财务报表分析与证券估值全套配套课件英文PPT中文PPT案例教学建议Chap010.ppt 44页

CHAPTERTENMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved. Chapter10Preparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGregoryA.Sommers–NotreDameandSouthernMethodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchool10-2 WhatYouWillLearnfromthisChapterWhytheanalystreformulatesincomestatementsandbalancesheetsHowoperatingandfinancingcomponentsofthetwostatementsareidentifiedWhatassetsandliabilitiestypicallyfallintooperatingandfinancingcategoriesWhyincometaxesareallocatedtodifferentpartsoftheincomestatementWhatbalancesheetandincomestatementratiosrevealHowonelearnsofafirm’sstrategythroughthereformattedfinancialstatementsHowfirmsmanage“cash”10-3 TheBigPictureforthisChapterBeforestatementsareanalyzedtheymustbereformulatedto“sharpenthelensonthebusiness”ThekeytoreformulationistheseparationofoperatingandfinancingactivitiesIt’stheoperatingactivitiesthataddvalueinabusiness,sodon’tconfusethemwiththefinancingactivitiesChapter8providesthedesign10-4 ThePicturefromChapter8Netoperatingassetsareemployedinoperationstogenerateoperatingrevenue(bysellinggoodsandservicestocustomers)andincuroperatingexpenses(bybuyinginputsfromsuppliers).∆indicateschanges.Key:F=netcashflowtodebtholdersandissuersd=netcashflowtoshareholdersC=cashflowfromoperationsI=cashinvestmentNFA=netfinancialassetsNOA=netoperatingassetsOR=operatingrevenueOE=operatingexpenseOI=operatingincomeNFI=netfinancialincome10-5 TheDesignfromChapter810-6 TheStandardBalanceSheet10-7 ReformulatingtheBalanceSheet:TheGoverningAccountingRelationsNetOperatingAssets(NOA)=OperatingAssets(OA)–OperatingLiabilities(OL)NetFinancialObligations(NFO)=FinancialObligations(FO)–FinancialAssets(FA)CommonShareholders’Equity(CSE)=NOA–NFO____ReformulatedBalanceSheet___OAFO(OL)(FA)NFOCSENOANFO+CSE________________________________10-8 TypicalFinancialandOperatingItems10-9 IssuesinReformulatingBalanceSheetsCash:workingcashandexcesscashShorttermnotesreceivable:tradereceivablesorinvestmentofcash?Financereceivables:anoperatingassetDebtinvestments:financialassetsShort-termequityinvestments:excesscashortradingsecurities?Short-termnotespayable:tradenotesorborrowing?Leaseassets:operatingassetsLeaseliabilities:financialobligationDeferredtaxassetsandliabilities:operatingDeferredrevenuesandaccruedexpenses:operatingMinorityinterest:notafinancialobligationForfinancialfirms,many“financialitems”areoperatingassetsandliabilities10-10 GAAPBalanceSheet:Nike,Inc.10-11 ReformulatedBalanceSheet:Nike,Inc.10-12 Nike,Inc.:NotesontheReformulation1.Cashandcashequivalentshavebeensplitbetweenoperatingcashandinterest-bearingcashinvestments2.Interest-bearingaccountspayableareclassifiedasfinancingitems3.Accruedliabilitiesexcludedividendspayable(nowaddedtoshareholders’equity)4.Notespayableareinterestbearingandclassifiedasfinancingliabilities10-13 StrategicBalanceSheetsReformulatedbalancesheetsinformaboutthefirm’sstrategyforrunningthebusiness:HowthefirminvestsinoperationsHowthefirmreliesonoperatingliabilitiesHowthefirmconductsitsfinancingoftheoperationsReformulatedstatementsprovideanarrative10-14 StrategicBalanceSheet:MicrosoftCorporation10-15 StrategicBalanceSheet:DellInc.10-16 StrategicBalanceSheet:GeneralMillsInc.10-17 TheIncomeStatement:TypicalItems10-18 TheReformulatedIncomeStatementOperatingitemsareseparatedfromfinancingitems.Operatingincomefromsalesisseparatedfromotheroperatingincome.Taxisallocatedtocomponentsofthestatement,withnoallocationtoitemsreportedonanafter-taxbasisReformulatedComprehensiveIncomeStatementNetsales–ExpensestogeneratesalesOperatingincomefromsales(beforetax)–Taxonoperatingincomefromsales+Taxasreported+Taxbenefitfromnetfinancialexpenses–TaxallocatedtootheroperatingincomeOperatingincomefromsales(aftertax)±Otheroperatingincome(expense)requiringtaxallocationRestructuringchargesandassetimpairmentsMergerexpensesGainsandlossesonassetsalesGainsandlossesonsecuritytransactions−Taxonotheroperatingincome±After-taxoperatingitemsEquityshareinsubsidiaryincomeOperatingitemsinextraordinaryincomeDirty-surplusoperatingitemsinTable8.1Hidden-dirtysurplusoperatingitemsOperatingincome(aftertax)(continued)10-19 TheReformulatedIncomeStatement(cont.)10-20 TheAllocationofTaxesIntheincomestatementonlyonetaxnumberisreported:Itmustbeallocatedtotheoperatingandfinancialcomponentstoputbothonanafter-taxbasisFirst,calculatethetaxbenefit(taxshield)providedbydeductinginterestexpensewheretisthemarginal(noteffective)taxrate.Thestatutoryrateisusuallythemarginalrate.Fromtheoperatingincomedeductboththetotaltaxandthetaxbenefit,tocapturewhattheoperatingincomewouldhavebeen,aftertax,hadtherebeennofinancingactivitiesTothenetfinancialexpenseaddthetaxbenefit,becauseitsneteffectisattributabletothefinancingactivities10-21 