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Techniques

2014 Level I Financial Reporting and Analysis

Irfanullah.co

Contents

1. Introduction ....................................................................................................................................... 3

2. The Financial Analysis Process ....................................................................................................... 3

3. Analytical Tools and Techniques .................................................................................................... 5

4. Common Ratios Used in Financial Analysis .................................................................................. 8

5. Equity Analysis ............................................................................................................................... 18

6. Credit Analysis ............................................................................................................................... 21

7. Business and Geographic Segments .............................................................................................. 21

8. Model building and forecasting ..................................................................................................... 22

Summary ............................................................................................................................................. 22

Next Steps ........................................................................................................................................... 23

This document should be read in conjunction with the corresponding reading in the 2014 Level I

CFA Program curriculum.

Some of the graphs, charts, tables, examples, and figures are copyright 2013, CFA Institute.

Reproduced and republished with permission from CFA Institute. All rights reserved.

Required disclaimer: CFA Institute does not endorse, promote, or warrant the accuracy or quality

of the products or services offered by Irfanullah Financial Training. CFA Institute, CFA, and

Chartered Financial Analyst are trademarks owned by CFA Institute.

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1. Introduction

Financial analysis is a useful tool in evaluating a companys performance and trends. The primary

source of data is a companys annual report, financial statements, and MD&A. Although the

financial statements contain data about a companys past performance and current financial

condition, they do not contain all the information required to forecast future performance.

An analyst must be capable of using a companys financial statements along with other information

such as economy/industry trends to make projections and reach valid conclusions. An analyst

converts data into financial metrics like ratios that help in decision making.

Objective: Before beginning any financial analysis, an analyst must clarify the purpose and context

of why it is needed. The following questions help in defining the purpose:

What is the purpose of the analysis? What questions will this analysis answer?

What are the factors or relationships that will influence the analysis?

What are the analytical limitations, and will these limitations affect the analysis?

Once the purpose is defined, the analyst can choose the right techniques for the analysis. For

example, the level of detail required for a substantial long term investment in equities will be

higher than one needed for a short term investment in fixed income.

This reading focuses on steps 3 and 4 of the financial analysis framework in detail: how to adjust

financial statements, compute ratios, and produce graphs and forecasts. The processed data is then

analyzed to arrive at a conclusion.

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Phase

analysts function, client input and organizational

guidelines.

Objective

Questions to be answered

Nature and content of report to be provided

Timetable and budget

financial data, industry/economic data,

discussions with management, suppliers,

customers, and competitors.

Financial tables

Completed questionnaires

3. Process data

Common-size statements

Ratios and graphs

Forecasts

Analytical results

recommendations

Recommendation regarding the purpose of the

analysis

6. Follow-up

Updated recommendations

An effective analysis comprises both calculations and interpretations. A good analysis is not just

a compilation of various pieces of information put together. It should address how the company

performed and the reasons behind its good/bad performance.

Some of the key questions to address for past performance include:

What is the likely impact of a trend/events in the company, industry and the economy on

the companys future cash flows?

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Various tools and techniques such as ratios, common size analysis, graphs and regression analysis

help in evaluating a companys data. Evaluations require comparisons, but to make a meaningful

comparison of a companys performance, the data needs to be adjusted first. An analyst can then

compare a companys performance to other companies at any point in time (cross-section analysis)

or its own performance over time (time-series analysis).

3.1 Ratios

A ratio is an indicator of some aspect of a companys performance like profitability or inventory

management. Ratio analysis helps in analyzing the current financial health of a company, evaluate

its past performance, and provide insights for future projections.

Note: Although there are some widely accepted ratios like net profit margin, there is no

standardized set of ratios. Furthermore, names and formulas for computing ratios often differ from

analyst to analyst.

Uses of ratio analysis

interpreting ratios. For example, a current ratio

of 1.1 may not necessarily be good/bad unless

viewed in perspective of company/industry.

require adjustments before the ratios are

comparable. For example Company A might

use the LIFO method while a comparable

company might use the FIFO method.

many different industries. This can make it

difficult to find comparable ratios.

Evaluate financial flexibility to obtain cash

required for growth.

Compare company performance relative to

industry.

Compare across companies irrespective of

size and currency.

Compare with peer companies.

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Common size financial statements are used to compare the performance of different companies

within an industry or a companys performance over time. Common size statements are prepared

by expressing every item in a financial statement as a percentage of a base item.

