英国名校布里斯托大学财务分析和证券估值课程3

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英国布里斯托大学财务分析课程

英国布里斯托大学财务分析课程
• For the y/e 2000 Dell had reported earnings of $1.7 billion on sales of $25.3 billion. The MV of Dell’s shares at the time was $146.4 billion – 3 * the MV of GMC and Ford Motor Company combined (P/E 8.5 / 5.0 respectively)
• Financial analysis – Analysis of financial performance and financial position using ratio and cash flow analysis
英国布里斯托大学财务分析课程
Process of fundamental analysis
• Business analysis – Economic factors – Industry structure – Competitive strategy – Corporate strategy
• Accounting analysis – Evaluation of the extent to which a firm’s accounting captures the underlying business reality – Understanding accounting distortions
They are doing: • Fundamental analysis: contextual analysis of all publicly available
information in order to value the company.

财务分析-英国布里斯托大学财务分析课程 精品

财务分析-英国布里斯托大学财务分析课程 精品

The Capital Market: Trading value
The Investors: The claimants on value
Debtholders
Cash from Secondary sale of debt Debtholders
Operating activities Investing activities Financing activities
• long-term perspective as opposed to short-term gain
Dot-com bubble: Dell illustration
• Late 1990’s: unlimited faith in prospect of new technology and internet firms; bubble burst in 2001
• For the y/e 2000 Dell had reported earnings of $1.7 billion on sales of $25.3 billion. The MV of Dell’s shares at the time was $146.4 billion – 3 * the MV of GMC and Ford Motor Company combined (P/E 8.5 / 5.0 respectively)
What are we doing?
Part of fundamental analysis: • Financial statement analysis and valuation of shares so as to give
well informed investment advice to an equity investor.

财务报表分析与证券估值英文课件 (13)

财务报表分析与证券估值英文课件 (13)
Watch banks and insurance companies in particular
Watch Deferred Revenue
Firms may defer revenue into a “cookie jar” and then dip into the cookie jar later
Microsoft, 2008-2010 (millions):
2010 Unearned revenue $29,374
A Growth Company? General Electric Corp.: 1993-2000
A Growth Company? General Electric Again.: 2001-2010
Is Nike a Growth Firm?
The Base for Growth: Sustainable Earnings
Operating Income = Core OI + Unusual items
2. Distinguish core income from sales from other core operating income:
Operating Income = Core OI from Sales + Core Other OI + Unusual items
Remember the Caveat: Beware of Paying Too Much for Growth
(Chapters 5, 6, and 7)
Firms can grow earnings, but not create value
üEarnings growth generated by investment

《财务分析与公司估值》课程简介英文版

《财务分析与公司估值》课程简介英文版

Course Introduction《Financial Analysis & Valuation》Course Name:Financial Analysis & Valuation Course Code:Prerequisites:Accounting, intermediate financial accounting, financial management, etc.Follow-up Courses:NoBilingual Teaching or Not:NoCredits:3.0 Total Credit Hours:48Lecture Hours:48 Experiment Hours:0Programming Hours:0 Practice Hours:0School:School of businessTarget Major:AccountingCourse DescriptionAs an economic applied subject of financial analysis and company valuation, which is generally accepted by the theoretical and practical circles, it plays an important role in the business operation. This course is an economic application subject that studies how to use a series of special analysis techniques and methods to analyze and evaluate based on accounting, report materials and other relevant materials. It is a course for students majoring in accounting to learn how to carry out different analysis from different relevant analysis subjects, and also to cultivate students' ability to solve practical financial problems with comprehensive accounting knowledge Key courses. Through the teaching and learning of this course, students can master the basic theories and methods of financial analysis, make clear how to read and analyze financial statements as financial analysts or analysts, and learn to use different methods of company value evaluation to achieve the basic requirements of accounting professionals.Course ResourcesTextbooks:Zhang Xianzhi, Chen Youbang. Financial analysis [M]. Dalian: Northeast University of Finance and Economics Press, 2019.Bibliography:1. Lin Xiuxiang. Financial report analysis: application perspective [M]. Dalian: NortheastUniversity of Finance and Economics Press, 2017.2. Wang Huacheng. Analysis of financial statements (Second Edition) [M]. Beijing: PekingUniversity Press, 2014.3. Wang Shuping, Wang Rong. Financial report analysis (4th Edition) [M]. Beijing: TsinghuaUniversity Press, 2016.4. Yu Jiuhong, Guo Baolin, song Lei, Xing hailing, Li He. Financial analysis theory, practice andcase [M]. Beijing: Tsinghua University Press, 2016.5. Song Chang. Financial analysis (4th Edition) [M]. Beijing: Renmin University of China Press,2018.Reading Materials:1. Relevant case data;2. Relevant financial network information, such as Sina Finance, Dongfang fortune, etc.。

