财务分析与证券定价（英文）ppt课件.ppt

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1、Chapter2IntroductiontotheFinancialStatementsIntroductiontotheFinancialStatementsWhatWillYouLearnfromthisChapterTheformofthefinancialstatements:howtheyfittogetherTheoverallstorythatstatementstellTheaccountingrelationsthatgoverneachfinancialstatementHowth

2、efinancialstatementsarticulateThemultiplesthatareusedtopricedifferentfeaturesoffinancialstatementsHowtheMethodofComparablesisappliedwithfinancialstatementsHowAsset-BasedValuationworksDistinguishingFormfromContentinFinancialStatementsFormisthewayinwhicht

3、hestatementsandtheircomponentspartsfittogether.Contentisthelineitemsthatarereportedwithinthecomponentpartsoffinancialstatements.Theformgivestheoverallstoryinthestatements.Thecontentputsnumbersintothestory.Thechapterisaboutform.TheFourFinancialStatements

4、BalanceSheetIncomeStatementCashFlowStatementStatementofShareholders’EquityTheBalanceSheetShareholders’Equity=Assets-LiabilitiesIntrinsicValueandBookValueIntrinsicPremium:IntrinsicValueofEquity-BookValueofEquityMarketPremium:MarketValueofEquity-BookValue

5、ofEquityIntrinsicPrice-to-Bookratio:IntrinsicValueofEquityBookValueofEquityPrice-to-Bookratio:MarketValueofEquityBookValueofEquityTheIncomeStatementNetIncome=Revenue-ExpenseFurtherStructureintheIncomeStatementNetRevenue–CostofGoodsSold=GrossMarginGrossM

6、argin–OperatingExpenses=OperatingIncomebeforeTax(EBIT)OperatingIncomebeforeTax–InterestExpense=IncomebeforeTaxesIncomebeforeTaxes–IncomeTaxes=IncomeafterTaxes(andbeforeExtraordinaryItems)IncomebeforeExtraordinaryItems+ExtraordinaryItems=NetIncomeNewInco

7、me–PreferredDividends=NetIncomeAvailabletoCommonTheCashFlowStatementChangeinCash=CashfromOperations+CashfromInvesting+CashfromFinancingTheStatementofShareholders’EquityChangeinShareholders’Equity=Earnings-NetCashPaidtoShareholdersAStatementwithComprehen

8、siveIncomeIdentifies:Genentech,Inc.TheArticulationoftheFinancialStatementsRevenuesExpensesNetincomeIncomeStatement1998InvestmentanddisinvestmentbyownersNetincomeandotherearningsNetchangeinowners’equityStatementofShareholders’Equi