includes EBIT, EBITDA, return on invested capital, profit margin, asset turnover, DCF-model, EVA-model, WACC, and multiples to name a few. This book is the first in a series that tries to demystify financial statement analysis and valuation. It focuses on the overall drivers of value: Growth, performance or profitability, and liquidity/risk. The book includes: • An introduction to financial statements • Profitability analysis and financial ratios • Discussion of valuation methods; based on discounted cash flows and multiples • A thorough discussion of the cost capital The book is designed so you as a businessman can benefit from it in different ways. First, if you need an executive overview the Executive Summary will, in a few pages, guide and update you, getting right to the point. Second, this book can be used as a practitioners’ handbook, where you concentrate on sections t