10AnalysisofFinancialStatements(投资分析与投.pptx
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10AnalysisofFinancialStatements(投资分析与投.pptx
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,LecturePresentationSoftwaretoaccompanyInvestmentAnalysisandPortfolioManagementSeventhEditionbyFrankK.Reilly&KeithC.Brown,Chapter10,Chapter10AnalysisofFinancialStatements,Questionstobeanswered:
Whatarethemajorfinancialstatementsprovidedbyfirmsandwhatspecificinformationdoeseachofthemcontain?
Whydoweusefinancialratiostoexaminetheperformanceofafirmandwhyisitimportanttoexamineperformancerelativetotheeconomyandafirmsindustry?
Chapter10AnalysisofFinancialStatements,Whatarethemajorcategoriesforfinancialratiosandwhatquestionsareansweredbytheratiosinthesecategories?
Whatspecificratioshelpdetermineafirmsinternalliquidity,operatingperformance,riskprofile,growthpotential,andexternalliquidity?
HowcantheDuPontanalysishelpevaluateafirmsreturnonequityovertime?
Chapter10AnalysisofFinancialStatements,WhataresomeofthemajordifferencesbetweenU.S.andnon-U.S.financialstatementsandhowdothesedifferencesaffectthefinancialratios?
Whatisa“quality”balancesheetorincomestatement?
Whyisfinancialstatementanalysisdoneifmarketsareefficientandforward-looking?
Chapter10AnalysisofFinancialStatements,Whatmajorfinancialratioshelpanalystsinthefollowingareas:
stockvaluation,estimatingandevaluatingsystematicrisk,predictingthecreditratingsonbonds,andpredictingbankruptcy?
MajorFinancialStatements,Corporateshareholderannualandquarterlyreportsmustinclude,MajorFinancialStatements,CorporateshareholderannualandquarterlyreportsmustincludeBalancesheet,MajorFinancialStatements,CorporateshareholderannualandquarterlyreportsmustincludeBalancesheetIncomestatement,MajorFinancialStatements,CorporateshareholderannualandquarterlyreportsmustincludeBalancesheetIncomestatementStatementofcashflows,MajorFinancialStatements,CorporateshareholderannualandquarterlyreportsmustincludeBalancesheetIncomestatementStatementofcashflowsReportsfiledwithSecuritiesandExchangeCommission(SEC),MajorFinancialStatements,CorporateshareholderannualandquarterlyreportsmustincludeBalancesheetIncomestatementStatementofcashflowsReportsfiledwithSecuritiesandExchangeCommission(SEC)10-Kand10-Q,GenerallyAcceptedAccountingPrinciples(GAAP),FormulatedbytheFinancialAccountingStandardsBoard(FASB)ProvidessomechoicesofaccountingprinciplesFinancialstatementsfootnotesmustdisclosewhichaccountingprinciplesareusedbythefirm,BalanceSheet,Showsresources(assets)ofthefirmandhowithasfinancedtheseresourcesIndicatescurrentandfixedassetsavailableatapointintimeFinancingisindicatedbyitsmixtureofcurrentliabilities,long-termliabilities,andownersequity,IncomeStatement,ContainsinformationontheprofitabilityofthefirmduringsomeperiodoftimeIndicatestheflowofsales,expenses,andearningsduringthetimeperiod,StatementofCashFlows,IntegratestheinformationonthebalancesheetandincomestatementShowstheeffectsonthefirmscashflowofincomeflowsandchangesinvariousitemsonthebalancesheet,StatementofCashFlows,Ithasthreesections:
CashFlowfromOperatingActivitiesthesourcesandusesofcashthatarisefromthenormaloperationsofafirmCashFlowfromInvestingactivitieschangeingrossplantandequipmentplusthechangeintheinvestmentaccountCashFlowfromFinancingactivitiesfinancingsourcesminusfinancinguses,AlternativeMeasuresofCashFlow,CashflowfromoperationsTraditionalcashflowequalsnetincomeplusdepreciationexpenseanddeferredtaxesAlsoadjustforchangesinoperatingassetsandliabilitiesthatuseorprovidecashFreecashflowrecognizesthatsomeinvestingandfinancingactivitiesarecriticaltoongoingsuccessofthefirmCapitalexpendituresanddividends,PurposeofFinancialStatementAnalysis,Evaluatemanagementperformanceinthreeareas:
ProfitabilityEfficiencyRisk,AnalysisofFinancialRatios,RatiosaremoreinformativethatrawnumbersRatiosprovidemeaningfulrelationshipsbetweenindividualvaluesinthefinancialstatements,ImportanceofRelativeFinancialRatios,ComparetootherentitiesExamineafirmsperformancerelativeto:
