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Company Report. Introduction company overview current events Financial analysis Intrinsic value Recommendation. Introduction. Brief history Products Markets Current issues Management changes. Financial Analysis – Company Attributes. Liquidity Efficiency Profitability Leverage

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Presentation Transcript
company report
Company Report
  • Introduction
    • company overview
    • current events
  • Financial analysis
  • Intrinsic value
  • Recommendation
introduction
Introduction
  • Brief history
  • Products
  • Markets
  • Current issues
  • Management changes
financial analysis company attributes
Financial Analysis – Company Attributes
  • Liquidity
  • Efficiency
  • Profitability
  • Leverage
  • Market value factors
financial analysis diagnostic tools
Financial Analysis:Diagnostic Tools
  • Ratio analysis – at least two ratios in each category for at least two years!
  • Common-size statements – percentages, not currency
  • Sources and uses of funds
financial analysis
Financial Analysis
  • Liquidity
      • Current ratio [CA ÷ CL]
      • Quick ratio [(CA – INV) ÷ CL]
  • Efficiency
      • Asset turnover [SALES ÷ TA]
      • Inventory turnover [COGS ÷ INV]
      • Receivables turnover [SALES ÷ AR]
financial analysis1
Financial Analysis
  • Profitability
    • ROA [NI ÷ TA]
    • ROE [NI ÷ SE]
    • Is there a difference between ROA and ROE?
    • If so, why?
  • DuPont Analysis [ROE]
financial analysis2
Financial Analysis
  • Leverage
    • Debt to assets [LTD ÷ TA]
    • Debt to equity [TD ÷ SE]
    • Interest coverage [EBIT ÷ INT]
  • Market value factors
    • Price-earnings ratio [P ÷ EPS]
    • Price-book value ratio [P ÷ BVPS]
intrinsic value
Intrinsic Value
  • What is your company’s “value” (per share)?
  • Is that different than its “price”?
  • What should be the basis of value for your company: dividends, earnings, other factors?
intrinsic value1
Intrinsic Value
  • If we purchase shares in your company today, and hold them for three years, what cash flows will we receive?
  • Dividends [D1, D2, and D3]
  • Final sale price [P3]
intrinsic value2
Intrinsic Value
  • What are those cash flows worth today?
  • What is their presentvalue (PV)?
  • What is the appropriate discountrate?
recommendation
Recommendation
  • Is your company “overvalued,” or “undervalued”?
  • Overvalued: P > IV [Sell]
  • Undervalued: P < IV [Buy]
  • Fairly valued: P = IV [???]
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