投资学,9e,精要版,48772,48760,英文PPT Chap013.ppt 30页

CHAPTER13FinancialStatementAnalysis1 19-2Financialstatementanalysiscanbeusedtodiscovermispricedsecurities.Financialaccountingdataarewidelyavailable,butAccountingearningsandeconomicearningsarenotalwaysthesamething!FinancialStatementAnalysis2 19-3IncomeStatement:ProfitabilityovertimeBalanceSheet:FinancialconditionatapointintimeStatementofCashFlows:Tracksthecashimplicationsoftransactions.FinancialStatements3 19-4Table13.1ConsolidatedStatementofIncomeforHewlett-Packard,20094 19-5Table13.2ConsolidatedBalanceSheetforHewlett-Packard,20095 19-6Table13.3StatementofCashFlowsforHewlett-Packard,20096 19-7AccountingVersusEconomicEarningsEconomicearningsSustainablecashflowthatcanbepaidtostockholderswithoutimpairingproductivecapacityofthefirmAccountingearningsAffectedbyconventionsregardingthevaluationofassets7 19-8ProfitabilityMeasuresROEmeasuresprofitabilityforcontributorsofequitycapital.After-taxprofit/bookvalueofequityROAmeasuresprofitabilityforallcontributorsofcapital.EBIT/totalassets8 19-9Pastvs.FutureROEROEisakeydeterminantofearningsgrowth.Pastprofitabilitydoesnotguaranteefutureprofitability.Securityvaluesarebasedonfutureprofits.Expectationsoffuturedividendsdeterminetoday’sstockvalue.9 19-10FinancialLeverageandROEROEcandifferfromROAbecauseofleverage.LeveragemakesROEmorevolatile.Lett=taxrateandr=interestrate,then:10 19-11FinancialLeverageandROEIfthereisnodebtorROA=r,ROEwillsimplyequalROA(1-t).IfROA>r,thefirmearnsmorethanitpaysouttocreditorsandROEincreases.IfROAk,valueisaddedtothefirm.25 19-26Example13.4Wal-MartIn2009,Wal-Mart’scostofcapitalwas5.9%.ItsROAwas9.6%anditscapitalbasewas$115billion.Wal-Mart’sEVA=(0.096-0.059)x$115billion=$4.25billion26 19-27AccountingDifferencesInventoryValuationDepreciationInflationandInterestExpenseFairValueAccountingQualityofEarningsInternationalAccountingConventionsComparabilityProblems27 19-28InternationalAccountingDifferencesReserves–manyothercountriesallowmoreflexibilityinuseofreservesDepreciation–USallowsseparatetaxandreportingpresentationsIntangibles–treatmentvarieswidely28 19-29Figure13.2AdjustedVersusReportedPrice-EarningsRatios29 19-30TheGrahamTechniqueRulesforstockselection:Purchasecommonstocksatlessthantheirworking-capitalvalue.Givenoweighttoplantorotherfixedassets.Deductallliabilitiesinfullfromassets.30