财务报表分析与证券估值英文课件 (3)

财务报表分析与证券估值英文课件 (3)

The Big Picture for This Chapter
Understand the Difference Between:
ü Simple Valuation Schemes ü Stock Screening, and ü Fully Fledged Fundamental Analysis
CHAPTER THREE
McGraw-Hill/Irwin
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Prepared by: Stephen H. Penman – Columbia University
Unlevered (or Enterprise) Multiples (that are Unaffected by the Financing of Operations)
Unlevered Price/Sales Ratio Market Value of Equity Net Debt Sales
Understand how the financial statements are used in each of these types of analysis Understand how formal fundamental analysis is done Understand what generates value in a business:
Unlevered Price/ebit
Market Value of Equity Net Debt ebit Market Value of Equity Net Debt ebitda

英国名校布里斯托大学财务分析和证券估值课程6

英国名校布里斯托大学财务分析和证券估值课程6
Advantages Easy concept: Dividends are what shareholders get Disadvantages Relevance: Distribution, which typically happens later than the actual creation of value. Therefore, future dividends do not explain the creation of value When it works best/makes sense When payout is permanently tied to the value generation in the firm. For example, when a firm has a fixed payout ratio (dividends/earnings).
V0 B0
E

T
REt (1 r e )
t
t 1
2. If we assume that abnormal profits in terminal period can be earned only on existing projects at that time, and that any new projects will earn ROE =cost of equity, then:
Forecasting base models
• Direct – Cash-flow based: Dividend discount model (DDM) – Residual earnings model – Abnormal earnings growth model • Indirect – Cash-flow based: Discounted cash flow model (DCF) – Residual operating income model – Abnormal operating income growth model

财务报表分析与证券估值英文课件 (20)

财务报表分析与证券估值英文课件 (20)

Ratio Analysis: Short-Term Liquidity Ratios
• Liquidity Stock Measures Current Ratio= Current Assets Current Liabilities
Quick or Acid Test Ratio= Cash+Short-term Investments+Receivables
defaults • How pro forma analysis aids in assessing default risk • How value-at-risk analysis is used to assess default risk • How financial strategy works
Defensive Interval= Cash+Short-term Investments +Receivables ×365 Capital Expenditures
UnleveredCash Flow from Operations
Cash Flow to Capital Expenditures= Capital Expenditures
Debt to Equity= Total Debt Total Equity
Long-term Debt Ratio=
Long-term Debt
Long-term Debt + Equtiy
Ratio Analysis: Long-term Solvency Ratios
• Solvency Flow Measures Interest Coverage= Operating Income Net Interest Expense

英国名校布里斯托大学财务分析和证券估值课程5

英国名校布里斯托大学财务分析和证券估值课程5

• Alternatively, in step 3 use: Share price calculated using direct method x number of shares
Cost of capital
Important ! • Circularity problem: current share price is used to calculate WACC for the purpose of the valuation of these same shares. If you use current/observed share price to calculate WACC, then direct and indirect valuation methods will give different share price estimates because of the inconsistency in which fair value of the firm is calculated. There isn’t much you can do about it.
Cost of capital
• The cost of capital for equity is really derived from the cost of capital for operations (not vice versa) Rearranging WACC formula, it can be obtained:
Cost of capital
• Operations have their own risk, referred to as operational risk calculated as weighted average cost of capital

