英国布里斯托大学财务分析课程.pptVIP

* * * * * * * * * * * * * * * Financial Statement Analysis and Valuation- Lectures and tutorials- Lectures provide a framework for organising ideas.- Additional reading necessary !- Ryanair case: good preparation for the coursework- Exercises: For your own work- Tutorials: good preparation for the exam- CourseworkNikola.Petrovic@bristol.ac.ukThursday, 13-14.00Friday, 11.30-12.301B14 Week 12A Framework for Fundamental AnalysisBusiness Analysis Business activities and capital markets Operating activities Financing activities Investing activities The firm: The value generator The Investors: The claimants on value Debtholders Shareholders Secondary Debtholders Secondary Shareholders Cash from loans Cash from share issues Dividends and cash from share repurchases Interest and loan payments Cash from sale of debt Cash from sale of shares The Capital Market: Trading value Source: Penman, p. 8 What are we doing? Financial analysts are: information intermediaries; they digest information and provide summary information to the public/less sophisticated investors. especially important where capital markets are well developed. They are doing: Fundamental analysis: contextual analysis of all publicly available information in order to value the company. Technical analysis: spotting share price time-series patterns in order to predict movement of prices. What are we doing? Part of fundamental analysis: Financial statement analysis and valuation of shares so as to give well informed investment advice to an equity investor. Similar to what sell-side equity within brokerage houses are doing (as opposed to buy-side analysts affiliated with institutional investors) Final product: equity research report Note of caution in regard of financial statement analysis: Financial statement analysis can be done for various purposes: credit analysis, competitive benchmarking, analysis of mergers and acquisitions, etc. Different purposes require different appr