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Applied equity analysis : stock valuation techniques for Wall Street professionals / James R. English.

By: English, James R.
Material type: materialTypeLabelBookSeries: [Irwin library of investment & finance].Publisher: New York : McGraw-Hill, c2001Description: xiv, 422 p. : ill. ; 24 cm.ISBN: 0071360514 (alk. paper); 9780071360517.Subject(s): Corporations -- Valuation | Corporations -- Finance | Economics | Investment & securities | Personal finance | Finance and AccountingDDC classification: 658.15 ENG
Contents:
A Day in the Life -- Talking the Talk -- Doing the Work -- Taking a Position -- Equity Analysis and Objectivity -- Fundamentals of Equity Valuation -- GAAP-Based Financial Accounting -- The Problems with GAPP Accounting -- The Primacy of Return on Capital: High Times at Consolidated Imports Ltd. -- Competitive Equilibrium: Troubles for Consolidated Imports Ltd. -- Growth and Value: Hope Rises from the Ashes at Consolidated Imports Ltd. -- Transitory Earnings: An Unexpected 10 Percent Price Increase at Consolidated Imports Ltd. -- The Equivalence of Growth and Investment -- Growth in Perpetuity -- Strategy and Competition I: The Firm's External Environment -- Good Companies = Good Stocks? -- Market Efficiency and Competitive Impediments -- SWOT, Nature, and Nurture -- The Generic Opportunities: Emerging to Mature Industries -- Beyond Porter -- Strategy and Competition II: The Firm's Internal Competitive Resources -- The Porter Approach: Cost Leadership, Differentiation, and Focus -- The Resource View: What about Internal Resources? -- Sustaining Resource Heterogeneity -- Operational Effectiveness Is Not Strategy -- The VRIO System -- A Dynamic View: Renewal and Erosion of Advantage -- Fundamentals of Stock Behavior -- A Thought Experiment: The Haugen Methodology -- The Evidence Suggests Market Bias Is Real, Maybe -- Implications for Investment Styles -- Efficient and Inefficient Markets -- If You're So Smart, Why Aren't You Rich? -- Maybe Keynes Was Right -- The Basic Tools.
Summary: Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise'and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm;s competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.
Holdings
Item type Current library Call number Copy number Status Barcode
General lending MTU Kerry North Campus Library First Floor Main 658.15 ENG (Browse shelf(Opens below)) 1 Available 38888000483093
Total holds: 0

Enhanced descriptions from Syndetics:

Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise--and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm's competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.

Series statement on jacket.

Includes bibliographical references (p. 409-414) and index.

A Day in the Life -- Talking the Talk -- Doing the Work -- Taking a Position -- Equity Analysis and Objectivity -- Fundamentals of Equity Valuation -- GAAP-Based Financial Accounting -- The Problems with GAPP Accounting -- The Primacy of Return on Capital: High Times at Consolidated Imports Ltd. -- Competitive Equilibrium: Troubles for Consolidated Imports Ltd. -- Growth and Value: Hope Rises from the Ashes at Consolidated Imports Ltd. -- Transitory Earnings: An Unexpected 10 Percent Price Increase at Consolidated Imports Ltd. -- The Equivalence of Growth and Investment -- Growth in Perpetuity -- Strategy and Competition I: The Firm's External Environment -- Good Companies = Good Stocks? -- Market Efficiency and Competitive Impediments -- SWOT, Nature, and Nurture -- The Generic Opportunities: Emerging to Mature Industries -- Beyond Porter -- Strategy and Competition II: The Firm's Internal Competitive Resources -- The Porter Approach: Cost Leadership, Differentiation, and Focus -- The Resource View: What about Internal Resources? -- Sustaining Resource Heterogeneity -- Operational Effectiveness Is Not Strategy -- The VRIO System -- A Dynamic View: Renewal and Erosion of Advantage -- Fundamentals of Stock Behavior -- A Thought Experiment: The Haugen Methodology -- The Evidence Suggests Market Bias Is Real, Maybe -- Implications for Investment Styles -- Efficient and Inefficient Markets -- If You're So Smart, Why Aren't You Rich? -- Maybe Keynes Was Right -- The Basic Tools.

Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise'and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm;s competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.

