Which company--Using Fundamental Analysis to Identify a winning stock
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142 pages

CONTENTS
PART I : ECONOMIC ANALYSIS: 13
Politico-Economic Analysis................................................25
The Economic Cycle.............................................................34
Industry Analysis..................................................................38
THE MANAGEMENT ……………………………………………..50
THE COMPANY …………………………………………..............59
THE ANNUAL REPORT ………………………………………….63
A.The Director's Report …………………………………...64
B.The Auditor's Report ……………………………………66
C. Financial Statements …………………………………….70
D. Schedules and Notes to the Accounts ………………....82
RATIOS…………………………………………………………........86
A. Market Value ………………………………………........89
B. Earnings …………………………………………............94
C. Profitability …………………………………..................98
D. Liquidity …………………………………………..........104
E. Leverage ……………………………………..................112
F. Debt Service Capacity ……………..............................117
G. Asset-Management/Efficiency ……………………......121
H. Margins …………………………................................127
CASH FLOW ………………………………….............................135
Conclusion …………………………………..................................140
Fundamental Analysis: Quick Check List ……………………….142