Tài chính doanh nghiệp - Financial statement analysis

FinancialStatementAnalysis   K.R. SubramanyamCopyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Business AnalysisCredit AnalysisCredit AnalysisProspective AnalysisAccounting AnalysisFinancial AnalysisAnalysis PreviewBusiness ActivitiesInformation Sources for Business AnalysisFinancial StatementsAdditional Information(Beyond Financial Statements)Balance SheetsBalance Sheet Total Investing = Total Financing = Creditor Financing + Owner FinancingColgate Financing(in $billions)$12.724 = $10.183 + $2.541Income Statement Revenues – Cost of goods sold = Gross ProfitGross profit – Operating expenses = Operating ProfitColgate’s Profitability(in $billions)$16.734 - $7.144 = $9.590 Gross Profit$9.590 - $5.749= $3.841 Operating profitIncome StatementStatement of Cash FlowsStatement of Cash FlowRetained Earnings, Comprehensive Income, and Changes in Capital AccountsRetained Earnings, Comprehensive Income, and Changes in Capital AccountsIn which of the previous financial statements would an analyst find the investing, financing and operating activities reflected?Analysis PreviewComparative Income StatementsCommon Size Balance SheetsCommon Size Income StatementsAnalysis PreviewAnalysis in an Efficient MarketBook OrganizationAnalysis PreviewDebt (Bond) ValuationBt is the value of the bond at time tIt +n is the interest payment in period t+nF is the principal payment (usually the debt’s face value)r is the investor’s required interest rate (yield to maturity)Analysis PreviewEquity ValuationVt is the value of an equity security at time tDt +n is the dividend in period t+nk is the cost of capitalE refers to expected dividendsAnalysis Preview Equity Valuation - Free Cash Flow to Equity ModelFCFt+n is the free cash flow in the period t + n [often defined as cash flow from operations less capital expenditures]k is the cost of capitalE refers to an expectationAnalysis PreviewEquity Valuation - Residual Income ModelBVt is the book value at the end of period tRit+n is the residual income in period t + n [defined as net income, NI, minus a charge on beginning book value, BV, or RIt = NIt - (k x BVt-1)] k is the cost of capital E refers to an expectation