Analysis of Equity Investments: Valuation (ISBN 0935015760)

Must-have reference for students!:
As an undergraduate Finance student prepping for the C.F.A. exam, I must say this is the best textbook I have seen on valuing equities. Clearly written by experienced C.F.A.'s, this guide to valuation has been more helpful and easier to use than any of the textbooks used in my finance classes. It is well organized, making it easy to read as a single pass-through and to use as a reference for specific topics. The best thing about its writing style is the plentiful examples. Pages of practice problems and step-by-step demonstrations leave the reader with no misunderstanding of the material. Some important topics covered include methods of valuation (discounted dividend, discounted cash flow, multiples, and the less popular residual income), methods of obtaining discount rates/required return, and other helpful information such as how analyst research reports are structured. Each topic is covered in great detail, encompassing just about every aspect an analyst should know and more. Do not expect to remember everything - I suggest building your own spreadsheet models using this book as a reference to help reinforce the information. If you are a college student or studying for the C.F.A., this is a necessary book to have in your arsenal. If will provide clarity where other books do not suffice.