公司理财规划.ppt

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,1-,*,3-,*,Copyright,2007 by The McGraw-Hill Companies,Inc.All rights reserved,.,McGraw-Hill/Irwin,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,二级,三级,四级,五级,*,Chapter 3,Working With Financial Statements,Key Concepts and Skills,Know how to standardize financial statements for comparison purposes,Know how to compute and interpret important financial ratios,Know the determinants of a firms profitability and growth,Understand the problems and pitfalls in financial statement analysis,1,Chapter Outline,Standardized Financial Statements,Ratio Analysis,The Du Pont Identity,Internal and Sustainable Growth,（,可持续稳定地增长,）,Using Financial Statement Information,2,Standardized Financial Statements,Common-Size Balance Sheets,Compute all accounts as a percent of total assets,Common-Size Income Statements,Compute all line items as a percent of sales,Standardized statements make it easier to compare financial information,particularly as the company grows,They are also useful for comparing companies of different sizes,particularly within the same industry,3,Ratio Analysis,Ratios also allow for better comparison through time or between companies,As we look at each ratio,ask yourself what the ratio is trying to measure and why that information is important,Ratios are used both internally and externally,4,Categories of Financial Ratios,Short-term solvency or liquidity ratios,Long-term solvency or financial leverage ratios,Asset management or turnover ratios,Profitability ratios,Market value ratios,5,Sample Balance Sheet,Cash,680,623,A/P,318,301,A/R,1,051,438,N/P,4,613,Inventory,300,459,Other CL,1,645,748,Other CA,415,310,Total CL,1,968,662,Total CA,2,447,830,LT Debt,909,814,Net FA,3,415,159,C/S,2,984,513,Total Assets,5,862,989,Total Liab.&Equity,5,862,989,Numbers in thousands,6,Sample Income Statement,Revenues,5,250,538,Cost of Goods Sold,2,046,645,Expenses,1,904,556,Depreciation&Amortization(,摊销,),124,647,EBIT,1,174,690,Interest Expense,5,785,Taxable Income,1,168,905,Taxes,412,495,Net Income,756,410,EPS,3.92,Dividends per share,1.20,Numbers in thousands,except EPS&DPS,7,Computing Liquidity Ratios,Current Ratio=CA/CL,2,447,830/1,968,662=1.24 times,Quick Ratio=(CA Inventory)/CL,(2,447,830 300,459)/1,968,662=1.09 times,Cash Ratio=Cash/CL,680,623/1,968,662=.346 times,8,Computing Leverage Ratios,Total Debt Ratio=(TA TE)/TA,(5,862,989 2,984,513)/5,862,989=.491 times or 49.1%,The firm finances slightly over 49%of their assets with debt.,Debt/Equity=TD/TE,(5,862,989 2,984,513)/2,984,513=.964 times,Equity Multiplier,(,权益乘数,),=TA/TE=1+D/E,1+.964=1.964,9,Computing Coverage Ratios,Times Interest Earned,(,获利倍数,),=EBIT/Interest,1,174,900/5,785=203 times,Cash Coverage=(EBIT+Depreciation)/Interest,(1,174,900+124,647)/5,785=225 times,10,Computing Inventory Ratios,Inventory Turnover=Cost of Goods Sold/Inventory,2,046,645/300,459=6.81 times,Days Sales in Inventory=365/Inventory Turnover,365/6.81=54 days,11,Computing Receivables Ratios,Receivables Turnover=Sales/Accounts Receivable,5,250,538/1,051,438=4.99 times,Days Sales in Receivables=365/Receivables Turnover,365/4.99=73 days,12,Computing Total Asset Turnover,Total Asset Turnover=Sales/Total Assets,5,250,538/5,862,989=.896 times,Measure of asset use efficiency,Not unusual for TAT 1,especially if a firm has a large amount of fixed assets,13,Computing Profitability Measures,1.Profit Margin(,利润率,)=Net Income/Sales,756,410/5,250,538=.1441 times or 14.41%,2.Return on Assets(ROA)=Net Income/Total Assets,756,410/5,862,989=.1290 times or 12.90%,3.Return on Equity(ROE)=Net Income/Total Equity,756,410/2,984,513=.2534 times or 25.34%,14,Computing Market Value Measures,Market Price(12/31/04)=$91.54 per share,Shares outstanding=189,813,459,PE