公司理财规划ppt课件.ppt

Chapter3 WorkingWithFinancialStatements 1 KeyConceptsandSkills KnowhowtostandardizefinancialstatementsforcomparisonpurposesKnowhowtocomputeandinterpretimportantfinancialratiosKnowthedeterminantsofafirm sprofitabilityandgrowthUnderstandtheproblemsandpitfallsinfinancialstatementanalysis 2 ChapterOutline StandardizedFinancialStatementsRatioAnalysisTheDuPontIdentityInternalandSustainableGrowth 可持续稳定地增长 UsingFinancialStatementInformation 3 StandardizedFinancialStatements Common SizeBalanceSheetsComputeallaccountsasapercentoftotalassetsCommon SizeIncomeStatementsComputealllineitemsasapercentofsalesStandardizedstatementsmakeiteasiertocomparefinancialinformation particularlyasthecompanygrowsTheyarealsousefulforcomparingcompaniesofdifferentsizes particularlywithinthesameindustry 4 RatioAnalysis RatiosalsoallowforbettercomparisonthroughtimeorbetweencompaniesAswelookateachratio askyourselfwhattheratioistryingtomeasureandwhythatinformationisimportantRatiosareusedbothinternallyandexternally 5 CategoriesofFinancialRatios Short termsolvencyorliquidityratiosLong termsolvencyorfinancialleverageratiosAssetmanagementorturnoverratiosProfitabilityratiosMarketvalueratios 6 SampleBalanceSheet Numbersinthousands 7 SampleIncomeStatement Numbersinthousands exceptEPS DPS 8 ComputingLiquidityRatios CurrentRatio CA CL2 447 830 1 968 662 1 24timesQuickRatio CA Inventory CL 2 447 830 300 459 1 968 662 1 09timesCashRatio Cash CL680 623 1 968 662 346times 9 ComputingLeverageRatios TotalDebtRatio TA TE TA 5 862 989 2 984 513 5 862 989 491timesor49 1 Thefirmfinancesslightlyover49 oftheirassetswithdebt Debt Equity TD TE 5 862 989 2 984 513 2 984 513 964timesEquityMultiplier 权益乘数 TA TE 1 D E1 964 1 964 10 ComputingCoverageRatios TimesInterestEarned 获利倍数 EBIT Interest1 174 900 5 785 203timesCashCoverage EBIT Depreciation Interest 1 174 900 124 647 5 785 225times 11 ComputingInventoryRatios InventoryTurnover CostofGoodsSold Inventory2 046 645 300 459 6 81timesDays SalesinInventory 365 InventoryTurnover365 6 81 54days 12 ComputingReceivablesRatios ReceivablesTurnover Sales AccountsReceivable5 250 538 1 051 438 4 99timesDays SalesinReceivables 365 ReceivablesTurnover365 4 99 73days 13 ComputingTotalAssetTurnover TotalAssetTurnover Sales TotalAssets5 250 538 5 862 989 896timesMeasureofassetuseefficiencyNotunusualforTAT 1 especiallyifafirmhasalargeamountoffixedassets 14 ComputingProfitabilityMeasures 1 ProfitMargin 利润率 NetIncome Sales756 410 5 250 538 1441timesor14 41 2 ReturnonAssets ROA NetIncome TotalAssets756 410 5 862 989 1290timesor12 90 3 ReturnonEquity ROE NetIncome TotalEquity756 410 2 984 513 2534timesor25 34 15 ComputingMarketValueMeasures MarketPrice 12 31 04 91 54pershareSharesoutstanding 189 813 459PERatio Pricepershare Earningspershare91 54 3 92 23 35timesMarket to bookratio marketvaluepershare bookvaluepershare91 54 2 984 513 000 189 813 459 5 82times 16 Table3 5 17 Deriving 来自 theDuPontIdentity ROE NI TEMultiplyby1andthenrearrangeROE NI TE TA TA ROE NI TA TA TE ROA EMMultiplyby1againandthenrearrangeROE NI TA TA TE Sales Sales ROE NI Sales Sales TA TA TE ROE PM TAT EM 18 UsingtheDuPontIdentity ROE PM TAT EMProfitmarginisameasureofthefirm soperatingefficiency howwelldoesitcontrolcostsTotalassetturnoverisameasureofthefirm sassetuseefficiency howwelldoesitmanageitsassetsEquitymultiplierisameasureofthefirm sfinancialleverage 19 PayoutandRetentionRatios Dividendpayoutratio 1 b Cashdividends Netincome1 20 3 92 3061or30 61 Retentionratio b Addn toR E Netincome EPS DPS EPS 3 92 1 20 3 92 6939 69 39 Or Retentionratio 1 DividendPayoutRatio1 3061 6939 69 39 20 TheInternalGrowthRate Theinternalgrowthratetellsushowmuchthefirmcangrowassetsusingretainedearningsastheonlysourceoffinancing 21 TheSustainableGrowthRate Thesustainablegrowthratetellsushowmuchthefirmcangrowbyusinginternallygeneratedfundsandissuingdebttomaintainaconstantdebtratio 22 DeterminantsofGrowth Profitmargin operatingefficiencyTotalassetturnover assetuseefficiencyFinancialleverage choiceofoptimaldebtratioDividendpolicy choiceofhowmuchtopaytoshareholdersversusreinvestinginthefirm 23 Table3 7 24 WhyEvaluateFinancialStatements InternalusesPerformanceevaluation compensationandcomparisonbetweendivisionsPlanningforthefuture guideinestimatingfuturecashflowsExternalusesCreditorsSuppliersCustomersStockholders 25 Benchmarking Ratiosarenotveryhelpfulbythemselves theyneedtobecomparedtosomethingTime TrendAnalysisUsedtoseehowthefirm sperformanceischangingthroughtimeInternalandexternalusesPeerGroupAnalysisComparetosimilarcompaniesorwithinindustriesSICandNAICScodes 26 RealWorldExample I Ratiosarefiguredusingfinancialdatafromthe1 31 05AnnualReportforHughesSupply Inc HughesisinSIC507 whichisacomponentofNAICS444130ComparetheratiostothemedianindustryratiosinTable3 9inthebook pp 70 72 Hughes salesfortheyearendedJanuary5 2005were4 42billion sowecompareittotheright mostcolumn 27 RealWorldExample II LiquidityratiosCurrentratio 2 36x Industry 1 8xQuickratio 1 42x Industry 6xLong termsolvencyratioDebt Equityratio Debt Worth 1 02x Industry 1 4x CoverageratioTimesInterestEarned 7 22x Industry 4 8x 28 RealWorldExample III Assetmanagementratios Inventoryturnover 5 34x Industry 4 2xTotalassetturnover 1 75x Industry 2 8xProfitabilityratiosROE profitbeforetaxes tangiblenetworth 15 81 Industry 16 8 ROA profitbeforetaxes totalassets 7 84 Industry 7 3 29 WorktheWebExample TheInternetmakesratioanalysismucheasierthanithasbeeninthepastClickonthewebsurfertogotoMChooseacompanyandenteritstickersymbolClickon FinancialResults and KeyRatios tocomparethefirmtoitsindustryandtheS P500forvariousratiocategoriesChangetheratiocategoryusingthelinkstotheleftofthechart 30 QuickQuiz Howdoyoustandard