贝恩咨询分析方法-Ratioanaly

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1、Author:CollinsQianRatioAnalysisMarch19981AgendaUsingratiosTypesofkeyratiosprofitabilityturnoverleverageliquiditycoverageReturnonEquityRatioexercisesForecastingexerciseAbbreviationsKeytakeaways2AnalyzingRatiosRatiosinisolationaremeaningless.Acompany'sratiosmustbeexaminedov

2、ertimeand/oragainstitscompetitors’ratios.HistoricalcomparisonCompetitivecomparisonComparepresentratioswithsamecompany'shistoricalratiosInstablesituations,historicalratiosmaybeusedtoprojectfutureperformanceCompareacompany’sratioswithsimilarfirms’ratiosorwithindustryaverage

3、satthesamepointintimeLookfortrendsLookatrelativeperformance3TheArtofRatioAnalysisWhichratiosaremostimportantinagivensituation?Whatitemsshouldbeincluded/excludedincalculatingtheratios?Howmuchinfluencedoesmanagementhaveovertheratios?Whatdotheratiossayaboutthefirm’sstrategy?

4、Ratioanalysisisanartaswellasascience.4TheNeedforJudgmentPotentialProblemManagementcansubstantiallyinfluencefinancialsintheshorttermImplicationsNeedtousejudgmenttounderstandfinancialsRatioanalysisrequireskeenjudgment.Financialstatementdataishistorical,notproformaCross-comp

5、anycomparisonsaremeaninglessifadjustmentsarenotmadefordifferentaccountingconventionsThetimingofthereportingperiodinfluencesfundsflowsandrequirementsNeedtounderstandthathistorydoesNOTnecessarilypredictfutureNeedtobeverysensitiveaboutindustry-specificseasonalityandcyclicali

6、tyNeedtostandardizeacrosscompaniestoadjustfordifferentaccountingmethods5AgendaUsingratiosTypesofkeyratiosprofitabilityturnoverleverageliquiditycoverageReturnonEquityRatioexercisesForecastingexerciseAbbreviationsKeytakeaways6TypesofRatiosRatioshelpusunderstandhowwellacompa

7、nyisperforming.Specifically,howmuchreturnisitgeneratingwithwhatlevelofrisk?Howwelldoesthecompanymanagecostsrelativetorevenues?ReturnRiskCoverageInterestchargeFixedchargecoverageLiquidityCurrentratioQuickratioLeverageAssettoequityDebttoequityDebttototalcapitalTurnoverRecei

8、vablesInventoryPayablesAssetProfitabilityOperatingmarginROSGrossmarginHoweffectiveisthecompanyin