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1、3-11chapter 3analysis of financial statementsnratio analysisndu pont systemneffects of improving ratiosnlimitations of ratio analysisnqualitative factors3-22why are ratios useful?nfinancial ratios are designed to help one evaluate a financial statement.nratios standardize numbers and facilitate comp
2、arisons.nratios are used to highlight weaknesses and strengths.3-33what are the five major categories of ratios, and what questions do they answer?nliquidity: can we make required payments?nasset management: right amount of assets vs. sales?ndebt management: right mix of debt and equity?nprofitabili
3、ty: do sales prices exceed unit costs, and are sales high enough as reflected in pm, roe, and roa?nmarket value: do investors like what they see as reflected in p/e and m/b ratios?3-44liquidity ratio.current ratio = current assets / current liabilities= $ 1,000/ $ 310= 3.2 x industry average=4.2 x3-
4、55comments on current ratio200320022001ind.currentratio2.34x1.20 x2.30 x2.70 xnexpected to improve but still below the industry average.nliquidity position is weak.3-66asset management ratiosninventory turnover ratio (存貨週轉率)ndso=days sales outstanding (銷售流通天數)nfa turnover (固定資產周轉率)nta turnover (總資產週
5、轉率)3-77asset management ratios200320022001ind.inventoryturnover4.1x4.70 x4.8x6.1xinventory turnover ratio = sales / inventories= $3,000 / $615= 4.9xindustry average=9.0 x3-88comments on inventory turnoverninventory turnover is below industry average.nthis firm might have old inventory, or its contro
6、l might be poor.nit holds too much inventorynexcess inventory means unproductive, and it presents an investment with a low or zero rate of returnnno improvement is currently forecasted.3-99dso is the average number of days after making a sale before receiving cash.dso =days sales outstanding (銷售流通天數
7、) =average collection period (平均收現期間) = receivables / average sales per day = 應收帳款/平均每日銷售額 = receivables / sales/365 = 用來評估應收帳款的催收速度 = $375 / ($3,000/365) = 45.62546 daysindustry average=36 days3-1010appraisal of dso200320022001ind.dso45.638.237.432.0nthis firm collects on sales too slowly, and is g
8、etting worse.nit has a poor credit policy.3-1111fixed asset and total asset turnover ratios vs. the industry averagefa turnover= 固定資產週轉率 = 衡量公司如何有效使用其固定資產 = sales / net fixed assets= $3,000 / $1,000 = 3.0 x3-1212fixed asset and total asset turnover ratios vs. the industry averageta turnover = 總資產週轉率
9、 = 衡量公司所有資產的週轉情況 = sales / total assets = $3,000 / $2,000 = 1.5xindustry average=1.8x3-1313evaluating the fa turnover and ta turnover ratios200320022001ind.fa to8.6x6.4x10.0 x7.0 xta to2.0 x2.1x2.3x2.6xnfa turnover projected to exceed the industry average.nta turnover below the industry average. cau
10、sed by excessive currents assets (a/r and inv).3-1414debt management ratiosndebt ratio (負債比率)ntie (利息賺得倍數)nebitda coverage ratios (固定費用涵蓋比率)3-1515debt management ratiosdebt ratio= total debt / total assets= ($ 310 + $ 754) / $2,000 = 53.2% industry average=40.0%3-1616debt management ratiostie= times
11、-interest-earned = 利息賺得倍數 =衡量營業所得支付每年利息成本的能力 = ebit / interest expense = 息前稅前盈餘/利息費用 = $ 283.8/ $ 88 = 3.2 x industry average=6.0 x3-1717calculate the debt ratio, tie, and ebitda coverage ratios.ntie ratio has two shortcomings:ninterest is not the only fixed financial charge; many firms lease assts
12、and thus must make lease paymentsnebit does not represent all the cash flow available to service debt, especially if a firm has high depreciation and/or amortization charges3-1818calculate the debt ratio, tie, and ebitda coverage ratios.ebitda coverage ratio (固定費用涵蓋比率) ebitda= (ebitda+lease pmts)cov
13、erage int exp + lease pmts + principal pmts= $ 411.8 $ 136= 3.0 xindustry average=4.3x3-1919how do the debt management ratios compare with industry averages?200320022001ind.d/a44.2%82.8%54.8%50.0%tie7.0 x-1.0 x4.3x6.2xebitda coverage5.9x0.1x3.0 x8.0 xnd/a and tie are better than the industry average
14、, but ebitda coverage still trails the industry.3-2020profitability ratios: profit margin and basic earning powernprofit margin on sales (銷售利潤邊際)nbasic earning power (bep;基本獲利率)nreturn on total assets (roa;總資產報酬率)nreturn on common equity (roe;普通股權益報酬率)3-2121profitability ratios: profit margin and ba
