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Preface | |
What Is Security Analysis? | |
Recent Trends | |
Why Study Security Analysis? | |
Overview of the Contents | |
What's New in the Second Edition | |
The Investing Environment | |
Why Analyze a Security? | |
The Origins of Security Analysis | |
No Profit Guarantee | |
Day-to-Day Trading and Security Analysis | |
Herd Psychology and Security Analysis | |
Momentum Investors | |
Game Theory and Security Analysis | |
The Premise of Security Analysis | |
Scientific Method | |
Security Analysis Techniques | |
Basic Valuation Approaches | |
Other Valuation Approaches | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Who's Practicing Security Analysis? | |
Securities Firms and Their Analysts | |
Major Institutional Investors | |
A Dying Art? | |
Index Funds and Exchange Traded Funds | |
Small Money Management Firms | |
Rating Agencies | |
Individual Investors: A Special Category | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Seeking a Level Playing Field | |
Brief History of Securities Regulation | |
The Chief Regulator-The Securities and Exchange Commission | |
Sales and Trading Practices | |
Margin Regulation | |
The Life Cycle of a New Security Issue | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Other Sources of Information | |
The Business Media | |
The Free Internet | |
The Fee for Service Internet | |
Trade Associations, Consulting Firms, Government Publications and Financial Organizations | |
Credit Rating Agencies | |
Securities Firm Research | |
News Wires | |
Independent Expert Services | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Performing the Analysis and Writing the Research Report | |
Starting the Analysis | |
The Security Analysis Process | |
Model Research Report | |
The Analyst's Responsibility | |
The Cascade of Projections | |
Selecting Stocks for Study: Top-Down vs. Bottoms-Up | |
Limited Time and Resources | |
The Margin of Safety | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Industry Analysis | |
Background | |
Organizing an Industry Analysis | |
Industry Classification | |
External Factors | |
Demand Analysis | |
Supply Analysis in the Industry Study | |
Profitability, Pricing and the Industry Study | |
International Competition and Markets | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Company-Specific Analysis | |
Systematic Approach of a Business Analysis | |
Overview and Business Description | |
Products and Markets Section | |
Production and Distribution | |
Competition | |
Other Topics Included in the Business Review | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Financial Statement Analysis of an Established Business | |
Beginning the Investigation | |
The Raw Materials of an Analysis | |
Evolution of the Approach to Financial Statements | |
Illustration of the Basic Approach | |
Review of Neiman Marcus Financial Analysis | |
Management's Projections | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
The Limitations of Accounting Data | |
Basic Accounting Issues | |
Global Issues | |
Company-Specific Accounting Issues | |
The Fundamental Objective of Public Companies | |
Case Study: Stability Corp | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Financial Analysis and Company Classification | |
Company Classifications | |
The Mature Company | |
The Growth Company | |
The Cyclical Company | |
The Declining Company | |
The Turnaround | |
The Pioneer | |
Financial Games | |
Extra Shares Outstanding? | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Financial Projection Pointers | |
The Cascade of Projections | |
The Typical Financial Projection | |
Alternate Means of Forecasting | |
Critiquing the Huntsman Chemical Projection | |
Preparing Projections | |
Cyclical Company Forecast | |
Hockey Stick Phenomenon | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Valuation and the Investment Decision | |
Valuation Methodologies | |
Assessing Each Methodology | |
Applying Multiple Methodologies | |
Summary | |
Questions and Short Problems | |
Intrinsic Value and Discounted Cash Flow | |
Issues in Applying Discounted Cash Flow | |
Discounted Cash Flow vs. Relative Value | |
Discounted Cash Flow and the P/E Ratio | |
