• Oct 22, 2025 Financial Statement Analysis And Security Valuation By Stephen Penman relates the current book value of equity to future earnings and the cost of equity. The core formula: \[ \text{Intrinsic Value} = \text{Book Value} + \sum_{t=1}^\infty \frac{\text{Residual Income}_t}{(1 + r)^t} \] Where: Residual Income = Net Income – Equity Charge (co By Dr. Bud Williamson
• Mar 9, 2026 Stephen H Penman Financial Statement Analysis And Security Valuation quality, sustainable growth, and rigorous valuation models, his framework helps investors and analysts make more informed and confident investment decisions. As markets evolve and data becomes more accessible, integrating Penman’s principles can substanti By Hellen Ziemann MD
