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Full Description
This book presents financial statements as a set of dynamic instruments that can be used for accurate, relevant, and timely financial decisions. It focuses on the economic and financial conditions that cause statements to change and discover how businesses can manage liquidity, debt, and profitability. Plus, explore effect ratios, causal ratios, pro forma analysis, sustainable growth, and much more. Key topics covered include: valuation techniques, effect ratios, DuPont system for analyzing profitability, causal analysis. how to conduct a financial statement analysis, users of financial statements, forecasting sustainable growth, and bankruptcy prediction models.
Contents
Chapter 1 1-1Company Valuation 1-1Why use a valuation technique? 1-2Who uses valuation techniques? 1-4Wells Fargo "dividend capitalization" model 1-5Dividend computation for privately-held corporation 1-7Review questions 1-9Chapter 2 2-1Ratio Analysis: The Effect Ratios 2-1Effect ratios 2-2Liquidity 2-3Inventory to working capital 2-6Accounts receivables to working capital ratio 2-8Net sales to working capital (working capital turnover) 2-10Operating cash flow to current liabilities 2-11Debt ratios 2-12Current liabilities to net worth 2-14Times interest earned 2-15Net profit to net worth (return on equity) 2-16Effect ratio summary 2-17Review questions 2-18Chapter 3 3-1Analysis of Profitability Using the DuPont Analysis 3-1DuPont system 3-2DuPont system 3-4Total DuPont system 3-6Group exercise - Part A 3-7Group exercise - Part B 3-8EBITDA analysis 3-9Earnings quality 3-10Review questions 3-14Chapter 4 4-1Analysis of Financial Statements Using Causal Ratios 4-1Causal ratios 4-2Fixed assets to net worth 4-3How fixed assets affect profit 4-5Ratios that could be changed by the fixed assets to net worth ratio 4-6Correction procedures 4-7Collection period 4-8Collection period: Example 4-9Ratios that could be changed by the collection period 4-11Correction procedures 4-12Net sales to inventory (inventory turnover) 4-14Net sales to inventory: Example 4-15Ratios that could be changed by net sales to inventory 4-17Correction procedures 4-18Net sales to net worth 4-19Trading ratio: Example 4-20Trading ratio: Example 4-22Ratios that could be changed by the trading ratio 4-23Overtrading characteristics 4-24Correction procedures 4-26The profit margin 4-27The profit margin: Example 4-28Correction procedures 4-29Miscellaneous assets to net worth 4-30Correction procedures 4-31Causal ratio summary 4-32Review questions 4-33Chapter 5 5-1How to Conduct a Financial Statement Analysis 5-1How to conduct an analysis of financial statements 5-2Industry and time series analysis 5-3Sources of industry averages 5-4Problems with using industry data 5-5An example of computing industry statistics from risk management associates (formerly Robert Morris) data 5-6An example of computing industry statistics from Dun and Bradstreet data 5-7Guidelines to use in applying ratio analysis 5-8Review questions 5-9Chapter 6 6-1Case Studies 6-1Case study 1: Paper products company 6-2Case study 2: National west airline 6-4Case study 3: Firm A 6-7Case study 4: Store container corporation 6-9Discussion case 1 6-12Discussion case 2 6-15Chapter 7 7-1Users of Financial Statements 7-1Ratios examined by banks for short-term loans 7-2Ratios examined by banks for long-term loans 7-3Most important financial ratios for commercial loan departments 7-4Commercial loan departments' ratios appearing most frequently in loan agreements 7-5Corporate controllers' most significant ratios 7-6Ratios most often appearing in corporate objectives and their primary measures 7-7Review questions 7-8Chapter 8 8-1Forecasting Sustainable Growth 8-1Definitions 8-2Derivation of the sustainable growth model 8-3The Alabama door company 8-4Calculation of Alabama door growth rate 8-5Improving sustainable growth 8-6Sustainable growth: Available external equity 8-7Chapter 9 9-1Forecasting Bankruptcy 9-1Altman's bankruptcy prediction formula 9-2Bankruptcy prediction example 9-4Altman's second model 9-6Review questions 9-7Appendix A A-1Case Problem A-1Marine Supply Company Balance Sheet A-4Marine Supply Company Selected Income Figures A-5Marine Supply Company Selected Financial Ratios A-6Case Problem Requirements A-7Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 4Chapter 3 Solutions 8Chapter 4 Solutions 12Chapter 5 Solutions 20Chapter 6 Solutions 22Chapter 7 Solutions 26Chapter 8 Solutions 27Chapter 9 Solutions 28
