Financial Modeling and Valuation

Paul Pignataro 지음

Wiley 2013년 06월 18일 출간 국내도서 : 2023년 02월 01일 출간

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Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book.When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities.Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book.Hot keys and explicit Excel instructions aid even the novice excel modeler.Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs.Illustrative concepts including detailing model flows help aid in conceptual understanding.Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional.Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections.Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals.Illustrative comparable company analyses - built the right way,

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Preface xvThe Walmart Case Study xviHow This Book Is Structured xviiPart ONEFinancial Statements and Projections 1Chapter 1The Income Statement 3Revenue 4Cost of Goods Sold 4Gross Profit 4Operating Expenses 5Other Income 6EBITDA 6Depreciation and Amortization 8EBIT 8Interest 9EBT 9Taxes 9Net Income 10Non-Recurring and Extraordinary Items 10Distributions 11Net Income (as Reported) 11Shares 11Earnings per Share (EPS) 12Walmart&'s Income Statement 12Revenue 15Getting to EBITDA 19Digging up Depreciation 19Cost of Goods Sold 21Gross Profit 22Selling, General, and Administrative Expenses 23Other Income 23EBITDA 24Beyond EBITDA 24Depreciation and Amortization 24EBIT 24Interest 25EBT 25Taxes 26Net Income 26Non-Recurring Events 26Net Income (after Non-Recurring Events) 28Distributions 28Net Income (as Reported) 29Shares and EPS 29Income Statement&m-Making Projections 31Revenue 32Cost of Goods Sold 36Operating Expenses 38Depreciation and Amortization 40Interest Income 40Taxes 40Non-Recurring Events 42Non-Controlling Interest 43Shares 44Basic Shares Outstanding 44Diluted Shares Outstanding and the Treasury Method 45Earnings per Share 47Chapter 2The Cash Flow Statement 51Cash from Operating Activities 51Revenue 53Cost of Goods Sold 53Operating Expenses 53Depreciation 53Interest 53Taxes 54Cash from Investing Activities 55Cash from Financing Activities 55Financial Statement Flows Example 56Walmart&'s Cash Flow Statement 62Cash from Operating Activities 62Cash from Inve

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저자(글) Paul Pignataro

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PAUL PIGNATARO is the founder and CEO of the New York School of Finance (NYSF). He has over thirteen years of experience in investment banking and private equity in business mergers, acquisitions, restructurings, asset divestitures, asset acquisitions, and debt and equity transactions covering the oil, gas, power and utility, internet and technology, real estate, defense, travel, banking, and service industries. At NYSF, Mr. Pignataro continues to participate on the training team, actively providing training at bulge bracket banks and M#38;A teams at corporations, and billion dollar funds. Prior to his entrepreneurial endeavors, Mr. Pignataro worked at TH Lee Putnam Ventures, a $1 billion private equity firm affiliated with buyout giant Thomas H. Lee Partners. Prior to TH Lee, Mr. Pignataro worked in the Investment Banking department of Morgan Stanley.