Proven Techniques for All Managers and Financial Professionals to Generate, Understand, and Act Upon Key Financial Information The syntax and "code" of financial analysis, along with the avenues for arriving at appropriate and useful answers, have long seemed like a foreign language to nonfinancial managers. Financial Analysis Tools and Techniques simplifies the process, and provides busy managers and professionals with the guidelines they need for conducting effective analyses and making sound economic trade-offs and business decisions. In a business systems context, this essential book…mehr
Proven Techniques for All Managers and Financial Professionals to Generate, Understand, and Act Upon Key Financial Information The syntax and "code" of financial analysis, along with the avenues for arriving at appropriate and useful answers, have long seemed like a foreign language to nonfinancial managers. Financial Analysis Tools and Techniques simplifies the process, and provides busy managers and professionals with the guidelines they need for conducting effective analyses and making sound economic trade-offs and business decisions. In a business systems context, this essential book explains how to: * Interpret financial statements * Develop financial projections * Evaluate business investment decisions * Assess the implications of financing choices * Derive the value of a business or security * Understand the role of analysis in creating shareholder value Financial Genome by Modernsoft, Inc. This advanced knowledge-based business analysis and planning software is fully integrated with this book, allowing users to: * Access data from databases, spreadsheets, user input * Develop free-form or structured analyses with consistency * Produce a wide variety of customizable financial statements * Create integrated financial pro-forma projections Download Financial Genome for a free 30-day trial from www.modernsoft.com (See Appendix I for details) Since the first of its ten editions appeared in 1963, Erich Helfert's seminal Techniques of Financial Analysis has provided business students as well as financial practitioners with a concise and practical overview of financial analysis tools and concepts. What sets this classic text apart then, and continues to distinguish it today, has been its focus on the continuous interrelationship between management decisions and the economic value of a business, explained in a unique systems context. Financial Analysis: Tools and Techniques adapts this seminal reference to today's fast-changing professional market and establishes a new benchmark for direct, concise, and practical financial analysis information and interpretation. Specifically addressing key analytical needs in the tumultuous twenty-first-century business environment, it comments on valuable business applications of the tools and concepts with insights from Erich Helfert and his consulting clients. Providing focused analyses of the economics of business investments and valuation, presenting discussions of cash-flow trade-offs and time-value analysis against the strategic backdrop of the business system, and emphasizing enhancement of shareholder value through value-based management (VBM), Financial Analysis: Tools and Techniques will help all nonfinancial managers to make sound investment, operating, and financing decisions. Concise yet sufficiently detailed, it covers the full range of financial analysis issues, including: * Managing the business as a system * Financial statements * Funds cycles for manufacturing, sales, and service * Cash management * Ratio analysis and performance * Pro-forma financial statements * Financial modeling * Leverage * Financial growth plans * Time value of money * Analysis of investment decisions * Using return standards * Cost of capital * Financing choices * Definitions of value * Shareholder value and value-based methodologies Financial Analysis: Tools and Techniques is a quick and easy read for the nonfinancial manager and an excellent refresher and reference for the financial professional. In conjunction with its companion software Financial Genome, it represents the next step in financial analysis--one that gives financial analysis and economic decisions their proper importance and context in the successful operation of a business.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Erich A. Helfert (San Mateo, CA) is an internationally recognized management consultant in corporate finance, strategic planning, and executive education in financial/economic decision making and shareholder value creation. Dr. Helfert is chairman and co-founder of Modernsoft, Inc., San Mateo, CA, developers of Financial Genome, advanced interactive financial analysis and business modeling software, which is complementary to Techniques of Financial Analysis.
