustments
Summary
Questions and Short Problems
Natural Resource Companies
General Methodology
The Financial Reporting of Natural Resource Companies
Case Study: Encore Acquisition Company
Mining Companies
Summary
Questions and Short Problems
Financial Industry Stocks
Product Lines
The Nature of Financial Assets
Two Sets of Skills
Lending
Large Commercial Banks
Summary
Questions and Short Problems
Insurance Companies
General Background
Principal Functions of an Insurance Company
Insurance Company Regulation
Financial Statement Analysis: P&C Company
Financial Statement Ratios
Life Insurance Companies
Summary
Questions and Short Problems
Highly Speculative Stocks
Background
Discounted Cash Flow
Alternative Assumptions for Ballard Stock
Summary
Questions and Short Problems
Distressed Securities and Turnarounds
Investment Opportunities
Screening Technique
Recognize the Options of an Unsuccessful Turnaround
Financial Analysis of Company with Leverage Problems
The Investment Decision
Evaluating Turnarounds
Liquidations
Summary
Questions and Short Problems
International Stocks
The Role of Security Analysis
American Depository Receipts
Developed Country Markets
Relative Value Multiples
Summary
Questions and Short Problems
The Emerging Markets
Emerging Markets and Security Analysis
Stockpricing Guidelines
Financial Projections
Emerging Market Equity Discount Rate
Relative Value in the Emerging Markets
Summary
Questions and Short Problems
In Conclusion
Asset Booms and Busts
The 2008 Crash: Contributing Causes
Collapse of the U.S. Housing Bubble
Failure of the Referees
The Certainty of Another Crash
How Might Security Analysis and Business Valuation Change?
Summary
Questions and Short Problems
Closing Thoughts
Notes
About the Author
Index

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