Financial reporting financial statement analysis and valuation 9th edition by James Wahlen, Stephen Baginski, Mark Bradshaw ISBN 1337614688 9781337614689

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ISBN 10:    1337614688
ISBN 13: 978-1337614689
Author:   James Wahlen, Stephen Baginski, Mark Bradshaw

Financial reporting financial statement analysis and valuation 9th Table of contents:

Chapter 1: Overview of Financial Reporting, Financial Statement Analysis, and Valuation

• Overview of Financial Statement Analysis
  • How the Six Steps Relate to Share Pricing in the Capital Markets
  • Introducing Starbucks
• Step 1: Identify the Industry Economic Characteristics
  • Grocery Store Chain, Pharmaceutical Company, Electric Utility, Commercial Bank
  • Tools for Studying Industry Economics
• Step 2: Identify the Company Strategies
  • Framework for Strategy Analysis
  • Application to Starbucks
• Step 3: Assess the Quality of the Financial Statements
  • Accounting Quality and Principles
  • Balance Sheet and Income Statement Analysis
  • Statement of Cash Flows
• Step 4: Analyze Profitability and Risk
  • Tools of Profitability and Risk Analysis
• Step 5: Prepare Forecasted Financial Statements
• Step 6: Value the Firm
  • Role of Financial Statement Analysis in Efficient Capital Markets
  • Earnings and Share Prices Association
  • Sources of Financial Statement Information
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 1.1: Walmart
  • Case 1.2: Nike

Chapter 2: Asset and Liability Valuation and Income Recognition

• The Mixed Attribute Measurement Model
  • Relevance vs. Representational Faithfulness
  • Primary Valuation Alternatives: Historical Cost vs. Fair Value
• Income Recognition
  • Accrual Accounting Methods
  • Measuring Income Tax Expense
• Income Taxes and Reporting
• Framework for Analyzing Financial Statements
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 2.1: Walmart

Chapter 3: Income Flows vs. Cash Flows: Understanding the Statement of Cash Flows

• Purpose of the Statement of Cash Flows
  • Cash Flows vs. Net Income
  • Cash Flow Activities and Firm’s Life Cycle
• Operating Section
  • Relation between Net Income and Cash Flows from Operations
  • Preparing the Statement of Cash Flows
• Usefulness for Accounting and Risk Analysis
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 3.1: Walmart
  • Case 3.2: Prime Contractors

Chapter 4: Profitability Analysis

• Overview of Profitability Analysis
  • Earnings Per Share (EPS) and Return on Assets (ROA)
  • Return on Common Shareholders’ Equity (ROCE)
• Disaggregating ROA and ROCE
  • Economic and Strategic Determinants
• Analysis of Starbucks’ Profitability
  • Profit Margin and Assets Turnover
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 4.1: Walmart

Chapter 5: Risk Analysis

• Disclosures Regarding Risk and Risk Management
  • Firm-Specific Risks: Commodity Prices, Foreign Exchange, Interest Rates
  • Analyzing Financial Flexibility
• Short-Term Liquidity and Long-Term Solvency Risk
  • Debt Ratios, Interest Coverage, Bankruptcy Risk
• Measuring Systematic Risk
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 5.1: Walmart

Chapter 6: Accounting Quality

• High-Quality Accounting: Reflection of Economic Reality
  • Earnings Management, Liabilities, and Asset Recognition
• Tools for Assessing Accounting Quality
  • Earnings Components and Fraud Detection
• Financial Reporting Worldwide
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 6.1: Walmart
  • Case 6.2: Citi

Chapter 7: Financing Activities

• Equity Financing
  • Shareholder Investments, Dividends, and Stock Options
• Debt Financing
  • Long-Term Debt and Fair Value Disclosure
• Leases and Derivatives
  • Accounting for Leases, Hedge Accounting
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 7.1: Walmart
  • Case 7.2: Oracle Corporation

Chapter 8: Investing Activities

• Investments in Long-Lived Operating Assets
  • Cost Allocation, Impairment, and Revaluation
• Investments in Securities
  • Minority, Majority, Active Investments
• Consolidation and Foreign Currency Translation
  • Corporate Acquisitions and Exchange Rate Changes
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 8.1: Walmart
  • Case 8.2: Disney Acquisition of Marvel