Inhaltsangabe
Introduction Chapter 1 The Challenge of Financial/Economic Decision-making Lessons for the Millennium The New Economy Some Key Questions The Basics Never Change The Economic Manager Understanding Business Economics Appropriate Economic Tools The Practice of Financial/Economic Analysis Day to Day Decisions and Operational Planning Supporting Strategy Development Performance Assessment and Incentives Valuation and Investor Communications The Value Creating Company Relevant Decision Information Economic Incentives Total Systems Management Chapter 2 A Systems Context for Financial Management A Dynamic Perspective of Business Decision Context The Business System Investment Decisions Operating Decisions Financing Decisions Interrelationship of Strategy and Value Creation The Nature of Financial Statements The Balance Sheet The Income Statement The Cash Flow Statement The Statement of Changes in Shareholders' (Owners') Equity The Context of Financial Analysis Key Issues Analytical Support Chapter 3 Managing Operating Funds Funds Flow Cycles The Funds Cycle for Manufacturing The Funds Cycle for Sales The Funds Cycle for Services Variability of Funds Flows Growth/Decline Variations Seasonal Variations Cyclical Variations Generalized Funds Flow Relationships Interpreting Funds Flow Data Funds Management and Shareholder Value Cash Management Working Capital Management Investment Management Key Issues Analytical Support Chapter 4 Assessment of Business Performance Ratio Analysis and Performance Management's Point of View Operational Analysis Resource Management Profitability Owners' Point of View Investment Return Disposition of Earnings Market Indicators Lenders' Point of View Liquidity Financial Leverage Debt Service Ratios as a System Elements of Return on Assets Elements of Return on Equity Integration of Financial Performance Analysis Some Special Issues Inventory Costing Depreciation Methods The Impact of Inflation Key Issues Analytical Support Chapter 5 Projection of Financial Requirements Pro Forma Financial Statements Pro Forma Income Statement Pro Forma Balance Sheet Pro Forma Cash Flow Statement Cash Budgets Operating Budgets Sales Budget Production Budget Interrelationship of Financial Projections Financial Modeling Sensitivity Analysis Key Issues Analytical Support Chapter 6 Dynamics and Growth of the Business System Leverage Operating Leverage Target Profit Analysis Financial Leverage Financial Growth Plans Basic Financial Growth Model Sustainable Growth and the Sustainable Growth Equation Integrated Financial Plan Key Issues Analytical Support Chapter 7 Cash Flows and the Time Value of Money The Time Value of Money Discounting, Compounding, and Equivalence Components of Analysis Net Investment Net Operating Cash Inflows Economic Life Terminal (Residual) Value Methods of Analysis Simple Measures Economic Investment Measures Net Present Value Present Value Payback Profitability Index (BCR) Internal Rate of Return (IRR, Yield) Annualized Net Present Value Applying Time-Adjusted Measures Key Issues Analytical Support Chapter 8 Analysis of Investment Decisions Strategic Perspective Decisional Framework Problem Definition Nature of the Investment Future Costs and Benefits Incremental Cash Flows Relevant Accounting Data Sunk Costs Refinements of Investment Analysis A Machine Replacement Net Investment Refined Operating Cash Inflows Refined Unequal Economic Lives Capital Additions and Recoveries Analytical Framework A Business Expansion Mutually Exclusive Alternatives Maintain versus Replace Full-Fledged versus Economy Solution Comparing Different Scenarios Dealing with Risk and Changing Circumstances Specifying Risk Ranges of Estimates Business Investments as Options Probabilistic Simulation Risk-Adjusted Return Standards When to Use Investment Measures Some Further Considerations Leasing-A Financing Choice Accelerated Depreciation Inflation and Investment Analysis Accuracy Key Issues Analytical Support Chapter 9 Cost of Capital and Business Decisions Decisional Context Investment Decisions Operating Decisions Financing Decisions Cost of Operating Funds Cost of Long-term Debt Cost of Shareholders' Equity