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Solution Manual for Business Analysis and Valuation: IFRS edition

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  • ISBN-10 ‏ : ‎ 1473758424
  • ISBN-13 ‏ : ‎ 978-1473758421
  • Author:   Erik Peek (Author), Paul Healy (Author), Krishna Palepu (Author)

Business Analysis and Valuation: IFRS edition uses a wide range of contemporary cases to illustrate the use of financial statement data in various valuation tasks. Centred around the IFRS Standards, this text demonstrates how to get the most information out of IFRS based financial statements. The focus is not only on building a solid understanding of the latest theoretical approaches but also placing students in a confident position to apply these.

 

Table of Contents

  1. Part I: Framework
  2. Chapter 1: A Framework for Business Analysis and Valuation Using Financial Statements
  3. The Role of Financial Reporting in Capital Markets
  4. From Business Activities to Financial Statements
  5. Influences of the Accounting System on Information Quality
  6. Alternative Forms of Communication with Investors
  7. From Financial Statements to Business Analysis
  8. Public versus Private Corporations
  9. Summary
  10. Core Concepts
  11. Questions, Exercises, and Problems
  12. Problem 1 The Neuer Markt
  13. Problem 2 Fair Value Accounting for Financial Instruments
  14. Notes
  15. Appendix: Defining Europe
  16. Case: The Role of Capital Market Intermediaries in the Dot-Com Crash of 2000
  17. Part II: Business Analysis and Valuation Tools
  18. Chapter 2: Strategy Analysis
  19. Industry Analysis
  20. Applying Industry Analysis: The European Airline Industry
  21. Competitive Strategy Analysis
  22. Corporate Strategy Analysis
  23. Summary
  24. Core Concepts
  25. Questions, Exercises, and Problems
  26. Notes
  27. Case: Akris: Competition in the High-End Fashion Industry
  28. Chapter 3: Accounting Analysis: The Basics
  29. Factors Influencing Accounting Quality
  30. Steps in Accounting Analysis
  31. Recasting Financial Statements
  32. Accounting Analysis Pitfalls
  33. Value of Accounting Data and Accounting Analysis
  34. Summary
  35. Core Concepts
  36. Questions, Exercises, and Problems
  37. Problem 1 Key Accounting Policies
  38. Problem 2 Fashion Retailers’ Key Accounting Policies
  39. Problem 3 Euro Disney and the First Five Steps of Accounting Analysis
  40. Notes
  41. Appendix A: First-Time Adoption of IFRS Standards
  42. Appendix B: Recasting Financial Statements into Standardized Templates
  43. Case: Toshiba: Accounting Fraud
  44. Chapter 4: Accounting Analysis: Accounting Adjustments
  45. Recognition of Assets
  46. Asset Distortions
  47. Recognition of Liabilities
  48. Liability Distortions
  49. Equity Distortions
  50. Summary
  51. Core Concepts
  52. Questions, Exercises, and Problems
  53. Problem 1 Impairment of Non-Current Assets
  54. Problem 2 Audi, BMW, and Skoda’s Research and Development
  55. Problem 3 H&M and Inditex’s Non-Current Assets
  56. Notes
  57. Case: Accounting for the iPhone Upgrade Program (A)
  58. Chapter 5: Financial Analysis
  59. Ratio Analysis
  60. Cash Flow Analysis
  61. Summary
  62. Core Concepts
  63. Questions, Exercises, and Problems
  64. Problem 1 ROE Decomposition
  65. Problem 2 Ratios of Three Fashion Retailers
  66. Problem 3 The Fiat Group in 2008
  67. Problem 4 Ahold versus Delhaize
  68. Notes
  69. Appendix: Hennes & Mauritz AB Financial Statements
  70. Case: Carrefour S.A.
  71. Chapter 6: Prospective Analysis: Forecasting
  72. The Overall Structure of the Forecast
  73. Performance Behavior: A Starting Point
