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Financial Statement Analysis and Valuation PDF – eBook

Author: Peter D. Easton
SKU: 1618533606

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  • Authors: Peter D. Easton (Author)
  • File Size: 439 MB
  • Format: PDF
  • Paperback: 923 pages
  • Publisher: Cambridge Business Publishers (January 1, 2020)
  • Language: English
  • ISBN-10: 1618533606
  • ISBN-13: 978-1618533609

Download Financial Statement Analysis and Valuation PDF – eBook

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  • Authors: Peter D. Easton (Author)
  • File Size: 439 MB
  • Format: PDF
  • Paperback: 923 pages
  • Publisher: Cambridge Business Publishers (January 1, 2020)
  • Language: English
  • ISBN-10: 1618533606
  • ISBN-13: 978-1618533609

Download Financial Statement Analysis and Valuation PDF – eBook

Contents
About the Authors Ill
Preface v
Module 1
Framework for Analysis and Valuation 1-1
Step 1 Business Environment and Accounting 1-5
Review 1-1 1-6
Financial Statements: Demand and Supply Hi
Demand for Information 1-6
Supply of Information 1-9
International Accounting Standards 1-10
Review 1-2 1-11
Review of Financial Statements 1-12
Balance Sheet 1-12
Income Statement 1-15
Statement of Stockholders’ Equity 1-17
Statement of Cash Flows 1-18
Information Beyond Financial Statements 1-19
Review 1-3 1-19
Analyzing the Business Environment 1-20
Analyzing the Value-Chain 1-20
Five-Forces Analysis of Business Environment 1-20
SWOT Analysis of Business Environment 1-21
Analyzing Competitive Advantage 1-22
Review 1-4 1-23
Step 2 Adjusting and Analyzing Financial Data 1-24
Managerial Choices in Financial Reporting 1-24
Analysis of Return on Assets 1-25
Components of Return on Assets 1-25
Analysis of Return on Equity 1-26
Review 1-5 1-27
Step 3 Forecasting Financial Numbers 1-27
Review 1-6 1-28
Step 4 Business Valuation 1-29
Valuation Models 1-29
Are Financial Data Relevant? 1-29
Financial Statement Analysis in an
Efficient Capital Market 1-30
Analyzing Global Reports 1-31
Review 1-7 1-32
Appendix 1A: Financial Statement Data and Analytics 1-32
Guidance Answer 1-36
xvi
Questions 1-36
Mini Exercises 1-37
Exercises 1-39
Problems 1-41
IFRS Applications 1-47
Analysis Decision Points 1-48
Ongoing Analysis Project 1-48
Solutions to Reviews 1-49
Module 2
Review of Business Activities and
Financial Statements 2-1
Interpreting a Balance Sheet 2-3
Assets 2-3
Liabilities and Equity 2-5
Review 2-1 2-12
Interpreting an Income Statement 2-12
Recognizing Revenues and Expenses 2-13
Reporting of Transitory Items 2-14
Analyzing the Income Statement 2-16
Review 2-2 2-16
Interpreting a Statement of Stockholders’ Equity 2-17
Review 2-3 2-18
Interpreting a Statement of Cash Flows 2-18
Statement Format and Data Sources 2-18
Review 2-4 2-19
Articulation of Financial Statements 2-19
Retained Earnings Reconciliation 2-20
Financial Statement Linkages 2-20
Review 2-5 2-21
Analyzing Transactions and Adjustments 2-22
Four-Step Accounting Cycle 2-22
Financial Statement Effects Template 2-22
Accounting Cycle Step 1-Analyze Transactions
and Prepare Entries 2-24
Applying the Financial Statement Effects Template 2-24
Applying the Journal Entry and T-Account 2-24
Review 2-6 2-26
Accounting Cycle Step 2-Prepare Accounting
Adjustments 2-27
Prepaid (Deferred) Expenses 2-28
Unearned (Deferred) Revenues 2-28
© Cambridge Business Publishers
Accrued Expenses 2-29
Accrued Revenues 2-29