Top-downandBottom-upMethodsforTaxAllocation:TaxRate=35%GAAPTop-downBottom-upIncomeStatementTaxAllocationTaxAllocationRevenue$4,000Operatingexpenses(3,400)Interestexpense(100)Incomebeforetax500Incometaxexpense(150)Netincome$350Revenue$4000Operatingexpenses(3,400)Operatingincomebeforetax600Taxexpense:Taxreported$150Taxbenefitforinterest35(185)($100x0.35)Operatingincomeaftertax$415Netincome$350Interestexpense$100Taxbenefit3565Operatingincomeaftertax$41510-22 AdditionalTaxAllocationwithinOperationsAllocatetaxesbetweenoperatingincomefromsalesandotheroperatingincome(notfromsales)sothatbothareaftertax.Remember:someotheroperatingincomeitemsareaftertax(iftheyappearbelowthetaxlineontheGAAPstatement).Theseincludeothercomprehensiveincome.Remember:lossesdrawnegativetaxes10-23 GAAPIncomeStatement:Nike,Inc.10-24 StartingPointforIncomeStatementReformulation:IdentifyComprehensiveIncomefromEquityStatement10-25 ReformulatedIncomeStatement:Nike,Inc.ReformulatedIncomeStatements(inmillionsofdollars)10-26 Nike,Inc.:NotesonReformulatedIncomeStatementAdvertisingexpenseisfoundinthe10-KfootnotesOtherexpensesintheincomestatementin2008includegainsfromdivestitures,classifiedasotheroperatingincomehereStatutorytaxratefortaxallocationis36.3%,includingbothfederalandstatetaxesDirty-surplusitemscomefromtheequitystatementInterestincomeisnettedagainstinterestexpenseintheGAAPstatementPreferreddividendsarelessthan$0.5million10-27 SummaryofReformulatedFinancialStatements:Nike,Inc.,201010-28 StrategicIncomeStatementsReformulatedincomestatementsshowhowthefirm’sstrategygeneratesearnings:HowthefirmgrowsearningsthroughsalesgrowthHowsalesaretranslatedintooperatingincomeHowthefinancingstrategyaffectsshareholdersAusefulmetric:ResidualOperatingIncome(ReOI)Valueaddedinoperations:Howareoperationsaddingvaluetothebookvalueofoperations?10-29 GAAPIncomeStatement:MicrosoftCorporation10-30 StrategicIncomeStatement:MicrosoftCorporation1IncludedininvestmentincomeistheGAAPstatement;detailsfromfootnotes.2Lossesoninvestmentsdrawataxdeduction.3InterestincomeisincludedininvestmentincomeintheGAAPstatement.4Withnetfinancingincome,financingactivitiesdrawfurthertaxesratherthanataxbenefit.10-31 StrategicIncomeStatement:DellInc.10-32 ValueAddedtoStrategicBalanceSheets:DellInc.Dell’sstrategicbalancereports$9.032billioninnetfinancialassets:TheseaddnovalueButvalueisaddedintheoperatingactivities:ForDell(witharequiredreturnof9%),Dell’sresidualincomefromoperationsisgreaterthanoperatingincome:Valuefromnegativenetoperatingassets!10-33 StrategicIncomeStatement:GeneralMillsInc.10-34 CommonSizeAnalysisComparisontootherfirmsiscalledcross-sectionalanalysisCommonsizeanalysisgivesareadycomparison:TheIncomeStatementEachitem/TotalrevenuesTheBalanceSheetOperatingitems/TotalsFinancingitems/Totals10-35 CommonSizeAnalysis:NikeandGeneralMillsIncomeStatements10-36 CommonSizeAnalysis:NikeandGeneralMillsBalanceSheets(OperatingSection)10-37 TrendAnalysis:Nike,Inc.10-38 IncomeStatementRatiosProfitmarginratiosOperatingProfitMargin:SalesProfitMargin:OtherItemsProfitMargin:NetProfitMargin10-39 IncomeStatementRatios(cont.)ExpenseRatios-ExpenseRatio1-SalesPM=SumofExpenseRatios10-40 BalanceSheetLeverageRatiosFinancialLeverageRatiosCapitalizationRatio:FinancialLeverageRatio(FLEV)ItisalwaysthecasethatCapitalizationRatio-LeverageRatio=1.0OperatingLiabilityLeverageRatioOperatingLiabilityLeverage(OLLEV)=10-41 SummaryProfitabilityMeasuresOperatingProfitability:FinancingProfitability:Allmeasuresareaftertax.10-42 FinancialStatementAnalysisProceduresReformulatethestatementofstockholders’equityoncleansurplusbasis(Chapter9)Calculatecomprehensiverateofreturnoncommonequity,ROCE,fromreformulatedstatementofcommonstockholders’equity(Chapter9)Reformulatethebalancesheettodistinguishoperatingandfinancialassetsandobligations(Chapter10)Reformulatetheincomestatementoncleansurplusbasisanddistinguishoperatingandfinancingincome(Chapter10)Comparereformulatedbalancesheetsandincomestatementswithreformulatedstatementsofcomparisonfirms,andovertime,withacommonsizeanalysisandatrendanalysis(Chapter10)Calculatebalancesheetandincomestatementratios(Chapter10)CarryouttheanalysisofROCE:Chapter12Carryouttheanalysisofgrowth:Chapter1310-43 AccountingQualityWatch10-44