Preferred Stock Common Equity Weighted Cost of Capital Cost Choices Weighting the Proportions Calculating the Weighted Cost of Capital Cost of Capital and Return Standards Cost of Capital as a Cutoff Rate Risk Categories Cost of Capital in Multibusiness Companies Multiple Rate Analysis Key Issues Analytical Support Chapter 10 Analysis of Financing Choices Framework for Analysis Cost of Incremental Funds Risk Exposure Flexibility Timing Control The Choice Techniques of Calculation Current Performance Long-Term Debt in the Capital Structure Preferred Stock in the Capital Structure Common Stock in the Capital Structure Range of Earnings Chart The Optimal Capital Structure Some Special Forms of Financing Leasing Convertible Securities Stock Rights Warrants Key Issues Analytical Support Chapter 11 Valuation and Business Performance Definitions of Value Economic Value Market Value Book Value Liquidation Value Breakup Value Reproduction Value Collateral Value Assessed Value Appraised Value Going Concern Value Shareholder Value Value to the Investor Bond Values Preferred Stock Values Common Stock Values Specialized Valuation Issues Rights and Warrants Options Business Valuation Valuing the Equity Valuing the Total Company Using Shortcuts in Valuing an Ongoing Business Key Issues Analytical Support Chapter 12 Managing for Shareholder Value Shareholder Value Creation in Perspective Evolution of Value-Based Methodologies A Review of Key Measures Economic Profit and CFROI Creating Value in Restructuring and Combinations Restructuring and Value Combinations and Synergy Combinations and Share Values Integration of Value Analysis Perspectives Expectations Time Period Cash Flow Pattern Ongoing Values Comparables Negotiations Key Issues Analytical Support Appendix I Financial Analysis Using Financial Genome Appendix II Glossary of Key Terms and Concepts Appendix III Financial Information and On-Line Sources Appendix IV Basic Inflation Concepts Appendix V Some Issues in Multinational Financial Analysis Index Footnotes Chapter 6 1 Chapter 12 1 Appendix 2 1
Introduction Chapter 1 The Challenge of Financial/Economic Decision-making Lessons for the Millennium The New Economy Some Key Questions The Basics Never Change The Economic Manager Understanding Business Economics Appropriate Economic Tools The Practice of Financial/Economic Analysis Day to Day Decisions and Operational Planning Supporting Strategy Development Performance Assessment and Incentives Valuation and Investor Communications The Value Creating Company Relevant Decision Information Economic Incentives Total Systems Management Chapter 2 A Systems Context for Financial Management A Dynamic Perspective of Business Decision Context The Business System Investment Decisions Operating Decisions Financing Decisions Interrelationship of Strategy and Value Creation The Nature of Financial Statements The Balance Sheet The Income Statement The Cash Flow Statement The Statement of Changes in Shareholders' (Owners') Equity The Context of Financial Analysis Key Issues Analytical Support Chapter 3 Managing Operating Funds Funds Flow Cycles The Funds Cycle for Manufacturing The Funds Cycle for Sales The Funds Cycle for Services Variability of Funds Flows Growth/Decline Variations Seasonal Variations Cyclical Variations Generalized Funds Flow Relationships Interpreting Funds Flow Data Funds Management and Shareholder Value Cash Management Working Capital Management Investment Management Key Issues Analytical Support Chapter 4 Assessment of Business Performance Ratio Analysis and Performance Management's Point of View Operational Analysis Resource Management Profitability Owners' Point of View Investment Return Disposition of Earnings Market Indicators Lenders' Point of View Liquidity Financial Leverage Debt Service Ratios as a System Elements of Return on Assets Elements of Return on Equity Integration of Financial Performance Analysis Some Special Issues Inventory Costing Depreciation Methods The Impact of Inflation Key Issues Analytical Support Chapter 5 Projection of Financial Requirements Pro Forma Financial Statements Pro Forma Income Statement Pro Forma Balance Sheet Pro Forma Cash