Chapter 9: Operating Activities

• Revenue and Expense Recognition
  • IASB/FASB Revenue Recognition Project
• Income Taxes, Pensions, and Other Postretirement Benefits
  • Reporting and Calculations for Pensions
• Signals about Earnings Persistence
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 9.1: Walmart
  • Case 9.2: Coca-Cola Pensions

Chapter 10: Forecasting Financial Statements

• Introduction to Forecasting
  • General Principles and Seven-Step Game Plan
• Projecting Financial Statements
  • Revenues, Expenses, Assets, Liabilities, and Equity
• Financial Leverage, Taxes, Net Income, and Dividends
  • Balancing the Balance Sheet
• Projecting the Statement of Cash Flows
  • Validity Testing and Sensitivity Analysis
• Summary
• Questions, Exercises, Problems, and Cases
  • Integrative Case 10.1: Walmart

Chapter 11: Risk-Adjusted Expected Rates of Return and the Dividends Valuation Approach

The General Valuation Model

• Explores the relationship between dividends, cash flows, and earnings in valuation.

Expected Rates of Return

• Discusses methods for calculating the cost of common equity capital, debt capital, and preferred equity capital, alongside evaluating the use of CAPM to measure the cost of equity capital.

Computing the Weighted-Average Cost of Capital

• Introduction to calculating the weighted-average cost of capital (WACC), factoring in equity, debt, and preferred equity.

Dividends-Based Valuation

• Basic Concepts: Examines the rationale behind dividends-based valuation, including projecting dividends and valuing the firm based on those projections.
• Advanced Concepts: Discusses advanced methods for measuring and projecting dividends, along with a practical application of the dividends-based model using Starbucks.
• Forecast Horizon: Importance of selecting an appropriate horizon for dividends forecasts and how to value continuing dividends.

Sensitivity Analysis

• Focuses on the impact of changes in dividend assumptions on investment decisions.

Summary and Cases

• Integrative Case 11.1: Walmart.

Chapter 12: Valuation: Cash-Flow-Based Approaches

Rationale for Cash-Flow-Based Valuation

• Explains why cash-flow-based valuation methods are important for assessing a company’s value.

Measuring Free Cash Flows

• Details the conceptual framework for measuring free cash flows and explains how to calculate these for valuation purposes.

Valuation Models

• Focuses on models for free cash flows to common equity and all debt and equity stakeholders, highlighting adjustments necessary for Starbucks valuation.

Free Cash Flows Valuation of Starbucks

• Step-by-step approach to applying free cash-flow valuation models, including sensitivity analysis to test the robustness of the valuation.

Summary and Cases

• Integrative Case 12.1: Walmart’s free-cash-flows valuation.
• Case 12.2: Holmes Corporation.

Chapter 13: Valuation: Earnings-Based Approach

Rationale for Earnings-Based Valuation

• Explores the theoretical and conceptual foundations of earnings-based valuation, particularly the residual income model.

Residual Income Measurement

• Introduces the residual income model, including clean surplus accounting and its implications for valuation.

Valuation of Starbucks

• Practical application of the residual income model to value Starbucks, including adjustments for negative book value and consistency across valuation models.

Discount Rates for Residual Income

• How to determine appropriate discount rates for residual income and address related implementation challenges.

Summary and Cases

• Integrative Case 13.1: Walmart.

Chapter 14: Valuation: Market-Based Approaches

Market Multiples of Accounting Numbers

• Introduces market-based valuation models, including the value-to-book ratio (VB ratio) and price-to-earnings (PE ratio), and how they can be applied to firms like Starbucks.

Value-to-Book Ratios

• Explains how VB ratios differ from 1 and their significance in firm valuation. Includes empirical data and models for better understanding.

Price-Earnings Ratios

• Provides insight into PE ratios, their theoretical and practical applications, and their use in projecting firm value.

Benchmarking Relative Valuation

• Discusses how to use market multiples of comparable firms to assess a company’s value.

Reverse Engineering Starbucks’s Stock Price

• Demonstrates how to reverse-engineer Starbucks’s stock price using valuation models.

Capital Market Efficiency

• Delves into the concept of market efficiency, offering insights on its impact on earnings predictions and valuation accuracy.

Summary and Cases

• Empirical results on MB ratios and the predictive power of market-based valuation approaches, with an example of applying these models to Starbucks.

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