This document provides an analysis of Apex Foods Ltd., a shrimp food producer in Bangladesh. It includes information on the company's capital structure, products, dividend policy, industry analysis using Porter's five forces, ratio analysis compared to benchmarks and peers, relative valuation, DuPont analysis, leverage analysis, potential red flags, earnings quality evaluation, cash flow statement analysis, actual and sustainable growth rates, and estimation of economic value added. In summary, it performs a comprehensive financial analysis of Apex Foods Ltd. to evaluate its performance and value.
It is a presentation of Bangladesh Studies,so here you will learn about how to growth up Bangladesh Economics from 1971.
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It is a presentation of Bangladesh Studies,so here you will learn about how to growth up Bangladesh Economics from 1971.
Hopefully you will like this.
Thank you.
Comparative study of financial statementsSupa Buoy
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Comparative study of financial statementsSupa Buoy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
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A federal judge will let the U.S. Food & Drug Administration decide whether General Mills Inc. may label its Yoplait Greek yogurt with the words "Greek" and "yogurt."
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This group presentation contains information on Chesepeake Hospital and the different financial issues they face. It compares the differences in analysis for the organization as they occur, describing and explaining relevant health, economic, and financial problems by creating a financial statement analysis.
Created with: Kassandra Abreu, Phylicia Dacanay, Nicole Medina, & Elizabeth Sumida
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Financial Ratio Analysis Worksheet
Your Full Name:
Ahmed Alothman
2011
2010
2009
Basic Rules
Liquidity
Current Ratio
1.50
1.6
1.2
Should be >1.00
Quick Ratio
0.86
0.95
0.6
Good to see close to 1
Leverage
Debt to total asset ratio
0.19
0.19
0.26
Good to see less than 1
Debt to Equity ratio
1.003
1.03
1.35
Smaller is better
Activity
Inventory turnover
7.8
8.3
7
Higher turnover will be better --- Smaller inventory level will increase the turnover!
Fixed asset turnover
3.3
3.2
3.2
Higher turnover will be better --- Smaller fixed assets level will increase the turnover (Productivity of the fixed assets)!
Profitability
Gross profit margin
0.3
0.3
0.3
Higher is better (Lower cost of goods sold or Higher sales will increase the margin) --- Strategic directions (Ex. Focusing on sales quantity or Lean operations)
Operating profit margin
0.06
0.06
0.06
Higher is better – Operational efficiency will be indicated. Better cost structure might increase this margin.
Net profit margin
0.04
0.03
0.03
Higher is better. Total profitability (Corporate profitability). Check the interest expense and Discontinued operations.
Return on total Assets (ROA)
0.06
0.06
0.06
Higher is better. Consider EBIT and portion of total assets. The total sales for each $1 of total assets.
Your own financial assessment / Analyses / Suggestions:
Liquidity of Staples:
Liquidity ratios are used to measures the ability of the company to pay off its current liabilities.
Using current ratio it shows that staples can pay off its current liabilities more than 1.50, 1.6, 1.2 times respectively and still remain with enough. The company is stable in paying off its current liabilities
Using quick ratio Staples can pay off its liabilities 86 percent, 95 percent and 60 percent respectively of its current liabilities.
Leverage of Staples:
Leverage measures the risk level. But for staples, the company's assets are far more than its liabilities thus the company can be able to access loan application since its ability to pay is far better and stronger. The company is less risky.
Staples has a Debt to equity ratio of 1 which means that investors and creditors have an equal stake in the company's assets. Lower ratio shoes a more stable business. Creditors always views a higher debt to equity as risky and the investors have not funded the operations as the creditors have. The company should try and look for ways to reduce on the Debt to equity ratio.
Activity of Staples:
This measures efficiency on how Staples can control its stock. Staples has a very good inventory control system. This company can sell off its inventory more than 7 times in a single year.
T.
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3. Apex Foods Ltd.
Apex Foods Ltd. is the subsidiary of Apex Group Co. Ltd.
established in 1994.
