business analysis using financial statements

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1、BusinessAnalysisUsingFinancialStatementsChapteroneFrameworkforbusinessanalysisusingfinancialstatements1LearningObjectivesExplainbusinessanalysisanditsrelationtofinancialstatementanalysisIdentifyanddiscussdifferenttypesofbusinessanalysisDescribethecomponentanalysisLearnthesourcesoffinan

2、cialinformationAccountingsystemfeaturesCompanyreportingstrategy2IntroductiontoBusinessAnalysisEvaluationProspectsEvaluationRiskBusinessDecisionMakersEquityInvestorsCreditorsManagersMergerandAcquisitionAnalysisExternalAuditorsDirectorsRegulatorsEmployeesandUnionsBusinessanalysisistheeva

3、luationofacompany’sprospects&risksforthepurposeofmakingbusinessdecision3IntroductiontofinancialstatementanalysisFinancialstatementanalysisistheprocessofanalyzingfinancialinformationtopredictthefuturefinancialperformanceandconditionAnimportantpartofbusinessanalysisProvideasystematicande

4、ffectivestatementanalysisReliableinferencesaredrawnaboutacompanyprospectsandrisks4TypesofBusinessAnalysisCreditAnalysisEquityAnalysisManagement&ControlMergers,Acquisitions&DivestituresDirectorOversightRegulationExternalAuditingLaborNegotiationsFinancialManagement5CreditAnalysisLiquidit

5、yAbilitytomeetshort-termobligationsFocus:CurrentFinancialconditionsCurrentcashflowsLiquidityofassetsSolvencyAbilitytomeetlong-termobligationsFocus:Long-termfinancialconditionsLong-termcashflowsExtendedprofitabilityCreditworthiness:Abilitytohonorcreditobligations(downsiderisk)6EquityAna

6、lysisPassiveInvesting(betastrategies)Aim:Diversificationbasedonriskpropensity&investmenthorizonExample:IndexingActiveInvesting(alphastrategies)Aim:Beatthemarket--earnabovenormalstockreturnsExamples:Technicalanalysis&Fundamentalanalysis7IntrinsicValue(orFundamentalValue)Intrinsicvalue>M

7、arketvalueBuyIntrinsicvalue