How to read annual reports? (1 Viewer)

tau281290

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I think I shoud start learning this since i have some time after the trials.

I got a whole stack of company annual reports. I don't know where to start, but I just need someone to point me out on where should i start. How do I understand them?

Anyone read them for fun? (may be too high an expectation)

Well, here is a common one from BHP Billiton
http://www.bhpbilliton.com/bbContent...alreview07.pdf

I am trying to find its intrinsic value, anyone done that before? What are your estimates?
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