(存货周转率)Analysis of Financial Statements复习课程.ppt

CHAPTER 3Analysis of Financial Statements;Why are ratios useful?;What are the five major categories of ratios, and what questions do they answer?;Comments on current ratio;Asset Management Ratios;Asset Management Ratios;Comments on Inventory Turnover;DSO is the average number of days after making a sale before receiving cash.;Appraisal of DSO;Fixed asset and total asset turnover ratios vs. the industry average;Fixed asset and total asset turnover ratios vs. the industry average;Evaluating the FA turnover and TA turnover ratios;Debt Management Ratios;Debt Management Ratios;Debt Management Ratios;Calculate the debt ratio, TIE, and EBITDA coverage ratios.;Calculate the debt ratio, TIE, and EBITDA coverage ratios.;How do the debt management ratios compare with industry averages?;Profitability ratios: Profit margin and Basic earning power;Profitability ratios: Profit margin and Basic earning power;Appraising profitability with the profit margin and basic earning power;Profitability ratios: Return on assets and Return on equity;Appraising profitability with the return on assets and return on equity;Effects of debt on ROA and ROE;Problems with ROE;Market Value Ratios;;Calculate the Price/Earnings, Price/Cash flow, and Market/Book ratios.;Analyzing the market value ratios;Extended DuPont equation: Breaking down Return on Asset;Extended DuPont equation: Breaking down Return on equity;The Du Pont system;Trend analysis;An example:The effects of improving ratios;Reducing accounts receivable and the days sales outstanding;Effect of reducing receivables on balance sheet and stock price;Potential uses of freed up cash;Potential problems and limitations of financial ratio analysis;More issues regarding ratios;Qualitative factors to be considered when evaluating a company’s future financial performance