TheaggregateeconomyItsindustryorindustriesItsmajorcompetitorswithintheindustryItspastperformance(time-seriesanalysis),ComparingtoTheAggregateEconomy,MostfirmsareinfluencedbyeconomicexpansionsandcontractionsinthebusinesscycleAnalysishelpsyouestimatethefutureperformanceofthefirmduringsubsequentbusinesscycles,ComparingtoAFirmsIndustry,MostpopularcomparisonIndustriesaffectthefirmswithinthemdifferently,buttherelationshipisalwayssignificantTheindustryeffectisstrongestforindustrieswithhomogenousproductsExaminetheindustrysperformancerelativetoaggregateeconomicactivity,ComparingtoAFirmsMajorCompetitors,IndustryaveragesmaynotberepresentativeSelectasubsetofcompetitorstocomparetousingcross-sectionalanalysis,orConstructacompositeindustryaveragefromindustriesthefirmoperatesin,ComparingtoAFirmsHistoricalPerformance,DeterminewhetheritisprogressingordecliningHelpfulforestimatingfutureperformanceConsidertrendsaswellasaveragesovertime,FiveCategoriesofFinancialRatios,1.Internalliquidity(solvency)2.Operatingperformancea.Operatingefficiencyb.Operatingprofitability3.Riskanalysisa.Businessriskb.Financialrisk,SixCategoriesofFinancialRatios,4.Growthanalysis,SixCategoriesofFinancialRatios,5.Externalliquidity(marketability),CommonSizeStatements,NormalizebalancesheetsandincomestatementitemstoalloweasiercomparisonofdifferentsizefirmsAcommonsizebalancesheetexpressesaccountsasapercentageoftotalassetsAcommonsizeincomestatementexpressesallitemsasapercentageofsales,EvaluatingInternalLiquidity,Internalliquidity(solvency)ratiosindicatetheabilitytomeetfutureshort-termfinancialobligationsCurrentRatioexaminescurrentassetsandcurrentliabilities,EvaluatingInternalLiquidity,QuickRatioadjustscurrentassetsbyremovinglessliquidassets,EvaluatingInternalLiquidity,CashRatioisthemostconservativeliquidityratio,EvaluatingInternalLiquidity,Receivablesturnoverexaminesthequalityofaccountsreceivable,Receivablesturnovercanbeconvertedintoanaveragecollectionperiod,EvaluatingInternalLiquidity,Inventoryturnoverrelatesinventorytosalesorcostofgoodssold(CGS),Giventheturnovervalues,youcancomputetheaverageinventoryprocessingtimeAverageInventoryProcessingPeriod=365/AnnualTurnover,EvaluatingInternalLiquidity,Cashconversioncyclecombinesinformationfromthereceivablesturnover,inventoryturnover,andaccountspayableturnover,ReceivableDays+InventoryProcessingDays-PayablesPaymentPeriodCashConversionCycle,EvaluatingOperatingPerformance,Ratiosthatmeasurehowwellmanagementisoperatingabusiness
(1)OperatingefficiencyratiosExaminehowthemanagementusesitsassetsandcapital,measuredintermsofsalesdollarsgeneratedbyassetorcapitalcategories
(2)OperatingprofitabilityratiosAnalyzeprofitsasapercentageofsalesandasapercentageoftheassetsandcapitalemployed,OperatingEfficiencyRatios,Totalassetturnoverratioindicatestheeffectivenessofafirmsuseofitstotalassetbase(netassetsequalsgrossassetsminusdepreciationonfixedassets),OperatingEfficiencyRatios,Netfixedassetturnoverreflectsutilizationoffixedassets,OperatingProfitabilityRatios,Operatingprofitabilityratiosmeasure1.Therateofprofitonsales(profitmargin)2.Thepercentagereturnoncapital,OperatingProfitabilityRatios,Grossprofitmarginmeasurestherateofprofitonsales(grossprofitequalsnetsalesminusthecostofgoodssold),OperatingProfitabilityRatios,Operatingprofitmarginmeasurestherateofprofitonsalesafteroperatingexpenses(operatingprofitisgrossprofitminussales,generalandadministrative(SG+A)expenses),OperatingProfitabilityRatios,Netprofitmarginrelatesnetincometosales,OperatingProfitabilityRatios,Returnontotalcapitalrelatesthefirmsearningstoallcapitalintheenterprise,OperatingProfitabilityRatios,Returnonownersequity(ROE)indicatestherateofreturnearnedonthecapitalprovidedbythestockholdersafterpayingforallothercapitalused,OperatingProfitabilityRatios,Returnonownersequity(ROE)canbecomputedforthecommon-shareholdersequity,OperatingProfitabilityRatios,TheDuPontSystemdividestheratiointoseveralcomponentsthatprovideinsightsintothecausesofafirmsROEandanychangesinit,OperatingProfitabilityRatios,OperatingProfitabilityRatios,AnextendedDuPontSystemprovidesadditionalinsightsintotheeffectoffinancialleverageonthefirmandpinpointstheeffectofincometaxesonROE,OperatingProfitabilityRatios,AnextendedDuPontSystemprovidesadditionalinsightsintotheeffectoffinancialleverageonthefirmandpinpointstheeffectofincometaxesonROEWebeginwiththeoperatingprofitmargin(EBITdividedbysales)andintroduceadditionalratiostoderiveanROEvalue,OperatingProfitabilityRatios,OperatingProfitabilityRatios,Thisistheoperatingprofitreturnontotalassets.Toconsiderthenegativeeffectsoffinancialleverage,weexaminetheeffectofinterestexpenseasapercentageoftotalassets,OperatingProfitabilityRatios,OperatingProfitabilityRatios,Weconsiderthepositiveeffectoffinancialleveragewiththefinancialleveragemultiplier,OperatingProfitabilityRatios,OperatingProfitabilityRatios,Thisindicatesthepretaxreturnonequity.ToarriveatROEwemustconsiderthetaxrateeffect.,OperatingProfitabilityRatios,OperatingProfitabilityRatios,Insummary,wehavethefollowingfivecomponentsofreturnonequity(ROE),OperatingProfitabilityRatios,OperatingProfita
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