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	Financial Statement Analysis by Penman
	Price : Rs 925.00
	Your Price : Rs 832.50

Financial Statement Analysis and Security Valuation teaches students to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm`s debt and equity. The 4th edition works from a conceptual framework that helps the reader understand how businesses work, how they generate value and how the value they generate is captured in financial statements.

Key Features:

This edition emphasizes the role of financial statement analysis in "negotiating with Mr. Market" over the price to pay for securities (to use the words of Benjamin Graham). Students will be able to understand how earnings forecasts relate to value, reverse engineer the market price to understand the forecast that Mr. Market is making and then challenge that forecast with sound financial statement analysis.
With the bubble valuation of the 1990s as a backdrop, earlier editions emphasized the danger of buying overpriced shares. With multiples falling below historical benchmarks during the credit crisis of the fall of 2008, this edition applies the same analysis to evaluating underpricing.
Each text part is a distinct module, allowing the parts to be taught out of order without inconveniencing the instructor.

Table of Contents:
Introduction to Investing and Valuation

Introduction to the Financial Statements

Part One: Financial Statements and Valuation

How Financial Statements Are Used in Valuation
Cash Accounting, Accrual Accounting and Discounted Cash Flow Valuation
Accrual Accounting and Valuation: Pricing Book Values
Accrual Accounting and Valuation: Pricing Earnings

Part Two: The Analysis of Financial Statements

Viewing the Business Through the Financial Statements
The Analysis of the Statement of Shareholders` Equity
The Analysis of the Balance Sheet and Income Statement
The Analysis of the Cash Flow Statement
The Analysis of Profitability
The Analysis of Growth and Sustainable Earnings

Part Three: Forecasting and Valuation Analysis

The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
Full-Information Forecasting, Valuation and Business Strategy Analysis

Part Four: Accounting Analysis and Valuation

Creating Accounting Value and Economic Value
Analysis of the Quality of Financial Statements

Part Five: The Analysis of Risk and Return

The Analysis of Equity Risk and Return
The Analysis of Credit Risk and Return

Appendix A: Summary of Formulas

IndexISBN - 9789339204693