Security Analysis and Business Valuation on Wall Street,: A ... - lib

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Founded in 1807, John Wiley & Sons is the oldest independent publishing companyin the United States. With offices in North America, Europe, Australia, <strong>and</strong>Asia, Wiley is globally committed to developing <strong>and</strong> marketing print <strong>and</strong> electronicproducts <strong>and</strong> services for our customers’ professional <strong>and</strong> personal knowledge <strong>and</strong>underst<strong>and</strong>ing.The Wiley Finance series contains books written specifically for finance <strong>and</strong>investment professionals as well as sophisticated individual investors <strong>and</strong> their financialadvisors. Book topics range from portfolio management to e-commerce, riskmanagement, financial engineering, valuation, <strong>and</strong> financial instrument analysis, aswell as much more.For a list of available titles, visit our Web site at www.WileyFinance.com.
<strong>Security</strong> <strong>Analysis</strong> <strong>and</strong><strong>Business</strong> <strong>Valuation</strong>on Wall StreetA Comprehensive Guide toToday’s <strong>Valuation</strong> MethodsSecond EditionJEFFREY C. HOOKEJohn Wiley & Sons, Inc.
Page 3: Security A
Page 7 and 8: ContentsPrefaceWhat Is Secu
Page 9 and 10: ContentsviiCHAPTER 7Company-Specifi
Page 11 and 12: ContentsixCase Study: Keane, Inc. 2
Page 13: ContentsxiCHAPTER 27The Emerging Ma
Page 16 and 17: xivPREFACEmajor contributing factor
Page 18 and 19: xviPREFACEImpact of two market cras
Page 20 and 21: xviiiPREFACEOVERVIEW OF THE CONTENT
Page 22 and 23: xxPREFACECAPM and
Page 25 and 26: CHAPTER 1Why Analyze a Secu
Page 27 and 28: WhyAnalyzeaSecurity</strong
Page 39 and 40: CHAPTER 2Who’s Practicing <strong
Page 41 and 42: Who’s Practicing Security
Page 51 and 52: CHAPTER 3Seeking a Level Playing Fi
Page 53 and 54: Seeking a Level Playing Field 31Man
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Seeking a Level Playing Field 33gat
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Seeking a Level Playing Field 35EXH
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Seeking a Level Playing Field 37Fur
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Seeking a Level Playing Field 39inv
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Seeking a Level Playing Field 4563
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Seeking a Level Playing Field 49Ini
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CHAPTER 4Other Sources of Informati
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Other Sources of Information 53pres
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Other Sources of Information 55inve
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Other Sources of Information 57they
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CHAPTER 5Starting the Analy
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Starting the Analysis</stro
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74 PERFORMING THE ANALYSIS AND WRIT
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100 PERFORMING THE ANALYSIS AND WRI
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CHAPTER 9The Limitations of Account
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The Limitations of Accounting Data
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CHAPTER 12Valuation</strong
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Valuation Methodol
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CHAPTER 13Intrinsic Value a
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Intrinsic Value and</strong
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CHAPTER 14Discounted Cash Flow:Choo
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Discounted Cash Flow: Choosing the
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218 VALUATION AND THE INVESTMENT DE
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CHAPTER 18Sum-of-the-Parts
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Sum-of-the-Parts Analysis</
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CHAPTER 20Private EquityThous<stron
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Private Equity 2712 percent of comm
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Private Equity 273EXHIBIT 20.2 True
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Private Equity 275in public compani
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Private Equity 277EXHIBIT 20.7 Prem
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280 SPECIAL CASES4. Management’s
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282 SPECIAL CASESEXHIBIT 21.3 Encor
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284 SPECIAL CASESEXHIBIT 21.4(Conti
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286 SPECIAL CASESPipelinesPumpsSurf
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288 SPECIAL CASESEXHIBIT 21.9Encore
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290 SPECIAL CASESEXHIBIT 21.12Ranki
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292 SPECIAL CASESEXHIBIT 21.13Anglo
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294 SPECIAL CASESsince such actions
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296 SPECIAL CASESEXHIBIT 22.1The Fi
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298 SPECIAL CASESTWO SETS OF SKILLS
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300 SPECIAL CASESIn part, a financi
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302 SPECIAL CASESA quick glance at
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304 SPECIAL CASESEXHIBIT 22.12 Capi
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306 SPECIAL CASESEXHIBIT 22.14 J.P.
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CHAPTER 23Insurance CompaniesInsura
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Insurance Companies 311PRINCIPAL FU
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Insurance Companies 313FINANCIAL ST
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Insurance Companies 315competitive
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Insurance Companies 317EXHIBIT 23.6
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Insurance Companies 319EXHIBIT 23.8
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CHAPTER 24Highly Speculative Stocks
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Highly Speculative Stocks 323EXHIBI
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Highly Speculative Stocks 325Gross
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Highly Speculative Stocks 327his Ba
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Highly Speculative Stocks 329Step 3
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CHAPTER 25Distressed Securities<str
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Distressed Securities and</
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CHAPTER 26International StocksIn an
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International Stocks 345EXHIBIT 26.
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International Stocks 347EXHIBIT 26.
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International Stocks 349DiscountRat
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CHAPTER 27The Emerging MarketsIn th
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The Emerging Markets 353The stock m
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The Emerging Markets 355EXHIBIT 27.
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The Emerging Markets 357Political R
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The Emerging Markets 359To ensure l
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PARTFiveIn ConclusionChapter 28Chap
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370 IN CONCLUSIONand</stron
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372 IN CONCLUSIONGovernment Regulat
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374 IN CONCLUSIONwas credit driven,
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376 IN CONCLUSIONEXHIBIT 28.1 Finan
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378 IN CONCLUSIONEXHIBIT 28.2<stron
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380 IN CONCLUSIONmarket declines by
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382 IN CONCLUSIONthis morass of con
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384 NOTESCHAPTER 11Financial Projec
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IndexA. H. Belo, 158, 346Aaker, Dav
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Index 389EAC value per share on, 28
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Index 391Corning, 106Corporate advi
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Index 393target equity returns by c
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Index 395Fur retailing industry, 81
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Index 397“Insurance Underwriting
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Index 399Manulife, Inc., 319Margin,
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Index 401Pakistan, 351Palmisano, Sa
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Index 403Recreation sector, 76Redwo
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Index 405Sell-side reports, 62Semic
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Index 407practices, emerging market
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Praise for the First Edition“A we
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