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APPENDIX A Summary of responses - IFRS
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APPENDIX A Summary of responses - IFRS
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淘豆网网友近日为您收集整理了关于Business Analysis and Valuation, IFRS Edition, Third Edition的文档，希望对您的工作和学习有所帮助。以下是文档介绍：BUSINESSANALYSIS ANDVALUATIONIFRS EDITIONKrishna G. PalepuPaul M. HealyErik PeekTHIRD EDITIONCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.This is an electronic version of the print textbook. Due to electronic rights restrictions,some third party content may be suppressed. Editorial review has deemed that any suppressedcontent does not materially affect the overall learning experience. The publisher reserves the rightto remove content from this title at any time if subsequent rights restrictions require it. Forvaluable information on pricing, previous editions, changes to current editions, and alternateformats, please visit hered to search by ISBN#, author, title, or keyword formaterials in your areas of interest.Business Analysis and Valuation:IFRSedition, Third EditionKrishna G. Palepu, Paul M. Healy &Erik PeekPublishing Director: Linden HarrisPublisher: Andrew missioning Editor: AnnabelAinscowProduction Editor: Beverley CoplandProduction Controller: Eyvett DavisMarketing Manager: Amanda CheungTypesetter: CENVEO Publisher ServicesCover design: Adam RenvoizeBritish Library Cataloguing-in-Publication DataA catalogue record for this book is available from the BritishLibrary.ISBN: 978-1-Cengage Learning EMEACheriton House, North Way, Andover, Hampshire, SP10 5BEUnited KingdomCengage Learning products are represented in Canada byNelson Education Ltd.For your lifelong learning solutions, visiturchase your next print book, e-book or e-chapter at product information and technology assistance,@.For permission to use material from this text or product,and for permission queries,email emea.permissions@. 2013, Cengage Learning EMEAALL RIGHTS RESERVED. No part of this work covered bythe copyright herein may be reproduced, transmitted,stored or used in any form or by any means graphic,electronic, or mechanical, including but not limited tophotocopying, recording, scanning, digitizing, taping,Web distribution, works, or informationstorage and retrieval systems, except as permitted underSection 107 or 108 of the 1976 United States CopyrightAct, or applicable copyright law of another jurisdiction,without the prior written permission of the publisher.While the publisher has taken all reasonable care inthe preparation of this book, the publisher makes norepresentation, express or implied, with regard to the accuracyof the information contained in this book and cannot acceptany legal responsibility or liability for any errors or omissionsfrom the book or the consequences thereof.Products and services that are referred to in this book maybe either trademarks and/or registered trademarks of theirrespective owners. The publishers and author/s make noclaim to these trademarks. The publisher does not endorse,and accepts no responsibility or liability for, incorrect ordefamatory content contained in hyperlinked material.Printed in Singapore by Seng Lee Press1 2 3 4 5 6 7 8 9 10 – 15 14 13Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.BRIEF CONTENTSPART1Frame Work 1 1 A FRAMEWORK FOR BUSINESS ANALYSIS ANDVALUATION USING FINANCIAL STATEMENTS 3PART2BUSINESS ANALYSISAND VALUATION TOOLS 45 2 STRATEGY ANALYSIS 47 3 Accounting Analysis: The Basics 88 4 Accounting Analysis: AccountingAdjustments 136 5 Financial Analysis 181 6 Prospective Analysis: Forecasting 239 7 Prospective Analysis: Valuation Theoryand Concepts 278 8 Prospective Analysis: ValuationImplementation 330PART3BUSINESS ANALYSIS ANDVALUATION APPLICATIONS 379 9 Equity Security Analysis 381 10 Credit Analysis and Distress Prediction 410 11 Mergers and Acquisitions 440PART4ADDITIONAL CASES 491iiiCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.CONTENTSPreface xiAcknowledgements xvAuthors xviWalk Through Tour xviiDigital Support Resources xixPART1Frame Work 1 1 A FRAMEWORK FOR BUSINESS ANALYSIS ANDVALUATION USING FINANCIAL STATEMENTS 3The Role of Financial Reporting in Capital Markets 4From Business Activities to Financial Statements 5Influences of the Accounting System on Information Quality 6Alternative forms munication with Investors 11From Financial Statements to Business Analysis 13Public versus Private Corporations 15Summary 16Core Concepts 16Questions, Exercises and Problems 17Notes 20Appendix: Defining Europe 22CASE The role of capital market intermediariesin the
