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Govt. Certified Financial Valuation Analyst

1. Introduction To Investing And Valuation

1.1 Valuation
1.2 Investment Style and Fundamental
1.3 Bubble, Bubble
1.4 The Setting Investors, Firms Securities, and Capital Markets
1.5 The Professional Analyst
1.6 The Analysis of Business
1.7 Choosing a valuation Technology

2. Introduction To The Financial Statements

2.1 The Analyst’s Checklist
2.2 The Form of the Financial Statements
2.3 Measurement in the Financial Statements

3. How Financial Statements Are Used In Valuation

3.1 The Analyst’s Checklist
3.2 The Form of the Financial Statements
3.3 Measurement in the Financial Statements

4. Cash and Accrual Accounting, And Discounted Cash Flow Valuation

4.1 The Analyst’s Checklist
4.2 The Dividend Discounts Model
4.3 The Discounted Cash Flow Model
4.4 Reverse Engineering Converting a Price to a Forecast
4.5 Simple Valuation Models
4.6 The Statement of Cash Flows
4.7 Cash Flow, Earnings, and Accrual Accounting Earnings and Cash Flows
4.8 The Web Connection
4.9 Key Concepts
4.10 The Analyst’s Toolkit
4.11 Kimberly-Clark Corporation Case

5. Accrual Accounting And Valuation

5.1 The Analyst’s Checklist
5.2 The Price-to Book Ratio Concept
5.3 Prototype Valuations
5.4 A Model for Anchoring Value on
5.5 Applying the Model to Equities
5.6 Applying the Model to Projects and Strategies
5.7 Features of the Residual Earnings Model
5.8 Reverse Engineering the Model foe Active Investing
5.9 The Building Blocks of a Residual Earning

6. Accrual Accounting And Valuation

6.1 The Concept behind the Price-Earnings Ratio
6.2 A Model for Anchoring Value on Earnings
6.3 Applying the Model to Equities
6.4 Features of the Abnormal Earnings Growth Model
6.5 Reverse Engineering the Model for Active Investing

7. Business Activities and Financial Statements

7.1 The Cash Flows
7.2 All Stocks and Flows
7.3 Accounting Relations that Govern Reformulated Statements
7.4 Business Profitability

8. The Analysis Of The Statement Of Shareholder’s Equity

8.1 Reformulating the Statement of Owners’ Equity
8.2 Dirty-Surplus Accounting
8.3 Ratio Analysis
8.4 Cash Flow Form Operations

9. The Analysis Of The Balance Sheet And Income Statement

9.1 Reformulation of the Balance Sheet
9.2 Reformulation of Income Statement
9.3 Comparative Analysis of the Balance Sheet
9.4 Ratio Analysis

10. The Analysis Of The Cash Flow Statement

10.1 The Calculation of Free Cash Flow
10.2 GAAP Statement of Cash Flows and Reformulated
10.3 Introduction to Growth Analysis
10.4 The Analysis of Changes in Profitability
10.5 The Analysis of Growth in Shareholders’ Equity
10.6 Growth Sustainable Earnings and the Evaluation of P/B Ratios and P/E Ratios

11. The Analysis of Profitability

11.1 Cutting to the Core of the Operations
11.2 First-Level Breakdown
11.3 Second-Level Breakdown
11.4 Third-Level Breakdown
11.5 The Web Connection

12. The Analysis of Growth and Sustainable Earnings

12.1 What Is Growth?
12.2 Financing Risk and Return and the Valuation of Equity
12.3 Mark-to-Market Accounting

13. The Value of Operations

13.1 A Modification to Residual Earrings Forecasting Residual Operating Income
13.2 Abnormal Growth in Operating Income
13.3 The Cost of Capital and Valuation

14. Simple Forecasting and Simple Valuation

14.1 Simple Forecasts and Simple Valuations form Financial Statements
14.2 Adding Speculation to Financial Statement Information
14.3 The Applicability of Simple Valuations
14.4 Simple Valuations with Short-Term
14.5 Simple Valuation as an Analysis Tool
14.6 Value Creation and the Creation of Residual
14.7 Price-to-Book Ratios, Price-Earnings Ratios, and the Valuation
14.8 Hidden Reserves and the Creation of Earnings
14.9 Conservative and Liberal Accounting
14.10 Accounting Methods and the Forecast Horizon

15. Full-Information Forecasting, Valuation, And Business Strategy Analysis

15.1 Financial Statement Analysis
15.2 Full- Information Forecasting and Pro Forma Analysis
15.3 Value Generated in Share Transactions
15.4 Financial Statement Indicators and Red Flags
15.5 Business Strategy Analysis and Pro Forma Analysis

16. Creating Accounting Value and Economic Value

16.1 Detecting Transaction Manipulation
16.2 Justifiable Manipulation?
16.3 Disclosure Quality
16.4 Quality Scoring

17. Analysis Of The Quality Of Financial Statements

17.1 What is Accounting Quality?
17.2 Detecting Income Shifting
17.3 Inferring Expected Returns form Market Prices Adapting to the Risk Measurement

18. The Analysis Of Equity Risk And The Cost Of Capital

18.1 The Nature of Risk
18.2 Fundamental Risk
18.3 Value-At-Risk Profiling
18.4 Fundamental Betas
18.5 Price Risk

19. The Analysis Of Credit Risk

19.1 Ratio Analysis for Credit Evaluation
19.2 Forecasting and Credit Analysis
19.3 Liquidity Planning and Financial Strategy