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Comprehensive Guide to Fundamental Analysis: Top-Down Approach

This guide explores the top-down approach to fundamental analysis, focusing on macroeconomic frameworks and growth perspectives. It covers sector and company analyses, detailing how to forecast performance and valuation. Key questions addressed include: Which sectors or companies might grow faster and why? The document emphasizes the importance of comparing companies within industries and identifying long-term trends and dynamics. It discusses various valuation methods including price-to-earnings and discounted cash flows, illustrating that valuation is dynamic and evolves over time.

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Comprehensive Guide to Fundamental Analysis: Top-Down Approach

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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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