Business Analysis and Valuation: Using Financial Statements
BUSINESS ANALYSIS & VALUATION: USING FINANCIAL STATEMENTS, TEXT & CASES, 4E has a valuation emphasis and focuses on a four-part framework: (1) business strategy analysis for developing an understanding of a firm's competitive strategy; (2) accounting analysis for representing the firm's business economics and strategy in its financial statements, and for developing adjusted accounting measures of performance; (3) financial analysis for ratio analysis and cash flow measures of operating; and (4) prospective analysis. The text shows how this business analysis and valuation framework can be applied to a variety of decision contexts: securities analysis, credit analysis, corporate financing policies analysis, mergers and acquisitions analysis, and governance and communication analysis.
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2008 Thomson Learning abnormal earnings accounting analysis Accounting Research accounting rules accounting standards accounts receivable accrual acquirer acquisition adjustments assess asset turnover assumptions auditors average balance sheet book value capital markets cash flow statement changes Chapter company’s competitive Copyright 2008 Thomson corporate cost of capital cost of equity current assets customers debt and equity depreciation disclosure discussed dividend estimates evaluate example expected factors financial analysis financial leverage financial reporting firm firm’s flows to equity forecast horizon free cash flows funds growth rate income statement increase industry interest expense inventory investment investors Journal of Accounting lease loan long-term assets merger million multiple NOPAT NOPAT margin Operating cash flow operating ROA operating working capital percent potential premium profit ratio reflect retail revenues Rights Reserved risk sales growth security analysis stock price strategy analysis terminal value transactions valuation Wal-Mart