Table of contents provided by Syndetics

  • Preface (p. ix)
  • Part 1 Getting Started
  • Chapter 1 A Day in the Life (p. 3)
  • Talking the Talk (p. 4)
  • Doing the Work (p. 10)
  • Taking a Position (p. 15)
  • Equity Analysis and Objectivity (p. 18)
  • Notes (p. 20)
  • Chapter 2 Fundamentals of Equity Valuation (p. 21)
  • GAAP-Based Financial Accounting (p. 22)
  • The Problems with GAPP Accounting (p. 22)
  • The Primacy of Return on Capital: High Times at Consolidated Imports Ltd. (p. 27)
  • Competitive Equilibrium: Troubles for Consolidated Imports Ltd. (p. 34)
  • Growth and Value: Hope Rises from the Ashes at Consolidated Imports Ltd. (p. 37)
  • Transitory Earnings: An Unexpected 10 Percent Price Increase at Consolidated Imports Ltd. (p. 44)
  • The Equivalence of Growth and Investment (p. 47)
  • Growth in Perpetuity (p. 53)
  • Notes (p. 54)
  • Chapter 3 Strategy and Competition I: The Firm's External Environment (p. 55)
  • Good Companies = Good Stocks? (p. 56)
  • Market Efficiency and Competitive Impediments (p. 57)
  • SWOT, Nature, and Nurture (p. 59)
  • The Generic Opportunities: Emerging to Mature Industries (p. 69)
  • Beyond Porter (p. 72)
  • Notes (p. 81)
  • Chapter 4 Strategy and Competition II: The Firm's Internal Competitive Resources (p. 83)
  • The Porter Approach: Cost Leadership, Differentiation, and Focus (p. 84)
  • The Resource View: What about Internal Resources? (p. 89)
  • Sustaining Resource Heterogeneity (p. 89)
  • Operational Effectiveness Is Not Strategy (p. 92)
  • The VRIO System (p. 94)
  • A Dynamic View: Renewal and Erosion of Advantage (p. 98)
  • Notes (p. 99)
  • Chapter 5 Fundamentals of Stock Behavior (p. 101)
  • A Thought Experiment: The Haugen Methodology (p. 103)
  • The Evidence Suggests Market Bias Is Real, Maybe (p. 108)
  • Implications for Investment Styles (p. 113)
  • Efficient and Inefficient Markets (p. 118)
  • If You're So Smart, Why Aren't You Rich? (p. 120)
  • Maybe Keynes Was Right (p. 121)
  • Notes (p. 121)
  • Part 2 The Basic Tools
  • Chapter 6 Reading a Financial Statement: The Accuracy, Sustainability, and Predictability of Financial Information (p. 127)
  • Financial Misreporting: The Seven Shenanigans (p. 129)
  • Facing Reality: Earnings Surprises and Analytic Inertia (p. 135)
  • Predicting performance: Nonrecurring Items (p. 137)
  • An NRI Analysis of Gateway (p. 140)
  • Notes (p. 144)
  • Financial Statements (p. 146)
  • Appendix 6-1 Gateway Financial Statements (p. 146)
  • Chapter 7 Reading a Financial Statement: The Composition of Returns (p. 149)
  • The Focus of Ratio Analysis Is ROE (p. 150)
  • Margins Reveal Operational Decisions (p. 151)
  • Turnovers Describe Investment Decisions (p. 152)
  • Leverage Is the Return Amplifier (p. 156)
  • Some Other Ratio Issues (p. 158)
  • Connecting Strategy to Value (p. 160)
  • The Composition of Returns (p. 160)
  • Gateway Time Series Analysis (p. 161)
  • Dell Computer in Its Industry Context (p. 165)
  • Direct Sellers Have the Edge (p. 167)
  • Notes (p. 168)
  • Appendix 7-1 Comparative Financial Analysis: Personal Computer Industry (p. 169)
  • Chapter 8 Reading a Financial Statement: Early-Stage Companies and Investment Capacity (p. 171)
  • Stages of Company Development (p. 173)
  • Startup: The Company Defines Itself (p. 173)
  • Emerging Growth: The Battle Is Joined (p. 177)
  • Notes (p. 183)
  • Chapter 9 Reading a Financial Statement: Later-Stage Companies and the Transition to Maturity (p. 185)
  • Established Growth: Past the Shakeout (p. 186)
  • The Transition to Maturity: Maximum Analytic Risk (p. 187)
  • Mature Companies: The Old--But Good--Economy (p. 191)
  • Declining Companies: Demand Shrinks (p. 192)
  • Notes (p. 197)
