财务分析与证券定价(英文)chapter9

Chapter9,TheAnalysisoftheBalanceSheetandtheIncomeStatement,Links,Chapter8reformulatedthe,statementofownersequity.,LinktoPreviousChapter,Thischaptercontinuesthe,reformulationwiththebalance,sheetandincomestatement.,Thereformulationfollowsthe,designinChapter7.,ThisChapter,Chapters10reformulatesthe,cashflowstatement.,LinktoNextChapter,LinktoWebPage,Whatassets,andliabilities,areclassified,asoperating?,Asfinancing?,Whatitemsin,theincome,statementare,classifiedas,operating?As,financing?,Howaretaxes,allocatedtothe,operatingand,financing,componentsof,theincome,statement?,Whatratios,arecalculated,from,reformulated,statements?,Whatdothey,mean?,Whatyouwilllearnfromthischapter,HowtoreformulatebalancesheetsandincomestatementstoseparateoperatingandfinancingactivitiesWhatassetsandliabilitiestypicallyfallintooperatingandfinancingtypesHowtoallocateincometaxesinareformulatedincomestatementHowtodocommonsizeandtrendanalysisHowtocalculatebalancesheetandincomestatementratiosHowfinancingleverageismeasuredHowoperatingliabilityleverageismeasured,AnalysisofBalanceSheetandIncomeStatement:theSteps,ReformulatetodistinguishbetweenOperatingandFinancingactivitiesCarryoutcommonsizeandtrendanalysisCalculatebalancesheetandincomestatementratios,TheStandardBalanceSheet,TheReformulatedBalanceSheet,AnExample:StandardBalanceSheetofVFCorporation,AnExample:ReformulatedBalanceSheetofVFCorporation,AnExample:StandardBalanceSheetofGenentech,AnExample:StandardBalanceSheetofGenentech,AnExample:ReformulatedBalanceSheetofGenentech,TheStandardIncomeStatement,TheReformulatedIncomeStatement,TheAllocationofTaxes,Intheincomestatementonlyonetaxnumberisreported:Itmustbeallocatedtotheoperatingandfinancialcomponentstoputbothonanafter-taxbasisFirst,calculatethetaxbenefit(taxshield)providedbydeductinginterestexpensewheretisthemarginal(noteffective)taxrateFromtheoperatingincomedeductboththetotaltaxandthetaxshield,tocapturewhattheoperatingincomewouldhavebeeniftherehadbeennofinancingactivitiesTothenetfinancialexpenseaddthetaxshield,becauseitsneteffectisattributabletothefinancingactivities,AnExample:StandardIncomeStatementofVFCorporation,AnExample:ReformulatedIncomeStatementofVFCorporation,AnExample:StandardIncomeStatementofGenentech,AnExample:ReformulatedIncomeStatementofGenentech,CommonSizeAnalysis,Comparisontootherfirmsiscalledcross-sectionalanalysisComparisontoafirmsownhistoryiscalledtime-seriesanalysisCommonsizeanalysisgivesareadycomparison:TheIncomeStatementOperatingitems/TotalrevenuesFinancingitems/TotalFinancingIncomeTheBalanceSheetOperatingitems/TotalsFinancingitems/Totals,CommonSizeIncomeStatementforGenentech,Amgen&Chiron,CommonSizeBalanceSheetforGenentech,Amgen&Chiron,TrendAnalysis:VFCorporation,1994-1998,IncomeStatementRatios,RevenuecompositionratiosOperatingRevenueCompositionRatio:FinancialIncomeCompositionRatio:ProfitMarginRatiosOperatingProfitMargin:SalesProfitMargin:OtherItemsProfitMargin:,IncomeStatementRatios(cont.),ProfitMarginRatios(cont.)FinancialIncomeContributionRatio:NetIncomeProfitMarginExpenseRatiosExpenseRatio1-SalesPM=SumofExpenseRatios,BalanceSheetRatios,CompositionRatiosOperatingAssetCompositionRatioOperatingLiabilityCompositionRatioFinancialAssetCompositionRatioFinancialLiabilityCompositionRatioOperatingLiabilityLeverage(OLEV),BalanceSheetRatios(cont.),Financialleverageratios:CapitalizationRatio:FinancialLeverageRatio(FLEV)ItisalwaysthecasethatCapitalizationRatio-LeverageRatio=100.0%,GrowthRatios,SummaryProfitabilityMeasures,OperatingProfitability:FinancingProfitability:Allmeasuresareaftertax.,AFinancialStatementAnalysisProcedures,1.Reformulatethestatementofstockholdersequityoncleansurplusbasis2.Calculatecomprehensiverateofreturnoncommonequity,ROCE,fromreformulatedstatementofcommonstockholdersequity3.Reformulatethebalancesheettodistinguishoperatingandfinancialassetsandobligations4.Reformulatetheincomestatementoncleansurplusbasisanddistinguishoperatingandfinancingincome5.Comparereformulatedbalancesheetsandincomestatementswithreformulatedstatementsofcomparisonfirmsthroughacommonsizeanalysisandaratioanalysis6.Calculatebalancesheetandincomestatementratios7.CarryouttheanalysisofROCE:Chapter118.Carryouttheanalysisofgrowth:Chapter12,TheAnalystsChecklist,Youshouldunderstandthefollowingfromthischapter:WhyreformulatedincomestatementsandbalancesheetsaredesirableHowknowledgeofthebusinessisincorporatedinreformulatedstatementsHowoperatingandfinancingcomponentsofthetwostatementsareidentifiedWhatassetsandliabilitiestypicallyfallintooperatingandfinancingcategoriesWhyincometaxesareallocatedtodifferentpartsoftheincomestatementWhatbalancesheetandincomestatementratiosreveal,Youshouldbeabletodothefollowingafterreadingthischapter:ReformulateincomestatementsandbalancesheetsAddfootnoteinformationtoreformulatedstatementsPrepareareformulatedincomestatementonacomprehensiveincomebasisAllocateincometaxesbetweenoperatingincomeandfinancingincome(orexpense)CalculateeffectivetaxratesforoperationsPrepareandinterpretacommon-size,comparativeanalysisPre