英国名校布里斯托大学财务分析和证券估值课程5

英国名校布里斯托大学财务分析和证券估值课程5

Forecasting the future
Changes in macroeconomic factors
Forecasted economic variables
Business analysis
Industry operation and key industry statistics Industry structure (Porter’s 5 forces) Firm’s strategy (differentiation, cost leadership, focus) and synergy effects; SWOT
Week 16
Forecasting
Process of fundamental analysis
Business analysis
Understanding the Past
Accounting analysis
Financial analysis
Forecasting
Valuation
Trading on the valuation
Forecasted financial statements
Forecasted ratios
Forecasting horizon
Terminal period assumptions
Forecasting framework
Forecast sales Forecast margins Forecast depreciation rate Operating expenses Financial expense Forecast interest rate Forecast tax rate Tax expense Pro Forma Income Statement Pro Forma Cash Flow Statement Forecast distribution to equity holders Pro Forma SoFP Net financial obligations Net operating assets Forecast leverage Forecast turnover

财务报表分析与证券价值评估Stephen H. Penman.

财务报表分析与证券价值评估Stephen H. Penman.

因此, 需要分析盈利能力和投资增长的变化
财经易文
© E-win 2002 All rights reserved.
12 student -4
切入核心: 盈利能力分析
ROCE 综合收入/平均 CSE RNOA [FLEV x SPREAD]
Chapter 11 Page 338 Figure 11.1
FLEV
NFO CSE
SPREAD RNOA - NBC
Level 1
RNOA OI/NOA ROOA (OLLEVx OLSPREAD)
RNOA
NBC NFE NFO
Level 2
PM = OI / Sales
ATO = Sales / NOA
Level 3
Sales PM
财经易文
© E-win 2002 All rights reserved.
12 student -7
时间序列分析: 对盈利能力变动的解释
• 步骤 A 解释RNOA 1. 区分核心 与 暂时 的成份 2. 区分核心利润的利润率和周转率驱动
Chapter 12 Page 391
Core Other OI UI RNOA = Core Sales PM ATO NOA NOA
• 普通股股东权益回报率(ROCE)和投资增长如何影响收入余值的变 动 • 何为增长型公司
• 何为持续增长
• 持续增长的驱动因素 • 何为持续收入
• 持续收入的驱动因素
• 何为暂时收入 • “收入的属性”的含义
• 经营杠杆在销售变化时如何影响收入
• ROCE如何由借债来创造 • 普通股股东投资增长的驱动因素
财经易文

财务报表分析与证券定价StephenHPenman

财务报表分析与证券定价StephenHPenman
财务报表分析与证券定价
Stephen H. Penman
制作人:
Peter D. Easton and Gregory A. Sommers
Fisher College of Business The Ohio State University
协助人: Stephen H. Penman – Columbia University Luis Palencia – University of Navarra, IESE Business School
20-18
融资风险
融资溢价的驱动因素: • 财务杠杆 (FLEV)风险 • 借款成本风险
Chapter 20 Page 695
财经易文
© E-win 2002 All rights reserved.
20-19
成长性风险
Chapter 20 Page 696
Growthin NOA Growthin Sales 1 ATO
盈利能力风险
成长性风险
风险是得不到预期的剩余收入的可能
财经易文
© E-win 2002 All rights reserved.
20-15
盈利能力风险: 达不到预期 ROCE 水
Chapter 20 Page 695
平的可能
驱动因素:
Return on Common Equity Return on Net Operating Assets Financial Leverage x Operating Spread ROCE RNOA NFO RNOA NBC
20-8
风险的分散
在组合中加入更多的证券对组合标准差的影响
Portfolio Standard Deviation