15、sic earning powerprofit margin= net income / sales= $113.5 / $3,000 = 3.8% industry average=5.0%bep = ebit / total assets= $283.8 / $2,000 = 14.2% industry average=17.2%3-2222appraising profitability with the profit margin and basic earning power200320022001ind.pm3.6%-2.7%2.6%3.5%bep14.1%-4.6%13.0%1
16、9.1%nprofit margin was very bad in 2002, but is projected to exceed the industry average in 2003. looking good.nbep removes the effects of taxes and financial leverage, and is useful for comparison.nbep projected to improve, yet still below the industry average. there is definitely room for improvem
17、ent.3-2323profitability ratios: return on assets and return on equityroa = net income / total assets= $113.5 / $2,000 = 5.7 % industry average=9.0%roe = net income / total common equity= $113.5 / $896 = 12.7% industry average=15.0%3-2424appraising profitability with the return on assets and return o
18、n equity200320022001ind.roa7.3%-5.6%6.0%9.1%roe13.0% -32.5%13.3%18.2%nboth ratios rebounded from the previous year, but are still below the industry average. more improvement is needed. how?nwide variations in roe illustrate the effect that leverage can have on profitability.3-2525effects of debt on
19、 roa and roenroa is lowered by debtninterest lowers ni, which also lowers roa = ni/assets.nbut use of debt also lowers equity, hence debt could raise roe = ni/equity.3-2626problems with roenroe and shareholder wealth are correlated, but problems can arise when roe is the sole measure of performance.
20、nroe does not consider risk.nroe does not consider the amount of capital invested.nmight encourage managers to make investment decisions that do not benefit shareholders.nroe focuses only on return. a better measure is one that considers both risk and return.3-2727market value ratiosnprice/earnings
21、(pe ratio;本益比)nprice/cash flow (市價/現金流量比率)nmarket/book ratios (市價/帳面價值比率)3-2828p/e = price / earnings per share= $23.00 / $2.27 = 10.1x industry average=12.5xp/cf= price / cash flow per share= $23.00 / 4.27= 5.4x industry average=6.8x3-2929calculate the price/earnings, price/cash flow, and market/bo
22、ok ratios.book value per share=common equity/shares outstandingm/b = mkt price per share / book value per share= $23.00 / $17.92 = 1.3x200320022001ind.p/e12.0 x-1.4x9.7x14.2xp/cf8.21x-5.2x8.0 x11.0 xm/b1.56x0.5x1.3x2.4x3-3030analyzing the market value ratiosnp/e: how much investors are willing to pa
23、y for $1 of earnings.np/cf: how much investors are willing to pay for $1 of cash flow.nm/b: how much investors are willing to pay for $1 of book value equity.nfor each ratio, the higher the number, the better.np/e and m/b are high if roe is high and risk is low.3-3131extended dupont equation: breaki
24、ng down return on assetroa=(profit margin) x (total assets turnover) =(net income/sales) x (sales/total assets)roe=net income/equity = (net income/sales) x (sales/total assets) x (total assets/equity) =(profit margin) x (ta turnover) x (equity multiplier) = 3.6% x 2 x 1.8 = 13.0%3-3232extended dupon
25、t equation: breaking down return on equitypmta toemroe20012.6%2.32.213.3%2002-2.7%2.15.8-32.5%2003e3.6%2.01.813.0%ind.3.5%2.62.018.2%3-3333the du pont systemalso can be expressed as:roe = (ni/sales) x (sales/ta) x (1/(1-debt ratio)since debt ratio= d/a =1- e/a=1- 1/(eq. muli.)nfocuses on:nexpense co
26、ntrol (pm)nasset utilization (tato)ndebt utilization (eq. mult.)3-3434trend analysisnanalyzes a firms financial ratios over timencan be used to estimate the likelihood of improvement or deterioration in financial condition.3-3535an example:the effects of improving ratiosa/r 878 debt1,545 other ca 1,
27、802equity1,952net fa 817 _ta 3,497total l&e 3,497sales / day = $7,035,600 / 365 = $19,275.62how would reducing the firms dso to 32 days affect the company?3-3636reducing accounts receivable and the days sales outstandingnreducing a/r will have no effect on salesold a/r = $19,275.62 x 45.6 = $878,000
28、new a/r = $19,275.62 x 32.0 = $616,820 cash freed up: $261,180initially shows up as addition to cash.3-3737effect of reducing receivables on balance sheet and stock priceadded cash $261debt1,545a/r 617equity1,952other ca 1,802net fa 817 _total assets 3,497total l&e3,497what could be done with the new cash?how might stock price and risk be affected?3-3838potential uses of freed up cashnrepurchase stocknexpand businessnreduce debtnall these actio
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