There are two types of common-size balance sheets: vertical and horizontal. In a vertical

common-size balance sheet, each item on the balance sheet is divided by the total assets for a

period and expressed as a percentage. This highlights the composition of the balance sheet.

2011

2012

% of total assets

% of total assets

Cash

Marketable Securities

Accounts Receivables

Inventory

10

PP&E

80

80

Total Assets

100

100

In terms of time series analysis (also called trend analysis), the vertical common-size balance

sheet indicates how a particular item is changing relative to total assets. For the data given

above, we can observe that inventory is increasing as a percentage of total assets while accounts

receivable is decreasing as a percentage of total assets.

The vertical common-size balance sheet can be used in cross-sectional analysis (also called relative

analysis) to compare a specific metric of one company with another for a single time period. As

illustrated in the table below, this method allows comparison across companies which might be of

significantly different sizes and/or operate in different currencies.

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Company A

Company B

Cash

0.3%

$10

0.3%

120

Marketable Securities

2.6%

$90

2.8%

950

5.8%

$200

7.3%

2,500

Inventory

8.7%

$300

10.2%

3,500

Non-Current Assets

82.6%

$2,580

79.4%

27,400

Total Assets

100%

$3,450

100%

34,470

This presentation makes it easy to see that Company A has lower receivables as a percentage of

total assets relative to Company B. Company A also has lower inventory as a percentage of total

assets relative to Company B.

In a horizontal common-size balance sheet, each balance sheet item is shown in relation to the

same item in a base year. Consider the following balance sheet excerpt:

2011 (base year)

2012

Cash

10

12

Marketable Securities

90

99

Inventory

600

900

The corresponding horizontal common size balance sheet will look like this:

2011 (base year)

2012

Cash

1.0

1.2

Marketable Securities

1.0

1.1

Inventory

1.0

1.5

Notice that the base-year value for all balance sheet items is set to 1. This makes it easy to see the

percentage change in each item relative to the base year. For the data given above, cash increased

by 20%, marketable securities increased by 10% and inventory increased by 50%. An analysis of

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horizontal common-size balance sheets highlights structural changes that have occurred in a

business.

Comparing the trend data of a horizontal common-size analysis across financial statements will

give some insight into a companys financial standing. Consider the following percentage changes

for a company to identify some potential issues:

Revenue: +15%, Operating income: +15%, Operating cash flow: -10%, Inventory: +60%,

Receivables: +40%, Total assets: +30%

The assets are growing at a faster rate than revenue which implies the company is spending more

than the sales it is able to generate. Operating cash flow is negative whereas operating income is

+15% indicating a problem that the company is booking sales (accrual accounting) but has not

realized the cash yet. Similarly, when inventory and receivables grow at a much faster pace than

sales, it shows signs of poor inventory and receivables management.

3.3 Graphs

Graphs can be considered an extension of the financial analysis. It is a pictorial representation of

the analysis done, be it ratio analysis or trend analysis. Analysts use appropriate graphs such as

line charts, bar graphs based on the type of data to be shown. It helps in quick comparison of

financial performance and structure over time.

Regression analysis, described in detail in Level II, is a statistical method of analyzing

relationships (correlations) between variables.

Note: This is the most important part of this reading.

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A large number of ratios are used to measure various aspects of performance. Commonly used

financial ratios can be categorized as follows:

Category

Example

Activity ratios

Efficiency of a company

Revenue / Assets

Liquidity ratios

obligations

liabilities

Assets / Equity

Solvency ratios

obligations

Profitability ratios

Profitability

Valuation ratios

share

Note that for some ratios, the numerator and denominator are from the same statement. Examples

of such ratios are net profit margin (net income/sales) and leverage (assets/equity). For other ratios

(called mixed ratios), the numerator is from one statement the denominator is from another

statement. An example is the asset turnover ratio (sales/assets).

As standalone numbers, the financial ratios of a company dont make much sense. The ratios are

usually industry-specific. For instance, you cannot compare the ratios of Schlumberger with that

of Facebook. The financial ratios should be used to periodically evaluate a companys goals and

strategy, how it fares against its peers in the industry, and the effect of economic conditions on its

business.

Activity ratios measure how efficiently a company manages its assets. They are also known as

asset utilization ratios or operating efficiency ratios.

Note: In general, a high number for the turnover ratio relative to its industry means greater

efficiency.

