Financial Modeling and Valuation A Practical Guide to Investment Banking and Private Equity

ISBN-10: 1118558766
ISBN-13: 9781118558768
Edition: 2013
Authors: Paul Pignataro
List price: $80.00
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Description: A complete guide to understanding and performing fundamental analysis and stock valuation for novices and experienced professionals alikeWritten by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the  More...

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Book details

List price: $80.00
Copyright year: 2013
Publisher: John Wiley & Sons, Limited
Publication date: 8/13/2013
Binding: Hardcover
Pages: 432
Size: 6.75" wide x 9.75" long x 1.25" tall
Weight: 1.452
Language: English

A complete guide to understanding and performing fundamental analysis and stock valuation for novices and experienced professionals alikeWritten by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Walmart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts.Author Paul Pignataro also describes proven valuation techniques for determining the appropriate price of a stock, once again taking Walmart as his example.Built around a book-length case study through which the author teaches you time-tested financial modeling and stock valuation techniquesIncludes in-depth coverage of valuation techniques commonly used by Wall Street professionalsThe Companion Website features three additional case studies supplemented with exercises and a range of test questions that let you hone your analytical skills

Preface
The Walmart Case Study
How This Book Is Structured
Financial Statements and Projections
The Income Statement
Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses
Oilier Income
EBITDA
Depreciation and Amortization
EBIT
Interest
EBT
Taxes
Net Income
Non-Recurring and Extraordinary Items
Distributions
Net Income (as Reported)
Shares
Earnings per Share (EPS)
Walmart's Income Statement
Revenue
Getting to EBITDA
Digging up Depreciation
Cost of Goods Sold
Gross Profit
Selling, General, and Administrative Expenses
Other Income
EBITDA
Beyond EBITDA
Depreciation and Amortization
EBIT
Interest
EBT
Taxes
Net Income
Non-Recurring Events
Net Income (after Non-Recurring Events)
Distributions
Net Income (as Reported)
Shares and EPS
Income Statement-Making Projections
Revenue
Cost of Goods Sold
Operating Expenses
Depreciation and Amortization
Interest Income
Taxes
Non-Recurring Events
Non-Controlling Interest
Shares
Basic Shares Outstanding
Diluted Shares Outstanding and the Treasury Method
Earnings per Share
The Cash Row Statement
Cash from Operating Activities
Revenue
Cost of Goods Sold
Operating Expenses
Depreciation
Interest
Taxes
Cash from Investing Activities
Cash from Financing Activities
Financial Statement Flows Example
Walmart's Cash Flow Statement
Cash from Operating Activities
Cash from Investing Activities
Cash from Financing Activities
Cash Flow Statement-Making Projections
Cash from Operating Activities
The Seven Methods of Projections
Cash from Investing Activities
Proceeds from Disposal of Property and Equipment
Items Based on Cash Available
Cash Flow from Financing Activities
Dividends
Purchase of Common Stock
Purchase of Redeemable Non-Controlling Interest
Payment of Capital Lease Obligations
Other Financing Activities
Effect of Exchange Rate on Cash
Depreciation Schedule
Straight Line Depreciation
Accelerated Depreciation
Declining Balance
Sum of the Year's Digits
Modified Accelerated Cost Recovery System (MACRS)
Deferred Taxes
Deferred Tax Asset
NOL Carryback Example
Deferred Tax Liability
Projecting Depreciation
Straight Line Depreciation
Anchoring Formula References
Accelerated Depreciation
Working Capital
Operating Working Capital
Walmart's Operating Working Capital
Receivables
Inventory
Prepaid Expenses
Accounts Payable
Accrued Liabilities
Accrued Income Taxes
Projecting Operating Working Capital
Receivables
Inventories
Prepaid Expenses
Accounts Payable
Accrued Liabilities
Accrued Income Taxes
Operating Working Capital and the Cash Flow Statement
Changes in Accounts Receivable
Inventories
Prepaid Expenses
Changes in Accounts Payable
Changes in Accrued Liabilities
Changes in Accrued Income Taxes
The Balance Sheet
Assets
Current Assets
Cash and Cash Equivalents
Accounts Receivable
Inventory
Prepaid Expense
Non-Current Assets
Property, Plant, and Equipment (PP&E)
Intangible Assets
Liabilities
Current Liabilities
Accounts Payable
Accrued Liabilities
Short-Term Debts
Non-Current Liabilities
Long-Term Debts
Deferred Taxes
Walmart's Balance Sheet
Current Assets
Non-Current Assets
Goodwill
Other Assets and Deferred Charges
Current Liabilities
Non-Current Liabilities
Deferred Taxes
Redeemable Non-Controlling Interest
Shareholders' Equity
Balance Sheet Projections
Cash Flow Statement Drives Balance Sheet vs. Balance Sheet Drives Cash Flow Statement
Assets
Accounts Receivable
Inventory
Liabilities
Accounts Payable
Balancing an Unbalanced Balance Sheet
NYSF Balance Sheet Balancing Method
The Debt Schedule, Circular References, and Finalizing the Modal
Debt Schedule Structure
Modeling the Debt Schedule
Short-Term Debt
Mandatory Issuances/(Retirements) and Non-Mandatory Issuances/(Retirements)
Long-Term Debt Due within One Year
Obligations Under Capital Leases Due Within One Year
Long-Term Debt
Long-Term Obligations under Capital Leases
Total Issuances/(Retirements)
Total Interest Expense
Cash Available to Pay Down Debt
Circular References
Circular Reference #Value! Errors
Automatic Debt Paydowns
Bask Switches
Finalizing the Model
Valuation
What Is Value?
Book Value
Market Value
Enterprise Value
Multiples
Three Core Methods of Valuation
Comparable Company Analysis
Precedent Transactions Analysis
Purchase Multiples
Discounted Cash Flow Analysis
Discounted Cash Flow Analysis
Mid-Year vs. End-of-Year Convention
Unlevered Free Cash Flow
Weighted Average Cost of Capital (WACC)
Cost of Debt
Cost of Equity
Market Risk Premium
Beta
Levering and Unlevering Beta
Terminal Value
Multiple Method
Perpetuity Method
Walmart DCF Analysis
WACC
Cost of Equity
EBITDA Method
Perpetuity Method
Comparable Company Analysis
Last Twelve Months (LTM)
Calendarization
Costco as a Comparable Company
Costco Adjusted 2012 Year End
Costco Adjusted LTM Data
Costco Annual Income Statement
Revenue
COGS and Operating Expenses
Depreciation
Interest
Taxes
Non-Controlling Interests
Non-Recurring Events
Earnings per Share (EPS)
Costco Quarterly Income Statement
Backing into Q4
Costco Year-End and LTM Adjustments
Costco Projections
Revenue
COGS
Depreciation
Other Income
Taxes
Non-Controlling interests
Shares and Earnings per Share
Calculating Comparable Metrics
Diluted Shares Outstanding and the Treasury Stock Method
Costco Market Value and Enterprise Value
Multiples
Precedent Transactions Analysis
Identifying Precedent Transactions
Walmart Precedent Transaction Analysis
Conclusion
52-Week High/Low
Comparable Company Analysis
Precedent Transactions
Discounted Cash Flow
Model Quick Steps
Financial Statement Flows
Excel Hotkeys
About the Author
About the Companion Web Site
Index

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