Accounting Adjustments for Apple 2-30
Review 2-7 2-31
Accounting Cycle Step 3-Prepare Financial Statements 2-31
Review 2-8 2-31
Accounting Cycle Step 4-Close the Books 2-32
Review 2-9 2-32
Additional Information Sources 2-32
Form 1 0-K 2-32
Form 20-F and Form 40-F 2-34
Form 8-K 2-35
Analyst Reports 2-35
Credit Services 2-36
Data Services 2-36
Review 2-10 2-36
Analyzing Global Reports 2-36
Guidance Answers 2-37
Questions 2-37
Mini Exercises 2-38
Exercises 2-40
Problems 2-46
IFRS Application 2-51
Analysis Discussion Points 2-52
Ongoing Analysis Project 2-53
Solutions to Reviews 2-53
Module 3
Profitability Analysis and Interpretation 3-1
Return on Equity (ROE) 3-3
Review 3-1 3-4
ROE Disaggregation: DuPont Analysis 3-4
Review 3-2 3-6
Return on Assets and Its Disaggregation 3-6
Analysis of Profitability and Productivity 3-7
Analysis of Profitability 3-8
Analysis of Productivity 3-9
Analysis of Financial Leverage 3-12
Review 3-3 3-14
Balance Sheet Analysis with an Operating Focus 3-15
Net Operating Assets (NOA) 3-16
Net Nonoperating Obligations (NNO) 3-17
Review 3-4 3-19
Income Statement Analysis with an Operating Focus 3-19
Review 3-5 3-23
Return on Net Operating Assets (RNOA) 3-24
Review 3-6 3-26
RNOA Disaggregation into Margin and Turnover 3-26
Net Operating Profit Margin 3-27
Net Operating Asset Turnover 3-27
The trade-Off between Margin and Turnover 3-28
Review 3-7 3-30
Contents xvii
Analyzing Global Reports 3-30
Appendix 3A: Operating versus Nonoperating Classification 3-31
Appendix 3B: Nonoperating Return Component of ROE 3-32
Review 3-8 3-36
Appendix 3C: Vertical and Horizontal Analysis 3-36
Review 3-9 3-39
Guidance Answer 3-40
Questions 3-40
Mini Exercises 3-40
Exercises 3-44
Problems 3-49
IFRS Application 3-56
Analysis Discussion Points 3-56
Ongoing Analysis Project 3-57
Solutions to Reviews 3-58
Module 4
Credit Risk Analysis and Interpretation
The market for Credit 4-3
Demand for Credit 4-3
Supply of Credit 4-4
Review 4-1 4-7
Credit Risk Analysis Process 4-8
Information for Credit Risk Analysis 4-8
Chance of Default 4-9
Loss Given Default 4-11
Review 4-2 4-13
Measuring Credit Risk 4-13
Adjusting Financial Information 4-14
Profitability Analysis 4-15
Coverage Analysis 4-17
Liquidity Analysis 4-20
Solvency Analysis 4-21
Review 4-3 4-24
Credit Ratings 4-25
Importance of Credit Ratings 4-27
How Credit Ratings Are Determined 4-28
Review 4-4 4-33
Predicting Bankruptcy Risk 4-33
Altman Z-Score 4-33
Application of Z-Score 4-34
Bankruptcy Prediction Errors 4-34
Review 4-5 4-35
Guidance Answers 4-35
Questions 4-35
Mini Exercises 4-36
Exercises 4-38
Problems 4-41
IFRS Applications 4-46
Analysis Discussion Points 4-49
Ongoing Analysis Project 4-49
Solutions to Reviews 4-50
4-1
xviii Contents
Module 5
Revenue Recognition and
Operating Income 5-1
Analyzing Revenue 5-3
Revenue Recognition Rules 5-4
Complications of Revenue Recognition 5-6
Performance Obligations Satisfied Over Time 5-7
Review 5-1 5-11
Analyzing Sales Allowances 5-12
Accounting for Sales Allowances 5-12
Reporting Sales Allowances 5-13
Analysis of Sales Allowances 5-13
Review 5-2 5-15
Analyzing Unearned (Deferred) Revenue 5-16
Review 5-3 5-17
Foreign Currency Effects on Revenue, Expenses, and Cash
Flow 5-18
Foreign Currency and Cash Flows 5-18
Foreign Currency and Income 5-19
Foreign Currency and Future Results 5-19
Review 5-4 5-20
Analyzing Accounts Receivable 5-21
Aging Analysis of Receivables 5-21
Accounting for Accounts Receivable 5-22
