Financial Statement Analysis and Security Valuation, 5th Edition

Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.

Table of Contents

Chapter 1 Introduction to Investing and Valuation
Chapter 2 Introduction to the Financial Statements

PART ONE: Financial Statements and Valuation
Chapter 3 How Financial Statements Are Used in Valuation
Chapter 4 Cash Accounting, Accrual Accounting, and Discounted Cash Flow Variation
Chapter 5 Accrual Accounting and Valuation: Pricing Book Values
Chapter 6 Accrual Accounting and Valuation: Pricing Earnings
Chapter 7 Valuation and Active Investing

PART TWO: The Analysis of Financial Statements
Chapter 8 Viewing the Business Through the Financial Statements
Chapter 9 The Analysis if the Statement of Shareholders’ Equity
Chapter 10 The Analysis of the Balance Sheet and Income Statement
Chapter 11 The Analysis of the Cash Flow Statement
Chapter 12 The Analysis of Profitability
Chapter 13 The Analysis of Growth and Sustainable Earnings

PART THREE: Forecasting and Valuation Analysis
Chapter 14 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
Chapter 15 Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
Chapter 15 Full-Information Forecasting, Valuation, and Business Strategy Analysis

PART FOUR: Accounting Analysis and Valuation
Chapter 17 Creating Accounting Value and Economics Value
Chapter 18 Analysis of the Quality of Financial Statements

PART FIVE: The Analysis of Risk and Return
Chapter 19 The Analysis of Equity Risk and Return for Active Investing
Chapter 20 The Analysis of Credit Risk and Return