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Financial Statement Analysis and Security Valuation Paperback – 1 Jun 2009
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About the Author
Stephen Penman is the L.H. Penney Professor of Accounting at the University of California at Berkeley. He received his Ph.D. from the University of Chicago in 1978. He has published extensively in the Journal of Accounting and Economics, the Journal of Accounting Research, and the Contemporary Accounting Research journal. he currently on the editorial board of the Review of Accounting Studies. He is known around the world for his reserch in Financial Accounting.
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Bottom line: 2007 S&P 500 index at 1527 was overvalued (implied growth rate of 6.46%)
2011 S&P 500 index at 1136 was undervalued (implied growth rate of 1.52%, less than GDP)
2013 S&P 500 index at 1769 appears to be fairly / or slightly over-valued (implied growth rate of 3.56%, about the same as GDP or slightly overvalued if we take GDP as 3%))
I believe concepts in this text can be used to assess if a security (HPQ, GOOG, GE and lot more) is over-valued or undervalued using basic EPS, DPS, BV and other readily available numbers from yahoo finance. Overall, I would say, this is an excellent addition to valuation and financial statement analysts. I bought a used book, fourth edition (including S&H) only for $9 or less.
In short with this book you don't learn valuation if you are a beginner and if you are a pro you don't need this.