crash of 2000 23PART2BUSINESS ANALYSISAND VALUATION TOOLS 45 2 STRATEGY ANALYSIS 47Industry Analysis 47Applying Industry Analysis: The European Airline Industry petitive Strategy Analysis 53Corporate Strategy Analysis 57Summary 59Core Concepts 60Questions, Exercises and Problems 61Notes 63CASE VIZIO, Inc. 65vCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.3 Accounting Analysis: The Basics 88Factors Influencing Accounting Quality 88Steps in Accounting Analysis 90Recasting Financial Statements ounting Analysis Pitfalls 104Value of Accounting Data and Accounting Analysis 105Summary 106Core Concepts 106Questions, Exercises and Problems 107Notes 110Appendix A: First-Time Adoption of IFRS 112Appendix B: Recasting Financial Statements intoStandardized Templates 113CASE Fiat Group’s first-time adoption of IFRS 118 4 Accounting Analysis: AccountingAdjustments 136Recognition of Assets 136Asset Distortions 140Recognition of Liabilities 154Liability Distortions 155Equity Distortions 161Summary 163Core Concepts 163Questions, Exercises and Problems 164Notes 172CASE Marks and Spencer’s accounting choices 173 5 Financial Analysis 181Ratio Analysis 181Cash Flow Analysis 202Summary 206Core Concepts 207Questions, Exercises and Problems 208Notes 215Appendix: Hennes & Mauritz AB Financial Statements 216CASE Carrefour S.A. 223 6 Prospective Analysis: Forecasting 239The Overall Structure of the Forecast 239Performance Behavior: A Starting Point 242Forecasting Assumptions 245From Assumptions to Forecasts 252vi CONTENTSCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.Sensitivity Analysis 255Summary 256Core Concepts 257Questions, Exercises and Problems 257Notes 261Appendix: The Behavior ponents of ROE 261CASE Forecasting earnings and earnings growth inthe European oil and gas industry 264 7 Prospective Analysis: Valuation Theoryand Concepts 278Defining Value for Shareholders 279The Discounted Cash Flow Model 280The Discounted Abnormal Earnings Model 281The Discounted Abnormal Earnings Growth Model 283Valuation Using Price Multiples 287Shortcut Forms of Earnings-Based Valuation paring Valuation Methods 293Summary 295Core Concepts 296Summary of Notation Used in this Chapter 297Questions, Exercises and Problems 297Notes 301Appendix A: Asset Valuation Methodologies 302Appendix B: Reconciling the Discounted Dividends, DiscountedAbnormal Earnings, and Discounted Abnormal EarningsGrowth Models 303CASE TomTom’s initial public offering: dud or nugget? 305 8 Prospective Analysis: ValuationImplementation puting a Discount Rate 330Detailed Forecasts of Performance 339Terminal Values puting Estimated Values 346Some Practical Issues in Valuation 351Summary 352Core Concepts 352Questions, Exercises and Problems 353Notes 355CASE Ryanair Holdings plc 357CONTENTS viiCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.PART3BUSINESS ANALYSIS ANDVALUATION APPLICATIONS 379 9 Equity Security Analysis 381Investor Objectives and Investment Vehicles 381Equity Security Analysis and Market Efficiency 383Approaches to Fund Management and Securities Analysis 384The Process of prehensive Security Analysis 385Performance of Security Analysts and Fund Managers 389Summary 391Core Concepts 392Questions 392Notes 393CASE Valuation at Novartis 395 10 Credit Analysis and Distress Prediction 410Why Do Firms Use Debt Financing? 411The Market for Credit 413Country Differences in Debt Financing 414The Credit Analysis Process in Private Debt Markets 416Financial Statement Analysis and Public Debt 421Prediction of Distress and Turnaround 425Credit Ratings, Default Probabilities and Debt Valuation 427Summary 430Core Concepts 431Questions 432Notes 433CASE Getronics’ debt ratings 434 11 Mergers and Acquisitions 440Motivation for Merger or Acquisition 440Acquisition Pricing 443Acquisition Financing and Form of Payment 447Acquisition e 449Reporting on Mergers and Acquisitions: Purchase Price Allocations 452Summary 462Core Concepts 463Questions 463Notes 464CASE PPR – PUMA: A essful acquisition? 466viii CONTENTSCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.播放器加载中，请稍候...
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BUSINESSANALYSIS ANDVALUATIONIFRS EDITIONKrishna G. PalepuPaul M. HealyErik PeekTHIRD EDITIONCopyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or...
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