Fundamental Analysis- NCFM Module

Fundamental Analysis- NCFM Module

Fundamental Analysis- NCFM Module

Ahmedabad

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FUNDAMENTAL ANALYSIS 

CHAPTER 1

INTRODUCTION TO FUNDAMENTAL ANALYSIS 

WHAT IS FUNDAMENTAL ANALYSIS?

WHY IS FUNDAMENTAL ANALYSIS RELEVANT FOR INVESTING?

EFFICIENT MARKET HYPOTHESIS(EMH)

ARGUMENTS AGAINST EMH

STEPS IN FUNDAMENTAL ANALYSIS

CHAPTER 2

BRUSHING UP THE BASICS

 

CONCEPT OF “TIME VALUE OF MONEY”

INTEREST RATES AND DISCOUNTS FACTORS

OPPORTUNITY COST, RISK FREE RATE, EQUITY RISK PREMIUM

THE BETA, RISK ADJUSTED RETURN (SHARPE RATIO)

CHAPTER 3

UNDERSTANDING FINANCIAL STATEMENTS

 

WHERE CAN ONE FIND FINANCIAL STATEMENTS

THE DIRECTORS REPORTS

THE AUDITORS REPORTS

FINANCIAL STATEMENTS, BALANCE SHEET, INCOME STATEMENTS, SCHEDULE NOTES & ACCOUNTS

CASH FLOW STATEMENTS

FINANCIAL STATEMENT ANALYSIS AND FORENSIC ACCOUNTING

COMPARATIVE AND COMMON SIZE FINANCIAL STATEMENTS

FINANCIAL RATIOS (PE, EPS, BV, PEG, EV, ROE, ROCE ETC...)

DU-PONT ANALYSIS

CASH CONVERSION CYCLE

THE SATYAM SCAM AND NEED OF FORENSIC ACCOUNTING

 

CHAPTER 4

VALUATION METHODOLIES

 

TOP- DOWN VALUATION (EIC ANALYSIS)

DISCOUNTED CASH FLOW MODELS

DIVIDEND DISCOUNT MODEL 

FCFF & FDFE BASED DCF

SUM OF THE PARTS (SOTP)

PRICE/ EARNINGS RATIO

PRICE/ BOOK VALUE RATIO

ENTERPRISE VALUE/ EBITDA RATIO

PRICE/ SALES RATIO

SPECIAL CASES OF VALUATION

IPOS, FINANCIAL SERVICES, NET INTEREST MARGIN (NIM)

FIRMS WITH NEGATIVE CASH FLOWS, ACQUISITION VALUATIONS, DISTRESSED COMPANIES

WORKING ALL TOGETHER, CHECKLIST.

 

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