phân tích tài chính doanh nghiệp financial statement analysis
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McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Financial
Statement
Analysis
K R Subramanyam
John J Wild
1-2
1
CHAPTER
Overview of Financial
Statement Analysis
1-3
Business Analysis
Evaluate Prospects
Evaluate Prospects
Evaluate Risks
Evaluate Risks
1-4
Information Sources for Business
Analysis
1-5
1-6
Credit Analysis
1-7
Credit Analysis
Liquidity
Ability to meet short-
term obligations
Focus:
•
Current cash flows
•
Make up of current
assets and liabilities
•
Liquidity of assets
Liquidity
Ability to meet short-
term obligations
Focus:
•
Current cash flows
•
Make up of current
assets and liabilities
•
Liquidity of assets
Solvency
Ability to meet long-
term obligations
Focus:
•
Long-term profitability
•
Capital structure
Solvency
Ability to meet long-
term obligations
Focus:
•
Long-term profitability
•
Capital structure
Credit worthiness: Ability to honor credit obligations
(downside risk)
Credit worthiness: Ability to honor credit obligations
(downside risk)
1-8
Equity Analysis
Technical analysis /
Charting
•
Patterns in price or
volume history of a
stock
•
Predict future price
movements
Technical analysis /
Charting
•
Patterns in price or
volume history of a
stock
•
Predict future price
movements
Fundamental Analysis
Determine Intrinsic value
without reference to
price
•
Analyze and interpret
key factors
–
Economy
–
Industry
–
Company
Fundamental Analysis
Determine Intrinsic value
without reference to
price
•
Analyze and interpret
key factors
–
Economy
–
Industry
–
Company
Assessment of downside risk and upside potential
Assessment of downside risk and upside potential
1-9
1-10
Accounting Analysis
Accounting
Risk
Process to evaluate and adjust financial
statements to better reflect economic reality
Process to evaluate and adjust financial
statements to better reflect economic reality
1-11
Financial Analysis
Profitability analysis — Evaluate return
on investments
Risk analysis ——— Evaluate riskiness
& creditworthiness
Analysis of — Evaluate source &
cash flows deployment of funds
Common tools
Common tools
Ratio
analysis
Cash
flow
analysis
Process to evaluate financial position and
performance using financial statements
Process to evaluate financial position and
performance using financial statements
1-12
Prospective Analysis
Intrinsic Value
Intrinsic Value
Business Environment
& Strategy Analysis
Business Environment
& Strategy Analysis
Accounting Analysis
Accounting Analysis
Financial Analysis
Financial Analysis
Process to forecast future payoffs
Process to forecast future payoffs
1-13
Dynamics of Business Activities
Business Activities
Business Activities
Time
Time
1-14
Business Activities
1-15
Business Activities
Financing
Financing activities
•
Owner (equity)
•
Nonowner (liabilities)
Financing activities
•
Owner (equity)
•
Nonowner (liabilities)
1-16
Investing activities
•
Buying resources
•
Selling resources
Investing activities
•
Buying resources
•
Selling resources
Investing = Financing
Investing = Financing
Business Activities
Financing
Investing
1-17
Operating Activities
Revenues and expenses from providing
goods and services
Operating Activities
Revenues and expenses from providing
goods and services
Business Activities
1-18
Financial Statements Reflect Business Activities
1-19
Financial Statements
1-20
1-21
Balance Sheet
Total Investing = Total Financing
= Creditor Financing + Owner Financing
1-22
1-23
Income Statement
Revenues – Cost of goods sold = Gross Profit
Gross profit – Operating expenses = Operating Profit
Colgate’s Profitability
(in $billions)
$12.238 - $5.536 = $6.701 Gross Profit
$6.701 - $4.5411 = $2.160 Operating profit
1-24
1-25
Statement of Cash Flows
