Applied Equity Analysis: Stock Valuation Techniques for Wall Street Professionals - English, James
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Today's Most Comprehensive Practitioner's Guide to Modern Equity Analysis Professional equity analysts must contend with a number of strong forces, each pulling in separate but equally relentless directions. Applied Equity Analysis ties these disparate elements into a seamless whole, and presents a clear, complete equity analysis picture. Written from the working analyst's point of view, in a singularly candid style that is both thought provoking and illuminating, Applied Equity Analysis covers: * How to think, speak, and develop investment recommendations in the language of Wall Street * How…mehr

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Produktbeschreibung
Today's Most Comprehensive Practitioner's Guide to Modern Equity Analysis Professional equity analysts must contend with a number of strong forces, each pulling in separate but equally relentless directions. Applied Equity Analysis ties these disparate elements into a seamless whole, and presents a clear, complete equity analysis picture. Written from the working analyst's point of view, in a singularly candid style that is both thought provoking and illuminating, Applied Equity Analysis covers: * How to think, speak, and develop investment recommendations in the language of Wall Street * How competitive forces directly impact financial results and, in the process, drive stock valuation * How to use valuation methodologies designed to quantify the growth and earnings assumptions inherent in speculative stock prices Applied Equity Analysis emphasizes techniques that work on a day-to-day basis, rather than traditional but often impractical academic approaches. By combining a solid discussion of finance and investment theory with techniques popular among today's buy- and sell-side analysts, it presents a picture of stock investment analysis that is analytically rigorous, aggressively uncompromising, and based on earnings--the true driving force of Wall Street. "The equity analyst's job is to present a position, supported by financial and non-financial evidence. Data unnecessary to the argument are, in a word, unnecessary. However, the analyst must understand all the data, relevant or not. The ultimate goal of the equity analyst is the exploitation of any difference between a stock's price and its value." --From Chapter 1 Applied Equity Analysis is about understanding all the data. Written by former JP Morgan managing director James English--an adjunct professor of finance at the Columbia University School of Business, honored by The Wall Street Journal for his stock analysis skills--this innovative book treats valuation as a practical tool rather than a theoretical exercise. Its integrated approach shows you how to build straight-line connections between a firm's fundamental competitive situation and its stock performance, by combining an understanding of a firm's competitive strengths and weaknesses with accurate financial statement analysis--to build a more complete model of a firm's future stock market performance Combining a solid discussion of finance and investment theory with techniques frequently used by working buy- and sell-side analysts, Applied Equity Analysis discusses: * Specific valuation techniques for identifying stocks that are undervalued relative to their peers * Quantitative techniques to link a firm's projected future financial performance to its potential future valuation--based upon the current trading patterns of comparable stocks * A hybrid valuation technique to mathematically calculate a stock's inherent growth expectations * A proven strategy for formulating and successfully presenting an investment recommendation * An entire chapter on the Stern Stewart EVATM system as an alternative--and potentially useful--way of decoding financial statement information * Relative and hybrid earnings-based valuation techniques that are more practical than cash-flow methods--and frequently far superior On today's Wall Street, equity analysts must focus on a firm's ability to produce returns that exceed capital costs, and then estimate the firm's future power to maintain and increase those returns. Let Applied Equity Analysis supply you with in-depth examples and explanations of Wall Street's most important equity analysis tools--and give you a hands-on, real-world handbook for equity analysis in today's complex financial marketplace.
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Autorenporträt
James English (Chappaqua, NY) is managing director in JP Morgan's venture capital unit and an adjunct professor of finance at Columbia University School of Business.