Overview
This site provides an integrated approach to financial statement
analysis (FSA) and valuation. It consists of eight spreadsheets: four
on analysis, four on valuation. Each comes with a document explaining
its motivation, key takeaways, and implementation guidance. They can
be used in the classroom and for practical equity analysis.
Start here
If you already know FSA and valuation
-
Overview of the spreadsheets and our approach
docx,
pdf
-
Conceptual foundation
docx,
pdf
Everyone
-
Instructions and acronyms
docx,
pdf
FSA: Financial Statement Analysis
FSA1
Enterprise vs. financial activities
FSA2
Recurring enterprise income
FSA3
IRR and multiperiod return on equity
FSA4
Adjusted Cash Earnings (ACE)
VAL: Valuation
VAL1
Forecasting and valuation of cash flows
VAL2
Dividends, book values, and earnings
VAL3
Adjusted analyst forecasts
VAL4
Excess Implied Return (EIR)