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Activity Ratios

Numerator

Denominator

Inventory turnover

Average inventory

Inventory turnover

Receivables turnover

Revenue

Average receivables

Receivables turnover

Payables turnover

Purchases

Payables turnover

Revenue

Revenue

Revenue

In ratios above, average = (beginning period value + ending period value)/2. If beginning period value

is not available, then use ending period value.

Average inventory = (beginning inventory + ending inventory )/2

Average receivables = (beginning receivable + ending receivable)/2

Average payables = (beginning payable + ending payable)/2

Purchases = cost of goods sold + ending inventory beginning inventory

1. Name of the ratio indicates the balance sheet item. For example, in the receivables turnover ratio, the

average receivable is in the denominator.

2. The income statement item is in the numerator.

3. Average value of balance sheet in the denominator. Income statement measures an item over a period

but balance sheet indicates values of items only at the end of a period. So, always use the average value

for balance sheet items.

4. All turnover ratios except inventory turnover use revenue in the numerator. Inventory turnover uses

cost of goods sold.

Activity Ratios

Interpretation

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Inventory turnover

Irfanullah.co

How many times per period entire inventory was sold. Measures

the ability of a company to sell its inventory.

Higher number means greater efficiency because inventory is kept

for a shorter period. It could also mean insufficient inventory,

which in turn, might affect growth /revenue.

(DOH)

Receivables turnover

More appropriate to use credit sales instead of revenue but it is not

readily available.

Higher number means greater efficiency in credit and collection. It

could also mean stringent cash collection policies are hurting

potential sales.

Higher number means it takes a long time to collect receivables.

Payables turnover

means the company is paying suppliers quickly and is possibly not

making use of credit facilities. Low number may mean the

company is facing trouble making payments on time and a sign of

liquidity issues.

capital

Working capital = current assets (CA) current liabilities (CL)

Higher number means greater efficiency. If CA= CL, then working

capital would be zero making the ratio meaningless.

Higher number means efficient use of fixed assets. Lower number

may mean inefficiency, or newer business (higher carrying value on

B/S), or a capital intensive business.

(fixed + current assets)

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Higher number for turnover ratios = greater efficiency

Liquidity ratios measure a companys ability to meet short term obligations. It also indicates how

quickly it turns assets into cash.

Liquidity Ratios

Numerator

Denominator

Current ratio

Current assets

Current liabilities

Quick ratio

Current liabilities

investments + receivables

Cash ratio

Current liabilities

investments

Defensive interval ratio

investments + receivables

Additional Liquidity Ratios

Cash conversion cycle (net operating cycle) = Days of inventory on hand (DOH)

+ days of sales outstanding (DSO)

number of days of payables

Liquidity Ratios

Interpretation

Current ratio

Quick ratio

More conservative than current ratio as only more liquid current

assets are included.

Cash ratio

of a companys ability to handle a crisis situation.

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out of cash.

Higher number implies greater liquidity

The time between cash paid (to suppliers) and cash collected (from

customers)

Lower the number, better for the company as it means high

liquidity

Long cash conversion cycle = low liquidity

The example below for ABC Corp. illustrates cash conversion cycle better. The timeline for

various events is illustrated below:

Solvency ratios measure a companys ability to meet long term obligations. In simple terms, it

provides information on how much debt the company has taken and if it is profitable enough to

pay the interest on debt in the long term. It has to be analyzed within an industrys perspective.

Certain industries such as real estate use a higher level of leverage.

Solvency Ratios

Numerator

Denominator

Total debt

Total assets

Debt ratios

Debt to assets ratio

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Total debt

Irfanullah.co

Total debt + total shareholders

equity

Total debt

EBIT

Interest payments

Coverage Ratios

payments

Note that there are two categories of solvency ratios: debt (or leverage) ratios and coverage ratios.

In general, a high debt (or leverage) ratio implies a high level of debt, high risk and low solvency.

With coverage ratios, a high number is good because this indicates high income relative to interest

payments.

Solvency Ratios

Interpretation

Higher debt means low solvency and higher risk. A ratio of 0.5

implies 50% of assets are financed with debt.

shareholders equity).

Higher value means company is leveraged more.

many times the company can make interest payments with its

EBIT).

Unlike the other solvency ratios, higher value for this ratio is

better as it means stronger solvency.

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Here, lease payments are added to EBIT as they are an obligation

like interest payments. Like interest coverage ratio, higher value for

this ratio implies stronger solvency.

