如何看财务报表2.pptVIP

How Financial Statements are Used in Valuation What you will learn from this Chapter What a valuation technology looks like What a valuation model is and how it differs from an asset pricing model How a valuation model provides the architecture for fundamental analysis The practical steps involved in fundamental analysis How the financial statements are involved in fundamental analysis How one converts a forecast to a valuation The difference between valuing terminal investments and going concern investments (like business firms) What business activities generate value The dividend irrelevance concept Why financing transactions do not generate value, except in particular circumstances Why the focus of value creation is on the investing and operating activities of a firm How the dividend discount model works (or does not work) How the method of comparables works (or does not work) How asset-based valuation works (or does not work) How multiple screening strategies work (or do not work) What is involved in contrarian investing How fundamental analysis differs from screening Simple (and Cheap) Approaches to Valuation Fundamental analysis is detailed and costly. Simple approaches avoid forecasting and minimize information analysis. But they lose precision. Simple methods: Method of Comparables Screening on Multiples Asset - Based Valuation The Method of Comparables: An Example for Biotechnology Firms The Method of Comparables: Dell, Gateway 2000 and Compaq, 1998 Unlevered Multiples (that are Unaffected by the Financing of Operations) Variations of the P/E Ratio Dividend – Adjusted P/E Typical Values for Common Multiples Screening Analysis Technical screens: identify positions based on trading indicators. Some of them: Price screens Small stock screens Neglected stocks screens Seasonal screens Momentum screens Insider trading screens Fundamental screens: identify positions based on fundamental indicators of the firm’s operations relative to price - Price/Ea