Академический Документы
Профессиональный Документы
Культура Документы
Management Auditors
1. Accounting
method choice GAAP
Financial
2. Accounting
Reports
estimates
3. Accounting
disclosures
4. Unravelling
management Regulators
distortions (SEC, FASB)
The Limitations of GAAP for Security Analysis
Business Analysis
Valuation
Business Analysis
The analyst tries to understand the key business
drivers affecting the firms:
Internal environment of the firm such as:
the firm’s mission,
products and services,
pricing,
marketing strategies,
manufacturing,
research and developments,
distribution process,
financial health,
and the human resources issues
External environment affects the firm:
Does the firm operate in an industry with many small
players, or a few very large players, such as the
computer software industry?
What are the barriers to entering this industry?
Will there be new competitors entering in the future?
What are the growth prospects for the industry?
Who are the firm’s competitors and what are their
products and strategies?
Who are the key customers and how do they affect
the firm’s prospect?
Are there regulations that affect the business
operations?