Analyzing earnings reports, valuation metrics, and growth expectations.
This scope is designed to help you build a practical understanding of Earnings & Valuation. Lessons move from core definitions to real-world context and common failure points.
Reading in order is recommended, but each lesson stands on its own.
Corporate earnings are the profits a company generates after covering all expenses, usually reported as net income. This article explains what earnings represent, how they are measured, and why they matter for intrinsic valuation in fundamental analysis.
A clear, university-level guide to what corporate earnings reports contain, how to read them for fundamental analysis, and why they matter for understanding intrinsic value. The article covers income statements, cash flows, EPS, adjustments, quality of earnings, and valuation links without offering strategies or recommendations.
An in-depth explanation of forward and trailing valuation, how each is constructed from earnings, and why both perspectives matter for assessing long-term value across different industries and market conditions. The article clarifies definitions, data sources, strengths and limitations, and provides practical, non-prescriptive examples.
A rigorous examination of how earnings expectations are formed, how reported results compare with those expectations, and why the gap matters for intrinsic valuation. The discussion clarifies measurement, sources of error, and practical implications for long-horizon fundamental analysis.
A rigorous overview of the price‑to‑earnings ratio, how it is constructed, why it matters for long‑term valuation, and how analysts interpret it across firms, sectors, and cycles without relying on trading rules or recommendations. The discussion links P/E to earnings quality, growth, and discount rates and illustrates practical considerations with…
An in-depth explanation of how fundamental analysts value growth and value businesses, why the distinction matters for long-term valuation, and how earnings, cash flows, and multiples connect to intrinsic value across different business models and market conditions.
An in-depth explanation of margins and profitability, how they are measured, why they matter for long-term valuation, and how analysts incorporate them into fundamental analysis of intrinsic value, with practical examples and common pitfalls to avoid.
An in-depth explanation of corporate guidance, how markets react to it, and why this interaction matters for intrinsic valuation. The article links guidance to cash flow modeling, cost of capital, and long-horizon assessment without suggesting trades or recommendations.
A rigorous introduction to earnings surprises, how they are measured, why they matter for intrinsic valuation, and what careful fundamental analysts look for in the composition and persistence of reported results versus expectations. Includes practical examples and market context without strategy or recommendations.
A rigorous overview of how valuation multiples differ across sectors, why those differences arise, and how analysts use sector-appropriate multiples to connect market price to fundamental drivers such as growth, margins, capital intensity, and risk. Includes practical examples and cautions on comparability, normalization, and accounting effects.
