Analysis PepsiCoIn 终稿Word文档格式.docx
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Analysis PepsiCoIn 终稿Word文档格式.docx
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LotsofanalystshavereleasedtheirworksofanalyzingthecontributionofPepsiCo.IthinkPepsiCohasachievedagreatlevelinfoodmarket,whichistightlyassociatedwithvariousinvestmentsinfoodindustry.
3.FinancialStatementAnalysis
Balancesheetanalysis
NetWorkingCapital=CurrentAssets-CurrentLiabilities:
In2010,17,569,000-15,892,000=1,677,000
In2009,12,571,000-8,756,000=3,815,000
In2008,10,806,000-8,787,000=2,019,000(2009>
2008>
2010)
In2009,thecorporation’scapitalismuchmoreavailablethanin2008and2010intheshorttermtorunthebusiness.
Market-to-BookRatio=MarketValueofEquity/BookValueofEquity:
In2010,(21,476,000×
4.55)/21,273,000=8.4100
In2009,(17,442,000×
4.76)/16,908,000=4.9103
In2008,(12,203,000×
8.41)/12,203,000=4.5934(2010>
2009>
2008)
Thestatisticsshowthatthepossibilityofthecorporationmakingprofitsishigh.Andin2010,thepossibilityofthecorporationmakingprofitsislargerthanin2009and2008.
Debt-EquityRatio=TotalDebt/TotalEquity:
In2010,24,897,000/21,273,000=1.1704
In2009,7,864,000/16,908,000=0.4651
In2008,8,227,000/12,203,000=0.6742(2009<
2008<
In2009,theshareholders’benefitscanbeguaranteedbetterthanin2008and2010.
EnterpriseValue=MarketValueofEquity+Debt-Cash:
4.55+24,897,000+12,227,000-5,943,000)=28,729,800
4.76+2,476,000+7,864,000-3,943,000)=86,944,920
8.41+2,400,000+8,227,000-2,064,000)=108,790,230
(2008>
In2008thecorporationvalueislargerthanin2010and2009.
CurrentRatio=CurrentAssets/CurrentLiabilities:
In2010,17,569,000/15,892,000=1.1055
In2009,12,571,000/8,756,000=1.4357
In2008,10,806,000/8,787,000=1.2298
(2009>
2008>
2010)
Thehigherthecurrentratiothebetter,itmeansthatthefirmhasmoreliquidityin2009thanin2008and2010.
QuickRatio=(CurrentAssets-Inventory)/CurrentLiabilities:
In2010,14,197,000/15,892,000=0.893
In2009,9,953,000/8,756,000=1.1367
In2008,8,284,000/8,787,000=0.9428
(2009>
In2009,thecorporationhasmoremoneytosatisfythecorporation’sshorttermdemandthanin2008and2010.
Fromthebalancesheet,wecanfindthatallthethreeyearsthecorporationoperatesverywell.Butin2009thecorporation’soperatingperformanceisthebestinthethreeyears.
Incomestatementanalysis
EarningsperShare=NetIncome/SharesOutstanding:
In2010:
6,320,000/21,476,000=0.2943
In2009:
5,946,000/17,442,000=0.3409
In2008:
5,142,000/12,203,000=0.4214
Theearningspershareshowustheearningcapacityofthecompany.In2008,thecapacityisstrongerthanin2009and2010.
GrossMargin=GrossProfit/Sales:
31,263,000/57,838,000=0.5405
23,133,000/43,232,000=0.5351
22,900,000/43,251,000=0.5295
Highergrossmarginsforamanufacturerreflectgreaterefficiencyinturningrawmaterialsintoincome.Largergrossmarginsaregenerallyconsideredidealformostcompanies.ThePepsi.Coisgettingmoreefficiencyfrom2008to2010.
OperatingMargin=OperatingIncome/Sales:
8.332,000/57,838,000=0.1441
8.044,000/43,232,000=0.1861
6,935,000/43,251,000=0.1603
From2008to2010,theoperatingmarginisgettinglower.Thelowoperatingmarginmeansthatthecompanyhashighfinancialrisk.
NetProfitMargin=NetIncome/Sales:
6,320,000/57,838,000=0.1093
5,946,000/43,232,000=0.1375
5,142,000/43,251,000=0.1189
Thenetprofitmarginof2010islowerthanthatin2008.Alownetprofitmarginindicatesalowmarginofsafety:
higherriskthatadeclineinsaleswilleraseprofitsandresultinanetloss,oranegativemargin.
AccountsReceivableDays=AccountsReceivable/AverageDailySales:
6,323,000/365=17,323.2877
4,624,000/365=12,668.4922
4,683,000/365=12,830.1370
Itmaybenecessaryforacompanywhichwantstoexpandmarkettohaveahigheraccountsreceivableday.Theaccountreceivabledaysof2010ishigherthanthatin2008.Itmeansthatthecompany’soperationwillhaveahighcostandrisk.
EBITDA=EBIT+Depreciation+Amortization:
9,135,000+0+0=9,135,000
8,476,000+0+0=8,476,000
7,350,000+0+0=7,350,000
Whencomparingbusinesseswithnonprofits,theirpotentialtomakeprofitismoreimportantthantheirNetLoss.Sincetaxesonlosseswillbemisleadinginthiscontext,taxescanbeignored.Capitalexpendituresandtheirrelateddebtresultinfixedcosts.
ReturnonAssets=NetIncome/TotalAsset:
6,320,000/68,153,000=0.0927
5,946,000/39,848,000=0.1492
5,142,000/35,994,000=0.1429
ThehigherROAnumberthebetter,becausethecompanyisearningmoremoneyonlessinvestment,soin2009,itdidbest.
ReturnonEquity=NetIncome/BookValueofEquity:
6,320,000/21,273,000=0.2971
5,946,000/16,908,000=0.3517
5,142,000/12,203,000=0.4214
Returnonequitymeasuresacorporation'
sprofitabilitybyrevealinghowmuchprofitacompanygenerateswiththemoneyshareholdershaveinvested.Thecompanydidwellin2010.
Price-EarningsRatio=MarketCapitalization/NetIncome=shareprice/earningspershare:
4.55/0.2943=15.4604
4.76/0.3409=13.9630
8.41/0.4214=19.9573
AhigherP/Eratiomeansthatinvestorsarepayingmoreforeachunitofnetincome,sothestockismoreexpensivecomparedtoonewithlowerP/Eratio.P/EratioisgreaterthantheaverageP/Eratio.Thecompanydidwell.
CashflowofPepsiCo
OperatingActivity:
Cashflow:
2010:
8,448,000,2009:
6,796,000,2008:
6,999,000.Theseshowthatin2010thecorporation’soperatingactivitygeneratesmoremoneythanin2008and2009.
InvestmentActivity:
7,668,000,2009:
2,401,000,2008:
2,667,000.Theseshowthatin2010thecorporationputsmoremoneyininvestmentactivitythanin2009and2008.
FinancingActivity:
1,386,000,2009:
2,497,000,2008:
3,025,000.Theseshowthatin2008thecorporationputsmoremoneyinfinancingactivitythanin2009and2010.
4.AnalyzeChallengesofPe
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