Titre : | Financial Statement Analysis : A Practitioner's Guide | Type de document : | texte imprimé | Auteurs : | Martin S. Fridson, Auteur ; Fernando Alvarez, Auteur | Mention d'édition : | fifth ed | Editeur : | Hoboken, N.J. : J. Wiley | Année de publication : | 2022 | Collection : | Wiley finance | Importance : | 428p | Format : | 24cm | ISBN/ISSN/EAN : | 978-1-119-45714-5 | Prix : | 22 809,00 | Langues : | Anglais | Tags : | Financial Reporting, The Basic Financial Statements, EBITDA, Credit Analysis | Résumé : | The updated, real-world guide to interpreting and unpacking GAAP and non-GAAP financial statements
In Financial Statement Analysis, 5th Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. Rather than taking financial statements at face value, you'll learn practical and straightforward analytical techniques for uncovering the reality behind the numbers. This fully revised and up-to-date 5th Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy. The declining connection between GAAP earnings and stock prices has introduced a need to discriminate between instructive and misleading non-GAAP alternatives. This book integrates the alternatives and provides guidance on understanding the extent to which non-GAAP reports, particularly from US companies, may be biased.
Understanding financial statements is an essential skill for business professionals and investors. Most books on the subject proceed from the questionable premise that companies' objective is to present a true picture of their financial condition. A safer assumption is that they seek to minimize the cost of raising capital by portraying themselves in the most favorable light possible. Financial Statement Analysis teaches readers the tricks that companies use to mislead, so readers can more clearly interpret statements.
Learn how to read and understand financial statements prepared according to GAAP and non-GAAP standards
Compare CFROI, EVA, Valens, and other non-GAAP methodologies to determine how accurate companies' reports are
Improve your business decision making, stock valuations, or merger and acquisition strategy
Develop the essential skill of quickly and accurately gathering and assessing information from financial statements of all types
Professional analysts, investors, and students will gain valuable knowledge from this updated edition of the popular guide. Filled with real-life examples and expert advice, Financial Statement Analysis, 5th Edition, will help you interpret and unpack financial statements. | Note de contenu : | Dedication
Preface to Fifth Edition
Acknowledgments
PART One: Reading Between the Lines
CHAPTER 1: The Adversarial Nature of Financial Reporting
THE PURPOSE OF FINANCIAL REPORTING
THE FLAWS IN THE REASONING
SMALL PROFITS AND BIG BATHS
MAXIMIZING GROWTH EXPECTATIONS
DOWNPLAYING CONTINGENCIES
THE IMPORTANCE OF BEING SKEPTICAL
CONCLUSION
NOTES
PART Two: The Basic Financial Statements
CHAPTER 2: The Balance Sheet
THE VALUE PROBLEM
COMPARABILITY PROBLEMS IN THE VALUATION OF FINANCIAL ASSETS
INSTANTANEOUS WIPEOUT OF VALUE
HOW GOOD IS GOODWILL?
LOSING VALUE THE OLD‐FASHIONED WAY
TRUE EQUITY IS ELUSIVE
BOOK VALUE MAY OVERSTATE REALITY
PROS AND CONS OF A MARKET‐BASED EQUITY FIGURE
THE COMMON FORM BALANCE SHEET
CONCLUSION
NOTES
CHAPTER 3: The Income Statement
MAKING THE NUMBERS TALK
HOW REAL ARE THE NUMBERS?
CONCLUSION
NOTES
CHAPTER 4: The Statement of Cash Flows
THE CASH FLOW STATEMENT AND THE LEVERAGED BUYOUT
ANALYTICAL APPLICATIONS
IN DEFENSE OF SLACK
CONCLUSION
NOTES
PART Three: A Closer Look at Profits
CHAPTER 5: What Is Profit?
BONA FIDE PROFITS VERSUS ACCOUNTING PROFITS
WHICH COSTS COUNT?
CONCLUSION
NOTES
CHAPTER 6: Revenue Recognition
MAKING IT UP AT GOWEX
GLOBO'S FORESEEN FALL FROM GRACE
CHANNEL‐STUFFING IN THE DRUG BUSINESS
A SECOND TAKE ON EARNINGS
MAKING THE NUMBERS AT M/A‐COM
ASTRAY ON LAYAWAY
RECOGNIZING MEMBERSHIP FEES
A POTPOURRI OF LIBERAL REVENUE RECOGNITION TECHNIQUES
FATTENING EARNINGS WITH EMPTY CALORIES
TARDY DISCLOSURE AT HALLIBURTON
MANAGING EARNINGS WITH RAINY DAY RESERVES
FUDGING THE NUMBERS: A SYSTEMATIC PROBLEM
CONCLUSION
NOTES
CHAPTER 7: Expense Recognition
DIAMOND FOODS'S MOVABLE EXPENSES
NORTEL'S DEFERRED PROFIT PLAN
GRASPING FOR EARNINGS AT GENERAL MOTORS
TIME‐SHIFTING AT FREDDIE MAC
CONCLUSION
NOTES
CHAPTER 8: The Applications and Limitations of EBITDA
EBIT, EBITDA, AND TOTAL ENTERPRISE VALUE
THE ROLE OF EBITDA IN CREDIT ANALYSIS
ABUSING EBITDA
A MORE COMPREHENSIVE CASH FLOW MEASURE
WORKING CAPITAL ADDS PUNCH TO CASH FLOW ANALYSIS
CONCLUSION
NOTES
CHAPTER 9: The Reliability of Disclosure and Audits
WHERE WAS THE CASH?