The Discounted Cash Flow Valuation Process | |
Summary | |
Questions and Short Problems | |
Discounted Cash Flow: | |
Choosing the Right Discount Rate | |
Beta | |
The Buildup Method for the Equity Rate of Return | |
Special Cases | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
The Relative Value Approach | |
Real Estate Analogy | |
What's the Right P/E Ratio? | |
Case Study: Temporary Staffing Services | |
Valuing an Initial Public Offering | |
Balance Sheet Items and Relative Value | |
How High is Up? | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Marginal Performers | |
Defining the Problem Company | |
Small Companies and Relative Value | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
The M&A Market, Security Analysis, and Valuation | |
Understanding Leveraged Buyouts | |
LBO Mechanics | |
Case Study: Keane, Inc | |
How Much Can the PE Firm Pay? | |
LBO Valuation and the Security Analysis of a Publicly-Traded Company | |
Strategic Takeover Values | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Sum-of-the-Parts Analysis | |
Background | |
Taxes Favor Spin-offs vs. Cash Sales | |
Sample Sum-of-the-Parts Analysis | |
Business Division Valuation | |
Non-Operating Corporate Assets and Liabilities | |
Unlocking Sum-of-the-Parts Values | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
The Investment Recommendation | |
Summary Top-Down Analysis | |
Discounted Cash Flow Valuation | |
Relative Value/Sum-of-the-Parts Valuation Approach | |
Acquisition Value | |
Leveraged Buyout Method | |
Investment Recommendation | |
Summary | |
Questions and Short Problems | |
Adopt-a-Company Exercises | |
Special Cases | |
Private Equity | |
Industry Segmentation | |
One Trillion Plus Funds Under Management | |
Private Equity Fund Investors | |
Fee Structure | |
Other Fees Charged to Clients | |
Private Equity Does Not Beat the S&P 500 | |
Private Equity Funds and Information Collection | |
Similar Accounting Information | |
Private Equity Changes to the Public Company Valuation Methodology | |
Liquidity and Control Adjustments | |
Summary | |
Questions and Short Problems | |
Natural Resource Companies | |
General Methodology | |
The Financial Reporting of Natural Resource Companies | |
Case Study: Encore Acquisition Company | |
Mining Companies | |
Summary | |
Questions and Short Problems | |
Financial Industry Stocks | |
Product Lines | |
The Nature of Financial Assets | |
Two Sets of Skills | |
Lending | |
Large Commercial Banks | |
Summary | |
Questions and Short Problems | |
Insurance Companies | |
General Background | |
Principal Functions of an Insurance Company | |
Insurance Company Regulation | |
Financial Statement Analysis: P&C Company | |
Financial Statement Ratios | |
Life Insurance Companies | |
Summary | |
Questions and Short Problems | |
Highly Speculative Stocks | |
Background | |
Discounted Cash Flow | |
Alternative Assumptions for Ballard Stock | |
Summary | |
Questions and Short Problems | |
Distressed Securities and Turnarounds | |
Investment Opportunities | |
Screening Technique | |
Recognize the Options of an Unsuccessful Turnaround | |
Financial Analysis of Company with Leverage Problems | |
The Investment Decision | |
Evaluating Turnarounds | |
Liquidations | |
Summary | |
Questions and Short Problems | |
International Stocks | |
The Role of Security Analysis | |
American Depository Receipts | |
Developed Country Markets | |
Relative Value Multiples | |
Summary | |
Questions and Short Problems | |
The Emerging Markets | |
Emerging Markets and Security Analysis | |
Stockpricing Guidelines | |
Financial Projections | |
Emerging Market Equity Discount Rate | |
Relative Value in the Emerging Markets | |
Summary | |
Questions and Short Problems | |
In Conclusion | |
Asset Booms and Busts | |
The 2008 Crash: Contributing Causes | |
Collapse of the U.S. Housing Bubble | |
Failure of the Referees | |
The Certainty of Another Crash | |
How Might Security Analysis and Business Valuation Change? | |
Summary | |
Questions and Short Problems | |
Closing Thoughts | |
Notes | |
About the Author | |
Index | |
Table of Contents provided by Publisher. All Rights Reserved. |
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