10analysisoffinancialstatements(投資分析與投-全文預(yù)覽
【正文】 nges in sales ? Fixed production costs are operating leverage Financial Risk ? Bonds interest payments e before earnings are available to stockholders ? These are fixed obligations ? Similar to fixed production costs, these lead to larger earnings during good times, and lower earnings during a business decline ? This debt financing increases the financial risk and possibility of default Financial Risk ? Two sets of financial ratios help measure financial risk – Balance sheet ratios – Earnings or cash flow available to pay fixed financial charges ? Acceptable levels of financial risk depend on business risk Financial Risk ? Proportion of debt (balance sheet) ratios Financial Risk ? Proportion of debt (balance sheet) ratios Equity TotalDebt TermLong TotalRatioEquity Debt ? Financial Risk ? Proportion of debt (balance sheet) ratios This may be puted with and without deferred taxes Equity TotalDebt TermLong TotalRatioEquity Debt ? Financial Risk ? Longterm debt/total capital ratio indicates the proportion of longterm capital derived from longterm debt capital Financial Risk ? Longterm debt/total capital ratio indicates the proportion of longterm capital derived from longterm debt capital Capi tal TermLong TotalDebt TermLong TotalRatio Capi tal . TotalDebt .? Financial Risk ? Total debt ratios pare total debt (current liabilities plus longterm liabilities) to total capital (total debt plus total equity) Financial Risk ? Total debt ratios pare total debt (current liabilities plus longterm liabilities) to total capital (total debt plus total equity) Capi tal TotalDebtInt erest TotalCapi tal Debt /Total Bearin g Int erest Total? Financial Risk ? Earnings or Cash Flow Ratios – Relate the flow of earnings – Cash available to meet the payments – Higher ratio means lower risk Financial Risk ? Interest Coverage Financial Risk ? Interest Coverage ChargesIntere st Debt (EB IT) Taxes andIntere st Before Ine? Financial Risk ? Interest Coverage ChargesIntere st Debt (EB IT) Taxes andIntere st Before Ine?ExpenseInteres t ExpenseInteres t Taxes Ine IneNet ??? Financial Risk ? Firms may also have noninterest fixed payments due for lease obligations ? The risk effect is similar to bond risk ? Bondrating agencies typically add 1/3 lease payments as the interest ponent of the lease obligations Financial Risk ? Total fixed charge coverage includes any noncancellable lease payments and any preferred dividends paid out of earnings after taxes Financial Risk ? Total fixed charge coverage includes any noncancellable lease payments and any preferred dividends paid out of earnings after taxes Rate)Tax 1Divid end /( Prefer redPaymen ts LeaseInt erestDebt Paymen ts Lease and Taxes , Int erest, Befo re Inco meCover age Char ge Fixed??? Financial Risk ? Cash flow ratios relate the flow of cash available from operations to either interest expense, total fixed charges, or the face value of outstanding debt Financial Risk Paymen ts Lease 3/1Int erestPaymen ts Lease 1/3Int erestFlowCash lTradit ion aCover age FlowCash ???? Financial Risk Debt TermLong of Valu eBook Tax Deferredin Chang eExpen seon Depreci atiInco meNet Debt TermLong / FlowCash ??? Financial Risk Debt TotalTax Deferredin Chang eExpens eon Deprecia tiInco meNet Debt Total / FlowCash ??? External Market Liquidity ? Market Liquidity is the ability to buy or sell an asset quickly with little price change from a prior transaction assuming no new information ? External market liquidity is a source of risk to investors External Market Liquidity Determinants of Market Liquidity ? The dollar value of shares traded – This can be estimated from the total market value of outstanding securities – It will be affected by the number of security owners – Numerous buyers and sellers provide liquidity External Market Liquidity ? Trading turnover (percentage of outstanding shares traded during a period of time) External Market Liquidity ? A measure of market liquidity is the bidask spread Analysis of Growth Potential ? Creditors are interested in the firm’s ability to pay future obligations ? Value of a firm depends on its future growth in earnings and dividends Determinants of Growth ? Resources retained and reinvested in the entity ? Rate of return earned on the resources retained = RR x ROE where: g = potential growth rate RR = the retention rate of earnings ROE = the firm’s return on equity Eq uityon R eturn R etained Ear nings of Perc entage g ?? Determinants of Growth ? ROE is a function of – Net profit margin – Total asset turnover – Financial leverage (total assets/equity) Comparative Analysis of Ratios ? Internal liquidity – Current ratio, quick ratio, and cash ratio ? Operating performance – Efficiency ratios and profitability ratios ? Financial risk ? Growth analysis An
高考資料相關(guān)推薦
鄂ICP備17016276號(hào)-1