Efnisyfirlit

• Preface
• List of Cases
• List of Accounting Clinics
  • Chapter 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
  • Chapter 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
      • Measurement in the Income Statement
      • The Price-Earnings Ratio
      • Accounting as an Anchor: Don't Mix What You Know with Speculation
      • Tension in Accounting
      • Accounting Quality
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
• PART ONE. FINANCIAL STATEMENTS AND VALUATION
  • Chapter 3. How Financial Statements Are Used in Valuation
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
    • Appendix The Required Return and Asset Pricing Models
  • Chapter 4. Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation
    • The Analyst's Checklist
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 5. Accrual Accounting and Valuation: Pricing Book Values
    • The Analyst's Checklist
    • 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
      • The Forecast Horizon and the Continuing Value Calculation
      • Beware of Paying Too Much for Growth
      • Converting Analysts' Forecasts to a Valuation
    • Build Your Own 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
    • The Web Connection
    • Summary
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
  • Chapter 6. Accrual Accounting and Valuation: Pricing Earnings
    • The Analyst's Checklist
    • 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
      • A Simple Demonstration and a Simple Valuation Model
      • Anchoring Valuation on Current Earnings
    • Applying the Model to Equities
      • Converting Analysts' Forecasts to a Valuation
    • Build Your Own Valuation Engine
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 7. Valuation and Active Investing
    • The Analyst's Checklist
    • 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
    • The Web Connection
    • Summary
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
• PART TWO. THE ANALYSIS OF FINANCIAL STATEMENTS
  • Chapter 8. Viewing the Business Through the Financial Statements
    • The Analyst's Checklist
    • Business Activities: The Cash Flows
      • The Reformulated Cash Flow Statement
      • The Reformulated Balance Sheet
    • Business Activities: All Stocks and Flows
      • The Reformulated Income Statement
    • 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 Own Analysis Engine
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
  • Chapter 9. The Analysis of the Statement of Shareholders' Equity
    • The Analyst's Checklist
    • 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
      • Handling Diluted Earnings per Share
      • Share Transactions in Inefficient Markets
    • The Eye of the Shareholder
    • Build Your Own Analysis Engine
    • Accounting Quality Watch
    • The Web Connection
    • Summary
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 10. The Analysis of the Balance Sheet and Income Statement
    • The Analyst's Checklist
    • 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
    • Ratio Analysis
    • Build Your Own Analysis Engine
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
  • Chapter 11. The Analysis of the Cash Flow Statement
    • The Analyst's Checklist
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 12. The Analysis of Profitability
    • The Analyst's Checklist
    • 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
      • 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
    • The Web Connection
    • Summary
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 13. The Analysis of Growth and Sustainable Earnings
    • The Analyst's Checklist
    • 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
      • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
• PART THREE. FORECASTING AND VALUATION ANALYSIS
  • Chapter 14. The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-
    • The Analyst's Checklist
    • 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
      • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 15. Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
    • The Analyst's Checklist
    • Simple Forecasts and Simple Valuations
      • Introducing PPE, Inc.
      • The No-Growth Forecast and Valuation
      • The Growth Forecast and Valuation
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
  • Chapter 16. Full-Information Forecasting, Valuation, and Business Strategy Analysis
    • The Analyst's Checklist
    • 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
      • 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
    • The Web Connection
    • Summary
    • Key Concepts
    • The Analyst's Toolkit
    • A Continuing Case: Kimberly-Clark Corporation
    • Concept Questions
    • Exercises
    • Minicases
• PART FOUR. ACCOUNTING ANALYSIS AND VALUATION
  • Chapter 17. Creating Accounting Value and Economic Value
    • The Analyst's Checklist
    • 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
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 18. Analysis of the Quality of Financial Statements
    • The Analyst's Checklist
    • What Is Accounting Quality?
      • Accounting Quality Watch
      • Five Questions About Accounting Quality
    • Cutting Through the Accounting: Detecting Income Shifting
      • Separating What We Know from Speculation
      • Prelude to a Quality Analysis
      • Quality Diagnostics
      • Diagnostics to Detect Manipulated Sales
      • 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
      • Organizational Manipulation: Off-Balance-Sheet Operations
    • Justifiable Manipulation?
    • Disclosure Quality
    • Quality Scoring
    • Abnormal Returns to Quality Analysis
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • Concept Questions
    • Exercises
    • Minicases
• PART FIVE. THE ANALYSIS OF RISK AND RETURN
  • Chapter 19. The Analysis of Equity Risk and Return for Active Investing
    • The Analyst's Checklist
    • The Required Return and the Expected Return
    • The Nature of Risk
      • The Distribution of Returns
      • Diversification and Risk
      • Asset Pricing Models
    • Fundamental Risk
      • Risk to the Return on Common Equity
      • Growth Risk
    • 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
    • Summary
    • The Web Connection
    • Key Concepts
    • The Analyst's Toolkit
    • Concept Questions
    • Exercises
    • Minicase
  • Chapter 20. The Analysis of Credit Risk and Return
    • The Analyst's Checklist
    • 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
      • Ratio Analysis and Credit-Scoring
      • Full-Information Forecasting
      • Required Return, Expected Return, and Active Debt Investing
    • Active Bond Investing
    • Liquidity Planning and Financial Strategy
    • The Web Connection
    • Summary
    • Key Concepts
    • The Analyst's Toolkit
    • Concept Questions
    • Exercises
    • Minicase
• A Summary of Formulas
• Index

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