  74. Forecasting Assumptions
  75. From Assumptions to Forecasts
  76. Sensitivity Analysis
  77. Summary
  78. Core Concepts
  79. Questions, Exercises, and Problems
  80. Problem 1 Predicting Tesco’s 2017/2018 Earnings
  81. Notes
  82. Appendix: The Behavior of Components of ROE
  83. Case: Forecasting Earnings and Earnings Growth in the European Oil and Gas Industry
  84. Chapter 7: Prospective Analysis: Valuation Theory and Concepts
  85. Defining Value for Shareholders
  86. The Discounted Cash Flow Model
  87. The Discounted Abnormal Profit Model
  88. The Discounted Abnormal Profit Growth Model
  89. Valuation Using Price Multiples
  90. Shortcut Forms of Profit-Based Valuation
  91. Comparing Valuation Methods
  92. Summary
  93. Core Concepts
  94. Summary of Notations Used in this Chapter
  95. Questions, Exercises, and Problems
  96. Problem 1 Estimating Hugo Boss’s Equity Value
  97. Problem 2 Estimating Adidas’s Equity Value
  98. Notes
  99. Appendix A: Asset Valuation Methodologies
  100. Appendix B: Reconciling the Discounted Dividends, Discounted Abnormal Profit, and Discounted Abnorma
  101. Case: Valuation Multiples in Fast Fashion
  102. Chapter 8: Prospective Analysis: Valuation Implementation
  103. Computing a Discount Rate
  104. Terminal Values
  105. Computing Estimated Values
  106. Some Practical Issues in Valuation
  107. Summary
  108. Core Concepts
  109. Questions, Exercises, and Problems
  110. Problem 1 Hugo Boss’s and Adidas’s Terminal Values
  111. Problem 2 Anheuser-Busch InBev S.A.
  112. Notes
  113. Case: Ferrari: The 2015 Initial Public Offering
  114. Part III: Business Analysis and Valuation Applications
  115. Chapter 9: Equity Security Analysis
  116. Investor Objectives and Investment Vehicles
  117. Equity Security Analysis and Market Efficiency
  118. Approaches to Fund Management and Securities Analysis
  119. The Process of a Comprehensive Security Analysis
  120. Performance of Security Analysts and Fund Managers
  121. Summary
  122. Core Concepts
  123. Questions
  124. Notes
  125. Case: Valuation at Novartis
  126. Chapter 10: Credit Analysis and Distress Prediction
  127. Why Do Firms Use Debt Financing?
  128. The Market for Credit
  129. Country Differences in Debt Financing
  130. The Credit Analysis Process in Private Debt Markets
  131. Financial Statement Analysis and Public Debt
  132. Prediction of Distress and Turnaround
  133. Credit Ratings, Default Probabilities, and Debt Valuation
  134. Summary
  135. Core Concepts
  136. Questions
  137. Notes
  138. Case: Getronics’ Debt Ratings
  139. Chapter 11: Mergers and Acquisitions
  140. Motivation for Merger or Acquisition
  141. Acquisition Pricing
  142. Acquisition Financing and Form of Payment
  143. Acquisition Outcome
  144. Reporting on Mergers and Acquisitions: Purchase Price Allocations
  145. Summary
  146. Core Concepts
  147. Questions
  148. Notes
  149. Case: Glencore/Xstrata: Playing Aida’s Triumphal March on Top of the Everest
  150. Part IV: Additional Cases
  151. 1 Enforcing Financial Reporting Standards: The Case of White Pharmaceuticals AG
  152. 2 KarstadtQuelle AG
  153. 3 Tesco: From Troubles to Turnaround
  154. 4 Valuing Europe’s Fastest Growing Company: HelloFresh in 2017
  155. 5 Spotify’s Direct-Listing IPO
  156. 6 The Air France-KLM Merger
  157. 7 Measuring Impairment at Dofasco
  158. 8 The Initial Public Offering of PartyGaming Plc
  159. 9 Two European Hotel Groups (A): Equity Analysis
  160. 10 Two European Hotel Groups (B): Debt Analysis
  161. 11 Fiat Group’s First-Time Adoption of IFRS Standards
  162. Index

 

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