[管理學(xué)]analysisforfinancialmanagementchap(參考版)
2025-01-22 09:14本頁(yè)面
【正文】 E Supplies’ Need for External Funding: Frequency Chart 339 FIGURE 31 (Continued) Distribution Gallery for Sales Growth Source: Crystal Ball, Decisioneering, Inc. 340 Cash Flow Forecasts ? Sources and Uses of Cash ? Based on same assumptions as the interim pro forma ine statement and balance sheet. ? EFR = Total uses – Total sources 341 TABLE 36 Cash Flow Forecast for Ramp。E Supplies, Inc., December 31, 2022 ($ thousands) 326 Earnings ? Earnings drop by 34%, from 234 to 155. 327 TABLE 34 (Continued) 328 External Funding ? EFR drops from to below 1 (982K). 329 Why Are Lenders So Conservative? ? If expected loan returns are low, lenders cannot accept high risk. ? Look at the lending margin (spread) between paying depositors and what the loan pays. ? Example on p. 100 shows a low profit margin. ? So getting a high ROE requires high financial leverage (like 10to1). 330 Prophetic Comments: A Few Bad Apples? ? Complete default by just a few borrowers can erase a bank’s earnings. ? Why are lenders so conservative? ? Because the aggressive ones have long since gone bankrupt. 331 ComputerBased Forecasting ? Table lays out Excel spreadsheet with formulas. ? Chapter problem provides you with practice in this skill. 332 TABLE 35 Forecasting with a Computer Spreadsheet: Pro Forma Financial Forecast for Ramp。E managements’ financial acumen. ? What to do? ? Where to shave $400K? – Tighten up AR, so that DSO drops from 51 to 47? – Increase payables period from 59 to 60? – These might lower sales growth (25?20%) and increase costs (SGamp。E Supplies, Inc., December 31, 2022 ($ thousands) 315 Estimating the External Funding Required ? Ine statement measures profitability, and g
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