财务报表分析与证券定价StephenHPenman-精品文档

财务报表分析与证券定价StephenHPenman-精品文档
– 自我蒙骗;忽视鉴别直觉的能力
Chapter 1 Pages 4-5
• 消极方法的危险之处:
– 你付出的是价格,所得到的是价值
• 筛选法的危险之处:
– 忽视了关于未来的信息
• 基本面分析
– 要求做大量的工作!
审慎投资要求进行分析:以防止支付一个错误的价格(或者在错误的价位 上卖出)
防守型投资者
积极投资要求进行分析:这样有可能发现市场定价有误
• 商业计划和商业战略是怎样转变成价值评估的?
财经易文
© E-win 2002 All rights reserved.
1-7
企业、它的利益要求方和资本市场
T h e C a p ita l M a r k e t: T r a d in g V a lu e T h e F ir m : T h e V a lu e G e n e r a to r
–就企业的价值进行辩论 –供应的安全性 –政策制订 –规制 –征税 –政府采购
• 政府
• 管理层
• 竞争者
• 雇员
投资者和管理层是财务信息的主要使用者
财经易文
© E-win 2002 All rights reserved.
1-4
投资风格
• 直觉投资
依赖于直觉和预感:不作分析
Chapter 1 Page 3
财经易文
© E-win 2002 All rights reserved.
1-3
企业财务信息的使用者(需求方)
• 权益投资者 • 债权投资者
– 投资分析 – 管理绩效评估 – 违约概率 – 决定借贷利率 – 违约
– 战略规划 – 运营中的企业投资 – 对下属工作绩效的评估

英国名校布里斯托大学财务分析和证券估值课程8

英国名校布里斯托大学财务分析和证券估值课程8
7.0
V N O A /N O A = 3
6.0
V N O A /N O A = 2 .5
Week 19
Relative Valuation
Valuation models classification
Valuation models
No forecasting
Forecasting
Real options
Asset-based
Relative Valuation
Cash Flow based
Application: Investment companies Natural resource companies (minerals, oil, timberland) Break-up (liquidation) value
Valuation multiples
Idea: How to compare the valuation of the companies? Share price is not a good summary itself, since it depends on number of shares issued – two otherwise identical companies can have different share price if they have different numbers of share issued Solution: scale share price by some accounting variable or some other industry-specific measure Price multiples commonly reported in the financial press, on-line, etc… The firms with higher multiples considered to be more valuable.

英国留学财务分析报告(3篇)

英国留学财务分析报告(3篇)

