财务报表分析与证券估值全套配套课件英文PPT中文PPT案例教学建议Chap012.ppt

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1、CHAPTERTWELVEMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter12Preparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGregoryA.Sommers–NotreDameandSouthernMet

2、hodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchool12-2WhatYouWillLearnfromthisChapterHowratiosaggregatetoexplainReturnonCommonEquity(ROCE)HoweconomicfactorsdetermineratiosHowfinancialleverageaffectsROCEHowoperatingliabilityleverageaffectsROCEThedifferencebetweenReturnon

3、NetOperatingAssets(RNOA)andReturnonAssets(ROA)Howprofitmargins,assetturnoversandtheircompositeratiosdriveRNOAHowborrowingcostsareanalyzedHowprofitabilityanalysiscanbeusedtoaskpenetratingquestionsregardingthefirm’sactivities12-3TheBigPictureforthisChapterValuationinvolvesforecastingresidua

4、learningsandresidualearningsgrowthROCEGrowthinBookValueWhatdrivesROCE?ThisChapterWhatdrivesgrowth?NextChapterSo,whatdrivesresidualearnings?12-4AnalysisisthePreambletoForecastingandValuationAnalysisestablisheswherethefirmisnowForecastingaskshowitwillbedifferentinthefutureROCEDriverGrowthDr

5、iver12-5AnalyzingROCE:TheScheme12-6FirstLevelBreakdownofROCE:TheAnalysisofLeverageTheEffectsofLeverage:A.FinancingLeverageB.OperatingLiabilityLeverage12-7A.AnalysisofFinancingLeverage(FLEV)So,ROCEisaweightedreturntooperatingactivitiesandfinancingactivities:or,RNOA=OI(Aftertax)/NOA(Return

6、onNetOperatingAssets)FLEV=NFO/CSE(FinancialLeverage)NBC=NFE(aftertax)/NFO(NetBorrowingCost)SPREAD=RNOA–NBC(OperatingSpread)Spread12-8TheFinancialLeverageEquationROCE=RNOA+FLEV×[RNOA–NBC]TheequationsaysthatROCEisdrivenbythreefactors:Profitabilityofoperations:RNOAFinancialLeverage:FLEV=NFOC

7、SEOperatingSpread:RNOA-NBC12-9HowFinancialLeverageExplainstheDifferenceBetweenROCEandRNOA12-10GeneralMillsInc.:ReformulatedBalanceSheet12-11FinancialLeverage:GeneralMillsInc.,2010(Inmillionsofdollars,averageforyear)NOA11,632OI1,177NFO6,099NFE251CSE(beforeMI)5,533CI