Chapter 14 Industry Analysis(投资分析与投资组合管理)解析.pptVIP

Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 14Industry Analysis Questions to be answered: Is there a difference between the returns for alternative industries during specific time periods? What is the implication of these results? Is there consistency in the returns for individual industries over time? What do these results imply regarding industry analysis? Chapter 14Industry Analysis Is the performance for firms within an industry consistent? What is the implication of these results for industry and company analysis? Is there a difference in risk among industries? What are the implications of these results for industry analysis? Chapter 14Industry Analysis What happens to risk for individual industries over time? What does this imply for industry analysis? What are two variables that need to be estimated whether you use cash flow models or relative valuation ratios? Chapter 14Industry Analysis Given the present value of cash flow valuation techniques, how does an analyst determine the value of an industry using the DDM and assuming constant growth or two stage growth? How does an analyst determine the value of an industry using the free cash flow to equity (FCFE) model with constant growth or two stage growth? Chapter 14Industry Analysis What are the steps involved in estimating earnings per share for an industry? What are the stages in the industrial life cycle and how does the life cycle stage affect the sales estimate for an industry? What are the five basic competitive forces that determine the intensity of competition in an industry and thus, its rate of return on capital? Chapter 14Industry Analysis How does the estimating procedure for the operating profit differ for the aggregate market versus an industry? What are the two alternative procedures for estimating an industry earnings multiplier? Chapter 14Industry Analysis What is involved in a