贝恩咨询分析方法-Ratioanalysis2-49页文档资料
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NOT necessarily predict future
• Need to standardize across companies
to adjust for different accounting methods
• Need to be very sensitive about
industry-specific seasonality and cyclicality
Agenda
BOS
1
Ratio Analysis
Analyzing Ratios
Ratios in isolation are meaningless. A company's ratios must be examined over time and/or against its competitors’ ratios.
Agenda
BOS
5
Ratio Analysis
Types of Ratios
Ratios help us understand how well a company is performing. Specifically, how much return is it generating with what level of risk?
Return
Risk
Profitability
Turnover
• Operating margin • Receivables
• ROS
• Inventory
• Gross margin • Payables
• Asset
Leverage
• Asset to equity • Debt to equity • Debt to total
How effective is the company in
managing its resources?
What are the respective
claims of debt and equity
owners? How risky is the business?
• Financial statement data is historical,
not pro forma
• Cross-company comparisons are
meaningless if adjustments are not made for different accounting conventions
• The timing of the reporting period
influences funds flows and requirements
Implications
• Need to use judgment to understand
financials
• Need to understand that history does
BOS
4
Ratio Analysis
•Using ratios •Types of key ratios
–profitability – turnover – leverage –liquidity – coverage
•Return on Equity •Ratio exercises •Forecasting exercise •Abbreviations •Key takeaways
BOS
3
Ratio Analysis
Ratio analysis requires keen judgment.
The Need for Judgment
Potential Problem
• Management can substantially
influence financials in the short term
Historical comparison
• Compare present ratios with
same company's historical ratios
• In stable situations, historical
ratios may be used to project future performance
BOS
2
Ratio Analysis
Ratio analysis is an art as well as a science.
The Art of Ratio Analysis
• Which ratios are most important in a given situation? • What items should be included/excluded in calculating the ratios? • How much influence does management have over the ratios? • What do the ratios say about the firm’s strategy?
Look for trends
Competitive comparison
• Compare a company’s ratios
with similar firms’ ratios or with industry averages at the same point in time
Look at relative performance
capital
Liquidity
• Current ratio • Quick ratio
Coverage
• Interest
charge
• Fixed charge
coverage
How well does the company manage costs
relative to revenues?Байду номын сангаас
Ratio Analysis
•Using ratios •Types of key ratios
–profitability – turnover – leverage –liquidity – coverage
•Return on Equity •Ratio exercises •Forecasting exercise •Abbreviations •Key takeaways
• Need to standardize across companies
to adjust for different accounting methods
• Need to be very sensitive about
industry-specific seasonality and cyclicality
Agenda
BOS
1
Ratio Analysis
Analyzing Ratios
Ratios in isolation are meaningless. A company's ratios must be examined over time and/or against its competitors’ ratios.
Agenda
BOS
5
Ratio Analysis
Types of Ratios
Ratios help us understand how well a company is performing. Specifically, how much return is it generating with what level of risk?
Return
Risk
Profitability
Turnover
• Operating margin • Receivables
• ROS
• Inventory
• Gross margin • Payables
• Asset
Leverage
• Asset to equity • Debt to equity • Debt to total
How effective is the company in
managing its resources?
What are the respective
claims of debt and equity
owners? How risky is the business?
• Financial statement data is historical,
not pro forma
• Cross-company comparisons are
meaningless if adjustments are not made for different accounting conventions
• The timing of the reporting period
influences funds flows and requirements
Implications
• Need to use judgment to understand
financials
• Need to understand that history does
BOS
4
Ratio Analysis
•Using ratios •Types of key ratios
–profitability – turnover – leverage –liquidity – coverage
•Return on Equity •Ratio exercises •Forecasting exercise •Abbreviations •Key takeaways
BOS
3
Ratio Analysis
Ratio analysis requires keen judgment.
The Need for Judgment
Potential Problem
• Management can substantially
influence financials in the short term
Historical comparison
• Compare present ratios with
same company's historical ratios
• In stable situations, historical
ratios may be used to project future performance
BOS
2
Ratio Analysis
Ratio analysis is an art as well as a science.
The Art of Ratio Analysis
• Which ratios are most important in a given situation? • What items should be included/excluded in calculating the ratios? • How much influence does management have over the ratios? • What do the ratios say about the firm’s strategy?
Look for trends
Competitive comparison
• Compare a company’s ratios
with similar firms’ ratios or with industry averages at the same point in time
Look at relative performance
capital
Liquidity
• Current ratio • Quick ratio
Coverage
• Interest
charge
• Fixed charge
coverage
How well does the company manage costs
relative to revenues?Байду номын сангаас
Ratio Analysis
•Using ratios •Types of key ratios
–profitability – turnover – leverage –liquidity – coverage
•Return on Equity •Ratio exercises •Forecasting exercise •Abbreviations •Key takeaways