- Paperback: 780 pages
- Publisher: McGraw Hill Education; Fourth edition (1 July 2017)
- Language: English
- ISBN-10: 9339204697
- ISBN-13: 978-9339204693
- Product Dimensions: 50.8 x 6.4 x 64.8 cm
- Average Customer Review: 4.5 out of 5 stars See all reviews (4 customer reviews)
- Amazon Bestsellers Rank: #25,113 in Books (See Top 100 in Books)
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Financial Statement Analysis and Security Valuation Paperback – 1 Jul 2017
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Top customer reviews
The 5th edition is rewritten and simplified edition by the author. Penman is solid teacher of financial statement analysis and valuation technique. He also discuses quality of earnings, quality of growth, how to value growth and when to ignore the earnings growth etc. Really solid stuff. Very deep exposition of stock analysis and valuation. You will up your investing game 10 notches if you carefully read his book and also solve the end of the chapter problems to get good hands-on practice in the art of investment valuation and analysis. The case studies and many problems use real life companies in US.
Most helpful customer reviews on Amazon.com
Bottom line: 2007 S&P 500 index at 1527 was overvalued (implied growth rate of 6.46%)
2011 S&P 500 index at 1136 was undervalued (implied growth rate of 1.52%, less than GDP)
2013 S&P 500 index at 1769 appears to be fairly / or slightly over-valued (implied growth rate of 3.56%, about the same as GDP or slightly overvalued if we take GDP as 3%))
I believe concepts in this text can be used to assess if a security (HPQ, GOOG, GE and lot more) is over-valued or undervalued using basic EPS, DPS, BV and other readily available numbers from yahoo finance. Overall, I would say, this is an excellent addition to valuation and financial statement analysts. I bought a used book, fourth edition (including S&H) only for $9 or less.
In short with this book you don't learn valuation if you are a beginner and if you are a pro you don't need this.