Analysis of Accounts Receivable-Magnitude 5-23
Analysis of Accounts Receivable-Quality 5-25
Review 5-5 5-27
Analyzing Expenses and Losses 5-27
Analyze Deductions from Income 5-27
Analyze Research and Development Expenses 5-28
Provision (Benefit) for Taxes on Income 5-31
Analyze Discontinued Operations 5-31
Review 5-6 5-33
Pro Forma Income Reporting 5-34
Regulation G Reconciliation 5-35
SEC Warnings about Pro Forma Numbers 5-35
Disclosures and Market Assessments 5-36
Review 5-7 5-38
Analyzing Global Reports 5-39
Guidance Answer 5-39
Questions 5-39
Mini Exercises 5-40
Exercises 5-45
Problems 5-52
IFRS Applications 5-58
Analysis Discussion Points 5-59
Ongoing Analysis Project 5-59
Solutions to Reviews 5-60
Module 6
Asset Recognition and Operating Assets 6-1
Analyzing Inventory-Costing Methods 6-3
First-In, First-Out (FIFO) 6-5
Last-In, First-Out (LIFO) 6-5
Average Cost (AC) 6-5
Financial Statement Effects of Inventory Costing 6-7
Review 6-1 6-8
Analyzing Inventory-Reporting 6-9
Lower of Cost or Market (LCM) 6-9
LIFO Reserve Adjustments to Financial Statements 6-10
LIFO Liquidations 6-11
Review 6-2 6-13
Analyzing Inventory Tools 6-14
Gross Profit Analysis 6-14
Days Inventory Outstanding and Inventory Turnover 6-15
Days Payable Outstanding 6-17
Cash Conversion Cycle 6-18
Review 6-3 6-19
Analyzing PPE Assets-Capitalization and Depreciation 6-20
Plant and Equipment 6-20
Research and Development Facilities and Equipment 6-22
Review 6-4 6-22
Analyzing PPE Assets-Sales, Impairments, and
Restructuring 6-23
Asset Sales 6-23
Asset Impairments 6-24
Restructuring Costs 6-25
Review 6-5 6-30
Analyzing PPE Assets-Tools 6-31
PPE Turnover 6-31
PPE Useful Life 6-32
PPE Percent Used Up 6-33
Review 6-6 6-33
Analyzing Global Reports 6-33
Guidance Answers 6-34
Questions 6-35
Mini Exercises 6-36
Exercises 6-38
Problems 6-45
IFRS Applications 6-48
Analysis Discussion Points 6-49
Ongoing Analysis Project 6-50
Solutions to Reviews 6-50
Module 7
Liability Recognition and
Nonowner Financing 7-1
Analyzing Accrued Liabilities 7-3
Accrued Liabilities Defined 7-3
Accruals for Contractual LiabilitiesWages Payable Example 7-4
Accruals for Contractual LiabilitiesDeferred Revenue Example 7-5
Accruals for Contingent Liabilities Defined 7-5
Accruals for Contingent Liabilities-Warranties Example 7-5
Review 7-1 7-8
Analyzing Short-Term Debt 7-9
Reporting for Short-Term Debt 7-9
Current Maturities of Long-Term Debt 7-10
Review 7-2 7-10
Analyzing Long-Term Debt- Pricing 7-10
Pricing of Bonds Issued at Par 7-11
Pricing of Bonds Issued at a Discount 7-12
Pricing of Bonds Issued at a Premium 7-12
Effective Cost of Debt 7-13
Review 7-3 7-14
Analyzing Long-Term Debt-Reporting 7-15
Balance Sheet Reporting 7-15
Income Statement Reporting 7-16
Financial Statement Effects of Bond Repurchase 7-16
Fair Value Disclosures 7-17
Review 7-4 7-18
Analyzing Credit Quality 7-18
Credit Analysis 7-18
Credit Ratings 7-19
Why Credit Ratings Matter 7-20
Review 7-5 7-23
Analyzing Global Reports 7-23
Appendix 7A: Time Value of Money 7-24
Review 7-6 7-30
Appendix 78: Amortization of Debt 7-30
Guidance Answer 7-31
Questions 7-32
Mini Exercises 7-32
Exercises 7-35
Problems 7-40
IFRS Applications 7-45
Analysis Discussion Points 7-46
Ongoing Analysis Project 7-46
Solutions to Reviews 7-47
Module 8
Equity Recognition and
Owner Financing 8-1
Analyzing Stockholders’ Equity and Classes of Stock 8-3
Stockholders’ Equity Accounts 8-3
Statement of Stockholders’ Equity 8-6
