| Description |
1 online resource (145 pages) |
| Contents |
Intro -- Table of Contents -- Title Page -- Copyright -- Dedication -- Preface: Why I Wanted to Write This Book -- Introduction: How to Approach Company Analysis -- Structure of this Book -- List of Acronyms -- Part I: Lessons from the Past: My Story as an Analyst -- Part II: Laying the Groundwork -- Chapter 1: Understand the 'Character' of the Industry -- Six Basic Steps for Forecasting Industry Growth -- TAM Growth Rate -- Ten Additional Angles for Testing Forecasts -- Chapter 2: Assess the Earnings Drivers in Different Industries -- Hyper Growth -- Internet, Fintech, Biotechnology |
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Secular Growth -- Software, Medical Technology -- Cyclical -- Capital Goods, Transport, Energy, Commodities, Chemicals, Autos -- Cyclical Growth -- Semiconductor, Electronic Components, Technology Hardware, Clean Energy -- Stable -- Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services -- Interest Rate Sensitive -- REITs, Property Developers, Banks, Insurance -- Regulated -- Utilities, Telecoms -- Chapter 3: Identify the 'Personality' of the Company -- Product and Service -- Origin and History -- Management Profile -- Ownership Structure -- Value Chain |
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Competitive Moat -- Track Record of Strategic Decisions -- Corporate Culture by Country -- Earnings Guidance Track Record -- Controversy Record -- Management Quality -- A Framework -- Part III: Analyse and Apply the Findings -- Chapter 4: Put Findings into the Earnings Model -- Segmental Revenue Forecast -- Income Statement Forecast -- Balance Sheet Forecast -- Cash Flow Forecast -- How to Put Cyclicality into Long-term Earnings Forecasts -- Quarterly Forecasts can be Helpful -- A Birdseye View is Helpful -- Financial and Property Sectors are Unique -- Chapter 5: Summarize All Thoughts |
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A Suggested Method for Creating a Practical Scorecard -- Chapter 6: Find the Appropriate Valuation Framework -- Hyper Growth -- Internet, Biotechnology -- Secular Growth -- Software, Medical Technology -- Cyclical -- Capital Goods, Transport, Energy, Commodities, Chemicals, Autos -- Cyclical Growth -- Semiconductor, Technology Hardware, Clean Energy -- Stable -- Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services -- Interest Rate Sensitive -- Banks, Emerging Market Banks, Insurance, Property, REITs -- Regulated -- Utilities, Telecoms -- Conglomerates |
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Additional Considerations on Valuation -- Chapter 7: Differentiation versus Street -- Is the View Actually Different? -- Where is the Difference? -- What is Driving the Difference? -- Value of an Undifferentiated Conclusion -- Part IV: What to Research and How to Power the Analysis -- Chapter 8: How to Generate Exciting Ideas -- 1: Burning Questions -- 2: Products to Solve Problems -- 3: Forgotten New Technologies -- 4: 'Little Stories' -- 5: New Language -- 6: B2B and Orphan Stocks -- 7: The Second or Third Derivatives of Structural Changes -- 8: Local Trends -- 9: Inputs from the Real World -- Chapter 9: How to Deal with Disruptors, Emerging Markets, ESG, and Downturns |
| Summary |
"Presented in a narrative format, Essentials of Company Analysis begins with a chapter on the story and professional experience of veteran analyst Shin Horie, offering the reader a window into the into the world of an equity analyst. The book draws upon Horie's decades of professional experience as an analyst and explains why the essentials for becoming successful in the job remain the same and the challenge of equity analysis never gets old, even if the industry landscape evolves constantly. Not a financial theory nor a business textbook, it aims to be a survival/practical guide on how to excel in your job as an equity research analyst, but also offers expert tips on how to discover, analyze, forecast and evaluate public companies. The book presents analyses on the industry level, from a global perspective and with a particular focus on making adjustments when covering emerging markets companies. It provides a method for getting a holistic and general understanding of the sector's makeup, competitive landscape and revenue and cost drivers before turning to specific companies and their place in that structure. It delves into details for specific industries to drive these points home, given that industry characteristics, growth prospects and valuation methodologies vary substantially and cannot be generalized. Key topics include: A background on the basic process flow of company analysis and valuation Industry characteristics - Provides specific tips for gathering information about a company and examining it from multiple angles ; Earnings drivers - Although most earnings drivers are company-specific and not easy to generalize, the book will provide rough guidelines of potential earnings drivers in major industries. Profiling companies qualitatively - The goal of this process is to show how to dig deeper to find the nuance that a simple financial statement cannot express. Methods for modelling companies ; Valuation"-- Provided by publisher |
| Notes |
Print version record |
| Subject |
Corporations -- Valuation.
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Business enterprises -- Valuation.
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Corporations -- Finance.
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Business enterprises -- Finance.
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Investment analysis.
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Business enterprises -- Finance
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Business enterprises -- Valuation
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Corporations -- Finance
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Corporations -- Valuation
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Investment analysis
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| Form |
Electronic book
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| ISBN |
9781119822462 |
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1119822467 |
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9781119822455 |
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1119822459 |
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