Valuation and Investment Appraisal
· Highlights key elements of financial statements
· Uses worked examples throughout
A unique practitioner's insight into key aspects of corporate finance and treasury management. Focuses on the evaluation of investment decisions, by highlighting the key elements of financial statements and the ratios therein and their relevance to the financial analyst in the valuation of companies. This book uses worked examples to show just how financial statements and ratios can be interpreted, and different valuation methods can be employed, to assess the company's strategic position within its industry and evaluate its business and marketing plans to produce accurate financial forecasting. It also examines the main sources of finance available to companies and the impact of the type of finance raised on the valuation of investment.
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Financial statements and analysis
Industry analysis and financial forecasting
Cost of capital I
Cost of capital II
Sources of capital and capital structure
Corporate valuation with DCF
analyst approach assumed Austin House balance sheet bond book value calculation capital expenditures capital structure CAPM cent Chapter company's corporate cost of capital cost of debt cost of equity Current Assets Current Liabilities debtors depreciation determine discount rate discounted cash flow earnings per share EBIT Enterprise Value equity risk premium equity value estimate evaluate expected return factor Figure financial statements firm firm's Fixed assets forecast period free cash flows funds growth rate income statement income tax increase industry interest rate investors issue Long-term debt managers Manresa pic market value million net present value NOPAT number of shares operating cash flows ordinary shares outstanding P/E ratio payback payment preference shares present value profit and loss rate of return residual value revenues risk premium share price shareholders Suggested solution tax rate tax shields Turnover WACC weighted average cost yield to maturity