Preferred Stock 8-7
Common Stock 8-8
Review 8-1 8-9
Analyzing Stock Transactions 8-10
Stock Issuance 8-10
Stock Repurchase (Treasury Stock) 8-11
Review 8-2 8-14
Analyzing Stock-Based Compensation 8-14
Contents xix
Analysis of Stock-Based Compensation Plans 8-15
Accounting for Stock-Based Compensation 8-16
Footnote Disclosures for Stock-Based Compensation 8-17
Review 8-3 8-18
Analyzing Dividends and Stock Splits 8-19
Cash Dividend Disclosures 8-19
Dividend Payout and Yield 8-19
Cash Dividends Financial Effects 8-20
Stock Split 8-20
Review 8-4 8-21
Analyzing Accumulated Other Comprehensive Income
(AOCI) 8-21
AOCI Components 8-21
AOCI Disclosures and Interpretation 8-22
Review 8-5 8-24
Analyzing Convertible Securities 8-24
Review 8-6 8-25
Analyzing Earnings per Share (EPS) 8-26
Review 8-7 8-27
Analyzing Global Reports 8-28
Appendix SA: Stock-Based Compensation: Reporting and
Analyzing 8-29
Guidance Answer 8-32
Questions 8-32
Mini Exercises 8-33
Exercises 8-36
Problems 8-42
IFRS Applications 8-51
Ongoing Analysis Project 8-53
Solutions to Reviews 8-53
Module 9
intercorporate Investments 9-1
Analyzing intercorporate Investments 9-3
Passive Investments in Equity Securities 9-4
Investments in Debt Securities 9-8
Review 9-1 9-11
Analyzing Equity Investments with Significant Influence 9-12
Investments with Significant Influence 9-12
Equity Method Accounting and ROE Effects 9-14
Review 9-2 9-19
Analyzing Equity Investments with Control 9-19
Investments with Control 9-19
Review 9-3 9-30
Analyzing Global Reports 9-31
Appendix 9A: Analyzing Derivatives 9-32
Review 9-4 9-34
Appendix 98: Analyzing Equity Carve-Outs 9-35
xx Contents
Guidance Answer 9-40
Questions 9-40
Mini Exercises 9-40
Exercises 9-44
Problems 9-54
IFRS Applications 9-57
Analysis Discussion Point 9-58
Ongoing Analysis Project 9-59
Solutions to Reviews 9-60
Module 10
Analyzing Leases, Pensions,
and Taxes 10-1
Analyzing Leases 10-3
New Lease Reporting Standard 10-3
Lessee Reporting Example- Microsoft Corporation 10-4
Lease Accounting 10-6
Summary of Lease Accounting and Reporting 10-10
Analysis Issues Relating to Leases 10-11
Review 10-1 10-12
Analyzing Pensions 10-13
Defined Benefit Pension Plans on the Balance Sheet 10-13
Analysis Issue- Sufficiency of Plan Assets to
Pay Pension Obligations 10-15
Defined Benefit Pension Plans on the
Income Statement 10-16
Pension Expense Smoothing 10-17
Fair Value Accounting for Pensions 10-21
Footnote Disclosure-Key Assumptions 10-23
Analysis Implications 10-23
Other Post-Employment Benefits (OPEB) 10-25
Review 10-2 10-26
Analyzing Income Taxes 10-27
Timing Differences Create Deferred Tax
Assets and Liabilities 10-27
Disclosures for Income Taxes 10-31
Analysis of Income Tax Disclosures 10-32
Expanded Explanation of Deferred Taxes 10-33
Review 10-3 10-37
Analyzing Global Reports 10-38
Appendix 10A: Lease Accounting Example- Finance and
Operating Leases 10-39
Questions 10-40
Mini Exercises 10-40
Exercises 10-45
Problems 10-54
IFRS Applications 10-64
Ongoing Analysis Project 10-65
Solutions to Reviews 10-66
Module 11
Financial Statement Forecasting 11-1
Forecasting Process 11-3
Company Guidance 11-6
Review 11-1 11-7
Forecasting the Income Statement 11-9
Review 11-2 11-12
Forecasting the Balance Sheet 11-13
Review 11-3 11-17
Building Forecasts from the Bottom Up 11-17
Segment Data 11-17
Review 11-4 11-19
Appendix 11A: Forecasting the Statement of Cash Flows 11-19
Review 11-5 11-21
