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《《3-Damodaran-Investment Valuation》.pdf
1
CHAPTER 3
UNDERSTANDING FINANCIAL STATEMENTS
Financial statements provide the fundamental information that we use to analyze and
answer valuation questions. It is important, therefore, that we understand the principles
governing these statements by looking at four questions:
How valuable are the assets of a firm? The assets of a firm can come in several forms –
assets with long lives such as land and buildings, assets with shorter lives such
inventory, and intangible assets that still produce revenues for the firm such as patents
and trademarks.
How did the firm raise the funds to finance these assets? In acquiring these assets, firms
can use the funds of the owners (equity) or borrowed money (debt), and the mix is
likely to change as the assets age.
How profitable are these assets? A good investment, we argued, is one that makes a
return greater than the hurdle rate. To evaluate whether the investments that a firm has
already made are good investments, we need to estimate what returns we are making on
these investments.
How much uncertainty (or risk) is embedded in these assets? While we have not directly
confronted the issue of risk yet, estimating how much uncertainty there is in existing
investments and the implications for a firm is clearly a first step.
We will look at the way accountants would answer these questions, and why the
answers might be different when doing valuation. Some of these differences can be traced to
the differences in objectives – accountants try to measure the current standing and
immediate past performance of a firm, whereas valuation is much more forward looking.
The Basic Accounting Statements
There are three basic ac
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