第1篇一、引言随着全球化的推进,越来越多的中国学生选择出国留学,英国作为世界教育强国之一,吸引了大量中国留学生。

然而,留学英国所需费用较高,对于家庭经济条件一般的学生来说,留学费用的规划和管理显得尤为重要。

本报告将对英国留学的财务状况进行分析,旨在帮助有意向留学英国的学生及其家庭做好财务准备。

二、英国留学费用构成1. 学费英国留学的学费是留学费用中的主要部分。

不同院校、不同专业、不同学位的学费存在较大差异。

以下是一些常见留学费用的参考:(1)本科:英国本科课程学费一般在每年1.5万至3万英镑之间,医学、工程等专业学费较高,可达4万至5万英镑。

(2)硕士:英国硕士课程学费一般在每年1.5万至3万英镑之间,商科、工程、医学等专业学费较高,可达4万至5万英镑。

2. 生活费英国留学的生活费包括住宿费、餐饮费、交通费、书籍费、医疗保险等。

以下是一些生活费用的参考:(1)住宿费:英国留学生住宿费用较高,不同类型住宿费用差异较大。

以下是一些参考:- 校园宿舍:每年约5000至9000英镑。

- 私人租房:每年约5000至1.5万英镑。

- 学生公寓:每年约4000至8000英镑。

(2)餐饮费:英国留学生每月餐饮费用约为200至400英镑。

(3)交通费:英国留学生每月交通费用约为100至200英镑。

(4)书籍费:英国留学生每年书籍费用约为200至500英镑。

(5)医疗保险:英国留学生每年医疗保险费用约为200至400英镑。

3. 其他费用(1)签证费用:英国留学生签证费用约为3000元人民币。

(2)机票费用:往返英国机票费用约为5000至10000元人民币。

(3)保险费用:英国留学生保险费用约为1000至2000元人民币。

三、英国留学财务规划1. 家庭收入分析在制定留学财务规划之前,家庭应先分析自身经济状况。

家庭收入包括父母工资、家庭其他收入等。

家庭收入应满足以下条件:(1)家庭收入足以支付留学期间的学费、生活费等费用。

财务报表分析与证券定价1

财务报表分析与证券定价1

OI
(NFE) 盈余
财经易文
© E-win 2002 All rights reserved.
7-18
企业活动与财务报表
Chapter 7 Summary
损益表
earnt = OIt - NFEt
资产负债表 净营运资产
NOAt = NOAt-1 + OIt - (Ct - It)
净金融负债
NFOt = NFOt-1 - (Ct - It) + NFEt + dt CSEt = CSEt-1 + OIt - NFEt - dt
出纳员法则:
– 如果C - I - i > d : 借出或买回自己的债务 – 如果C - I - i < d : 借入或减少借出
i 是净利息支出
Chapter 7 Pages 213-215
财经易文
© E-win 2002 All rights reserved.
7-9
融资活动: 存量和流量
流进/流出金融资产的现金流: 它们的变化必定可以由该方程式的4 个流量部分来解释。
财经易文
© E-win 2002 All rights reserved.
Chapter 7 Page 218 Figure 7.3 资本市场
债权人 股东
7-16
企业活动: 所有的存量和流量
产品和 要素市场
企业
顾客
OR
净营运
资产
C
净金融 负债
F
OE
(NOA)
I
(NFO)
d
ቤተ መጻሕፍቲ ባይዱ
供应商
OR - OE = OI
权益 经营性负债 金融负债 普通股股东权益 权益总计

英国留学布里斯托大学会计、金融管理专业的主修课程

英国留学布里斯托大学会计、金融管理专业的主修课程
主修课程:
FinanceandAccounting金融与会计
InternationalFinancialAccounting国际金融财会
Management管理学
QuantitativeMethodsforFinanceandManagement金融管理的计量方法。
QS排名:73
学费:13700 英镑
录取率:0.35
布里斯托大学UniversityofBristol
MScinAccounting,FinanceandManagement会计、金融管理
会计、金融、管理的交叉学科,核心课程比较基础,在选修课中可以选择自己未来希望从事分80以上;托福100(W25)。学费:overseas£15,000。
会计金融管理的交叉学科核心课程比较基础在选修课中可以选择自己未来希望从事的方向
英国留学布里斯托大学会计、金融管理专业的主修课程
学校名称: 英国布里斯托大学 University of Bristol
所在位置:英国,University of Bristol Senate House Tyndall Avenue Bristol BS8 1TH

英国留学 布里斯托大学会计、金融和管理专业的入学要求

英国留学 布里斯托大学会计、金融和管理专业的入学要求

布里斯托大学““会计,金融和管理专业
英国布里斯托大学的会计,金融和管理专业名列榜首,一点也不令人意外,毕竟这几年,金融和商科类专业当道,申请这类专业的学生络绎不绝,而布里斯托大学与牛津、剑桥一样享有崇高的教学和研究声望,也是英国名校,而入学条件又不高,因此,备受中国学生欢迎!
入学要求:
布里斯托大学会计、金融和管理专业适合那些有管理、金融和会计专业背景的学生申请;该专业要求学生有较强的数学能力,且有正规院校的学士学位,或有数学能力的证明;此专业的语言要求为雅思7分以上,单项不低于6.5分。
英国留学 布里斯托大学会计、金融和管理专业的入学要求
学校名称:英国布里斯托大学 University of Bristol
所在位置:英国,布里斯托
学校设置类型:
创建时间:1876年
学历:
学校性质:公立
学生人数:00人
院校地址:
学校中文网址:/school/9910

财务报表分析与证券估值英文课件 (4)

财务报表分析与证券估值英文课件 (4)

Terminal Values for the DDM
A. Capitalize expected terminal dividends
TVT

PT

dT1
E 1
B. Capitalize expected terminal dividends with growth
TVT

PT

dT1
E g
Cash flow from operations (inflows) C1 C2 C3 C4 C5
Cash investment (outflows) Free cash flow Time, t
I1
I2
I3
I4
I5
C1-I1 C2-I2 C3-I3 C4-I4 C5-I5
1
2
3
4