  • Chapter 10 Economic Value Added: An Alternative to Traditional Analysis Techniques (p. 199)
  • The Foundations of EVA (p. 200)
  • The Firm As a Savings Account (p. 201)
  • NOPAT Is the Pool of Profits (p. 209)
  • Gateway: EVA in Practice (p. 215)
  • Notes (p. 225)
  • Appendix 10-1 Gateway's Cost of Capital (p. 227)
  • Cost of Equity (p. 227)
  • Weighted-Average Cost of Capital (p. 228)
  • Part 3 Financial Models
  • Chapter 11 Financial Modeling: Base Case Assumptions and Model Design (p. 231)
  • Consistency and Continuity in Financial Models (p. 233)
  • Those Pesky Quarterly Earnings Forecasts (p. 234)
  • The Laws of Economics and Other Disappointments (p. 236)
  • Financial Model Design: Tricks and Traps (p. 240)
  • Starting a Financial Model: Dell Computer (p. 245)
  • A Partial Reality Check (p. 249)
  • Notes (p. 250)
  • Appendix 11-1 Dell Computer Corporation Consolidated Statement of Income (p. 251)
  • Chapter 12 Financial Modeling: The Income Statement and Balance Sheet (p. 259)
  • The Income Statement: The Equity Analyst's Lodestone (p. 260)
  • The Balance Sheet: Overcoming Circularity (p. 263)
  • Closing the Balance Sheet: Avoiding Circularity (p. 267)
  • Alternative Balance Sheet Closers (p. 270)
  • Other Financial Model Features (p. 272)
  • Notes (p. 272)
  • Chapter 13 Financial Modeling: The Statement of Cash Flows (p. 273)
  • The Origins of the SOCF (p. 274)
  • The Direct SOCF Format (p. 279)
  • Total Cash Flow Format (p. 283)
  • Notes (p. 286)
  • Part 4 Equity Valuation
  • Chapter 14 Valuation: Foundations and Fundamentals (p. 289)
  • Combat Finance (p. 290)
  • Accounting Is Sometimes Annoying, But It Is Not Fatally Flawed (p. 292)
  • Discounted-Cash-Flow Valuation (p. 293)
  • Terminal Values Are a Big Deal (p. 296)
  • Dell Computer (p. 300)
  • Notes (p. 304)
  • Chapter 15 Combat Finance: Relative Methods and Companion Variable Models (p. 305)
  • The Theory, As Usual (p. 306)
  • The Computer Industry (p. 315)
  • Other Industry Valuation Models (p. 318)
  • Cheap Stocks (p. 324)
  • Companion Variables and Target Prices (p. 326)
  • Times Series Models (p. 330)
  • Notes (p. 332)
  • Chapter 16 Hybrid Valuation Techniques (p. 333)
  • An Equity Reformation (p. 334)
  • Self-Correcting Valuations (p. 337)
  • The Growth Content of Stock Prices (p. 338)
  • The Complete Specification of Valuation Multiples (p. 345)
  • Valuation Multiples and Company Performance (p. 347)
  • Notes (p. 348)
  • Chapter 17 The Quirky Price/Earnings Ratio (p. 349)
  • The Drivers of the P/E Multiple (p. 350)
  • Gordon Growth and the P/E Ratio (p. 353)
  • The P/E-to-Growth Ratio: Another Casualty (p. 355)
  • P/E and the Franchise Factor (p. 358)
  • Notes (p. 359)
  • Chapter 18 Valuation of Speculative Stocks (p. 361)
  • Reverse Engineering Speculative Stocks (p. 363)
  • Amazon.com (p. 364)
  • The Calculation (p. 366)
  • Dell Computer (p. 368)
  • Relative Valuation Techniques Falter (p. 369)
  • Another Rule of Thumb: Hope Springs Eternal (p. 369)
  • High Growth Stocks: The Siegel Calculator (p. 371)
  • Notes (p. 373)
  • Chapter 19 Equity Analysis and Business Combinations (p. 375)
  • The Unfortunate Value Story (p. 376)
  • Deals Happen Anyway (p. 382)
  • Earnings Accretion and Value Addition (p. 384)
  • Notes (p. 390)
  • Part 5 Getting It Down on Paper
  • Chapter 20 Financial Writing: Don't Bury the Lead (p. 393)
  • The Structure of an Analytic Report (p. 394)
  • Giving the Reader a Break (p. 404)
  • Style and Its Abuse (p. 406)
  • The Chained-Logic Trap (p. 407)
  • Notes (p. 408)
  • Bibliography (p. 409)
  • Index (p. 415)

Author notes provided by Syndetics

James English is currently an adjunct assistant professor of finance at Columbia University School of Business
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