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Mauboussin on Strategy
The Consilient Observer

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ONLINE TUTORIALS

In this section of the site, we present a collection of online tutorials and downloadable spreadsheets to supplement Expectations Investing. Our goal here is to offer a supplement to the book by providing the following:

  • Data. Using Gateway, Inc. (as of April 21, 2000) as our primary case study, we explain where to find the finance and accounting data that power the expectations investing toolkit.
  • Spreadsheets. We also include spreadsheets for the major topics covered in the book. Each spreadsheet contains an "Input" worksheet that explains the data needed for each analytical tool presented in the book--and automatically calculates the relevant ratios and figures.
  • Detail. The tutorials also delve into topics--such as Employee Stock Options--in more detail. Also, select tutorials include Sidebars with detailed information on relevant topics and adjustments.

In addition to reviewing basic concepts--such as present value--the first nine tutorials walk through the steps needed to perform the Price-Implied Expectations (PIE) analysis introduced in the book. We pay special attention to calculating the three Operating Value Drivers--Sales Growth Rate, Operating Profit Margin, and Incremental Investment Rate--and the three Other Value Determinants--the Cash Tax Rate, Cost of Capital, and Forecast Period.

We also offer separate tutorials on how to analyze M&A deals and the value of a company's real option to enter a new business.

Click here to see the 11 online tutorials to explore a topic or to download a spreadsheet. Also, you can download a single compressed file containing all of our tutorial spreadsheets files.

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