Knowingo
Financial Statement Analysis and Security Valuation
How can an analyst turn financial statements into a sound valuation of a business, built up from first principles?
At a glance
- Author
- Stephen H. Penman
Why read it
- You will learn to translate what you know of a business into a valuation
- You will be able to work out what a firm's price to earnings and price to book ratios should be, not just what they are
- You will question stock screens that call a company cheap, since low ratios can sit beside real risk of bankruptcy
Who it is for
- An analyst who writes or reads equity research reports
- A manager choosing between strategies who wants to value each
- An MBA student building a valuation spreadsheet
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