Ejercicio para practicar Análisis financiero

Ejercicio: Mc Donald's
MCDONALD'S CORPORATION (MCD) Income Statement
Fiscal year ends in December. USD in millions except per share data.
2,008 2,009 2,010 2,011 2,012
Revenue 23,522 22,745 24,075 27,006 27,567
Cost of revenue 14,883 13,953 14,437 16,319 16,751
Gross profit 8,639 8,792 9,638 10,687 10,816
Operating expenses
Sales, General and administrative 2,356 2,234 2,333 2,394 2,455
Other operating expenses -159 -283 -169 -237 -244
Total operating expenses 2,197 1,951 2,164 2,157 2,211
Operating income 6,442 6,841 7,474 8,530 8,605

Interest Expense 523 473 451 493 517

Other income (expense) 238 119 -22 -25 -9
Income before taxes 6,157 6,487 7,001 8,012 8,079
Provision for income taxes 1,845 1,936 2,054 2,509 2,614

Net income 4,312 4,551 4,947 5,503 5,465

Weighted average shares outstanding

Basic 1,127 1,092 1,066 1,032 1,010
Diluted 1,146 1,107 1,080 1,045 1,020

MCDONALD'S CORPORATION (MCD) Balance Sheet

Fiscal year ends in December. USD in millions except per share data.
Assets 2,008 2,009 2,010 2,011 2,012
Current assets

Cash and cash equivalents 2,063 1,796 2,387 2,336 2,336

Receivables 931 1,060 1,179 1,335 1,375
Inventories 112 106 110 117 122
Prepaid expenses 412 454 692 616 1,089
Total current assets 3,518 3,416 4,368 4,404 4,922
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 31,152 33,440 34,482 35,738 38,491
Accumulated Depreciation -10,898 -11,909 -12,422 -12,903 -13,814
Net property, plant and equipment 20,254 21,531 22,060 22,835 24,677
Equity and other investments 1,222 1,213 1,335 1,427 1,380
Goodwill 2,237 2,425 2,586 2,653 2,804
Other long-term assets 1,230 1,639 1,625 1,672 1,603
Total non-current assets 24,943 26,808 27,606 28,587 30,464
Total assets 28,461 30,224 31,974 32,991 35,386

Liabilities and stockholders' equity

Liabilities
Current liabilities
Accounts Payable 2,538 2,989 2,925 3,509 3,403
Total current liabilities 2,604 2,269 2,014 2,698 1,503
Non-current liabilities
Long-term debt 10,186 10,560 11,497 12,134 13,632
Deferred taxes liabilities 945 1,279 1,332 1,344 1,531
Other long-term liabilities 1,410 1,363 1,587 1,613 1,526
Total non-current liabilities 12,541 13,202 14,416 15,091 16,689
Total liabilities 15,145 15,471 16,430 17,789 18,192

Total stockholders' equity 13,316 14,753 15,544 15,202 17,194

Total liabilities and stockholders' equity 28,461 30,224 31,974 32,991 35,386

Financial ratios Conclusiones

1. Márgenes ..............................................................................................................................
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Margen bruto 37% 39% 40% 40% 39% ..............................................................................................................................
b. …………… …………… …………… …………… …………… ..............................................................................................................................
c. …………… …………… …………… …………… ……………

2. Liquidez ..............................................................................................................................
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a. …………… …………… …………… …………… …………… ..............................................................................................................................
b. …………… …………… …………… …………… …………… ..............................................................................................................................
c. …………… …………… …………… …………… ……………

3. Endeudamiento ..............................................................................................................................
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a. …………… …………… …………… …………… …………… ..............................................................................................................................
b. …………… …………… …………… …………… …………… ..............................................................................................................................
c. …………… …………… …………… …………… ……………

4. Rentabilidades ..............................................................................................................................
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a. …………… …………… …………… …………… …………… ..............................................................................................................................
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b. …………… …………… …………… …………… …………… ..............................................................................................................................
c. …………… …………… …………… …………… ……………

5. Rotaciones ..............................................................................................................................
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a. …………… …………… …………… …………… …………… ..............................................................................................................................
b. …………… …………… …………… …………… …………… ..............................................................................................................................
c. …………… …………… …………… …………… ……………

6. Mercado ..............................................................................................................................
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a. …………… …………… …………… …………… …………… ..............................................................................................................................
b. …………… …………… …………… …………… …………… ..............................................................................................................................
c. …………… …………… …………… …………… ……………

7. Análisis

a. ¿Qué tan fuerte cree que es el poder de MCD para generar utilidades?
b. ¿Tiene la compañía excesos de caja? ¿Puede identificar su fuente?
c. ¿Necesita la empresa invertir en Capex constantemente para seguir siendo competitiva?
d. ¿Qué tan eficiente cree que es la compañía en el uso de sus activos?
e. ¿Cuál es la tendencia del Return on Equity (ROE) y del Return on Invested Capital (ROIC)?
f. A partir del análisis realizado, ¿ha encontrado elementos que le permitan concluir
que la empresa tiene una ventaja comparativa durable?
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