Describes valuation as an exercise in financial statement analysis. This title helps students to learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity.
Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use those statements as a lens to view a business and assess the value it generates.