1. Introduction -- 2. Stock market valuation -- 3. Growth in dividends and share prices -- 4. The price-earnings ratio -- 5. Financial accounting -- 6. Interpreting the balance sheet -- 7. Measuring earnings -- 8. Measuring the return on capital -- 9. Abnormal earnings valuation and EVA -- 10. Cash flow models - from shareholder value analysis to CFROI -- 11. Summary and review