analysisoffinancialstatements(英文版)-免費(fèi)閱讀
【正文】 2023 by Harcourt, Inc. All rights reserved. ?Different operating and accounting practices distort parisons. ?Sometimes hard to tell if a ratio is “good” or “bad.” ?Difficult to tell whether pany is, on balance, in strong or weak position. 3 40 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. The Du Pont system focuses on: ?Expense control (.) ?Asset utilization (TATO) ?Debt utilization (Eq. Mult.) It shows how these factors bine to determine the ROE. 3 33 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ROE = = = %. Net ine Common equity $ $1,552 2023 2023 1999 Ind. ROA % % % % ROE % % % % Both below average but improving. 3 25 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?FA turnover projected to exceed industry average. Good. ?TA turnover not up to industry average. Caused by excessive current assets (A/R and Inv.) 2023 2023 1999 Ind. FA TO TA TO 3 17 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Debt management: Right mix of debt and equity? ?Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? ?Market value: Do investors like what they see as reflected in P/E and M/B ratios? 3 9 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Ratio analysis ?Du Pont system ?Effects of improving ratios ?Limitations of ratio analysis ?Qualitative factors CHAPTER 3 Analysis of Financial Statements 3 2 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Standardize numbers。 2023 by Harcourt, Inc. All rights reserved. Receivables Average sales per day DSO = = = = . DSO is the average number of days after making a sale before receiving cash. Receivables Sales/360 $878 $7,036/360 3 14 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. BEP = = = %. BEP vs. Industry Average? EBIT Total assets $ $3,497 3 22 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Com. equity Shares out. BVPS = = = $. $1,552 250 Mkt. price per share Book value per share M/B = = = . $ $
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