Free Cash Flow: Seeing Through the Accounting Fog Machine to Find Great Stocks - Couverture rigide

Christy, George C.

Couverture rigide

ISBN 10 : 0470391758 ISBN 13 : 9780470391754

Editeur : John Wiley & Sons Inc, 2009

Synopsis

The purpose of this book is to explain Free Cash Flow and how to use it to increase investor return. The author explains the differences between Free Cash Flow and GAAP earnings and lays out the disadvantages of GAAP EPS as well as the advantages of Free Cash Flow. After taking the reader step-by-step through the author's Free Cash Flow statement, the book illustrates with formulas how each of the four deployments of Free Cash Flow can enhance or diminish shareholder return. The book applies the conceptual building blocks of Free Cash Flow and investor return to an actual company: McDonald's. The reader is taken line-by-line through the author's investor return spreadsheet model: (1) three years of McDonald's historical financial statements are modeled; (2) a one-year projection of McDonald's Free Cash Flow and investor return is modeled. Five other restaurant companies are compared to McDonald's and each other using both Free Cash Flow and GAAP metrics.

A propos du livre

Quatrième de couverture :

Praise for Free Cash Flow

"This book provides the reader with the concepts, the context, and the tools necessary to invest successfully in a global market that has become increasingly challenging for all investors, both institutional and individual. I applaud the author′s efforts and recommend this book to all investors seeking shareholder value creation." From the Preface by William W. Priest, Chief Executive Officer, Epoch Investment Partners, coauthor of Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor

"George Christy has it right to value a business you must follow the cash. What else counts?" Bruce Berkowitz, President, Fairholme Funds, Inc.

"Free Cash Flow: Seeing Through the Accounting Fog Machine to Find Great Stocks helps keep the investor focused on what truly matters to value creation Free Cash Flow." Charles W. Mulford, Invesco Chair and Professor of Accounting, College of Management, Georgia Institute of Technology, cofounder of Cash Flow Analytics, LLC

"GAAP earnings are more theology than science. They are a series of assumptions that lead us to what we ′believe′ earnings to be. As George Christy thoroughly explains, Free Cash Flow definitively reflects the true value of a company. After more than a decade of roving market bubbles, it is refreshing to read this work of fundamental analysis pointing to successful investing. I read it as a refresher course to my CFA certification." Boniface A. Zaino, CFA, Managing Director, Royce & Associates, LLC

Biographie de l'auteur :

George C. Christy, CFA, has more than thirty years′ experience in the financial markets. He has served as corporate banker for Fortune 500 and middle market companies, as well as treasurer of a publicly owned telecommunications equipment manufacturer. Christy has a BA from Princeton University and an MBA from the University of Chicago, and holds the Chartered Financial Analyst (CFA) designation. He is a member of the Los Angeles Chapter of Financial Executives International, the CFA Institute, the CFA Society of Los Angeles, the Japan America Society, and the International House of Japan.

À propos de cette édition

• Éditeur: John Wiley & Sons Inc
• Date d'édition: 2009
• ISBN 10: 0470391758
• ISBN 13: 9780470391754
• Reliure: Relié
• Nombre de pages: 208