Chap019 Financial Statement Analysis 博迪投资学课件
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• Accounting earnings – Affected by conventions regarding the valuation of assets
19-7
Profitability Measures
• ROE: measures the profitability for contributors of equity capital
Equity + Debt Equity
Interest
rate x
Debt Equity
(1 -
Tax
rate)ROA+(ROA-
Interest
rate)
Debt Equity
19-11
Decomposition of ROE
ROE = Net Profit
x Pretax Profit
EBIT Sales
x
x
Assets x
Pretax Profit
EBIT
Sales Assets Equity
(1)
x
(2)
x (3) x (4) x (5)
Tax x Interest
Burden
Burden
x Margin x Turnover x Leverage
19-12
Table 19.6 Ratio Decomposition Analysis for Nodett and Somdett
• Purchase common stocks at less then their working-capital value
• Give no weight to plant or other fixed assets • Deduct all liabilities in full from assets
CHAPTER 19
Financial Statement Analysis
McGraw-Hill/Irwin
Investments, 8th edition
Bodie, Kane and Marcus
Slides by Susan Hine
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
• EVA is also called residual income • EVA can be positive or negative for firms that
have positive earnings
19-19
Table 19.11 Economic Value Added, 2007
19-26
Overview
• Purpose • Tools Used
– Statement analysis – Ratio analysis • Limitations
19-2
Financial Statements
• Balance Sheet – Common Sized – Trend or Indexed
19-13
Table 19.7 Differences between Profit Margin and Asset Turnover across Industries
19-14
Table 19.8 Growth Industries Financial Statements, 2004 – 2007 ($ thousands)
19-15
Table 19.9 Summary of Key Financial Ratios: Leverage, Asset Utilization, Liquidity, Profitability and
Market Price
19-16
Figure 19.1 DuPont Decomposition for Hewlett-Packard
• Accounting Differences – Inventory Valuation – Depreciation
• Inflation and Interest Expense • Fair Value Accounting • Quality of Earnings • International Accounting Conventions
19-17
Table 19.10 Financial Ratios for Major Industry Groups
19-18
Economic Value Added
• Difference between return on assets (ROA) and the opportunity cost of capital (k)
19-20
Table 19.12 Key Financial Ratios of Growth Industries, Inc
19-21
Table 19.13 Growth Industries Statement of Cash Flows ($ thousands)
19-22
Comparability Problems
ROE Net profit EBIT- Interest - Taxes (1- Taxrate)(EBIT- Interest)
Equity
Equity
Equity
(1 -
Tax
rate)(ROAx
Assets) - (Interest Equity
rate
百度文库
x
Debt)
(1- Taxrate)ROAx
• Intangibles – treatment varies widely
19-24
Figure 19.2 Adjusted Versus Reported Price-Earnings Ratios
19-25
The Graham Technique
• Careful analysis of a firm’s financial statements could turn up bargain stocks
19-6
Accounting Versus Economic Earnings
• Economic earnings – Sustainable cash flow that can be paid to stockholders without impairing productive capacity of the firm
19-9
Table 19.5 Impact of Financial Leverage on ROE
19-10
ROE, ROA and Leverage
R O E = ( 1 -T a x r a te ) R O A + ( R O A -I n te r e s tr a te )E D q e u b it t y
19-23
International Accounting Differences
• Reserves – many other countries allow more flexibility in use of reserves
• Depreciation – US allows separate tax and reporting presentations
• Income Statement – Common Sized – Trend or Indexed
• Statement of Cash Flows
19-3
19-4
19-5
Table 19.3 Statement of Cash Flows for Hewlett-Packard, 2006
• ROA: measures the profitability for all contributors of capital
• Leverage has a significant effect on profitability measures
19-8
Table 19.4 Nodett’s Profitability over the Business Cycle
19-7
Profitability Measures
• ROE: measures the profitability for contributors of equity capital
Equity + Debt Equity
Interest
rate x
Debt Equity
(1 -
Tax
rate)ROA+(ROA-
Interest
rate)
Debt Equity
19-11
Decomposition of ROE
ROE = Net Profit
x Pretax Profit
EBIT Sales
x
x
Assets x
Pretax Profit
EBIT
Sales Assets Equity
(1)
x
(2)
x (3) x (4) x (5)
Tax x Interest
Burden
Burden
x Margin x Turnover x Leverage
19-12
Table 19.6 Ratio Decomposition Analysis for Nodett and Somdett
• Purchase common stocks at less then their working-capital value
• Give no weight to plant or other fixed assets • Deduct all liabilities in full from assets
CHAPTER 19
Financial Statement Analysis
McGraw-Hill/Irwin
Investments, 8th edition
Bodie, Kane and Marcus
Slides by Susan Hine
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
• EVA is also called residual income • EVA can be positive or negative for firms that
have positive earnings
19-19
Table 19.11 Economic Value Added, 2007
19-26
Overview
• Purpose • Tools Used
– Statement analysis – Ratio analysis • Limitations
19-2
Financial Statements
• Balance Sheet – Common Sized – Trend or Indexed
19-13
Table 19.7 Differences between Profit Margin and Asset Turnover across Industries
19-14
Table 19.8 Growth Industries Financial Statements, 2004 – 2007 ($ thousands)
19-15
Table 19.9 Summary of Key Financial Ratios: Leverage, Asset Utilization, Liquidity, Profitability and
Market Price
19-16
Figure 19.1 DuPont Decomposition for Hewlett-Packard
• Accounting Differences – Inventory Valuation – Depreciation
• Inflation and Interest Expense • Fair Value Accounting • Quality of Earnings • International Accounting Conventions
19-17
Table 19.10 Financial Ratios for Major Industry Groups
19-18
Economic Value Added
• Difference between return on assets (ROA) and the opportunity cost of capital (k)
19-20
Table 19.12 Key Financial Ratios of Growth Industries, Inc
19-21
Table 19.13 Growth Industries Statement of Cash Flows ($ thousands)
19-22
Comparability Problems
ROE Net profit EBIT- Interest - Taxes (1- Taxrate)(EBIT- Interest)
Equity
Equity
Equity
(1 -
Tax
rate)(ROAx
Assets) - (Interest Equity
rate
百度文库
x
Debt)
(1- Taxrate)ROAx
• Intangibles – treatment varies widely
19-24
Figure 19.2 Adjusted Versus Reported Price-Earnings Ratios
19-25
The Graham Technique
• Careful analysis of a firm’s financial statements could turn up bargain stocks
19-6
Accounting Versus Economic Earnings
• Economic earnings – Sustainable cash flow that can be paid to stockholders without impairing productive capacity of the firm
19-9
Table 19.5 Impact of Financial Leverage on ROE
19-10
ROE, ROA and Leverage
R O E = ( 1 -T a x r a te ) R O A + ( R O A -I n te r e s tr a te )E D q e u b it t y
19-23
International Accounting Differences
• Reserves – many other countries allow more flexibility in use of reserves
• Depreciation – US allows separate tax and reporting presentations
• Income Statement – Common Sized – Trend or Indexed
• Statement of Cash Flows
19-3
19-4
19-5
Table 19.3 Statement of Cash Flows for Hewlett-Packard, 2006
• ROA: measures the profitability for all contributors of capital
• Leverage has a significant effect on profitability measures
19-8
Table 19.4 Nodett’s Profitability over the Business Cycle