Шинжилгээ

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Таалагдах байх аа!

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Шинжилгээ

  1. 1. Analysis Preview
  2. 2. Analysis Preview Yr1 Yr2 Yr3 Comparative AnalysisPurpose: Evaluation of consecutive financial statementsOutput: Direction, speed, & extent of any trend(s)Types: • Year-to-year Change Analysis • Index-Number Trend
  3. 3. Analysis Preview
  4. 4. Analysis Preview
  5. 5. Analysis Preview Common-Size AnalysisPurpose : • Evaluation of internal makeup of financial statements • Evaluation of financial statement accounts across companiesOutput: Proportionate size of assets, liabilities, equity, revenues, & expenses
  6. 6. Analysis PreviewCommon-Size Analysis
  7. 7. Analysis Preview
  8. 8. Analysis Preview Ratio AnalysisPurpose : Evaluate relation between two or more economically important items (one starting point for further analysis)Output: Mathematical expression of relation between two or more itemsCautions: • Prior Accounting analysis is important • Interpretation is key -- long vs short term & benchmarking
  9. 9. Analysis Preview Valuation Valuation - an important goal of many types of business analysisPurpose: Estimate intrinsic value of a company (or stock)Basis: Present value theory (time value of money)
  10. 10. Analysis Preview Debt (Bond) ValuationBt is the value of the bond at time tIt +n is the interest payment in period t+nF is the principal payment (usually the debt’s face value)r is the interest rate (yield to maturity)
  11. 11. Analysis Preview Equity ValuationVt is the value of an equity security at time tDt +n is the dividend in period t+nk is the cost of capitalE() refers to expected dividends
  12. 12. Analysis Preview Equity Valuation - Free Cash Flow ModelFCFt+n is the free cash flow in the period t + n [often defined as cash flow from operations less capital expenditures]k is the cost of capitalE(•) refers to an expectation
  13. 13. Analysis PreviewEquity Valuation - Residual Income ModelBV is the book value at the end of periodRit+n is the residual income in period t + n [defined as net income, NI, minus a charge on beginning book value, BV, or RIt = NIt - (k x BVt-1)]k is the cost of capitalE(•) refers to an expectation
  14. 14. Analysis in an Efficient Market Three assumed forms of market efficiency Weak Form - prices reflect information in past prices Semi-strong Form - prices reflect all public information Strong Form - prices reflect all public and private information
  15. 15. Analysis in an Efficient MarketMarket Efficiency • assumes competent and informed analysis • distinguish aggregate from individual behavior • reflects information (both reliable and unreliable) • cross-country differences in rewards to analysisFinancial statement analysis relevant to more than just market analysis, e.g., • credit and lending • auditing • valuation of nonpublicly traded firms • mergers and acquisitions • etc.

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