大学课件:公司金融学ch10.ppt
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1、10-1nRatio analysisnDu Pont systemnEffects of improving ratiosnLimitations of ratio analysisnQualitative factorsCHAPTER 10 Analysis of Financial Statements10-2Income Statement 2002 2003ESales5,834,400 7,035,600COGS4,980,000 5,800,000Other expenses720,000 612,960Deprec.116,960 120,000 Tot.op.costs 5,
2、816,960 6,532,960 EBIT17,440 502,640Int.expense176,000 80,000 EBT(158,560)422,640Taxes(40%)(63,424)169,056Net income(95,136)253,58410-3Balance Sheets:Assets 2002 2003ECash7,282 14,000S-T invest.20,000 71,632AR632,160 878,000Inventories1,287,360 1,716,480 Total CA1,946,802 2,680,112 Net FA939,790 836
3、,840Total assets2,886,592 3,516,95210-4Balance Sheets:Liabilities&Equity 2002 2003EAccts.payable324,000 359,800Notes payable720,000 300,000Accruals284,960 380,000 Total CL1,328,960 1,039,800Long-term debt 1,000,000 500,000Common stock460,000 1,680,936Ret.earnings97,632 296,216 Total equity557,632 1,
4、977,152Total L&E2,886,592 3,516,95210-5Other Data20022003EStock price$6.00$12.17#of shares100,000 250,000EPS-$0.95$1.01DPS$0.11$0.22Book val.per share$5.58$7.91Lease payments40,00040,000Tax rate0.40.410-6nStandardize numbers;facilitate comparisonsnUsed to highlight weaknesses and strengthsWhy are ra
5、tios useful?10-7nLiquidity:Can we make required payments as they fall due?nAsset management:Do we have the right amount of assets for the level of sales?What are the five major categories of ratios,and what questions do they answer?(More)10-8nDebt management:Do we have the right mix of debt and equi
6、ty?nProfitability:Do sales prices exceed unit costs,and are sales high enough as reflected in PM,ROE,and ROA?nMarket value:Do investors like what they see as reflected in P/E and M/B ratios?10-9Calculate the firms forecasted current and quick ratios for 2003.CR03=2.58x.QR03=0.93x.CACL$2,680$1,040$2,
7、680-$1,716$1,040CA-Inv.CL10-10nExpected to improve but still below the industry average.nLiquidity position is weak.Comments on CR and QR2003E20022001Ind.CR2.58x1.46x2.3x2.7xQR0.93x0.5x0.8x1.0 x10-11What is the inventory turnover ratio as compared to the industry average?Inv.turnover=4.10 x.SalesInv
8、entories$7,036$1,7162003E20022001Ind.Inv.T.4.1x4.5x4.8x6.1x10-12nInventory turnover is below industry average.nFirm might have old inventory,or its control might be poor.nNo improvement is currently forecasted.Comments on Inventory Turnover10-13ReceivablesAverage sales per dayDSO is the average numb
9、er of days after making a sale before receiving cash.DSO=45.5 days.ReceivablesSales/365$878$7,036/36510-14Appraisal of DSOn Firm collects too slowly,and situation is getting worse.n Poor credit policy.200320022001Ind.DSO45.539.537.432.010-15Fixed Assets and Total AssetsTurnover RatiosFixed assetstur
10、nover Sales Net fixed assets=8.41x.$7,036$837Total assetsturnover Sales Total assets=2.00 x.$7,036$3,517(More)10-16nFA turnover is expected to exceed industry average.Good.nTA turnover not up to industry average.Caused by excessive current assets(A/R and inventory).2003E 2002 2001 Ind.FA TO8.4x6.2x1
11、0.0 x7.0 xTA TO2.0 x2.0 x2.3x2.5x10-17 Total liabilities Total assetsDebt ratio=43.8%.$1,040+$500$3,517 EBIT Int.expense TIE=6.3x.$502.6$80Calculate the debt,TIE,and EBITDA coverage ratios.(More)10-18All three ratios reflect use of debt,but focus on different aspects.EBITDAcoverage=EC=5.5x.EBIT+Depr
12、.&Amort.+Lease payments Interest Lease expense pmt.+Loan pmt.$502.6+$120+$40$80+$40+$010-19Recapitalization improved situation,but lease payments drag down EC.How do the debt management ratios compare with industry averages?2003E 20012 2001 Ind.D/A43.8%80.7%54.8%50.0%TIE6.3x0.1x3.3x6.2xEC5.5x0.8x2.6
13、x8.0 x10-20Very bad in 2002,but projected to meet industry average in 2003.Looking good.Profit Margin(PM)2003E20022001Ind.PM3.6%-1.6%2.6%3.6%PM =3.6%.NI Sales$253.6$7,03610-21BEP=14.3%.Basic Earning Power(BEP)EBIT Total assets$502.6$3,517(More)10-22nBEP removes effect of taxes and financial leverage
14、.Useful for comparison.nProjected to be below average.nRoom for improvement.2003E20022001Ind.BEP14.3%0.6%14.2%17.8%10-23Return on Assets(ROA)and Return on Equity(ROE)ROA=7.2%.Net income Total assets$253.6$3,517(More)10-24ROE=12.8%.Net income Common equity$253.6$1,977 2003E 2002 2001 Ind.ROA7.2%-3.3%
15、6.0%9.0%ROE12.8%-17.1%13.3%18.0%Both below average but improving.10-25nROA is lowered by debt-interest expense lowers net income,which also lowers ROA.nHowever,the use of debt lowers equity,and if equity is lowered more than net income,ROE would increase.Effects of Debt on ROA and ROE10-26Calculate
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