贝恩分析方法课件.pptxVIP

Ratio Analysis Author: Collins Qian March 1998 a iQ sn i l l oC : r oh t uA 1 Agenda •Using ratios •Types of key ratios – profitability – turnover – leverage – liquidity – coverage •Return on Equity •Ratio exercises •Forecasting exercise •Abbreviations •Key takeaways Ratio Analysis BOS 2 2so i t a r gn i sU adnegA Analyzing Ratios Ratios in isolation are meaningless. A companys ratios must be examined over time and/or against its competitors’ ratios. •Compare present ratios with same companys historical ratios •In stable situations, historical ratios may be used to project future performance •Compare a company’s ratios with similar firms’ ratios or with industry averages at the same point in time Ratio Analysis Look for trends Look at relative performance Historical comparison Competitive comparison BOS 3 os i n i so i t aR so i t aR gn i zy l anA •Which ratios are most important in a given situation? •What items should be included/excluded in calculating the ratios? •How much influence does management have over the ratios? •What do the ratios say about the firm’s strategy? Ratio Analysis The Art of Ratio Analysis Ratio analysis is an art as well as a science. BOS 4 c i hW s i sy l anA o i t aR f o t rA ehT Implications •Need to use judgment to understand financials •Need to understand that history does NOT necessarily predict future •Need to standardize across companies to adjust for different accounting methods •Need to be very sensitive about industry-specific seasonality and cyclicality Potential Problem •Management can substantially influence financials in the short term •Financial statement data is historical, not pro forma •Cross-company comparisons are meaningless if adjustments are not made for different accounting conventions •The timing of the reporting period influences funds flows and requirements Ratio