Flow Statement Cash Budgets Operating Budgets Sales Budget Production Budget Interrelationship of Financial Projections Financial Modeling Sensitivity Analysis Key Issues Analytical Support Chapter 6 Dynamics and Growth of the Business System Leverage Operating Leverage Target Profit Analysis Financial Leverage Financial Growth Plans Basic Financial Growth Model Sustainable Growth and the Sustainable Growth Equation Integrated Financial Plan Key Issues Analytical Support Chapter 7 Cash Flows and the Time Value of Money The Time Value of Money Discounting, Compounding, and Equivalence Components of Analysis Net Investment Net Operating Cash Inflows Economic Life Terminal (Residual) Value Methods of Analysis Simple Measures Economic Investment Measures Net Present Value Present Value Payback Profitability Index (BCR) Internal Rate of Return (IRR, Yield) Annualized Net Present Value Applying Time-Adjusted Measures Key Issues Analytical Support Chapter 8 Analysis of Investment Decisions Strategic Perspective Decisional Framework Problem Definition Nature of the Investment Future Costs and Benefits Incremental Cash Flows Relevant Accounting Data Sunk Costs Refinements of Investment Analysis A Machine Replacement Net Investment Refined Operating Cash Inflows Refined Unequal Economic Lives Capital Additions and Recoveries Analytical Framework A Business Expansion Mutually Exclusive Alternatives Maintain versus Replace Full-Fledged versus Economy Solution Comparing Different Scenarios Dealing with Risk and Changing Circumstances Specifying Risk Ranges of Estimates Business Investments as Options Probabilistic Simulation Risk-Adjusted Return Standards When to Use Investment Measures Some Further Considerations Leasing-A Financing Choice Accelerated Depreciation Inflation and Investment Analysis Accuracy Key Issues Analytical Support Chapter 9 Cost of Capital and Business Decisions Decisional Context Investment Decisions Operating Decisions Financing Decisions Cost of Operating Funds Cost of Long-term Debt Cost of Shareholders' Equity Preferred Stock Common Equity Weighted Cost of Capital Cost Choices Weighting the Proportions Calculating the Weighted Cost of Capital Cost of Capital and Return Standards Cost of Capital as a Cutoff Rate Risk Categories Cost of Capital in Multibusiness Companies Multiple Rate Analysis Key Issues Analytical Support Chapter 10 Analysis of Financing Choices Framework for Analysis Cost of Incremental Funds Risk Exposure Flexibility Timing Control The Choice Techniques of Calculation Current Performance Long-Term Debt in the Capital Structure Preferred Stock in the Capital Structure Common Stock in the Capital Structure Range of Earnings Chart The Optimal Capital Structure Some Special Forms of Financing Leasing Convertible Securities Stock Rights Warrants Key Issues Analytical Support Chapter 11 Valuation and Business Performance Definitions of Value Economic Value Market Value Book Value Liquidation Value Breakup Value Reproduction Value Collateral Value Assessed Value Appraised Value Going Concern Value Shareholder Value Value to the Investor Bond Values Preferred Stock Values Common Stock Values Specialized Valuation Issues Rights and Warrants Options Business Valuation Valuing the Equity Valuing the Total Company Using Shortcuts in Valuing an Ongoing Business Key Issues Analytical Support Chapter 12 Managing for Shareholder Value Shareholder Value Creation in Perspective Evolution of Value-Based Methodologies A Review of Key Measures Economic Profit and CFROI Creating Value in Restructuring and Combinations Restructuring and Value Combinations and Synergy Combinations and Share Values Integration of Value Analysis Perspectives Expectations Time Period Cash Flow Pattern Ongoing Values Comparables Negotiations Key Issues Analytical Support Appendix I Financial Analysis Using Financial Genome Appendix II Glossary of Key Terms and Concepts Appendix III Financial Information and On-Line Sources Appendix IV Basic Inflation Concepts Appendix V Some Issues in Multinational Financial Analysis Index Footnotes Chapter 6 1 Chapter 12 1 Appendix 2 1
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