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Chap008.ppt 24页

CHAPTEREIGHTMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved. PartTwoPreparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGregoryA.Sommers–NotreDameandSouthernMethodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchool8-2 Chapter8Preparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGregoryA.Sommers–NotreDameandSouthernMethodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchoolViewingtheBusinessThroughtheFinancialStatements8-3 WhatYouWillLearninThisChapterHowbusinessesaresetuptogeneratevalueHowthefinancialstatementsareorganizedtorevealvalueaddedforshareholdersWhyreformattingfinancialstatementsisnecessaryforanalysisHowoperating,investing,andfinancingactivitiesaredepictedinreformattedfinancialstatementsThefourtypesofcashflowsinabusinessandhowtheyrelatetoeachotherHowreformulatedstatementstietogetherasasetofstocksandflowsWhatoperatingactivitiesinvolveWhatfinancingactivitiesinvolveWhatdeterminesdividendsWhatdeterminesfreecashflowHowfreecashflowisdisbursedWhyfreecashflowisadividendfromoperatingactivitiestothefinancingactivitiesWhyfreecashflowdoesnotaffecttheaccountingforvalueadded8-4 TheBigPictureforThisChapterThischapterprovidesthetemplateforreformulatingfinancialstatementsinawaythatreadiesthemforanalysisSoundfinancialstatementanalysisrequires1.Adistinctionbetweentheoperatingandfinancingaspectsofthebusiness2.AreformulationofthefinancialstatementsintoaformthatmakesthisdistinctionclearAsharperpictureofthebusinessisdrawnwithreformulatedfinancialstatements8-5 CashFlowsBetweentheFirmandClaimantsintheCapitalMarketCashreceivedfromdebtholdersandshareholdersis(temporarily)investedinfinancialassets.Cashpaymentstodebtholdersandshareholdersaremadebyliquidatingfinancialassets(thatis,sellingdebt).Netfinancingassetsaredebtpurchasedfromissuers,netofdebtissuedtodebtholders.Netfinancingassetscanbenegative(thatis,debtsoldtodebtholdersisgreaterthandebtpurchased).Key:F=netcashflowtodebtholdersandissuersd=netcashflowtoshareholdersNFA=netfinancialassets=financialassets–financialliabilities8-6 BusinessActivities:AllCashFlowsCashgeneratedfromoperationsisinvestedinnetfinancialassets(thatis,itisusedtobuyfinancialassetsortoreducefinancialliabilities).Cashinvestmentinoperationsismadebyreducingnetfinancialassets(thatis,byliquidatingfinancialassetsorissuingfinancialobligations).Cashfromoperationsandcashinvestmentmaybenegative(suchthat,forexample,cashcanbegeneratedbyliquidatinganoperatingassetandinvestingtheproceedsinafinancialasset).Key:F=netcashflowtodebtholdersandissuersd=netcashflowtoshareholdersC=cashflowfromoperationsI=cashinvestmentNFA=netfinancialassetsNOA=netoperatingassets=operatingassets–operatingliabilities8-7 TheCashConservationEquationAfundamentalaccountingidentity:C=NetcashfromoperationsI=NetcashoutflowforinvestingC-I=Freecashflowd=Netdividends(commondividends+sharerepurchases–shareissues)F=Netcashoutflowtodebtholdersanddebtissuers(thenetcashflowfromborrowingandlending)=Netprincipalpayments+netinterestpaid(i)Thetreasurer’srule:If:lendorbuydownowndebtIf:borroworreducelending8-8 ApplyingtheTreasurer’sRule:MicrosoftInmillions2ndQuarter,20042ndQuarter,2005Cashflowfromoperations$4,236$3,377Cashinvestmentinoperations172177Freecashflow4,0643,200Cashinterestreceived(aftertax)338242Cashavailableforshareholders4,4023,442Netdividend:Cashdividend$1,729$33,498Sharerepurchases730969Shareissues(189)2,270(795)33,672Purchase(sale)offinancialassets$2,132$(30,230)8-9 ApplyingtheTreasurer’sRule:GeneralElectricInmillions2002Cashflowfromoperations$34,848Cashinvestmentinoperations61,227Freecashflow(26,379)Interestpaid(aftertax)6,082Cashavailabletoshareholders(32,461)Netdividend:Cashdividend$7,157Sharerepurchases9858,142Netissueofdebt$40,603Asthetreasurerhad$57.8billionofdebttorepay,heissued$97.9billionofnewdebt,foranetdebtissueof$40.1billion.8-10 