The authors have extensively revised their original best-selling edition to take in the latest practice and the current economic and regulatory environment. This book provides an overview of the credit process; revision of financial and non-financial information assessment; evaluation of the methods of analysing performance and profitability, liquidity, cash flow and general capital structures; discussion of forecasting, bankruptcy, group accounts and monitoring. Includes 13 chapters covering deposit-taking institutions, property companies, unquoted companies and the pricing of corporate lending.
Extract:
'Analysts need to continue to develop their skills. The task of financial analysis is perhaps easier than it was in the 1980s because of improvements in accounting standards. Nevertheless, analysts need to remember that management pays the auditors to produce the annual reports, and often use the same partnerships for consultancy services. Management will always seek an interpretation of accounting standards which reflects well upon them. Analysts should thus remember to use the notes to the accountes, and beware of the seemingly innocuous note thirty-something which probably contains the scorpion in small print. Further gains will inevitably be made in our understanding of markets, competition, environmental risk, product evaluation and management thinking. The challenge for the analyst is to keep up to date, and spot risks before others.'
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1. Assessing non-financial risks
2. Use and limitations of financial information
3. Performance and profitability
4. Measurement of liquidity
5. Cashflow accounting and analysis
6. Capital structure
7. Forecasting and sensitivity analysis
8. Consolidation and group accounts
9. Bankruptcy and corporate turnaround
10. Monitoring and control
11. Analysing the performance of banks
12. Valuation of unquoted equity
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