Appendix 11 B: Multiyear Forecasting with Target Cash and New
Debt Financing 11-21
Review 11-6 11-23
Appendix 11 C: Parsimonious Method for Forecasting NOPAT and
NOA 11-23
Review 11-7 11-24
Appendix 11 D: Morgan Stanley’s Forecast Report on Procter &
Gamble 11-24
Questions 11-32
Mini Exercises 11-32
Exercises 11-38
Problems 11-45
Ongoing Analysis Project 11-51
Solutions to Reviews 11-52
Module 12
Cost of Capital and Valuation Basics 12-1
Basics of Valuation 12-3
Payoffs from Equity and Debt Instruments 12-4
Steps in Stock Valuation 12-4
Intrinsic Value 12-5
Review of Time Value of Money 12-6
Valuation of a Debt Instrument 12-9
Valuation of an Equity Instrument 12-9
Estimating Cost of Capital 12-10
Diversifiable and Non-Diversifiable Risk 12-11
Review 12-1 12-11
Cost of Equity Capital Using the Capital
Asset Pricing Model 12-12
Cost of Equity Capital Using a Multi-Factor Model 12-13
Review 12-2 12-14
Cost of Debt Capital 12-14
Review 12-3 12-16
Weighted Average Cost of Capital 12-16
Review 12-4 12-18
Dividend Discount Model 12-18
Recursive Process of Valuation 12-18
Framework of the Dividend Discount Model 12-19
Dividend Discount Model with Constant Perpetuity 12-19
Review 12-5 12-20
Dividend Discount Model with Increasing Perpetuity 12-20
Issues in Applying the Dividend Discount Model 12-21
Review 12-6 12-23
Appendix 12A: Estimating Cost of Equity Capital 12-23
Guidance Answer 12-28
Questions 12-29
Mini Exercises 12-29
Exercises 12-30
Problems 12-31
Analysis Discussion Points 12-34
Ongoing Analysis Project 12-36
Solutions to Reviews 12-37
Module 13
Cash-Flow-Based Valuation 13-1
Equity Valuation Models 13-3
Dividend Discount Model 13-3
Discounted Cash Flow Model 13-4
Residual Operating Income Model 13-4
Model Equivalency 13-4
Valuation Model Inputs 13-4
Review 13-1 13-6
Discounted Cash Flow (DCF) Model 13-6
DCF Model Structure 13-6
Steps in Applying the DCF Model 13-7
Illustrating the DCF Model 13-8
Extending the DCF Model 13-9
Analyzing Global Reports 13-15
Review 13-2 13-15
Appendix 13A: Financial Statements for Procter & Gamble 13-16
Appendix 138: Derivation of Free Cash Flow Formula 13-18
Appendix 13C: Deutsche Bank Valuation of Procter &
Gamble 13-18
Guidance Answer 13-29
Questions 13-29
Mini Exercises 13-29
Exercises 13-30
Problems 13-33
Analysis Discussion Point 13-37
Ongoing Analysis Project 13-37
Solutions to Reviews 13-38
Module 14
Operating-Income-Based Valuation 14-1
Equity Valuation Models 14-3
Dividend Discount Model 14-3
Discounted Cash Flow Model 14-4
Residual Operating Income Model 14-4
Model Equivalency 14-4
Valuation Model Inputs 14-5
Review 14-1 14-6
Contents xxi
Residual Operating Income (ROPI) Model 14-6
ROPI Model Structure 14-6
Steps in Applying the ROPI Model 14-7
Illustrating the ROPI Model 14-8
Extending the ROPI Model 14-10
Review 14-2 14-11
Steady State in Valuation 14-11
Multi-Year Forecast Precision 14-12
Achieving Steady State 14·12
Forecasting Steady State-An Illustration 14-13
Review 14-3 14-15
Managerial Insights from the ROPI Model 14-15
Assessment of Valuation Models 14-16
Analyzing Global Reports 14-17
Review 14-4 14-18
Appendix 14A: P&G Financial Statements 14-18
Guidance Answer 14-20
Questions 14-21
Mini Exercises 14-21
Exercises 14-23
Problems 14-26
Analysis Discussion Points 14-30
Ongoing Analysis Project 14-31
Solutions to Reviews 14-32
Module 15
Market-Based Valuation 15-1
Valuation Model Using Market Multiples 15-3
Application of the Model Using Market Multiples 15-4
