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McGraw-Hill/IrwinCopyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedCHAPTER3FinancialStatementsAnalysisandFinancialModelsSlide2Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinKeyConceptsandSkills•Knowhowtostandardizefinancialstatementsforcomparisonpurposes•Knowhowtocomputeandinterpretimportantfinancialratios•Beabletodevelopafinancialplanusingthepercentageofsalesapproach•Understandhowcapitalstructureanddividendpoliciesaffectafirm’sabilitytogrowSlide3Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinChapterOutline3.1FinancialStatementsAnalysis3.2RatioAnalysis3.3TheDuPontIdentity3.4FinancialModels3.5ExternalFinancingandGrowth3.6SomeCaveatsRegardingFinancialPlanningModelsSlide4Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin3.1FinancialStatementsAnalysis•Common-SizeBalanceSheets–Computeallaccountsasapercentoftotalassets•Common-SizeIncomeStatements–Computealllineitemsasapercentofsales•Standardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows.•Theyarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.Slide5Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin3.2RatioAnalysis•Ratiosalsoallowforbettercomparisonthroughtimeorbetweencompanies.•Aswelookateachratio,askyourself:–Howistheratiocomputed?–Whatistheratiotryingtomeasureandwhy?–Whatistheunitofmeasurement?–Whatdoesthevalueindicate?–Howcanweimprovethecompany’sratio?Slide6Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinCategoriesofFinancialRatios•Short-termsolvencyorliquidityratios•Long-termsolvency,orfinancialleverage,ratios•Assetmanagementorturnoverratios•Profitabilityratios•MarketvalueratiosSlide7Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingLiquidityRatios•CurrentRatio=CA/CL–708/540=1.31times•QuickRatio=(CA–Inventory)/CL–(708-422)/540=.53times•CashRatio=Cash/CL–98/540=.18timesSlide8Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingLeverageRatios•TotalDebtRatio=(TA–TE)/TA–(3588-2591)/3588=28%•Debt/Equity=TD/TE–(3588–2591)/2591=38.5%•EquityMultiplier=TA/TE=1+D/E–1+.385=1.385Slide9Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingCoverageRatios•TimesInterestEarned=EBIT/Interest–691/141=4.9times•CashCoverage=(EBIT+Depreciation)/Interest–(691+276)/141=6.9timesSlide10Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingInventoryRatios•InventoryTurnover=CostofGoodsSold/Inventory–1344/422=3.2times•Days’SalesinInventory=365/InventoryTurnover–365/3.2=114daysSlide11Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingReceivablesRatios•ReceivablesTurnover=Sales/AccountsReceivable–2311/188=12.3times•Days’SalesinReceivables=365/ReceivablesTurnover–365/12.3=30daysSlide12Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingTotalAssetTurnover•TotalAssetTurnover=Sales/TotalAssets–2311/3588=.64times–ItisnotunusualforTAT1,especiallyifafirmhasalargeamountoffixedassets.Slide13Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingProfitabilityMeasures•ProfitMargin=NetIncome/Sales–363/2311=15.7%•ReturnonAssets(ROA)=NetIncome/TotalAssets–363/3588=10.1%•ReturnonEquity(ROE)=NetIncome/TotalEquity–363/2591=14.0%Slide14Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinComputingMarketValueMeasures•MarketPrice=$88pershare•Sharesoutstanding=33million•PERatio=Pricepershare/Earningspershare–88/11=8times•Market-to-bookratio=marketvaluepershare/bookvaluepershare–88/(2591/33)=1.12timesSlide15Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin3.3TheDuPontIdentity•ROE=NI/TE•Multiplyby1andthenrearrange:–ROE=(NI/TE)(TA/TA)–ROE=(NI/TA)(TA/TE)=ROA*EM•Multiplyby1againandthenrearrange:–ROE=(NI/TA)(TA/TE)(Sales/Sales)–ROE=(NI/Sales)(Sales/TA)(TA/TE)–ROE=PM*TAT*EMSlide16Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinUsingtheDuPontIdentity•ROE=PM*TAT*EM–Profitmarginisameasureofthefirm’soperatingefficiency–howwellitcontrolscosts.–Totalassetturnoverisameasureofthefirm’sassetuseefficiency–howwellitmanagesitsassets.–Equitymultiplierisameasureofthefirm’sfinancialleverage.Slide17Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinCalculatingtheDuPontIdentity•ROA=10.1%andEM=1.39–ROE=10.1%*1.385=14.0%•PM=15.7%andTAT=0.64–ROE=15.7%*0.64*1.385=14.0%Slide18Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin3.4FinancialModels•Investmentinnewassets–determinedbycapitalbudgetingdecisions•Degreeoffinancialleverage–determinedbycapitalstructuredecisions•Cashpaidtoshareholders–determinedbydividendpolicydecisions•Liquidityrequirements–determinedbynetworkingcapitaldecisionsSlide19Copyright©2008byTheMcGraw-HillCompanies,Inc.Allrigh