APPLIED EQUITY ANALYSIS ENGLISH Księgarnia

Applied Equity Analysis

Stock Valuation Techniques for Wall Street Proffessionals

"The equity analyst's job is to present a position, supported by financial and nonfinancial 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 assistant 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 strengths and weaknesses with 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 stocks inherent growth expectations

A proven strategy for formulating and successfully presenting an investment recommendation

An entire chapter on the Stern Stewart EVA 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 cashflow methods and frequently far superior

On todays 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 todays complex financial marketplace.

JAMES ENGLISH is currently an adjunct assistant professor of finance at Columbia University School of Business. He spent twenty years with JP Morgan serving in many positions, including managing director ofJP Morgan Capital, the firms venture capital unit. In his over quarter-century career in finance, English practiced virtually every one of the field s subspecialties: commercial banking and credit analysis, corporate treasury and foreign exchange, capital markets, mergers & acquisitions, venture capital, and sell-side equity analysis.

422 pages

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