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2014年12月CFA一级考试大纲（十四）

来源：高顿网校 2014-05-07

　　Equity Analysis and Valuation

　　This study session focuses on the characteristics, analysis, and valuation of equity securities. The first reading discusses various types and features of equity securities and their roles in investment management. The second reading explains how to conduct industry and company analyses; the reading’s major focus is on understating a com?pany’s competitive position. The first two readings constitute necessary background knowledge for the third reading, which introduces the subject of equity valuation

　　READING ASSIGNMENTS

　　Reading 49 Overview of Equity Securities by Ryan C. Fuhrmann, CFA, and Asjeet S. Lamba, CFA

　　Reading 50 Introduction to Industry and Company Analysis by Patrick W. Dorsey, CFA, Anthony M. Fiore, CFA, and Ian Rossa O’Reilly, CFA

　　Reading 51 Equity Valuation: Concepts and Basic Tools by John J. Nagorniak, CFA, and Stephen E. Wilcox, CFA

　　LEARNING OUTCOMES

　　READING 49. OVERVIEW OF EQUITY SECURITIES

　　The candidate should be able to:

　　a describe characteristics of types of equity securities;

　　b describe differences in voting rights and other ownership characteristics among different equity classes;

　　c distinguish between public and private equity securities;

　　d describe methods for investing in non-domestic equity securities;

　　e compare the risk and return characteristics of different types of equity securities;

　　f explain the role of equity securities in the financing of a company’s assets;

　　g distinguish between the market value and book value of equity securities;

　　h compare a company’s cost of equity, its (accounting) return on equity, and investors’ required rates of return.

　　READING 50. INTRODUCTION TO INDUSTRY AND COMPANY ANALYSIS

　　The candidate should be able to:

　　a explain uses of industry analysis and the relation of industry analysis to com?pany analysis;

　　b compare methods by which companies can be grouped, current industry classi?fication systems, and classify a company, given a description of its activities and the classification system;

　　c explain the factors that affect the sensitivity of a company to the business cycle and the uses and limitations of industry and company descriptors such as “growth,” “defensive,” and “cyclical”;

　　d explain the relation of “peer group,” as used in equity valuation, to a company’s industry classification;

　　e describe the elements that need to be covered in a thorough industry analysis;

　　f describe the principles of strategic analysis of an industry;

　　g explain the effects of barriers to entry, industry concentration, industry capac?ity, and market share stability on pricing power and return on capital;

　　h describe product and industry life cycle models, classify an industry as to life cycle phase (embryonic, growth, shakeout, maturity, and decline), and describe limitations of the life-cycle concept in forecasting industry performance;

　　i compare characteristics of representative industries from the various economic sectors;

　　j describe demographic, governmental, social, and technological influences on industry growth, profitability, and risk;

　　k describe the elements that should be covered in a thorough company analysis.

　　READING 51. EQUITY VALUATION: CONCEPTS AND BASIC TOOLS

　　The candidate should be able to:

　　a evaluate whether a security, given its current market price and a value estimate estimate, is overvalued, fairly valued, or undervalued by the market;

　　b describe major categories of equity valuation models;

　　c explain the rationale for using present value models to value equity and describe the dividend discount and free-cash-flow-to-equity models;

　　d calculate the intrinsic value of a non-callable, non-convertible preferred stock;

　　e calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model, as appropriate;

　　f identify companies for which the constant growth or a multistage dividend discount model is appropriate;

　　g explain the rationale for using price multiples to value equity and distin?guish between multiples based on comparables versus multiples based on fundamentals;

　　h calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value;

　　i describe enterprise value multiples and their use in estimating equity value;

　　j describe asset-based valuation models and their use in estimating equity value;

　　k explain advantages and disadvantages of each category of valuation model.

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　　报考指南：2014年CFA考试备考指南
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