ReformulatedStatementofCashFlowsC–I=d+F8-11 ReformulatedCashFlowStatements:MicrosoftInmillions2Q,20042Q,2005Cashflowfromoperations(C)$4,236$3,377Cashinvestment(I)(172)(177)Freecashflow(C–I)4,0643,200Equityfinancingflows(d):Dividendsandsharerepurchases$2,459$34,467Shareissues(189)2,270(795)33,672Debtfinancingflows(F):Netpurchaseoffinancialassets2,132(30,230)Interestonfinancialassets(aftertax)(338)(242)Netissueofdebt--Interestpaidondebt(aftertax)__________Totalfinancingflows(d+F)$4,064$3,200C–I=d+F8-12 ReformulatedCashFlowStatement:GeneralElectricInmillions2002Cashflowfromoperations(C)$34,848Cashinvestment(I)(61,227)Freecashflow(C–I)(26,379)Equityfinancingflows(d):Dividendsandsharerepurchases$8,142Shareissues-8,142Debtfinancingflows(F):Netpurchaseoffinancialassets-Interestonfinancialassets(aftertax)-Netissueofdebt(40,603)Interestpaidondebt(aftertax)6,082Totalfinancingflows(d+F)$(26,379)8-13 ReformulatedBalanceSheet8-14 BalanceSheetRestatedNetOperatingAssets(NOA)isthenetinvestmentinthebusiness(intheoperatingactivities)NetFinancialObligationisthenetdebtpositionNOA=NFO+CSE8-15 BusinessActivities:AlltheStocks&FlowsNetoperatingassetsareemployedinoperationstogenerateoperatingrevenue(bysellinggoodsandservicestocustomers)andincuroperatingexpenses(bybuyinginputsfromsuppliers).∆indicateschanges.8-16 ReformulatedIncomeStatementThedifferencebetweenoperatingrevenueandoperatingexpenseiscalledoperatingincome:OperatingIncome(OI)isincomefromthebusiness(enterpriseincome)Netfinancialexpensesistheincomefromfinancingactivities(whichcanbenegative)8-17 BusinessActivitiesandtheFinancialStatements:TheBigPictureThisfigureshowshowreformulatedincomestatements,balancesheets,andthecashflowstatementsreporttheoperatingandfinancingactivitiesofabusiness,andhowthestocksandflowsareuncoveredinthefinancialstatements.Operatingincomeincreasesnetoperatingassetsandnetfinancialexpenseincreasesnetfinancialobligations.Freecashflowisa“dividend”fromtheoperatingactivitiestothefinancialactivities:freecashflowreducesnetoperatingassetsandalsoreducesnetfinancialobligations.Netdividendstoshareholdersarepaidoutofnetfinancialobligations.8-18 HowtheBalanceSheetEvolvesOverTime:OperatingActivitiesThechangeinNetOperatingAssetsisgivenbyOperatingincomeintheincomestatementaddstonetoperatingassetsinthebalancesheet.FreecashflowreducesNOA.8-19 HowtheBalanceSheetEvolvesOverTime:FinancingActivitiesThechangeinNetFinancialObligationsisgivenbyNetfinancialexpenseincreasesindebtednessFreecashreducesindebtedness,afterpayingoutnetdividendsfromthefreecashflowIfthefirmhasnetfinancialassetsratherthanNFONFAt=NFAt-1+NFIt+(Ct–It)–dt8-20 FreeCashFlowsandDividends:HowTheyareExplained1.AsΔNOA=OI–(C-I)thenC-I=OI-ΔNOAFreecashflowiswhat’sleftoverfromOIafteraddingtothebalancesheet,ΔNOA2.AsΔNFO=NFE–(C–I)+dthenC-I=NFE–ΔNFO+dFreecashflowisappliedtopayNFE,reduceNFOandpaydividends3.AsΔNFO=NFE–(C-I)+dthend=(C-I)–NFE+ΔNFONetdividendisthecashleftoverfromfreecashflow,afterpayingNFEandreducingdebt8-21 TheReformulatedStatements:Nike,Inc.,20108-22 FreeCashFlowforNike,Inc.,2010C-I=OI‒ΔNOA=1,814‒(5,514–6,346)=2,646Nikegenerated$1,814millioninoperatingincomeandreduceditsinvestmentinthebalancesheetby$832million,sogenerated$2,646millioninfreecashflow8-23 TyingitTogether:WhatGeneratesValue?FromthebalancesheetequationGiventhewaythatNOAandNFOarecalculated,whichisthestocksandflowsequation.Forthistobetrue,however,accountingmustbeCleanSurplus.Freecashflowdropsoutinthiscalculation:Freecashflow(C-I)doesnotaddvaluetoshareholders.FreecashflowisadividendfromtheoperatingactivitiestothefinancingactivitiesWhatgeneratesvalueforshareholdersistheincomefromoperatingandfinancingactivities.8-24