《如何看财务报表》PPT课件.ppt

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1、Chapter3HowFinancialStatementsareUsedinValuationHowFinancialStatementsareUsedinValuationChapter1introducedfundamentalanalysisandChapter2introducedthefinancialstatements.LinktoPreviousChapterThischaptershowshowfundamentalanalysisandvaluationarecarriedoutandhowthefinancialstatementsareutiliz

2、edintheprocess.Itlaysoutafive-stepapproachtofundamentalanalysisandforecastingoffinancialstatements.Simplerschemesinvolvingfinancialstatementsarealsopresented.ThisChapterChapter4willbegintheimplementationoftheanalysisoutlinedinthischapterwithvaluationbasedonforecastingcashflowstatementsLink

3、toNextChapterLinktoWebPageWhatisthemethodsofcomparables?Howarefundamentalscreensusedininvesting?Howisfundamentalanalysiscarriedout?Howdoesfundamentalanalysisutilizethefinancialstatements?Howisavaluationmodelconstructed?Howdoesthedividenddiscountmodelwork?Thewebpageoffersfurthertreatmentofc

4、omparableanalysisandscreeninganalysis,aswellasanextendeddiscussionofvaluationtechniquesandassetpricing.Italsolinksyoutofundamentalresearchengines.WhatyouwilllearnfromthisChapterWhatavaluationtechnologylookslikeWhatavaluationmodelisandhowitdiffersfromanassetpricingmodelHowavaluationmodelpro

5、videsthearchitectureforfundamentalanalysisThepracticalstepsinvolvedinfundamentalanalysisHowthefinancialstatementsareinvolvedinfundamentalanalysisHowoneconvertsaforecasttoavaluationThedifferencebetweenvaluingterminalinvestmentsandgoingconcerninvestments(likebusinessfirms)Whatbusinessactivit

6、iesgeneratevalueThedividendirrelevanceconceptWhyfinancingtransactionsdonotgeneratevalue,exceptinparticularcircumstancesWhythefocusofvaluecreationisontheinvestingandoperatingactivitiesofafirmHowthedividenddiscountmodelworks(ordoesnotwork)Howthemethodofcomparablesworks(ordoesnotwork)Howasset

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