Valuation Using Balance Sheet Multiples 15-5
Valuation Using a Net Operating Asset (NOA) Multiple 15-6
Valuation Using a Book Value (BV) Multiple 15-6
Review 15-1 15-8
Valuation Using Income Statement Multiples 15-8
Valuation Using a Net Operating Profit After
Tax (NOPAT) Multiple 15-9
Valuation Using a Net Income (NI) Multiple 15-10
Valuation Using Industry-Based Multiples 15-11
Combining Estimates from Differing Multiples 15-11
Review 15-2 15-12
Selecting Comparables for Market Multiples 15-12
Deriving Price-to-Book from Residual
Operating Income Model 15-13
PB Ratios in Relation to Profitability, Growth, and Risk 15-13
Deriving Price-to-Earnings from Residual
Operating Income Model 15-16
PE Ratios in Relation to Profitability, Growth, and Risk 15-17
Review 15-3 15-18
Interpreting and Reverse Engineering Market Multiples 15-19
xxii Contents
Interpreting and Reverse Engineering the PB Ratio 15-19
Interpreting and Reverse Engineering the PE Ratio 15-21
Perspective on Valuation Multiples and
Fundamental Analysis 15-21
Review 15-4 15-22
Guidance Answer 15-23
Questions 15-23
Mini Exercises 15-24
Exercises 15-26
Problems 15-30
Analysis Discussion Points 15-34
Ongoing Analysis Project 15-37
Solutions to Reviews 15-37
Appendix A
Compound Interest Tables A-1
Appendix B
Computing and Analyzing Cash Flows B-1
Framework for Statement of Cash Flows B-3
Relation Among Financial Statements B-3
Statement of Cash Flows Structure B-4
Operating Activities Preview B-7
Investing Activities Preview B-8
Financing Activities Preview B-8
Review 8-1 8-9
Cash Flow from Operating Activities B-9
Steps to Compute Net Cash Flow from
Operating Activities 8-10
Java House Case Illustration B-12
Review 8-2 8 -15
Computing Cash Flows from Investing Activities B-16
Analyze Remaining Noncash Assets B-16
Java House Case Illustration 8-16
Review 8-3 8-18
Cash Flows from Financing Activities B-18
Analyze Remaining Liabilities and Equity B-18
Java House Case Illustration B-18
Review 8-4 8-19
Computing Cash Flows from Balance Sheet Accounts 8-19
Supplemental Disclosures for Indirect Method B-20
Review 8-5 8 -21
Analysis of Cash Flow Information B-21
Cash Flow Components B-21
Cash Flow Patterns B-23
The usefulness of the Statement of Cash Flows B-25
Review 8-6 B-27
Ratio Analyses of Cash Flows B-27
Free Cash Flow B-28
Review 8-7 B-29
Appendix BB: Direct Method Reporting for Statement of Cash
Flows B-29
Review 8-8 B-32
Guidance Answer B-32
Questions B-33
Mini Exercises 8·34
Exercises B-37
Problems B-42
IFRS Application B-55
Solutions to Reviews B-56
Appendix C (Online)
Comprehensive Case (Harley Davidson) C-1
Reviewing Financial Statements C-3
Business Environment for Financial Reporting C-3
Income Statement Reporting and Analysis C-4
Balance Sheet Reporting and Analysis C-9
Statement of Cash Flows Reporting and Analysis C-22
Independent Audit Opinion C-23
Assessing Profitability and Creditworthiness C-24
ROE Disaggregation- DuPont Analysis C-24
ROE Disaggregation-Operating Focus C-26
Disaggregation of RNOA-Margin and Turnover C-26
Credit Analysis C-27
Summarizing Profitability and Creditworthiness C-28
Forecasting Financial Statements C-28
Valuing Equity Securities C-31
Discounted Cash Flow Valuation C-32
Residual Operating Income Valuation C-33
Assessment of the Valuation Estimate C-34
Summary Observations C-34
Appendix D
Chart of Accounts (with Acronyms) D-1
Glossary G-1
Index 1-1

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