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Fundamental Analysis

Fundamental Analysis. March 20 11. Top-Down Approach. Macro economical frame and growth perspectives Sector analysis Company analysis Forecasts Valuation. The Macro Picture. The questions: Who will grow faster? And why? Major advantages and disadvantages of the country

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Fundamental Analysis

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  1. Fundamental Analysis March 2011

  2. Top-Down Approach • Macro economical frame and growth perspectives • Sector analysis • Company analysis • Forecasts • Valuation

  3. The Macro Picture • The questions: • Who will grow faster? • And why? • Major advantages and disadvantages of the country • Disequilibrium or unbalances

  4. Sector Analysis • Compare each company to others in the same industry • Search for advantages and disadvantages • Look for dynamics for at least several years

  5. Company Analysis • Look in the details • Define the short-term and long-term trends • Compare to similar periods in the history • Create a sound model for the future performance of the company

  6. Valuation • Sector comparison by multiples • Price-to-earnings • Price-to-book • Price-to-sales • Enterprise value-to-EBITDA

  7. Valuation Discounted cash flows

  8. Valuation Is Not Static

  9. And Is Even More Dynamic In Long Term

  10. “Never memorize what you can look up in books”Albert Einstein Questions and answers

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