SLOPPINESS CAN BE A RED FLAG
HOW MANIPULATION EVADES DETECTION
SYSTEMATIC PROBLEMS IN AUDITING
CONCLUSION
NOTES
CHAPTER 10: Mergers‐and‐Acquisitions Accounting
GOODWILL GOES BAD
DOUBLE TROUBLE
CONCLUSION
NOTES
CHAPTER 11: Is Fraud Detectable?
TELLTALE SIGNS OF MANIPULATION
FRAUDSTERS KNOW FEW LIMITS
ENRON: A MEDIA SENSATION
HEALTHSOUTH'S EXCRUCIATING ORDEAL
MILK AND OTHER LIQUID ASSETS
TROUBLE WAS BREWING AT LUCKIN
CONCLUSION
NOTES
PART Four: Forecasts and Security Analysis
CHAPTER 12: Forecasting Financial Statements
A TYPICAL ONE‐YEAR PROJECTION
SENSITIVITY ANALYSIS WITH PROJECTED FINANCIAL STATEMENTS
PROJECTING FINANCIAL FLEXIBILITY
PRO FORMA FINANCIAL STATEMENTS
MULTIYEAR PROJECTIONS
CONCLUSION
NOTES
CHAPTER 13: Credit Analysis
BALANCE SHEET RATIOS
INCOME STATEMENT RATIOS
STATEMENT OF CASH FLOWS RATIOS
COMBINATION RATIOS
RELATING RATIOS TO CREDIT RISK
CONCLUSION
NOTES
CHAPTER 14: Equity Analysis
THE DIVIDEND DISCOUNT MODEL
THE PRICE‐EARNINGS RATIO
THE DU PONT FORMULA
VALUATION THROUGH RESTRUCTURING POTENTIAL
ADVANCED EQUITY ANALYSIS
CONCLUSION
NOTES
Glossary
Further Reading
About the Authors
Index |
Financial Statement Analysis : A Practitioner's Guide [texte imprimé] / Martin S. Fridson, Auteur ; Fernando Alvarez, Auteur . - fifth ed . - Hoboken, N.J. : J. Wiley, 2022 . - 428p ; 24cm. - ( Wiley finance) . ISBN : 978-1-119-45714-5 : 22 809,00 Langues : Anglais Tags : | Financial Reporting, The Basic Financial Statements, EBITDA, Credit Analysis | Résumé : | The updated, real-world guide to interpreting and unpacking GAAP and non-GAAP financial statements
In Financial Statement Analysis, 5th Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. Rather than taking financial statements at face value, you'll learn practical and straightforward analytical techniques for uncovering the reality behind the numbers. This fully revised and up-to-date 5th Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy. The declining connection between GAAP earnings and stock prices has introduced a need to discriminate between instructive and misleading non-GAAP alternatives. This book integrates the alternatives and provides guidance on understanding the extent to which non-GAAP reports, particularly from US companies, may be biased.
Understanding financial statements is an essential skill for business professionals and investors. Most books on the subject proceed from the questionable premise that companies' objective is to present a true picture of their financial condition. A safer assumption is that they seek to minimize the cost of raising capital by portraying themselves in the most favorable light possible. Financial Statement Analysis teaches readers the tricks that companies use to mislead, so readers can more clearly interpret statements.
Learn how to read and understand financial statements prepared according to GAAP and non-GAAP standards
Compare CFROI, EVA, Valens, and other non-GAAP methodologies to determine how accurate companies' reports are
Improve your business decision making, stock valuations, or merger and acquisition strategy
Develop the essential skill of quickly and accurately gathering and assessing information from financial statements of all types
Professional analysts, investors, and students will gain valuable knowledge from this updated edition of the popular guide. Filled with real-life examples and expert advice, Financial Statement Analysis, 5th Edition, will help you interpret and unpack financial statements. | Note de contenu : | Dedication
Preface to Fifth Edition
Acknowledgments
PART One: Reading Between the Lines
CHAPTER 1: The Adversarial Nature of Financial Reporting
THE PURPOSE OF FINANCIAL REPORTING
THE FLAWS IN THE REASONING
SMALL PROFITS AND BIG BATHS
MAXIMIZING GROWTH EXPECTATIONS
DOWNPLAYING CONTINGENCIES
THE IMPORTANCE OF BEING SKEPTICAL
CONCLUSION
NOTES
PART Two: The Basic Financial Statements
CHAPTER 2: The Balance Sheet
THE VALUE PROBLEM
COMPARABILITY PROBLEMS IN THE VALUATION OF FINANCIAL ASSETS
INSTANTANEOUS WIPEOUT OF VALUE
HOW GOOD IS GOODWILL?
