财务分析与证券定价(英文)chapter9.pptVIP

Chapter 9 The Analysis of the Balance Sheet and the Income Statement Links What you will learn from this chapter How to reformulate balance sheets and income statements to separate operating and financing activities What assets and liabilities typically fall into operating and financing types How to allocate income taxes in a reformulated income statement How to do common size and trend analysis How to calculate balance sheet and income statement ratios How financing leverage is measured How operating liability leverage is measured Analysis of Balance Sheet and Income Statement: the Steps Reformulate to distinguish between Operating and Financing activities Carry out common size and trend analysis Calculate balance sheet and income statement ratios The Standard Balance Sheet The Reformulated Balance Sheet An Example: Standard Balance Sheet of VF Corporation An Example: Reformulated Balance Sheet of VF Corporation An Example: Standard Balance Sheet of Genentech An Example: Standard Balance Sheet of Genentech An Example: Reformulated Balance Sheet of Genentech The Standard Income Statement The Reformulated Income Statement The Allocation of Taxes In the income statement only one tax number is reported: It must be allocated to the operating and financial components to put both on an after-tax basis First, calculate the tax benefit (tax shield) provided by deducting interest expense where t is the marginal (not effective) tax rate From the operating income deduct both the total tax and the tax shield, to capture what the operating income would have been if there had been no financing activities To the net financial expense add the tax shield, because its net effect is attributable to the financing activities An Example: Standard Income Statement of VF Corporation An Example: Reformulated Income Statement of VF Corporation An Example: Standard Income Statement of Genentech An Example: Reformulated Income Statement of Genentech Common Size Analysis Compa