Bain-现金流分析(ppt).ppt

CU7030298IMB CU7010598KRA Cash Flow Agenda The importance of cash flow Types of cash flow Applications Cash flow steps Exercise Key takeaways CU7010598KRA Cash Flow Key Takeaways “Cash is King” cash flow is a very useful measure of a company’s performance earnings can be very different from cash flow Operating cash flow + investing cash flow + financing cash flow = net cash flow The major components of operating cash flow are: profit before income and tax non-cash expenses/income (mainly depreciation) change in non-cash working capital The major component of investing cash flow is: capital expenditures The major components of financing cash flow are: debt-related transactions equity-related transactions long-term asset and liability transactions Financial statements often have some unusual features, but 95% of the cash flow can usually be understood by looking at the items listed above The value of cash flow analysis is in understanding the components or drivers of cash flow CU7010598KRA Takeaway Slides (p. 1) Cash Flow Cash is King Cash Flow Cookbook + +/ - +/ - - +/ - 1. Profit before interest and tax (PBIT) 2. Depreciation 3. Other non-cash expenses/income 4. Decrease/increase in working capital (excluding cash) 5. Taxes paid 6. Tax impact of interest income/expense - = 7. Capital expenditures Investing cash flow +/ - +/ - +/ - +/ - - +/ - 8. Interest income/expense 9. Tax impact of interest expense/income 10. Increase/decrease in long-term debt 11. Increase in outstanding stocks/shares 12. Dividends 13. Changes in other accounts Net cash flow Source I/S SCF, B/S and Notes Notes B/S I/S, B/S I/S I/S I/S B/S B/S B/S, I/S B/S 14. Reconcile with change in cash from Balance Sheet6 Balance Sheet Where to find: Process: Change in cash + Change in marketable securities = Change in cash Comment: Cash equivalents are combined with cash to give an accurate picture of cash position Cash Position Applications The market value of a comp