Читать книгу Survival Kit for an Equity Analyst - Shin Horie - Страница 2
ОглавлениеTable of Contents
1 Cover
5 Preface: Why I Wanted to Write This Book
6 Introduction: How to Approach Company Analysis Structure of this Book
8 Part I: Lessons from the Past: My Story as an Analyst
9 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 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 Competitive Moat Track Record of Strategic Decisions Corporate Culture by Country Earnings Guidance Track Record Controversy Record Management Quality – A Framework
10 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 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 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
11 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 How to Forecast and Value ‘Disruptors’ How Should Emerging Markets be Looked at? How to Think about ESG Issues How to Cope with Economic Downturns Chapter 10: Using Soft Skills to Power the Analysis How to Build a Relationship with Companies How to Leverage the Team How to Communicate Ideas Effectively What Types of Training Should New Analysts Ask for? Time Management
12 Part V: Recap and Closing Thoughts
15 Index
List of Tables
1 Chapter 2Table 2.1 Earnings drivers in different industries
List of Illustrations
1 Chapter 1Figure 1.1 Steps to forecast industry growthSOURCE: Goldman Sachs Global Inv...
2 Chapter 3Figure 3.1 Sample management scorecard
3 Chapter 4Figure 4.1 Framework for building company earnings modelsSOURCE: Goldman Sac...
4 Chapter 5Figure 5.1 Sample company scorecard: industry characteristics.Figure 5.2 Sample company scorecard: peer comparison.Note: ***
5 Chapter 6Figure 6.1 Key factors that can influence company valuationSOURCE: Goldman S...Figure 6.2 Company earnings multiples are influenced by multi-layered factor...Figure 6.3 Sample valuation framework by sector
Pages
1 iii
2 iv
3 v
4 xi
5 xii
6 xiii
7 xv
8 xvi
9 xvii
10 xviii
11 xix
12 xx
13 xxi
14 xxii
15 1
16 2
17 3
18 4
19 5
20 6
21 7
22 8
23 9
24 10
25 11
26 12
27 13
28 14
29 15
30 16
31 17
32 18
33 19
34 21
35 22
36 23
37 24
38 25
39 26
40 27
41 28
42 29
43 30
44 31
45 32
46 33
47 34
48 35
49 37
50 38
51 39
52 40
53 41
54 42
55 43
56 44
57 45
58 46
59 47
60 48
61 49
62 50
63 51
64 52
65 53
66 54
67 55
68 56
69 57
70 58
71 59
72 60
73 61
74 62
75 63
76 64
77 65
78 66
79 67
80 68
81 69
82 71
83 72
84 73
85 74
86 75
87 76
88 77
89 78
90 79
91 80
92 81
93 82
94 83
95 85
96 86
97 87
98 88
99 89
100 90
101 91
102 92
103 93
104 94
105 95
106 96
107 97
108 98
109 99
110 100
111 101
112 102
113 103
114 105
115 106
116 107
117 108
118 109
119 110
120 111
121 112
122 113
123 114
124 115
125 116
126 117
127 118
128 119
129 120
130 121
131 122
132 123
133 124
134 125
135 126
136 127
137 128
138 129
139 131
140 132
141 133
142 134
143 135
144 137
145 138
146 139
147 140
148 141
149 142
150 143
151 145
152 146
153 147
154 148
155 149
156 150
157 151
158 152
159 153
160 154
161 155
162 156
163 157
164 158
165 159
166 160
167 161
168 162
169 163
170 164
171 165
172 166
173 167
174 169
175 170
176 171
177 173
178 175
179 177
180 178
181 179
182 180
183 181
184 182
185 183
186 184
187 185
188 186
189 187