Ratio=Price per share/Earnings per share,91.54/3.92=23.35 times,Market-to-book ratio=market value per share/book value per share,91.54/(2,984,513,000/189,813,459)=5.82 times,15,Table 3.5,16,Deriving,(,来自,),the Du Pont Identity,ROE=NI/TE,Multiply by 1 and then rearrange,ROE=(NI/TE)(TA/TA),ROE=(NI/TA)(TA/TE)=ROA*EM,Multiply by 1 again and then rearrange,ROE=(NI/TA)(TA/TE)(Sales/Sales),ROE=(NI/Sales)(Sales/TA)(TA/TE),ROE=PM*TAT*EM,17,Using the Du Pont Identity,ROE=PM*TAT*EM,Profit margin is a measure of the firms operating efficiency how well does it control costs,Total asset turnover is a measure of the firms asset use efficiency how well does it manage its assets,Equity multiplier is a measure of the firms financial leverage,18,Payout and Retention Ratios,Dividend payout ratio(“1-b”)=Cash dividends/Net income,1.20/3.92=.3061 or 30.61%,Retention ratio(“b”)=Addn.to R/E/Net income=(EPS DPS)/EPS,(3.92 1.20)/3.92=.6939=69.39%,Or:Retention ratio=1 Dividend Payout Ratio,1-.3061=.6939=69.39%,19,The Internal Growth Rate,The internal growth rate tells us how much the firm can grow assets using retained earnings as the only source of financing.,20,The Sustainable Growth Rate,The sustainable growth rate tells us how much the firm can grow by using internally generated funds and issuing debt to maintain a constant debt ratio.,21,Determinants of Growth,Profit margin operating efficiency,Total asset turnover asset use efficiency,Financial leverage choice of optimal debt ratio,Dividend policy choice of how much to pay to shareholders versus reinvesting in the firm,22,Table 3.7,23,Why Evaluate Financial Statements?,Internal uses,Performance evaluation compensation and comparison between divisions,Planning for the future guide in estimating future cash flows,External uses,Creditors,Suppliers,Customers,Stockholders,24,Benchmarking,Ratios are not very helpful by themselves;they need to be compared to something,Time-Trend Analysis,Used to see how the firms performance is changing through time,Internal and external uses,Peer Group Analysis,Compare to similar companies or within industries,SIC and NAICS codes,25,Real World Example-I,Ratios are figured using financial data from the 1/31/05 Annual Report for Hughes Supply,Inc.,Hughes is in SIC 507,which is a component of NAICS 444130,Compare the ratios to the median industry ratios in Table 3.9 in the book(pp.70-72),Hughes sales for the year ended January 5,2005 were 4.42 billion,so we compare it to the right-most column.,26,Real World Example-II,Liquidity ratios,Current ratio=2.36x;Industry=1.8x,Quick ratio=1.42x;Industry=.6x,Long-term solvency ratio,Debt/Equity ratio(Debt/Worth)=1.02x;Industry=1.4x.,Coverage ratio,Times Interest Earned=7.22x;Industry=4.8x,27,Real World Example-III,Asset management ratios:,Inventory turnover=5.34x;Industry=4.2x,Total asset turnover=1.75x;Industry=2.8x,Profitability ratios,ROE=(profit before taxes/tangible net worth)=15.81%;Industry=16.8%,ROA(profit before taxes/total assets)=7.84%;Industry=7.3%,28,Work the Web Example,The Internet makes ratio analysis much easier than it has been in the past,Click on the web surfer to go to M,Choose a company and enter its ticker symbol,Click on“Financial Results”and“Key Ratios”to compare the firm to its industry and the S&P 500 for various ratio categories,Change the ratio category using the links to the left of the chart.,29,Quick Quiz,How do you standardize balance sheets and income statements and why is standardization useful?,What are the major categories of ratios and how do you compute specific ratios within each category?,What are the major determinants of a firms growth potential?,What are some of the problems associated with financial statement analysis?,30,此课件下载可自行编辑修改，供参考！,感谢您的支持，我们努力做得更好！,