投资学,9e,精要版,48772,48760,英文PPT Chap013.ppt

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1、CHAPTER13FinancialStatementAnalysis119-2Financialstatementanalysiscanbeusedtodiscovermispricedsecurities.Financialaccountingdataarewidelyavailable,butAccountingearningsandeconomicearningsarenotalwaysthesamething!FinancialStatementAnalysis219-3IncomeStatement:P

2、rofitabilityovertimeBalanceSheet:FinancialconditionatapointintimeStatementofCashFlows:Tracksthecashimplicationsoftransactions.FinancialStatements319-4Table13.1ConsolidatedStatementofIncomeforHewlett-Packard,2009419-5Table13.2ConsolidatedBalanceSheetforHewlett-

3、Packard,2009519-6Table13.3StatementofCashFlowsforHewlett-Packard,2009619-7AccountingVersusEconomicEarningsEconomicearningsSustainablecashflowthatcanbepaidtostockholderswithoutimpairingproductivecapacityofthefirmAccountingearningsAffectedbyconventionsregardingt

4、hevaluationofassets719-8ProfitabilityMeasuresROEmeasuresprofitabilityforcontributorsofequitycapital.After-taxprofit/bookvalueofequityROAmeasuresprofitabilityforallcontributorsofcapital.EBIT/totalassets819-9Pastvs.FutureROEROEisakeydeterminantofearningsgrowth.P

5、astprofitabilitydoesnotguaranteefutureprofitability.Securityvaluesarebasedonfutureprofits.Expectationsoffuturedividendsdeterminetoday’sstockvalue.919-10FinancialLeverageandROEROEcandifferfromROAbecauseofleverage.LeveragemakesROEmorevolatile.Lett=taxrateandr=in

6、terestrate,then:1019-11FinancialLeverageandROEIfthereisnodebtorROA=r,ROEwillsimplyequalROA(1-t).IfROA>r,thefirmearnsmorethanitpaysouttocreditorsandROEincreases.IfROA

7、onROE1219-13ROE=NetProfitPretaxProfitxPretaxProfitEBITxEBITSalesSalesAssetsxxAssetsEquity(1)x(2)x(3)x(4)x(5)xMarginxTurnoverxLeverageTaxBurdenInterestBurdenDecompositionofROEDuPontMethodx1319-14DecompositionofROEROA=EBIT/SalesXSales/Assets=marginXturnoverMarg

8、inandturnoverareunaffectedbyleverage.ROAreflectssoundnessoffirm’soperations,regardlessofhowtheyarefinanced.1419-15DecompositionofROEROE=TaxburdenXROAXCompoundleveragefactorTaxburde