LOSING VALUE THE OLD‐FASHIONED WAY
TRUE EQUITY IS ELUSIVE
BOOK VALUE MAY OVERSTATE REALITY
PROS AND CONS OF A MARKET‐BASED EQUITY FIGURE
THE COMMON FORM BALANCE SHEET
CONCLUSION
NOTES
CHAPTER 3: The Income Statement
MAKING THE NUMBERS TALK
HOW REAL ARE THE NUMBERS?
CONCLUSION
NOTES
CHAPTER 4: The Statement of Cash Flows
THE CASH FLOW STATEMENT AND THE LEVERAGED BUYOUT
ANALYTICAL APPLICATIONS
IN DEFENSE OF SLACK
CONCLUSION
NOTES
PART Three: A Closer Look at Profits
CHAPTER 5: What Is Profit?
BONA FIDE PROFITS VERSUS ACCOUNTING PROFITS
WHICH COSTS COUNT?
CONCLUSION
NOTES
CHAPTER 6: Revenue Recognition
MAKING IT UP AT GOWEX
GLOBO'S FORESEEN FALL FROM GRACE
CHANNEL‐STUFFING IN THE DRUG BUSINESS
A SECOND TAKE ON EARNINGS
MAKING THE NUMBERS AT M/A‐COM
ASTRAY ON LAYAWAY
RECOGNIZING MEMBERSHIP FEES
A POTPOURRI OF LIBERAL REVENUE RECOGNITION TECHNIQUES
FATTENING EARNINGS WITH EMPTY CALORIES
TARDY DISCLOSURE AT HALLIBURTON
MANAGING EARNINGS WITH RAINY DAY RESERVES
FUDGING THE NUMBERS: A SYSTEMATIC PROBLEM
CONCLUSION
NOTES
CHAPTER 7: Expense Recognition
DIAMOND FOODS'S MOVABLE EXPENSES
NORTEL'S DEFERRED PROFIT PLAN
GRASPING FOR EARNINGS AT GENERAL MOTORS
TIME‐SHIFTING AT FREDDIE MAC
CONCLUSION
NOTES
CHAPTER 8: The Applications and Limitations of EBITDA
EBIT, EBITDA, AND TOTAL ENTERPRISE VALUE
THE ROLE OF EBITDA IN CREDIT ANALYSIS
ABUSING EBITDA
A MORE COMPREHENSIVE CASH FLOW MEASURE
WORKING CAPITAL ADDS PUNCH TO CASH FLOW ANALYSIS
CONCLUSION
NOTES
CHAPTER 9: The Reliability of Disclosure and Audits
WHERE WAS THE CASH?
SLOPPINESS CAN BE A RED FLAG
HOW MANIPULATION EVADES DETECTION
SYSTEMATIC PROBLEMS IN AUDITING
CONCLUSION
NOTES
CHAPTER 10: Mergers‐and‐Acquisitions Accounting
GOODWILL GOES BAD
DOUBLE TROUBLE
CONCLUSION
NOTES
CHAPTER 11: Is Fraud Detectable?
TELLTALE SIGNS OF MANIPULATION
FRAUDSTERS KNOW FEW LIMITS
ENRON: A MEDIA SENSATION
HEALTHSOUTH'S EXCRUCIATING ORDEAL
MILK AND OTHER LIQUID ASSETS
TROUBLE WAS BREWING AT LUCKIN
CONCLUSION
NOTES
PART Four: Forecasts and Security Analysis
CHAPTER 12: Forecasting Financial Statements
A TYPICAL ONE‐YEAR PROJECTION
SENSITIVITY ANALYSIS WITH PROJECTED FINANCIAL STATEMENTS
PROJECTING FINANCIAL FLEXIBILITY
PRO FORMA FINANCIAL STATEMENTS
MULTIYEAR PROJECTIONS
CONCLUSION
NOTES
CHAPTER 13: Credit Analysis
BALANCE SHEET RATIOS
INCOME STATEMENT RATIOS
STATEMENT OF CASH FLOWS RATIOS
COMBINATION RATIOS
RELATING RATIOS TO CREDIT RISK
CONCLUSION
NOTES
CHAPTER 14: Equity Analysis
THE DIVIDEND DISCOUNT MODEL
THE PRICE‐EARNINGS RATIO
THE DU PONT FORMULA
VALUATION THROUGH RESTRUCTURING POTENTIAL
ADVANCED EQUITY ANALYSIS
CONCLUSION
NOTES
Glossary
Further Reading
About the Authors
Index |
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