[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-116541-en":3,"doc-seo-116541-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},116541,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","The Art of Company Valuation - Company Valuation and Financial Statement Analysis","The Art of Company Valuation and Financial Statement Analysis explains how to evaluate businesses by linking financial statement structure to performance, risk, and value creation. It develops practical ratio frameworks for profitability, financial stability, working capital management, and business-model assessment. The book then connects these measures to valuation through profitability and valuation ratios, discounted cash flow, multiples, and financial statement adjustments. It closes with value investing principles, margin of safety, and portfolio management approaches for selecting and managing investments.","Contents  \nCover  \nHalf Title page  \nTitle page  \nCopyright page  \nAcknowledgements  \nPreface  \nChapter 1: Introduction  \n1.1 Importance and Development of Business Accountancy  \n1.2 Composition and Structure of Financial Statements  \nChapter 2: Key Ratios for Return and  \nProfitability  \n2.1 Return on Equity  \n2.2 Net Profit Margin  \n2.3 EBIT/EBITDA Margin  \n2.4 Asset Turnover  \n2.5 Return on Assets  \n2.6 Return on Capital Employed  \n2.7 Operating Cash Flow Margin  \nChapter 3: Ratios for Financial Stability  \n3.1 Equity Ratio  \n3.2 Gearing  \n3.3 Dynamic Gearing Ratio  \n3.4 Net Debt/EBITDA  \n3.5 Capex Ratio  \n3.6 Asset Depreciation Ratio  \n3.7 Productive Asset Investment Ratio  \n3.8 Cash Burn Rate  \n3.9 Current and Non-Current Assets to Total Assets Ratio  \n3.10 Equity to Fixed Assets Ratio and Equity and Long-Term Liabilities to Fixed Assets Ratio  \n3.11 Goodwill Ratio  \nChapter 4: Ratios for Working Capital  \nManagement  \n4.1 Days Sales Outstanding and Days Payables Outstanding  \n4.2 Cash ratio  \n4.3 Quick Ratio  \n4.4 Current Ratio/Working Capital Ratio  \n4.5 Inventory Intensity  \n4.6 Inventory Turnover  \n4.7 Cash Conversion Cycle  \n4.8 Ratios for Order Backlog and Order Intake  \nChapter 5: Business Model Analysis  \n5.1 Circle of Competence  \n5.2 Characteristics  \n5.3 Framework Conditions  \n5.4 Information Procurement  \n5.5 Industry and Business Analysis  \n5.6 SWOT Analysis  \n5.7 Boston Consulting Group (BCG) Analysis  \n5.8 Competitive Strategy  \n5.9 Management  \nChapter 6: Profit Distribution Policy  \n6.1 Dividend  \n6.2 SHARE BUYBACK  \n6.3 Conclusion  \nChapter 7: Valuation Ratios  \n7.1 Price-to-Earnings Ratio  \n7.2 Price-to-Book Ratio  \n7.3 Price-to-Cash Flow Ratio  \n7.4 Price-to-Sales Ratio  \n7.5 Enterprise Value Approach  \n7.6 EV/EBITDA  \n7.7 EV/EBIT  \n7.8 EV/FCF  \n7.9 EV/Sales  \nChapter 8: Company Valuation  \n8.1 Discounted Cash Flow Model  \n8.2 Valuation Using Multiples  \n8.3 Financial Statement Adjustments  \n8.4 Overview of the Valuation Methods  \nChapter 9: Value Investing  \n9.1 Margin of Safety Approach  \n9.2 Value Investing Strategies  \n9.3 The Identification of Investment Opportunities  \n9.4 Portfolio Management  \n9.5 Buying and Selling: Investment Horizon  \n9.6 Conclusion  \nTable and Figure Credits  \nIndex  \n[OceanofPDF.com](OceanofPDF.com)  \nThe Art of Company Valuation and Financial Statement Analysis  \n[OceanofPDF.com](OceanofPDF.com)  \nFor other titles in the Wiley Finance Series please see  \n[www.wiley.com/finance](www.wiley.com/finance)  \n[OceanofPDF.com](OceanofPDF.com)  \n[OceanofPDF.com](OceanofPDF.com)  \nThis edition first published 2014 by John Wiley & Sons Ltd  \n© 2014 Verlag Franz Vahlen GmbH  \nRegistered office  \nJohn Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom  \nFor details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website [at ](at www.wiley.com)[www.wiley.com](at www.wiley.com).  \nAll rights reserved. No part of this publication may be reproduced, stored ina retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher.  \nWiley publishes in a variety of print and electronic formats and by print-ondemand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at [http://booksupport.wiley.com](http://booksupport.wiley.com. For more)[. For more](http://booksupport.wiley.com. For more) information about Wiley products, [visit ](visit www.wiley.com)[www.wiley.com](visit www.wiley.com).  \nDesignations used by companies to distinguish their products are often clai","cbCaid4T9LVTFI9s","https://ap.wps.com/l/cbCaid4T9LVTFI9s","pdf",6950913,1,359,"English","en",105,"# Chapter 1: Introduction\n## Importance and Development of Business Accountancy\n## Composition and Structure of Financial Statements\n# Chapter 2: Key Ratios for Return and Profitability\n## Return on Equity\n## Net Profit Margin\n## EBIT/EBITDA Margin\n## Asset Turnover\n## Return on Assets\n## Return on Capital Employed\n## Operating Cash Flow Margin\n# Chapter 3: Ratios for Financial Stability\n## Equity Ratio\n## Gearing\n## Dynamic Gearing Ratio\n## Net Debt/EBITDA\n## Capex Ratio\n## Asset Depreciation Ratio\n## Productive Asset Investment Ratio\n## Cash Burn Rate\n## Current and Non-Current Assets to Total Assets Ratio\n## Equity to Fixed Assets Ratio and Equity and Long-Term Liabilities to Fixed Assets Ratio\n## Goodwill Ratio\n# Chapter 4: Ratios for Working Capital Management\n## Days Sales Outstanding and Days Payables Outstanding\n## Cash ratio\n## Quick Ratio\n## Current Ratio/Working Capital Ratio\n## Inventory Intensity\n## Inventory Turnover\n## Cash Conversion Cycle\n## Ratios for Order Backlog and Order Intake\n# Chapter 5: Business Model Analysis\n## Circle of Competence\n## Characteristics\n## Framework Conditions\n## Information Procurement\n## Industry and Business Analysis\n## SWOT Analysis\n## Boston Consulting Group (BCG) Analysis\n## Competitive Strategy\n## Management\n# Chapter 6: Profit Distribution Policy\n## Dividend\n## Share Buyback\n## Conclusion\n# Chapter 7: Valuation Ratios\n## Price-to-Earnings Ratio\n## Price-to-Book Ratio\n## Price-to-Cash Flow Ratio\n## Price-to-Sales Ratio\n## Enterprise Value Approach\n## EV/EBITDA\n## EV/EBIT\n## EV/FCF\n## EV/Sales\n# Chapter 8: Company Valuation\n## Discounted Cash Flow Model\n## Valuation Using Multiples\n## Financial Statement Adjustments\n## Overview of the Valuation Methods\n# Chapter 9: Value Investing\n## Margin of Safety Approach\n## Value Investing Strategies\n## The Identification of Investment Opportunities\n## Portfolio Management\n## Buying and Selling: Investment Horizon\n## Conclusion","[{\"question\":\"How does the book connect financial statement structure to company valuation?\",\"answer\":\"It begins by explaining the importance and development of business accountancy and the composition and structure of financial statements, then uses that foundation to build ratio-based performance and stability assessments for valuation.\"},{\"question\":\"Which ratio groups are used to evaluate profitability, stability, and working capital?\",\"answer\":\"Profitability is covered with return and margin metrics such as ROE, net profit margin, and EBIT/EBITDA margin. Financial stability includes equity ratio, gearing, net debt/EBITDA, and goodwill. Working capital management uses cash, quick, current ratios and turnover-based measures like inventory turnover and cash conversion cycle.\"},{\"question\":\"What valuation methods are presented for valuing a company?\",\"answer\":\"Valuation ratios are used first, followed by a valuation chapter that includes discounted cash flow modeling and valuation using multiples. The book also discusses financial statement adjustments and provides an overview of valuation methods.\"}]","The Art of Company Valuation - Company Valuation and Financial Statement Analysis | PDF",1785660221,905,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"the-art-of-company-valuation-company-valuation-and-financial-statement-analysis","",{"@graph":36,"@context":85},[37,54,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":53},"https://docshare.wps.com/document/the-art-of-company-valuation-company-valuation-and-financial-statement-analysis/116541/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":23,"description":14,"dateModified":62,"datePublished":62,"encodingFormat":61,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":41,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-08-02",true,{"@type":65,"interactionType":66,"userInteractionCount":4},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"How does the book connect financial statement structure to company valuation?","Question",{"text":75,"@type":76},"It begins by explaining the importance and development of business accountancy and the composition and structure of financial statements, then uses that foundation to build ratio-based performance and stability assessments for valuation.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which ratio groups are used to evaluate profitability, stability, and working capital?",{"text":80,"@type":76},"Profitability is covered with return and margin metrics such as ROE, net profit margin, and EBIT/EBITDA margin. Financial stability includes equity ratio, gearing, net debt/EBITDA, and goodwill. Working capital management uses cash, quick, current ratios and turnover-based measures like inventory turnover and cash conversion cycle.",{"name":82,"@type":73,"acceptedAnswer":83},"What valuation methods are presented for valuing a company?",{"text":84,"@type":76},"Valuation ratios are used first, followed by a valuation chapter that includes discounted cash flow modeling and valuation using multiples. 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