The Dark Side of Financial Statement Analysis - Joel Litman - Webinar

Description

Unstructured Learning

Date: 12 October 2016

CPD Hours: 47 minutes

The gross distortions lurking in financial statements and how to greatly improve equity and credit research

GAAP, IAS, and IFRS Financial Statements don't report economic reality. Instead, they provide a collection of mis-categorised, inconsistently measured, and misunderstood metrics that distort financial analysis.
The gross distortions lurking in financial statements and how to greatly improve equity and credit research

In this webinar, Joel explains that when financial statements are properly adjusted to the purpose of the analysis, accounting distortions are systematically and manually removed. Through this, one gains an entirely new understanding of business performance and thereby equity valuations and credit analysis. Seemingly endless controversies around the cost of capital, use of multiples, terminal values, and DCF models seem far more reasonably solvable. The goal is the achievement of an extremely practical framework for fundamental financial research.

Learning Objectives

  • Explain the importance of thinking critically when using financial statements
  • Identify the incomparable M&A accounting metrics
  • Explain the criticisms surrounding cash flow statements
  • Identify the pros and cons that arise when using different accounting standards

CPD Hours

0h 47m

Media Type

Video

Duration

(Unspecified)
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