公司理财第3章课件.ppt

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1、FinancialStatementsAnalysisandFinancialModelsKeyConceptsandSkillsKnowhowtostandardizefinancialstatementsforcomparisonpurposesKnowhowtocomputeandinterpretimportantfinancialratiosBeabletodevelopafinancialplanusingthepercentageofsalesapproachUnderstandhowcapitalstructureanddividend

2、policiesaffectafirm’sabilitytogrowChapterOutline3.1FinancialStatementsAnalysis3.2RatioAnalysis3.3TheDuPontIdentity3.4FinancialModels3.5ExternalFinancingandGrowth3.6SomeCaveatsRegardingFinancialPlanningModels3.1FinancialStatementsAnalysisCommon-SizeBalanceSheetsComputeallaccounts

3、asapercentoftotalassetsCommon-SizeIncomeStatementsComputealllineitemsasapercentofsalesStandardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows.Theyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.3.2RatioAn

4、alysisRatiosalsoallowforbettercomparisonthroughtimeorbetweencompanies.Aswelookateachratio,askyourself:Howistheratiocomputed?Whatistheratiotryingtomeasureandwhy?Whatistheunitofmeasurement?Whatdoesthevalueindicate?Howcanweimprovethecompany’sratio?CategoriesofFinancialRatiosShort-t

5、ermsolvencyorliquidityratiosLong-termsolvency,orfinancialleverage,ratiosAssetmanagementorturnoverratiosProfitabilityratiosMarketvalueratiosComputingLiquidityRatiosCurrentRatio=CA/CL708/540=1.31timesQuickRatio=(CA–Inventory)/CL(708-422)/540=.53timesCashRatio=Cash/CL98/540=.18time

6、sComputingLeverageRatiosTotalDebtRatio=(TA–TE)/TA(3588-2591)/3588=28%Debt/Equity=TD/TE(3588–2591)/2591=38.5%EquityMultiplier=TA/TE=1+D/E1+.385=1.385ComputingCoverageRatiosTimesInterestEarned=EBIT/Interest691/141=4.9timesCashCoverage=(EBIT+Depreciation)/Interest(691+276)/141=6.9t

7、imesComputingInventoryRatiosInventoryTurnover=CostofGoodsSold/Inventory1344/422=3.2timesDays’SalesinInventory=365/InventoryTurnover365/3.2=114daysComputingReceivablesRatiosReceivablesTurnover=Sales/AccountsReceivable2311/188=12.3timesDays’SalesinReceivables=365/ReceivablesTurnov

8、er365/12.3=30daysComputingTotalAssetTurnoverTot