参考文献 McKinsey & Company,Valuation 4th ed., John Wiley & Sons Inc.
7. Analyzing Historical Performance P159-P225 (本日読書分：P183-P225)
この章は実際の財務諸表を使ったValuationの説明になっています。やや技術的な色彩が強く、また、米国の会計基準をある程度知らないと少し難しいかもしれませんが、実務面で大きな示唆が得られました。
In valuation process, we usually use disclosed financial statements. Financial statements are not prepared for valuation purposes, so we should reclassify the financial statements to facilitate valuation process.
We should analyze the prior financial statements and understand the accounting principles which have an impact on the accounting figures. In short, we should clearly identify cash related or non-cash items, operation or non-operation items in financial statements.
This chapter is a bit technical, however, but it has given me useful insights of valuation in practical level. Proper reclassifications and systematic analytical procedures are prerequisites for an effective valuation.