financialplanningandforecasting(英文版)(文件)
【正文】 ing will add to interest expense, which will lower NI and retained earnings. We will generally ignore financing feedbacks. 4 14 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Ratios 2023 2023(E) Industry BEP % % % Poor Profit margin % % % ” ROE % % % ” DSO (days) ” Inv. turnover ” F. A. turnover ” T. A. turnover ” D/A ratio % % % ” TIE ” Current ratio ” Payout ratio % % % O. K. 4 18 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How would the excess capacity situation affect the 2023 AFN? ?The projected increase in fixed assets was $125, the AFN would decrease by $125. ?Since no new fixed assets will be needed, AFN will fall by $125, to $179 – $125 = $54. 4 22 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How is NWC performing with regard to its receivables and inventories? ?DSO is higher than the industry average, and inventory turnover is lower than the industry average. ?Improvements here would lower current assets, reduce capital requirements, and further improve profitability and other ratios. 4 26 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Regression Analysis for Asset Forecasting ?Get historical data on a good pany, then fit a regression line to see how much a given sales increase will require in way of asset increase. 4 29 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！ 。 2023 by Harcourt, Inc. All rights reserved. How would increases in these items affect the AFN? ?Higher dividend payout ratio? Increase AFN: Less retained earnings. ?Higher profit margin? Decrease AFN: Higher profits, more retained earnings. ?Higher capital intensity ratio, A*/S0? Increase AFN: Need more assets for given sales increase. ?Pay suppliers in 60 days rather than 30 days? Decrease AFN: Trade creditors supply more capital, ., L*/S0 increases. 4 31 Copyright 169。 1,100/2,500 = . Declining ratio shows economies of scale. Going from S = 0 to S = $2,000 requires $1,000 of assets. Next $500 of
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