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The fully revised new edition of the best-selling guide to using financial models to determine if a stock is over or undervalued
Written by the founder and CEO of the world-renowned New York School of Finance, Financial Modeling and Valuation provides clear and systematic guidance on accurately evaluating the soundness of a stock investment. This invaluable handbook equips investors with the tools necessary for understanding the underlying fundamentals of a rational investment and for making smarter investment decisions in any market environment.
Built around an in-depth case study of global retail leader Amazon, this fully updated Second Edition shows you how to analyze the financial standing of a company using the methods of Wall Street professionals. Step-by-step, you will learn to build the core three statements--income statement, cash flow statement, and balance sheet--as well as the three major supporting schedules required for complete company valuation and analysis. All line items are explained in clear language and include real-world tips and techniques for using them as tools for valuing and managing a business. This must-have guide:
Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity, Second Edition is essential reading for finance professionals, venture capitalists, individual investors, and students in investment banking and related degree programs in finance.
Auteur
PAUL PIGNATARO is Founder of the New York School of Finance, a world leader in providing finance education to banks, firms, and universities throughout the world. He is also Managing Partner of Caterson Consulting, a consulting firm providing merger, acquisition, and private equity services. He is the author of the Investment Banking and Private Equity in Practice series of books. Previously, Paul worked at TH Lee Putnam Ventures, a $1 billion private equity firm affiliated with buyout giant Thomas H. Lee Partners, and at Morgan Stanley, where he worked on various transactions in the technology, energy, transportation, and business services industries.
Texte du rabat
FINANCIAL MODELING AND VALUATION
A one-stop roadmap to building and using a financial model Financial Modeling and Valuation is featured in over 600 universities and libraries throughout the world and has been translated to simplified Chinese. The Second Edition of Financial Modeling and Valuation offers readers an authoritative and accessible guide to accurately modeling and valuing a company's stock based on its underlying fundamentals. The book provides a fulsome basis for the development of a complete financial model. You'll learn to build the three core financial statements-the income statement, the statement of cash flows, and the balance sheet-as well as the three major supporting schedules necessary for a complete company valuation and analysis. You'll discover what each line item means and how to use them as tools to value and manage a business. Ideal for retail investors, venture capitalists, and finance professionals, this latest edition of Financial Modeling and Valuation will prove to be an invaluable resource for students of business, finance, and investment banking at the undergraduate and graduate levels.
Contenu
Preface xv
The Amazon Case Study xvi
How This Book Is Structured xvii
Part One
Financial Statements and Projections 1
Chapter 1
The Income Statement 3
Revenue 4
Cost of Goods Sold 4
Gross Profit 4
Operating Expenses 5
Other Income 6
EBITDA 6
Depreciation and Amortization 8
EBIT 8
Interest 9
EBT 9
Taxes 9
Net Income 10
Non-Recurring and Extraordinary Items 10
Distributions 11
Net Income (as Reported) 11
Shares 11
Earnings per Share (EPS) 12
Amazon's Income Statement 12
Revenue 14
Getting to EBITDA 20
Digging up Depreciation 20
Cost of Goods Sold 23
Gross Profit 23
Fulfillment 25
Technology and Content 25
Marketing, General and Administrative,
Other Operating Expense (Income), Net 27
Total Operating Expenses 27
EBITDA 27
Beyond EBITDA 28
Depreciation and Amortization 28
EBIT 29
Other Income 30
Interest 31
EBT 31
Taxes 31
Net Income from Continuing Operations 32
Non-Recurring and Extraordinary Items 32
Net Income (after Non-Recurring Events) 33
Distributions 33
Net Income (as Reported) 33
Shares and EPS 34
Income Statement - Making Projections 35
Revenue 35
Cost of Goods Sold 40
Operating Expenses 45
Depreciation and Amortization 46
Other Income 49
Seven Methods of Projections 49
Interest Income 53
Taxes 53
Non-Recurring Events 55
Distributions 55
Equity Method Investment Activity 55
Dividends 57
Shares 57
Basic Shares Outstanding 57
Diluted Shares Outstanding and the Treasury Method 57
Earnings per Share 60
Chapter 2
The Cash Flow Statement 67
Cash from Operating Activities 67
Revenue 69
Cost of Goods Sold 69
Operating Expenses 69
Depreciation 69
Interest 69
Taxes 70
Cash from Investing Activities 71
Cash from Financing Activities 71
Financial Statement Flows Example 72
Amazon's Cash Flow Statement 78
Cash from Operating Activities 78
Cash from Investing Activities 81
Cash from Financing Activities 82
Cash Flow Statement - Making Projections 84
Cash from Operating Activities 85
Depreciation and Amortization 85
Stock-Based Compensation 85
Other Operating Expense 88
Other Expense (Income) 90
Deferred Taxes 91
Changes in Operating Working Capital 91
Cash from Investing Activities 92
Proceeds from Property and Equipment Sales and Incentives 98
Items Based on Cash Available 98
Cash Flow from Financing Activities 101
Effect of Exchange Rate on Cash 101
Chapter 3
The Balance Sheet 107
Assets 107
Current Assets 107
Cash and Cash Equivalents 107
Accounts Receivable 107
Inventory 108
Prepaid Expense 109
Non-Current Assets 110
Property, Plant, and Equipment (PP&E) 110
Intangible Assets 110
Liabilities 110
Current Liabilities 110
Accounts Payable 110
Accrued Liabilities 111
Short-Term Debts 111
Non-Current Liabilities 111
Long-Term Debts 111
Deferred Taxes 111
Amazon's Balance Sheet 112
Current Assets 113
Non-Current Assets 113
Operating Leases 114
Goodwill 114
Other Assets 114
Current Liabilities 114
Short-Term Debt 115
Non-Current Liabilities 115
Other Long-Term Liabilities 116
Shareholders' Equity 116
Common Stock and Additional Paid-in Capital 117
Treasury Stock, Accumulated Other Comprehensive
Loss and Retained Earnings 117
Chapter 4
Depreciation Schedule 119
Straight-Line Depreciation 120
Accelerated Depreciation 121
Declining Balance 121
Sum of the Year's Digits 122
Modified Accelerated Cost Recovery System (MACRS) 122
Deferred Taxes 125
Deferred Tax Asset 125
NOL Carryback Example 126
Deferred Tax Liability 127
Projecting Depreciation 129
Straight-Line Depreciation 129
Anchoring Formula References 133
Projecting Deferred Taxes 152
Chapter 5
Working Capital 155
Operating Working Capital 156
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