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1、Chapter3HowFinancialStatementsareUsedinValuationHowFinancialStatementsareUsedinValuationChapter1introducedfundamentalanalysisandChapter2introducedthefinancialstatements.LinktoPreviousChapterThischaptershowshowfundamentalanalysisandvaluationarecarriedoutandhowthefinancialstatementsareutiliz
2、edintheprocess.Itlaysoutafive-stepapproachtofundamentalanalysisandforecastingoffinancialstatements.Simplerschemesinvolvingfinancialstatementsarealsopresented.ThisChapterChapter4willbegintheimplementationoftheanalysisoutlinedinthischapterwithvaluationbasedonforecastingcashflowstatementsLink
3、toNextChapterLinktoWebPageWhatisthemethodsofcomparables?Howarefundamentalscreensusedininvesting?Howisfundamentalanalysiscarriedout?Howdoesfundamentalanalysisutilizethefinancialstatements?Howisavaluationmodelconstructed?Howdoesthedividenddiscountmodelwork?Thewebpageoffersfurthertreatmentofc
4、omparableanalysisandscreeninganalysis,aswellasanextendeddiscussionofvaluationtechniquesandassetpricing.Italsolinksyoutofundamentalresearchengines.WhatyouwilllearnfromthisChapterWhatavaluationtechnologylookslikeWhatavaluationmodelisandhowitdiffersfromanassetpricingmodelHowavaluationmodelpro
5、videsthearchitectureforfundamentalanalysisThepracticalstepsinvolvedinfundamentalanalysisHowthefinancialstatementsareinvolvedinfundamentalanalysisHowoneconvertsaforecasttoavaluationThedifferencebetweenvaluingterminalinvestmentsandgoingconcerninvestments(likebusinessfirms)Whatbusinessactivit
6、iesgeneratevalueThedividendirrelevanceconceptWhyfinancingtransactionsdonotgeneratevalue,exceptinparticularcircumstancesWhythefocusofvaluecreationisontheinvestingandoperatingactivitiesofafirmHowthedividenddiscountmodelworks(ordoesnotwork)Howthemethodofcomparablesworks(ordoesnotwork)Howasset
7、-basedvaluationworks(ordoesnotwork)Howmultiplescreeningstrategieswork(ordonotwork)WhatisinvolvedincontrarianinvestingHowfundamentalanalysisdiffersfromscreeningSimple(andCheap)ApproachestoValuationFundamentalanalysisisdetailedandcostly.Simpleapproachesavoidfore
