3 Review(s)

Salient Features Equity Analysis and Valuation with eVal  is now a fully integrated learning and teaching package: text, software, cases and data are written and selected to complement each other at every step of the way. Instructors new to Lundholm and Sloan will find they have everything they need to teach a robust valuation course that balances both theory and application. Equity Valuation and Analysis with eVal provides the best balance on the market today between theoretical rigor and practical application. Familiar company examples give students a realistic context in which to practice valuation techniques, while the eVal software eliminates the drudgery to allow the concepts to shine through. More real-world examples give students further insight into how the tools of valuation apply to real companies. The second edition features 16 new cases that have been incorporated into both the text and the software. Companies covered include Netflix, Overstock.com, Time Warner, Bally Total Fitness, Boston Chicken, Prepaid Legal Services, Amazon.com and several others. eVal automates many repetitive tasks in financial statement analysis and valuation. It structures the process in a way that is logical and easy to follow, making it easy for students to learn valuation by doing it. And because eVal is built directly into Microsoft Excel, there is very little learning curve. The sections on accounting analysis and earnings quality analysis have been expanded and improved. The textbook presents the material in a concise, non-technical fashion perfect for today?s students. Data can be manually entered into eVal by cutting and pasting from common web sources into an eVal template (the textbook suggests a number of sources for the necessary data). The textbook uses the Kohl?s department store chain as a running example throughout. Armed with the past financial statement data, eVal automatically conducts a comprehensive ratio and cash flow analysis and displays the results both numerically and graphically. For each ratio there is a hyperlink back to the textbook that explains the construction and interpretation of the ratio. eVal prompts the student to enter cost of capital and other valuation assumptions and then presents a valuation of the company based on both the residual income and the discounted cash flow models. The forecasted value of the firm is the same for both models. Further, the textbook derives both valuation models and discusses the relevant issues when selecting cost of capital assumptions.