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Full Description
How should an investor challenge the market price and find value? This book provides a new lens, arguing that value investing is a matter of understanding the business through accounting. Stephen Penman and Peter F. Pope—leading authorities on accounting and its investment applications—demonstrate why attention to financial statements is the key to judicious valuation. More broadly, they show that accounting fundamentals, when analyzed in a systematic manner, teach us how to think about value in new ways.
This guide to investing through analysis of financial statements presents both underlying principles and practical examples. It examines how an accounting book is structured, the ways to read one in order to extract information about value, and why accounting techniques help investors avoid common traps. Through cases that depict finance, investing, and accounting principles in action, readers learn crucial lessons for challenging the market's pricing.
Financial Statement Analysis for Value Investing is essential reading for anyone interested in the fundamentals of value investing, practitioners and students alike. Both professional and individual investors can benefit from its techniques and insights, and it is well suited for value investing and financial statement analysis courses in business schools.
Contents
Preface
1. Opening the Book
2. Cheap Value Investing
3. Keeping a Book for Value Investing
4. Accounting for the Market Price
5. Accounting for Leverage
6. Accounting for Profitability
7. Accounting for Growth
8. Accounting for Risk to Value
9. Keeping the Book: The Anchoring Balance Sheet
10. Keeping the Book: The Anchoring Income Statement
11. Investing by the Book: Special Situations
12. Investing by the Book: Investing in Style
13. Keeping a Book on Liquidity and the Analysis of Credit Risk
14. Closing the Book
Index
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