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Chapter1,OverviewofFinancialReporting,FinancialStatementAnalysis,andValuation,1,PPT学习交流,Six-StepProcess,2,PPT学习交流,STEP1:IdentifytheIndustryEconomicCharacteristics,Economiccharacteristicsandcompetitivedynamicsinfluencesthestrategiesfirmswillemploy.Analystshouldconsidertheeconomiccharacteristicsandcompetitivedynamicswhileanalyzingandforecastingfinancialstatements.,3,PPT学习交流,STEP1:IdentifytheIndustryEconomicCharacteristics,4,PPT学习交流,ToolsforStudyingIndustryEconomics,ValuechainanalysisPortersFiveForcesclassificationframeworkEconomicAttributesFramework,5,PPT学习交流,ValueChainAnalysis,6,PPT学习交流,PortersFiveForcesClassificationFramework,HorizontalcompetitionRivalryamongExistingFirmsThreatofNewEntrantsThreatofSubstitutesVerticalcompetitionBuyerPowerSupplierPower,7,PPT学习交流,RivalryamongExistingFirms,Oftenthefirstorderofcompetition.Industriesarecharacterizedby:Concentratedrivalry.Diffuserivalry.Greatertheindustryconcentration,thelowerthecompetitionbetweenexistingrivalsandthusthemoreprofitablethefirmswillbe.,8,PPT学习交流,ThreatofNewEntrants,Howeasilycannewfirmsenteramarket?Arethereentrybarriers?Dotheexistingrivalshavedistinctcompetitiveadvantagesmakingitdifficultforotherfirmstoenterandcompete?Ifso,firmsintheindustrywilllikelygeneratehigherprofitsthanifnewentrantscanenterthemarketeasily.,9,PPT学习交流,ThreatofSubstitutes,Howeasilycancustomersswitchtosubstituteproductsorservices?Howlikelyaretheytoswitch?Withclosesubstitutes,competitionincreasesandprofitabilitydecreases.Uniqueproductswithfewsubstitutes,enhanceprofitability.,10,PPT学习交流,BuyerPower,Relatestotherelativenumberofbuyersandsellersintheindustryandtheleveragebuyershavewithrespecttoprice.Relatestobuyerspricesensitivityandtheelasticityofdemand.Arethebuyerspricetakersorpricesetters?,11,PPT学习交流,SupplierPower,Relatestoleverageinnegotiatinginputpricesfromsuppliers.Ifanindustryhasalargenumberofpotentialbuyersofinputsthatareproducedbyrelativelyfewsuppliers,thesupplierswillhavegreaterpowerinsettingpricesandgeneratingprofits.,12,PPT学习交流,EconomicAttributesFramework,DemandSupplyManufacturingMarketingInvestingmostcompaniesincludeallfive.,18,PPT学习交流,STEP3:AssessTheQualityOfTheFinancialStatements,BalanceSheetorStatementoffinancialposition.Assets=Liabilities+ShareholdersEquityAssetsportionofthebalancesheetreportstheeffectsofafirmsoperatingdecisionsandinvestingdecisions.Liabilitiesandshareholdersequityportionofthebalancesheetreportsobligationsthatarisefromafirmsoperatingdecisionsandfinancingdecisions.,19,PPT学习交流,STEP3:AssessTheQualityOfTheFinancialStatements,AssetsAfirmcanrecognizeasassetsonlythoseresources:forwhichithastherightstofutureeconomicbenefitsasaresultofapasttransactionorevent.forwhichthefirmcanpredictandmeasure,thefuturebenefitswithareasonabledegreeofprecisionandreliability.CategorizedintoCurrentAssets,Investments,Property,Plant,andEquipmentandIntangibles.,20,PPT学习交流,STEP3:AssessTheQualityOfTheFinancialStatements,LiabilitiesReflectmanagersexpectationsoffuturesacrificesofresourcestosatisfyexistingobligations.Categorizedinto:Currentliabilities:includesobligationsafirmexpectstosettlewithinoneyear.Noncurrentliabilities:includeslong-termdebtobligations,otherliabilities,anddeferredincometaxes.,21,PPT学习交流,STEP3:AssessTheQualityOfTheFinancialStatements,ShareholdersEquityFirmsresidualinterestorclaim.Itincludes:Amountsinitiallycontributedbyshareholdersforaninterestinafirm.Cumulativenetincomeinexcessofdividendsdeclared.Shareholdersequityeffectstherecognitionorvaluationofcertainassetsorliabilities.Treasurystock.,22,PPT学习交流,STEP3:AssessTheQualityOfTheFinancialStatements,IncomeStatement-MeasuringOperatingPerformanceProvidesinformationabouttheprofitabilityofafirmforaperiodoftime.Underaccrualbasisofaccounting,revenuewhenisrecognizedwhen:Ithascompletedall(orsubstantiallyall)oftherevenue-generatingprocessbydeliveringproductsorservicestocustomers.Itisreasonablycertainithassatisfiedaliabilityorgeneratedanassetthatitcanmeasurereliably.,23,PPT学习交流,STEP3:AssessTheQualityOfTheFinancialStatements,StatementOfCashFlowsAssessesafirmspastabilitytogeneratefreecashflowsandforpredictingfuturefreecashflows.Categories:OperatingInvestingFinancingTransactionsnotdirectlyinvolvingcasharedisclosedeitherinasupplementaryscheduleorinanotetothestatementofcashflows.,24,PPT学习交流,STEP4:AnalyzeProfitabilityandRisk,Tools:Common-sizefinancialstatementsPercentagechangefinancialstatementsFinancialStatementRatiosProfitability:EPS,ROCEetc.Risk:CurrentRatio,DebttoEquityRatioetc.,25,PPT学习交流,STEP5:PrepareForecastedFinancialStatements,Forecastsaretheinputsintovaluationmodelsandthequalityofthedecisionsrestsonthereliabilityoftheforecasts.Forecastedfinancialstatementsrelyonassumptionstheanalystmakesaboutthefuture.Amountsfromtheforecastedfinancialstatementsserveasthebasisforthevaluationmodels.,26,PPT学习交流,STEP6:ValuetheFirm,Approaches:DividendsEarningsCashflowsMarketFirstthreemethodswillgivesamevalue.,27,PPT学习交流,RoleOfFinancialStatementAnalysisInAnEfficientCapitalMarket,Benefits:Stockma