Apex foods ltd. is a public limited company.
It’s authorized capital is 150,000,000 tk.
Issued, Subscribed & Paid up Capital: 57,024,000 tk.
The company mainly produce , Spicy Garlic Shrimp,
Shrimp Appetizer, Jumbo Shrimp Parmesan, Butterfly
Shrimp and Pasta, Chili Garlic Roasted Shrimp etc
4. Dividend Policy
Apex Foods Ltd. Provide cash dividend every year.
They don’t give stock dividend for the last five
years.Valuation.xlsx
5. Industry Analysis
The five competitive forces used to analyze the industry.
These are
1. Threat of new entrants: Low – Medium
The food industry is highly regulated and
administrated.
2. Threat of existing Competitor: High
Low level of differentiation
Switching cost for the consumers is low.
6. Industry Analysis
3. Threats of substitute products: Low
Consumers simply do not have any other options for
shrimp food substitutes.
4.Bargaining Power of Buyers: Moderate
Majority of shrimp foods manufacturers have their own
wholesaling operations.
The firms are able to successfully hedge themselves by
having greater control of downstream buyers.
7. Industry Analysis
5. Bargaining Power of suppliers: LOW
As there are many supplier in food industry so the
bargaining power of supplier is low in this industry.
16. Relative Valuation
Price with respect price earning multiple 59.85165546
Price with respect to sales 1395.080686
Price with respect to cash flow 601.24
Price with respect to Book value
Valuation Apex.xlsx 314.07
17. Dupont Analysis
From the year 2008 to 2012, the following CV’s have been
found-
O. Profit
Margin
Total Asset
Turnover
Interest Burden After tax
Retention rate
Financial
Leverage
CV 4155.01 490.62 230.81 -168.98 350.39
The higher the co-efficient of variation of a factor, the higher will be the
sensitivity of ROE. So, from this data it is apparent that the ROE of Apex Food
Limited is most sensitive to its operating profit margin.Valuation Apex.xlsx
20. Potential red flags of Apex Food
Ltd
1. Unusual increase in account receivable in relation to turnover Valuation
Apex.xlsx
21. Potential red flags of Apex Food
Ltd
2. Unusual increase in inventory in relation to sales
increase.Valuation Apex.xlsx
22. Potential red flags of Apex Food
Ltd
Reported income 23,672,984 -8,930,907 8,559,275 10,794,736 15,434,217
Cash flow from operating
activities 136611144 -72479592 46284431 -228925474 152091482
Gap between RI & OCF -112,938,160 63,548,685 -37,725,156 239,720,210
-
136,657,265
3. An increasing gap between a firm’s reported income and its cash flow
from operating activities.Valuation Apex.xlsx
23. Earnings Quality Evaluation
Comparative Earnings Quality Analysis
APEX BATBC
Accruals Ratio Cash Flow Basis 0.081911315 0.137791166
Accruals Ratio Balance Sheet Basis 0.113058645 0.333666151
Earnings quality is typically defined in terms of persistence and
sustainability. Valuation Apex.xlsx
From the table it is observed that Apex Foods Ltd has comparatively better
performance in maintaining the earnings or alternatively it has more
earnings manipulation than its Benchmark.
24. Analysis of cash flow Statement
Year OCF FCF Characteristics
2008 Positive Positive Cash Cow
2009 Negative Negative BMRE(Balancing, Modernization,
Rehabilitation and Expansion)
2010 Positive Positive Cash Cow
2011 Negative Positive Disinvest/Quit
2012 Positive Negative Growth CompanyValuation Apex.xlsx
Average OCF &FCF of the company is positive so the company is a cash cow co.
27. Estimation of value addition
2012
NOPAT 224,285,567
Invested Capital 1,474,151,687
Cost of capital 0.098776412
Economic Value Added 78674152.38
The positive value of EVA tells us that generating BDT 224285566.5 in
after-tax net operating profits.
28. Recommendations
1. The company should reduce its debt from its capital
structure.
2. Apex foods need pay more attention in inventory
management.