bài giảng tài chính doanh nghiệp financial statement analysis


Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin

Financial Statement Analysis
1

19-2
•
Financial statement analysis can be used to
discover mispriced securities.
•
Financial accounting data are widely
available, but
–
Accounting earnings and economic
earnings are not always the same
thing!
 !!
2

19-3
•
Income Statement:
–
Profitability over time
•
Balance Sheet:
–
Financial condition at a point in time
•

Statement of Cash Flows:
–
Tracks the cash implications of
transactions.
!
3

19-4
"#$!$%%$&
$&$'()*'%+,,
4

19-5
"#+$!$%%-&$'
()*'%+,,
5

19-6
"#.$&!-$(!&$'
()*'%+,,
6

19-7
$/0'!/!$$'0!
•
Economic earnings
–
Sustainable cash flow that can be paid
to stockholders without impairing
productive capacity of the firm

•
Accounting earnings
–
Affected by conventions regarding the
valuation of assets
7

19-8
'$1" !/'!
•
ROE measures profitability for contributors
of equity capital.
–
After-tax profit/book value of equity
•
ROA measures profitability for all
contributors of capital.
–
EBIT/total assets
8

19-9
!2!#//'
•
ROE is a key determinant of earnings growth.
•
Past profitability does not guarantee future
profitability.
•
Security values are based on future profits.

•
Expectations of future dividends determine
today’s stock value.
9

19-10
32'0%
•
ROE can differ from ROA because of leverage.
•
Leverage makes ROE more volatile.
•
Let t=tax rate and r=interest rate, then:
10
( ) ( )






−+−=
Equity
Debt
ROAROA1ROE rt

19-11
32'0%
•
If there is no debt or ROA = r, ROE will

simply equal ROA(1 - t).
•
If ROA > r, the firm earns more than it pays
out to creditors and ROE increases.
•
If ROA < r, ROE will decline as a function
of the debt-to-equity ratio.
11
( ) ( )






−+−=
Equity
Debt
ROAROA1ROE rt

19-12
"#45$&
32'0$
12

19-13
ROE =
Net Profit
Pretax Profit
x

Pretax Profit
EBIT
x
EBIT
Sales
Sales
Assets
x x
Assets
Equity
(1) x (2) x (3) x (4) x (5)
x Margin x Turnover x Leverage
Tax
Burden
Interest
Burden
$5$!$$&
/$-$%
x
13

19-14
$5$!$$&
ROA=EBIT/Sales X Sales/Assets
= margin X turnover
•
Margin and turnover are unaffected by leverage.
•
ROA reflects soundness of firm’s operations,
regardless of how they are financed.

14

19-15
$5$!$$&
ROE=Tax burden X ROA X Compound leverage
factor
•
Tax burden is not affected by leverage.
•
Compound leverage factor= Interest burden X
Leverage
15

19-16
"#6$$5$!$ !!
&$'$%%$%
16

19-17
-$$!0-'*
•
Compare the company’s ratios across time.
•
Compare ratios of firms in the same industry.
•
Cross-industry comparisons can be misleading.
17

19-18
"#78'!"('$1'0

%!!/'$2''$!!%/!'!
18

19-19
"#/' $& 
$!
19

19-20
"#/' $& 
$!
20

19-21
"#/' $& 
$!
21

19-22
"#/' $& 
$!
22

19-23
"#/' $& 
$!
23

19-24
0/'#/$$5$!$&$'

()*'%
24

19-25
$$/%%%
•
EVA is the difference between return on
assets (ROA) and the opportunity cost of
capital (k), multiplied by the capital
invested in the firm.
•
EVA is also called residual income
•
If ROA > k, value is added to the firm.
25