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Quality of Earnings: The Investor's Guide to How Much Money A Company is Really Making, by Thornton L. O'glove
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An indispensable guide to determining how much money a company is really making and for buying and selling stocks without making costly blunders.
- Sales Rank: #1116787 in Books
- Published on: 1987-04-27
- Ingredients: Example Ingredients
- Original language: English
- Number of items: 1
- Dimensions: 9.75" h x 6.50" w x .75" l,
- Binding: Hardcover
- 224 pages
From Library Journal
O'glove is a former securities analyst who started the Quality of Earnings Report , used by many investment firms. With business historian Sobel, O'glove details a methodology to help the investor understand the role of the corporate annual report, cash flow and debt analysis, accounts receivable and inventories, the differences between shareholder reports and tax reports, and other documentation submitted to shareholders and potential investors. He advises investors to look carefully at all of the above, and he explains how to do research for more information. The book has a style suited to the investor with some experience and is technical. But it offers a great deal of substantive information that may be useful to those who use business libraries and collections. Steven J. Mayover, Free Library of Philadelphia
Copyright 1987 Reed Business Information, Inc.
Most helpful customer reviews
33 of 34 people found the following review helpful.
Financial Rapport
By dennis wentraub
Investors who want to survive need to avoid torpedo stocks - the one's you don't see coming to blow a hole in your portfolio. This requires arming yourself with a healthy skepticism. Your stock analyst may be under pressure not to disrupt investment banking deals with negative reports. The auditor's independent review may be compromised by a desire to secure "fat fees" for a host of additional advisory services. Bottom line: Investors need to trust in their own abilities and do the job of reading corporate reports themselves. Read the annual report and more detailed SEC required 10-K filing. This is the simple message of QUALITY OF EARNINGS. Interpreting trends in accounts receivable and inventory levels from publicly available reports are useful tools to spot problems before they impact a stock's price. This is the author's "most important" chapter and it is as good a discussion as I have seen on the subject. The importance of understanding accounting practice changes and their immediate impact on how earnings are reported is another important matter that gets attention here. We also see why "big bath" restructuring charges that lower the bar for short term earnings growth expectations have become a predictable consequence of corporate acquisitions and CEO transitions. Much of this material will be familiar to readers of more current books on the topic, but O'glove's clear explanations and use of the numbers to support his conclusions are instructive. Because this book was written in 1987 the majority of examples used are quaint at best (e.g., Church's Fried Chicken, Coleco, Adademy Insurance Group, etc.). On the other hand, describing accounting changes at IBM or GE's managed use of tax losses through its Credit Corporation unit (GECC) may resonate rather differently with today's wary investor. A chapter dealing with dividends, the "tender trap", reflects recent, not current, thinking. O'glove's position is that "minimal or no dividends" is the best corporate policy. It is a fair discussion. This has been a general consensus for years because of the issues of double taxation and a conviction that capital can be more efficiently employed in a company's core business development. Currently, in the throes of a bear stock market, investors have sought dividend bearing stocks to hedge market volatility, as a tangible sign of legitimate profits (showmethemoney) when accounting scandals are discovered, and more broadly as way of supplementing retirement income. Preferences change, but one thing is certain. The issue of transparency in the markets is critical to assessing value. This book is an excellent introduction to the topic.
51 of 58 people found the following review helpful.
Depends upon the reader's background
By Everett K. Truitt
I read this book because a Wall Street Journal story referred to it as "the" source for quality of earnings analysis. I was somewhat disappointed with the quantity and quality of new information and analytical techniques, but that's not a knock on the book. I think it boils down to your background. If you're a CFO, Controller or seasoned accountant, there may not be alot of new information here for you. The book may be much better for financial analysts that don't have a strong accounting background but need to be able to determine earnings quality. I personally found Creative Cash Flow Reporting (Mulford & Comiskey) to be more useful. Nevertheless, I'm glad to have Quality of Earnings in my library.
16 of 17 people found the following review helpful.
Use only as a beginning reference for "earnings quality"
By Ant Gara
Bought this as I've been told it's THE book to better understanding on the "quality" of a company's earnings. I was expecting different quantitative tools to uncover which firms had low quality earnings, and which ones had higher quality ones. Unfortunately, the analytic toolkit presented here is completely underwhelming.
The first 70 pages (out of 190 total) discuss various qualitative factors, such as not trusting analysts, reading carefully the shareholder letters to evaluate management, taking note of non-recurring expenses, etc. All fine, but also all pretty basic stuff that the serious fundamental investor already knows to do. Nothing new or eye-opening here.
Chapter 7, on tax reporting vs. shareholder reporting, was refreshing to see, as the author discusses the differences between the two, which could be substantial. However, as the author himself notes, tax reporting is only available to investors who own a significant stake in the company (greater than 5%), making it nearly impossible for the individual investor to obtain that type of information. So while the section was interesting, it's ultimately useless for most of the audience.
The real meat and bones is chapters 8 and 9, which deals with Acct. Receivable, Inventory, Debt, and Cashflow analysis. This was why I got the book in the first place. Yet even here, I was pretty disappointed. The author instructs to follow A.R. and inventory trends, and discusses positive and negative inventory divergence, and the importance of days sales in A.R., all are very useful. However, he doesn't mention how to calculate days sales in A.R., and completely omits other valuable calculations, including the days payable outstanding, the cash conversion cycle, etc. Basically, the chapter boils down to "watching bulging A.R. and inventories."
Chapter 9 offers very little in terms of debt and cashflow analysis. He gives three capital structure formulas that are found in any undergrad finance textbook (LT debt to equity, Total debt to equity, and Times interest earned), without saying much on what's a healthy D/E ratio, what level signals danger, what's a solid times interest earned multiple, etc. Again, in a nutshell down to "make sure the company has enough earnings to pay the interest on its debt." Despite the title of the chapter, there is almost NO discussion on the quality of cashflows, only that CFFO (on the cash flow statement) and free cash flow are not the same thing. Really basic stuff. A side complaint: as far as the quality of a firms earnings is concerned, the capital structure (which makes up the majority of the chapter) is largely irrelevant. While the capability to pay the interest payments are important for the health of the firm, it has no bearing on the actual "quality" of the earnings. The same can be said for the next chapter, which discusses dividends.
The remaining chapters touch on more qualitative measures, such as accounting changes, "big baths," etc. Useful material, but again, stuff most investors with a decent background already know.
Over all, I was let down big time. The biggest disappointment was the lack of any mention of accruals beyond A.R. and inventory. Yes, they are a huge part of accruals, but the author simply mentions how to analyze them by themselves, without any discussion on how to separate the accruals in the earning numbers from the cash numbers to determine the true "quality" of the earnings.
I would recommend this only if you're just venturing out to learn about "quality of earnings." If your new to this subject, read this first to get a foundation for the subject, and then pick up "Financial Shenanigans" and then "What's Behind the Numbers," which goes into much more detail about accruals, their impact on earnings, and how you can compare different FCF margins to net profit margins to better determine the "quality" of a company's earnings.
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