analysisoffinancialstatements(英文版)-文庫(kù)吧在線文庫(kù)
【正文】 ity 1,552,352 132,832 Total L E 3,497,152 2,866,592 3 4 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Expected to improve but still below the industry average. ?Liquidity position is weak. Comments on CR and QR 2023 2023 1999 Ind. CR QR 3 11 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. EBITDA coverage = = = . EBITDA + Lease payments (in cash) Interest Lease Loan expense pmt. repayments + + $ + $ + $40 $88 + $40 + $0 3 19 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Calculate and appraise the P/E, P/CF, and M/B ratios. Price = $. EPS = = = $. P/E = = = 12x. NI Shares out. $ 250 Price per share EPS $ $ 3 27 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Effect of reducing DSO from days to 32 days: Old A/R = 19,543 x = 878,000 New A/R = 19,543 x = 625,376 Cash freed up: 252,624 Initially shows up as additional cash. 3 35 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?What percentage of the pany’s business is generated overseas? ?Competition ?Future prospects ?Legal and regulatory environment 3 42 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What are some potential problems and limitations of financial ratio analysis? ?Comparison with industry averages is difficult if the firm operates many different divisions. 3 38 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?P/E: How much investors will pay for $1 of earnings. High is good. ?P/CF: How much investors will pay for $1 of cash flow. High is good. ?M/B: How much paid for $1 of BV. Higher is better. ?P/E and M/B are high if ROE is high, risk is low. 2023 2023 1999 Ind. P/E P/CF M/B 3 31 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?BEP removes effect of taxes and financial leverage. Useful for parison. ?Projected to be below average. ?Room for improvement. 2023 2023 1999 Ind. BEP % % % % 3 23 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Appraisal of DSO ? D’Leon collects too
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