Beyond Earnings

PRAISE FOR BEYOND EARNINGS "Holland and Matthews show why successful investors (and corporate managers as well) must focus on cash flow metrics in analyzing and valuing a business. This book is essential reading for anyone who wants to make successful investment decisions." --William Priest, CEO, and Steven Bleiberg, Managing Director, Epoch Investment Partners, authors of Winning at Active Management: The Essential Roles of Culture, Philosophy, and Technology "Holland and Matthews do an amazing job articulating the theoretical underpinnings of valuation and value creation without limiting or compromising the practical application of the DCF methodology." --Frank Ieraci, Head of Active Fundamental Equities, Canada Pension Plan Investment Board "Beyond Earnings belongs on the desk of every investor, corporate manager, and student of financial markets who seriously want to understand how companies create value for their shareholders and other stakeholders of corporations." --Hon. Professor Dr. Jan Viebig, Goethe University Frankfurt; editor and author of Equity Valuation: Models from Leading Investment Banks "If the 'science' of Economics can be described as often 'dismal' then the discipline of Equity Valuation could easily be described as mostly 'amateurish'. Holland and Matthews have done more than anyone to help professionalize the investment industry's approach to financial analysis and business valuation." --Mark Ferguson, Founding Partner and Co-Chief Investment Officer, Generation Investment Management "Beyond Earnings brings erudition and sense to equity valuation and financial performance analysis, and then links them clearly to investment decision making." --Michael O'Sullivan, Chief Investment Officer, International Wealth Management, Credit Suisse "Value conscious executives from listed corporates will find the time invested in studying Beyond Earnings immensely rewarding." --Patrice Lambert - de Diesbach, Head of Investor Relations, Orange Group "Most investors fall victim to extrapolation. Holland and Matthews demonstrate in their must-read book that the value of a business is not only driven by its rate of growth and level of profitability, but also by its rate of profitability decay." --Roger Merz, Head of Global Equities, Vontobel Asset Management