Profitability Ratios Formulae

Profitability Ratios

Numerator

Denominator

Gross profit

Revenue

Operating income

Revenue

Pretax margin

Revenue

Return on Sales

after interest)

Net profit margin

Net profit

Revenue

Operating ROA

Operating income

Net income

EBIT

Return on Investment

equity

Return on equity (ROE)

Net income

1. Return on sales ratios are single statement ratios i.e. both numerator and denominator are from income

statement. As the name margin implies, denominator is always the revenue.

2. Return on investment ratios are mixed statement ratios. The earlier rule discussed for activity ratios

apply here. From the name, you can predict the numerator. The numerator comes from the income

statement. For instance, in return on assets, return implies net income.

3. The denominator is from the balance sheet which is again present in the name itself but the average

value has to be used. So, in return on equity, average total equity becomes the denominator.

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Profitability Ratios

Interpretation

Good sign if operating profit margin grows at a faster rate than

gross profit margin.

Pretax margin

Needs further analysis if pretax income increases only because of

non-operating income.

Assets (ROA)

used.

before deducting interest.

Unlike return on common equity, it includes minority and

preferred equity.

Note: This section is important from a testability perspective.

Return on equity (ROE) measures the return a company generates from stockholders equity. Lets

say a companys ROE is 20%. It is important to understand what is driving this growth low

interest, low taxes, or high revenue? Some factors may be positive, some neutral and some

negative. DuPont analysis decomposes the return on equity into various components listed below.

This insight will help understand the companys performance better and focus on areas that need

improvement.

Copyright Irfanullah Financial Training. All rights reserved.

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Return on Equity

Return on assets

Financial Leverage

EBIT margin

Interest burden

Tax burden

Note: From exam perspective the following two forms of return on equity are important.

Return on equity = Net income/ equity = (Net income/assets) * (assets/equity)

Return on equity = Net income/equity = (Net income/revenue) * (revenue/assets) *

(assets/equity)

Return on equity = (Net income/EBT) * (EBT/EBIT) * (EBIT/revenue) * (revenue/average

total assets) * (average total assets/equity)

which translates into

Return on equity = Tax burden * Interest burden * EBIT margin * total asset turnover *

leverage

Say you are given the follow data for a particular company:

2010

2011

2012

ROE

19%

20%

22%

ROA

8.1%

8%

7.9%

2.1

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Based only on the information above, the most appropriate conclusion is that over the period

2010 to 2012, the companys

A. Net profit margin and financial leverage have decreased

B. Net profit margin and financial leverage have increased

C. Net profit margin has decreased but its financial leverage has increased

Solution: A quick glance at the data says profitability is going up and asset turnover has

slightly increased from 2010 to 2012. ROA is going down from the second year.

Steps: 1. Break down ROE into: (return on assets) * (assets/equity) = (ROA) * financial

leverage. ROE is going up (first row). Since ROA is going down, leverage must increase for

ROE to increase. So A is incorrect.

2. To determine if net profit margin increased or decreased, break down ROA into (net

income/sales) * (sales/assets). Since (sales/assets) or asset turnover is increasing, net profit

margin has to decrease for return on assets to decrease. So, the correct answer is C.

5. Equity Analysis

One of the most common applications of financial analysis is that of selecting stocks. An equity

analyst uses various tools (such as valuation ratios) before recommending a security to be included

in an equity portfolio. The valuation process consists of the following steps:

(i)

(ii)

(iii)

(iv)

(v)

This section, in particular, focuses on the ratios used to value equity. Research has shown that

ratios are useful in forecasting earnings and stock returns. Note that this material is covered in

more detail in the equity segment of the curriculum.

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Valuation ratios aid in making investment decisions. They help us determine if a stock is

undervalued or overvalued.

Valuation Ratios Formulae

Valuation Ratios

Numerator

Denominator

P/E

P/CF

P/S

P/BV

Basic EPS

Diluted EPS

dividends

dilutive securities

shares outstanding

shares outstanding

EBITDA

shares outstanding

shares outstanding

Profitability Ratios

Interpretation

P/E

manipulation. Non-recurring earnings may distort the ratio.

P/CF

P/S

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P/BV

Irfanullah.co

means future rate of return is higher than required rate of return.

Dividend-related formulae

Dividend Ratios

Numerator

Denominator

Dividend

Earnings

Sustainable growth rate = retention rate *ROE

Dividend-related ratios

Interpretation

dividends to equity shareholders

Retention Rate

internally generated funds. Higher retention rate and ROE result in

higher sustainable growth rate.

