FSA
2016-12-04 19:54:21 0 举报AI智能生成
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Financial statement analysis--profitability and risk analysis
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Financial statement analysis
FSA Overview
Financial statement
Return on invested capital
Importance of return on invested capital
Managerial effectiveness
Level of proftabiltiy
Planning and control
Ratio analysis
Components of return on invested capital
Defining invested capital
Analytical adjustments
Net operating assets (RNOA)
Definition
Composition
Common equity capital(ROCE)
Computing return
RNOA
Components
Operating assets
Operating liabilities
Nonoperating assets
Nonoperating liabilites
Net financial obligations (NFO)
Operating income
Operating expenses
ROE
ROCE
Analyzing return on net operating assets
Disaggregating of RONA
NOPM(Net operating profit margin)
Disaggregating of profit margin
Gross profit
Selling expense
General and administrative expense
NOAT(Net operating asset turnover)
Disaggregating of asset turnover
Accounts receivable turnover
Inventory turnover
Long-term operating asset turnover
Account payable turnover
Net operating working capital turnover
Analysis of RONA
picture 1
Effect of operating leverage
Analyzing return on euqity
Disaggregating of ROE
Profitability analysis structure
Operating return (RNOA)
NOPAT
NOA
Nonoperating return
Financial leverage(LEV)
Spread
Limitation
Assessing equity growth
Sustainable equity growth rate
Solvency & Liquidity
Liquidity
Liquidity and working capital
Concept
Consequences of liqudity
Lack of liquidity
Severe liquidity
Working capital
Three liquidity ratios
Current ratio
Interpretation
Rule of thumb analysis
Limitations
Cash ratio
Cash to current assets ratio
Cash to current liabilities ratio
Quick ratio
Operating activity
Accounts receivable liquidity Measures
Inventory turnover measures
Inventories turnover
Conversion period/operating cycle
Liquidity of current liabilites
Firm vale and working capital
Additional liquidity measures
Cash flow measure
Current assets composition
Solvency
Basics of Solvency
Capital structure
Equity financing
Debt financing
Motivation for debt
Financial leverage
Tax Deductibility of interest
Other Effects of leverage
Capital composition and solvency
Common-size statement analysis for solvency
Capital structure measures for solvency
Ratios
Total debt to total capital
Total debt to equity capital
Long-term debt to equity capital
Short-term debt to equity capital
Asset-based measures of solvency
Earning coverage
Times interest earned ratio
Cash flow to fixed charges
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