Financial statement analysis: a practitioner's guide
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Table of Contents
From the Book - Fourth edition.
Part I. Reading between the lines : The adversarial nature of financial reporting : The purpose or financial reporting ; The flaws in the reasoning ; Small profits and big baths ; Maximizing growth expectations ; Downplaying contingencies ; The importance of being skeptical
Part II. The basic financial statements : 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 ; Pros and cons of a market-based equity figure ; The common form balance sheet
The income statement : Making the numbers talk ; How real are the numbers?
The statement of cash flow : The cash flow statement and the leveraged buyout ; Analytical applications ; Cash flow and the company life cycle ; The concept of financial flexibility ; In defense of slack
Part III. A closer look at profits : What is profit? : Bona fide profits versus accounting profits ; What is revenue? ; Which costs count? ; How far can the concept be stretched?
Revenue recognition : Channel-stuffing in the drug business ; A second take on earnings ; Astray on layaway ; Recognizing membership fees ; A potpourri of liberal revenue recognition techniques ; Fattening earning with empty calories ; Tardy disclosure at Halliburton ; Managing earnings with rainy day reserves ; Fudging the numbers: a systematic problem
Expense recognition : Nortel's deferred profit plan ; Grasping for earning at General Motors ; Time-shifting at Freddie Mac
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
The reliability of disclosure and audits : an artful deal ; Death duties ; Systematic problems in auditing
Mergers-and-acquisitions accounting : Maximizing postacquisitions reported earnings ; Managing acquisition dates and avoiding restatements
Is fraud detectable? : Telltale signs of manipulation ; Fraudsters know few limits ; Enron: a media sensation ; HealthSouth's excruciating ordeal ; Milk and other liquid assets
Part IV. Forecasts and security analysis : Forecasting financial statements : A typical one-year projection ; Sensitivity analysis with projected financial statements ; Projecting financial flexibility ; Pro forma financial statements ; Pro forma statements for acquisitions ; Multiyear projections
Credit analysis : Balance sheet ratios ; Income statement ratios ; Statement of cash flow ratios ; Combination ratios ; Relating ratios to credit risk
Equity analysis : The dividend discount model ; The price-earning ratio ; Why P/E multiples vary ; The Du Pont formula ; Valuation through restructuring potential
Appendix : Explanation of pro forma adjustments for Hertz Global Holdings, Inc./DTG.
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