Ratios serve as indicators of some aspect of a companys performance and value. Aspects of

performance that are important in one industry may be irrelevant in another. These differences are

reflected through industry-specific ratios. For example, companies in the retail industry may report

same-store sales changes because, in the retail industry, it is important to distinguish between

growth that results from opening new stores and growth that results from generating more sales at

existing stores.

manufacturing industry but is not relevant for the financial services industry. Exhibit 15 in the

curriculum identifies some common industry and task specific ratios.

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6. Credit Analysis

Credit risk is the risk that the borrower will default on a payment when it is due. For example, if

you are a bondholder, credit risk is the risk that the bond issuer will not pay you the interest on

time. Credit analysis is the evaluation of this credit risk. Just as ratio analysis is useful in valuing

equity, it can also be applied to analyze the creditworthiness of a borrower. Some of the ratios

commonly used in credit analysis are listed below:

Credit Analysis Ratio

Numerator

Denominator

EBIT

Gross interest

EBITDA

Gross interest

Debt to EBITDA

Total debt

EBITDA

Total debt

High coverage ratios would imply good credit quality. Similarly low debt/EBITDA and low debt

/ (debt + equity) would imply good credit quality.

To get a holistic understanding of a companys businesses, analysts often study the performance

of its underlying business segments. A business segment may be a subsidiary company, operating

units or operations in the same business at different locations across the world. For example,

General Electric is involved in various businesses ranging from electrical appliances to aircraft

engines across geographies. An analyst deciding whether or not to buy GE stock might want to

study each business segment separately. To facilitate this type of analysis both U.S. GAAP and

IFRS require companies to provide segment information.

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Numerator

Denominator

Segment margin

Segment profit

Segment revenue

Segment turnover

Segment revenue

Segment assets

Segment ROA

Segment profit

Segment assets

Segment liabilities

Segment assets

Analysts use several methods to forecast future performance. One commonly used method is to

project sales and to combine the forecasted sales numbers with expected values for key ratios. For

example, by using sales numbers and gross profit margin, one can determine cost of goods sold

and gross profit. A similar approach is followed for other financial statements as well to arrive at

a valuation for company under analysis.

Summary

Note: This summary has been adapted from the CFA Program curriculum.

Financial analysis techniques, including common-size and ratio analysis, are useful in

summarizing financial reporting data and evaluating the performance and financial position of a

company. The results of financial analysis techniques provide important inputs into security

valuation. Key facets of financial analysis include the following:

Common-size financial statements and financial ratios remove the effect of size, allowing

comparisons of a company with peer companies (cross-sectional analysis) and comparison of

a companys results over time (trend or time-series analysis).

receivables or management of inventory. Major activity ratios include inventory turnover, days

of inventory on hand, receivables turnover, days of sales outstanding, payables turnover,

number of days of payables, working capital turnover, fixed asset turnover, and total asset

turnover.

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Liquidity ratios measure the ability of a company to meet short-term obligations. Major

liquidity ratios include the current ratio, quick ratio, cash ratio, and defensive interval ratio.

Solvency ratios measure the ability of a company to meet long-term obligations. Major

solvency ratios include debt ratios (including the debt-to-assets ratio, debt-to-capital ratio,

debt-to-equity ratio, and financial leverage ratio) and coverage ratios (including interest

coverage and fixed charge coverage).

Profitability ratios measure the ability of a company to generate profits from revenue and

assets. Major profitability ratios include return on sales ratios (including gross profit margin,

operating profit margin, pretax margin, and net profit margin) and return on investment ratios

(including operating ROA, ROA, return on total capital, ROE, and return on common equity).

Ratios can also be combined and evaluated as a group to better understand how they fit together

and how efficiency and leverage are tied to profitability.

ROE can be analyzed as the product of the net profit margin, asset turnover, and financial

leverage. This decomposition is sometimes referred to as DuPont analysis.

Valuation ratios express the relation between the market value of a company or its equity (for

example, price per share) and some fundamental financial metric (Ex: earnings per share).

Ratio analysis is useful in the selection and valuation of debt and equity securities and is a part

of the credit rating process.

Ratios can also be computed for business segments to evaluate how units within a business are

performing.

The results of financial analysis provide valuable inputs into forecasts of future earnings and

cash flow.

Next Steps

Review the learning outcomes presented in the curriculum. Make sure that you can perform

the implied actions.

Page 23

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