《如何看财务报表》PPT课件

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1、Chapter3HowFinancialStatementsareUsedinValuationHowFinancialStatementsareUsedinValuationChapter1introducedfundamentalanalysisandChapter2introducedthefinancialstatements.LinktoPreviousChapterThischaptershowshowfundamentalanalysisandvaluationarecarriedoutandhowthefinancialstatementsareutilized

2、intheprocess.Itlaysoutafive-stepapproachtofundamentalanalysisandforecastingoffinancialstatements.Simplerschemesinvolvingfinancialstatementsarealsopresented.ThisChapterChapter4willbegintheimplementationoftheanalysisoutlinedinthischapterwithvaluationbasedonforecastingcashflowstatementsLinktoNe

3、xtChapterLinktoWebPageWhatisthemethodsofcomparables?Howarefundamentalscreensusedininvesting?Howisfundamentalanalysiscarriedout?Howdoesfundamentalanalysisutilizethefinancialstatements?Howisavaluationmodelconstructed?Howdoesthedividenddiscountmodelwork?Thewebpageoffersfurthertreatmentofcompara

4、bleanalysisandscreeninganalysis,aswellasanextendeddiscussionofvaluationtechniquesandassetpricing.Italsolinksyoutofundamentalresearchengines.WhatyouwilllearnfromthisChapterWhatavaluationtechnologylookslikeWhatavaluationmodelisandhowitdiffersfromanassetpricingmodelHowavaluationmodelprovidesthe

5、architectureforfundamentalanalysisThepracticalstepsinvolvedinfundamentalanalysisHowthefinancialstatementsareinvolvedinfundamentalanalysisHowoneconvertsaforecasttoavaluationThedifferencebetweenvaluingterminalinvestmentsandgoingconcerninvestments(likebusinessfirms)Whatbusinessactivitiesgenerat

6、evalueThedividendirrelevanceconceptWhyfinancingtransactionsdonotgeneratevalue,exceptinparticularcircumstancesWhythefocusofvaluecreationisontheinvestingandoperatingactivitiesofafirmHowthedividenddiscountmodelworks(ordoesnotwork)Howthemethodofcomparablesworks(ordoesnotwork)Howasset-basedvaluat

7、ionworks(ordoesnotwork)Howmultiplescreeningstrategieswork(ordonotwork)WhatisinvolvedincontrarianinvestingHowfundamentalanalysisdiffersfromscreeningSimple(andCheap)ApproachestoValuationFundamentalanalysisisdetailedandcostly.Simpleapproachesavoidfore