Beyond Earnings

David A. Holland , Bryant A. Matthews 지음

Wiley 2017년 12월 04일 출간

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Step up stock selection with advanced valuation techniques Beyond Earnings provides finance professionals with the most advanced techniques available for complex valuation and corporate performance analysis. Deep in detail and comprehensive in scope, this book features the first empirical discussion of mean-reversion in corporate profitability and growth, with expert guidance toward practical solutions. By focusing on cash flow and the economics of a company’s performance, the discussion relates a more effective process for stock screening, selection, and valuation. Step-by-step calculations guide you through the application of the HOLT CFROI and Economic Profit approaches for measuring operating performance, and expert insight from Credit Suisse researchers and consultants sheds new light on familiar situations. Stock selection is the critical point in the performance matrix, and screening and valuation practices weigh heavily into a firm’s performance. As investors face increasing pressure to perform at ever-higher levels, this book provides essential analysis methods that help paint a more complete picture of a potential investment’s performance. Assess a firm’s performance accurately by adjusting for accounting distortions Calculate economic profit and CFROI Estimate future cash flow, profit streams, and the firm’s value Model terminal value and eliminate the perpetuity assumption The effort to outperform benchmarks and exchange-traded funds grows increasingly Sisyphean as professional investors face mounting pressure from all sides. When the market is not performing to the level required to attain strategic goals, smarter stock selection becomes the lynchpin of high-performing firms. Advanced modeling provides an edge over traditional models in that it paints a truer picture of a corporation’s status, and extends that vision further into the future to facilitate more

목차

Introduction xix The Pricing Puzzle: Foundational HOLT Concept and a Key to Better Valuation xix Overview of Book Chapters xxvi Who Are We and What Do We Hope to Achieve xxviii I Financial Performance Assessment 1 Never Forget the Golden Rule: Pursue Strategies with Positive NPV 3 2 The Flying Trapeze of Performance Metrics 31 3 Accounting to Cash Flow Return on Investment 57 II Discounted Cash Flow and Economic Profit Valuation 4 What's ItWorth? Valuing the Firm 113 5 Quantifying the Value and Risk of a Company's CAP 151 6 HOLT Economic Profit 191 7 Risk, Reward, and the HOLT Discount Rate 217 III Value Driver Forecasting 8 The Competitive Life-Cycle of Corporate Evolution 257 9 The Persistence of Corporate Profitability 281 10 Forecasting Growth 303 11 Evaluating Market Expectations 321 12 Closing Thoughts 359 Index 363

작가정보

저자(글) David A. Holland

DAVID A. HOLLAND is an independent consultant who serves as a senior advisor to Credit Suisse and is an adjunct professor at the University of Cape Town Graduate School of Business. Formerly, he was a managing director at Credit Suisse based in London. David oversaw HOLT Valuation and Analytics, the research and development arm of Credit Suisse HOLT, and ran their global Custom Solutions Group. BRYANT A. MATTHEWS is the senior director of research for Credit Suisse HOLT. He has over 20 years of professional experience valuing stocks and helping professional investors improve their stock selection process and valuation models. His research on understanding quality and fade has been adopted by professional investors around the world and led to numerous innovations in the flagship Credit Suisse HOLT Lens application.

저자(글) Bryant A. Matthews