5
The Discounted Cash Flow (DCF) Model
1999 2000
2001
2002
2003
2004
Cash from operations Cash investments Free cash flow
3,657 947
2,710
4,097 1,187 2,910
4,736 1,167 3,569
5,457 906
4,551
5,929 618
5,311
Discount rate (1.09)t
1.09 1.1881 1.2950 1.4116 1.5386
Present value of free cash flows Total present value to 2004 Continuing value (CV)* Present value of CV Enterprise value Book value of net debt Value of equity
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Financing versus operating
• Operating assets and liabilities generate operating income • Financing assets and liabilities are those that produce financial income or incur financial expenses.
Week 14 Accounting Analysis
Process of fundamental analysis
Business analysis
Understanding the Past
Accounting analysis
Financial analysis
Forecasting
Valuation
– E.g. banks: hold mainly financial assets and financial liabilities in the form of customer deposits, bonds and loans. But they make money from the spread between the interest they pay on their liabilities and the interest they earn on their financial assets. These apparent financial assets and liabilities are actually operating assets and liabilities.
• Reformulated statements ready for subsequent financial analysis and valuation because give the detail to discover the sources of: – Profitability (ROE) – Growth
OI sometimes referred to as NOPAT (Net operating profit after tax
Reformulated Statement of Comprehensive Income
• Separate operating and financing items – Follow the classification in SoFP – Problems: foreign currency gains and losses • Separate tax effect on operating and financing items – Interest recognised as an expense, therefore not taxed – Therefore, it attracts tax benefit tax shield = NFE x Tax rate – We want to know what is the operating result irrespective of capital structure: Tax on OI = Tax expense as reported + Tax benefit of debt – Use statutory tax rate
Shareholders
Operating and investing activities
Financing activities
Financing versus operating
– Financing assets and liabilities are those that are involved in raising cash for operations and disbursing excess cash from operations – Operating assets and liabilities are those involved in the business as a result of cash investment, in selling goods and services. – For the purposes of the income statement we need to keep in mind a parallel classification system
PPE + Inventories+ Trade receivablesTrade payables
Borrowings and interest
Debtholders
Cash and borrowings
Suppliers
Expenses
Cash investments
Net share issuance and dividends
Representation ofial statements
Product and Input Markets The Firm Capital Markets
Cash from operations
Customers
Revenues
Net asset used in operating activities
Reformulated Statement of Comprehensive Income - Illustration
IFRS Income Statement
Reformulated Statement of Financial Position
• The standard SoFP splits between assets and liabilities – Assets based on liquidity (current and long-term) – Liabilities based on maturity (current and long-term) • Useful for credit analysis, but not for valuation • To understand a firm‟s ability to generate profits the SoFP is reformulated into operating and financing assets and liabilities – When reformulating into operating and financing assets/liabilities keep in mind the question: • what business is the firm in?
Reformulated Statement of Financial Position
Operating assets (OA) Operating liabilities (OL) Net operating assets (NOA) Financial assets (FA) Financial liabilities (FL) Net financial obligations (NFO) Ordinary shareholders equity (OSE = NOA – NFO)
Reformulated Statement of Comprehensive Income
Operating revenues Operating expenses Core operating income (before tax) Reported tax Tax benefit of debt Tax on operating income Core operating income (after tax) Other (unusual) operating income Operating income after tax (OI) Net interest expense before tax Tax benefit of debt Net financial expense (NFE) Comprehensive income (CI = OI – NFE) XXX (XXX) XXX (XXX) (XXX) (XXX) XXX XXX XXX (XXX) XXX (XXX) XXX
Trading on the valuation
Reformulation
• Operating activities create value (MM proposition)
• Therefore, separate operating from financing items in: – Statement of financial position – Statement of comprehensive income – Statement of cash flows
Reformulated Statement of Financial Position
Liabilities and OSE
• Financial liabilities – Short-term borrowings – Current maturities of long-term debt – Short-term notes payable – Long-term borrowing (bank loans, bonds, loan stock) – Lease obligations – Preference shares • Operating assets – Everything else • Ordinary shares • Derivatives: Look at their function
Reformulated Statement of Comprehensive Income
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