Summary: Equity Analysis and Valuation focuses on the practical problem of valuing an actual company using real world data. It gives serious treatment to the underlying theory of financial analysis and valuation, but the main goal is to be able to arrive at a pragmatic answer to the question, what is this company really worth The overriding theme is that good forecasts of the future financial statements are they key input to a good valuation. The book also comes with eVal 200...show more3, an Excel-based software application that guides the user through the forecasting and valuation process, and handles the tedious details of valuation computations. eVal also comes with the financial data for over 8000 companies along with links to company websites, SEC filings, forecasts and other great sources of data to improve the user's forecasts.
The entire Media General database is available with this version. This will include the financial statements for over 6,000 companies. This gives the instructor unlimited freedom in terms of case choice, contrasting companies, competitive industry analysis, favorite companies, etc., and also gives students unlimited freedom for project choices.
New textbook. The standard eVal disk now comes packaged with a textbook that explains forecasting and valuation techniques. Now students can study the process in the text while working with real-data in the eVal software.
Cases will be placed on the eVal website for free for instructor and students use (most case-providing entities charge for cases, i.e., Harvard Cases). eVal users are encouraged to post their own successful class cases on the site as well.
Past financial statement data can be imported into eVal in a variety of ways. If the student has automatic access to Compustat, to Global Access or to MarketGuide, eVal can import data that has been downloaded from these services directly.
eVal automates many repetitive tasks in financial statement analysis and valuation. It structures the process in a way that is logical and easy to follow. It teaches the students how to value a company by having them actually do it. And it is easy to use! Anyone who has used Excel will be very comfortable with eVal.
eVal contains an electronic textbook that links directly to the software, and to useful data sources on the internet. This allows the student to get specific answers to questions they have about conducting an analysis and valuation at precisely the time they need it. Instructors have been looking for software for their students to perform comprehensive financial and valuation analysis, and now they will have these resources available in one powerful technology component.
Data can be manually entered by cutting and pasting from common web sources into an eVal template (and the textbook suggests a number of sources for the necessary data).
Armed with the past financial statement data, eVal automatically conducts a comprehensive ratio and cash flow analysis and displays the results both numerically and graphically. For each ratio there is a hyperlink back to the textbook that explains the construction and interpretation of the ratio.
eVal suggests some useful web sites where the student can access industry-level ratios to compare with their specific company ratios. Based on the analysis of past ratios and industry ratios, the student then enters forecast assumptions to create pro forma financial statements. Again, eVal provides numerous links to the textbook that discuss the important considerations when forecasting a particular line item of the financial statements, as well as starting the student off with logical default forecasts.
eVal prompts the student to enter cost of capital and other valuation assumptions and then presents a valuation of the company based on both the residual income and the discounted cash flow models. This is a tedious calculation that eVal performs automatically and eVal does it right! The forecasted value of the firm is the same for both models. Further, the textbook derives both valuation models and discusses the relevant issues when selecting cost of capital assumptions.
Russell Lundholm and Richard Sloan are two well respected MBA faculty and researchers at the University of Michigan. They are two of the top young accounting faculty in the country.
Edition/Copyright:04 Cover: Hardback Publisher:Richard D. Irwin, Inc. Published: 10/28/2004 International: No
View Table of Contents
1. Introduction 2. Information Collection 3. Understanding the Business 4. Accounting Analysis 5. Financial Ratio Analysis 6. Cash Flow Analysis 7. Structured Forecasting 8. Forecasting Details 9. The Cost of Capital 10. Valuation 11. Valuation Ratios 12. Some Complications
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