财务状况分析和长期规划讲义-英文课件.ppt
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- 财务状况 分析 长期 规划 讲义 英文 课件
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1、Financial Statements Analysis and Long-Term PlanningChapter 3Key Concepts and SkillsoKnow how to standardize financial statements for comparison purposesoKnow how to compute and interpret important financial ratiosoBe able to develop a financial plan using the percentage of sales approachoUnderstand
2、 how capital structure and dividend policies affect a firms ability to growChapter Outline3.1 Financial Statements Analysis3.2 Ratio Analysis3.3 The Du Pont Identity3.4 Using Financial Statement Information3.5 Long-Term Financial Planning3.6 External Financing and Growth3.7 Some Caveats Regarding Fi
3、nancial Planning Models3.1 Standardizing Financial StatementsoCommon-Size Balance SheetsnCompute all accounts as a percent of total assetsoCommon-Size Income StatementsnCompute all line items as a percent of salesoStandardized statements make it easier to compare financial information,particularly a
4、s the company grows.oThey are also useful for comparing companies of different sizes,particularly within the same industry.3.2 Ratio AnalysisoRatios also allow for better comparison through time or between companiesoAs we look at each ratio,ask yourself:nHow is the ratio computed?nWhat is the ratio
5、trying to measure and why?nWhat is the unit of measurement?nWhat does the value indicate?nHow can we improve the companys ratio?Categories of Financial RatiosoShort-term solvency or liquidity ratiosoLong-term solvency,or financial leverage,ratiosoAsset management or turnover ratiosoProfitability rat
6、iosoMarket value ratiosComputing Liquidity RatiosoCurrent Ratio=CA/CLn708/540=1.31 timesoQuick Ratio=(CA Inventory)/CLn(708-422)/540=.53 timesoCash Ratio=Cash/CLn98/540=.18 timesComputing Leverage RatiosoTotal Debt Ratio=(TA TE)/TAn(3588-2591)/3588=28%oDebt/Equity=TD/TEn(3588 2591)/2591=38.5%oEquity
7、 Multiplier=TA/TE=1+D/En1+.385=1.385Computing Coverage RatiosoTimes Interest Earned=EBIT/Interestn691/141=4.9 timesoCash Coverage=(EBIT+Depreciation)/Interestn(691+276)/141=6.9 timesComputing Inventory RatiosoInventory Turnover=Cost of Goods Sold/Inventoryn1344/422=3.2 timesoDays Sales in Inventory=
8、365/Inventory Turnovern365/3.2=114 daysComputing Receivables RatiosoReceivables Turnover=Sales/Accounts Receivablen2311/188=12.3 timesoDays Sales in Receivables=365/Receivables Turnovern365/12.3=30 daysComputing Total Asset TurnoveroTotal Asset Turnover=Sales/Total Assetsn2311/3588=.64 timesnIt is n
9、ot unusual for TAT 1,especially if a firm has a large amount of fixed assets.Computing Profitability MeasuresoProfit Margin=Net Income/Salesn363/2311=15.7%oReturn on Assets(ROA)=Net Income/Total Assetsn363/3588=10.1%oReturn on Equity(ROE)=Net Income/Total Equityn363/2591=14.0%Computing Market Value
10、MeasuresoMarket Price=$88 per shareoShares outstanding=33 millionoPE Ratio=Price per share/Earnings per sharen88/11=8 timesoMarket-to-book ratio=market value per share/book value per sharen88/(2591/33)=1.12 times3.3 The Du Pont IdentityoROE=NI/TEoMultiply by 1 and then rearrange:nROE=(NI/TE)(TA/TA)n
11、ROE=(NI/TA)(TA/TE)=ROA*EMoMultiply by 1 again and then rearrange:nROE=(NI/TA)(TA/TE)(Sales/Sales)nROE=(NI/Sales)(Sales/TA)(TA/TE)nROE=PM*TAT*EMUsing the Du Pont IdentityoROE=PM*TAT*EMnProfit margin is a measure of the firms operating efficiency how well it controls costs.nTotal asset turnover is a m
12、easure of the firms asset use efficiency how well it manages its assets.nEquity multiplier is a measure of the firms financial leverage.Calculating the Du Pont IdentityoROA=10.1%and EM=1.39nROE=10.1%*1.385=14.0%oPM=15.7%and TAT=0.64nROE=15.7%*0.64*1.385=14.0%3.4 Using Financial StatementsoRatios are
13、 not very helpful by themselves:they need to be compared to somethingoTime-Trend AnalysisnUsed to see how the firms performance is changing through timeoPeer Group AnalysisnCompare to similar companies or within industriesnSIC and NAICS codesPotential ProblemsoThere is no underlying theory,so there
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