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Financial Statement Analysis and Security Valuation 4th Edition
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Top Customer Reviews
It is hard to find similar material outside textbooks, so you will have to bear with the extremely tedious format of US textbooks (whether you are a student or not). The key alternative is Valuation: Measuring and Managing the Value of Companies, 5th Edition (Wiley Finance), which is written for managers and largely lacks the accounting perspective. If I only could buy one book, that would be my choice.
A strength of the current book is an attempt to bridge the accounting and finance perspectives. Briefly, the accountants like accrual accounting, the finance guys like cash flow, and most of the time they do not talk to each other. The current book presents several ratios and perspectives that could be used in financial model building. In that regard it is more advanced than the recommended book above.
A key weakness with the current book is that it does not go into sufficient depth on important topics in valuation, like goodwill after acquisitions, pension reserves, revenue recognition, capitalisation of R&D, etc. This is a weakness shared with all the textbooks that I have seen.Read more ›
Bottom line: 2007 S&P 500 index at 1527 was overvalued (implied growth rate of 6.46%)
2011 S&P 500 index at 1136 was undervalued (implied growth rate of 1.52%, less than GDP)
2013 S&P 500 index at 1769 appears to be fairly / or slightly over-valued (implied growth rate of 3.56%, about the same as GDP or slightly overvalued if we take GDP as 3%))
I believe concepts in this text can be used to assess if a security (HPQ, GOOG, GE and lot more) is over-valued or undervalued using basic EPS, DPS, BV and other readily available numbers from yahoo finance. Overall, I would say, this is an excellent addition to valuation and financial statement analysts. I bought a used book, fourth edition (including S&H) only for $9 or less.
Most Recent Customer Reviews
HPB Dallas has expensive and slow shipping. The book took four months, rather than the advertised maximum of three months, to reach me in Australia. Read morePublished on August 24, 2013 by Valhalla
I received the book within 3 days of ordering it. Other than a small crease on the front cover, the book looked brand new.Published on February 28, 2012 by Meesh2289
I just received my book today, I bought from the used book section , what I didn't realize is, instead of buying the used book of the 4th edition, They sold me the 2nd edition of... Read morePublished on March 2, 2011 by Alexia
I only buy paperback editions of my books for school because they are so much cheaper. There are plenty of examples and it is pretty much an easy read. Read morePublished on September 19, 2010 by rdp
This book is extremely disorganized and doesn't fully explain very important concept. For the purpose of valuation you need to know subjects like calculation of cost of debt, cost... Read morePublished on June 8, 2010 by kia
I have made a mistake when I left my address, after 7 days I found this mistake.They reply on me as soon as I email them and send another copy immediately.Thnx so much.Published on February 22, 2010 by Yanqiu Ma