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**Foundation of Ratio and Financial
**

Analysis

4

Chapter

A2 - 2

Chapter Objectives

• Examine the purpose and use of ratios and provide some

cautionary notes.

• Explain the use of common-size statement.

• Discuss the construction and use of:

Short term and long term activity (turnover) ratios

that measure the efficiency with which the firm uses its

resources.

Liquidity ratios, including working capital ratios, the

cash cycle and the defensive interval that assess the firm’s

ability to meet its near term obligations.

Solvency ratios that examine capital structure and the

firm’s ability to meet long term obligations and capital

needs.

A2 - 3

Profitability ratios that measure income relative to revenues

and invested capital.

• Define and compute measures of operating and financial leverage.

• Show how the integrated analysis of ratios can be used to evaluate

corporate performance.

• Relate ratios to corporate strategy and the product life cycle.

• Examine the computation and usefulness of earnings per share

and other ratios used for valuation purposes

Chapter Objectives, cont.

A2 - 4

Financial ratios are used to compare the risk and return of different

firms in order to help equity investors and creditors make intelligent

investment and credit decisions.

Ratios can also provide a profile of a firm, its economic

characteristics and competitive strategies and its unique operating ,

financial and investment characteristic.

Purpose and Use of Ratio Analysis

A2 - 5

Four ratio categories measure the risk and return relationships:

1. Activity Analysis: Evaluates revenue and output generated by the

firm’s assets.

2. Liquidity Analysis: Measures the ability to meet the near-term

obligations. Ability to convert into cash.

3. Long-Term Debt and Solvency Analysis: Examine the capital

structure, including the mix of its financing sources and the

ability of the firm to satisfy its long-term debt and investment

obligations.

4. Profitability Ratios: Measures the income of the firm relative to

its revenues and invested capital.

Purpose and Use of Ratio Analysis, cont.

A2 - 6

Ratio Analysis : Cautionary Notes

Ratio computation and comparisons are further compounded by

the lack or inappropriate use of benchmarks, the timing of

transactions, negative numbers, and differences in reporting

methods.

Economic Assumptions:

Ratio analysis is designed to facilitate comparisons by eliminating

size differences across firms and over time. Implicit assumptions

in this process is the proportionality assumption that the

relationship between numerator and denominator doesn't depend

on size. This assumption ignores the existence of fixed costs.

A2 - 7

Benchmarks:

Ratio analysis often lacks appropriate benchmarks to indicate

optimal levels. The evaluation of a ratio depends on the point of view

of the analyst. For example, for a short-term lender, a high liquidity

ratio may be a positive indicator. However, from the perspective of

an equity investor, it may indicate poor cash or working capital

management.

One relevant bench marks is the industry norms. Using an industry

average as the benchmark may be useful for comparisons within an

industry, but not for comparisons between companies in different

industries.

Ratio Analysis : Cautionary Notes, cont.

A2 - 8

Timing and Window Dressing:

Data used to compute ratios are available only at specific points in

time when financial statements are issued. As a result, especially in

the case of seasonal business ratios may not reflect normal

operating relationships. For example, inventories and accounts

payable may be understated.

The timing issue leads to another problem. Transactions at year end

can lead to manipulation of the ratios to show the firm in a more

favorable light, often called window dressing.

Ratio Analysis : Cautionary Notes, cont.

A2 - 9

Negative Numbers:

Ratio analysis without reference to the underlying data can lead to

wrong conclusions as it appears that both companies earn identical

returns on their investment. Because much financial and ratio

analysis today is computer generated, the existence of negative

numbers will be overlooked unless the program is well written.

Accounting Method:

Reported financial statement amounts can be affected by the choice

of accounting methods. Thus, ratios are not comparable between

firms with different accounting methods or for the same firm over

time when it changes its accounting methods. For eliminating such

problem it is necessary to convert all companies report into one

method.

Ratio Analysis : Cautionary Notes, cont.

A2 - 10

Common-Size Statements:

Common-size statements are used to standardize financial statement

components by expressing them as a percentage of a relevant base.

Balance sheet components can be shown as a percentage of total

assets. Income statement components (revenues, and expenses) can

be computed as a percentage of total sales, and in the direct method

cash flow statement, the component of cash flow from operations

can be related to cash collection.

• Cross-Sectional Comparisons

• Industry Comparisons

• Comparisons Over Time

A2 - 11

Discussion of Ratios by Category:

Ratio Analysis:

The financial statement analysis in which the numerical relationship

between two financial figures of a financial statement is determined

is called ratio analysis. In financial statement analysis, a number of

ratios are commonly used in assessing the financial position and

operating performance of the firm.

The analyst’s primary focus should be the relationships indicated by

the ratios, not the details of their calculation.

• Activity Analysis

• Liquidity Analysis

• Long-Term Debt and Solvency Analysis

• Profitability Analysis

• Operating and Financial Leverage

A2 - 12

Discussion of Ratios by Category, cont.

Activity Analysis:

A firms operation activities require investments in both short-term

(inventory and AR) and long-term (property, plant, equipment) asset.

Activity ratios describe the relationship between the firm’s level of

operations (usually defined as sales) and the assets needed to sustain

operating activities.

The higher the ratio, the more efficient the firm’s operations. Fewer

assets are needed to support a given level of operations (sales).

Activity ratios can also be used to forecast a firm’s capital

requirements (both operating and long-term)

A2 - 13

Activity Analysis

Short-Term (Operating) Activity Ratios:

1. Inventory Turnover Ratio:

Measures the efficiency of the firm’s inventory management. A

higher ratio indicates that inventory does not remain in ware house

but turns over rapidly from the time of acquisition to sale.

This ratio is affected by the choice of accounting method.

inventory Average

Sold goods of Cost

ratio turnover Inventory =

A2 - 14

Activity Analysis, cont.

2. Average No, of Days Inventory in Stock:

This ratio can be used to calculate the average number of days

inventory is held until it is sold. As low as better it is.

turnover Inventory

stock in inventory days of no Average

365

. =

A2 - 15

Activity Analysis, cont.

3. Receivables Turnover Ratios:

Measures the effectiveness of the firm’s credit policy and also

indicate the level of investments in receivables needed to maintain

the firm’s sales level. Receivable turnover should be computed

using only trade receivables in the numerator in order to evaluate

operating performance.

ceivable Average

Sales

Tuerover ceivables

Re

Re =

A2 - 16

Activity Analysis, cont.

4. Average No, of Days Receivables Outstanding:

This ratio is used to evaluate the firm’s ability to collect its credit

sales in a timely manner.

It also called Days Sales Outstanding (DSO). DSO represents the

average length of time that the firm must wait after making a credit

sale before receiving cash – that is, its average collection period.

Turnover ceivables

ding Outs ceivables Days of no Average

Re

365

tan Re . =

A2 - 17

Activity Analysis, cont.

5. Accounts Payable Turnover:

The accounts payable turnover ratio shows the number of times that

accounts payable are paid throughout the year.

A falling turnover ratio is a sign that the company is taking longer

to pay off its suppliers, which could be a bad sign. A rising turnover

ratio means that the company is paying off suppliers at a faster rate,

which is good.

Payable Acconts

Purchase

Turnover Payable =

A2 - 18

Turnover Payables

ding Outs Payables Days of No Average

365

tan . =

6. Average No, of Days Payables Outstanding:

The average amount of time it takes a company to pay its accounts

payable. A company's accounts payable are short-term liabilities

resulting from purchases the company has made on credit.

Activity Analysis, cont.

A2 - 19

Activity Analysis, cont.

7. Working Capital Turnover:

Working capital turnover is a summery ratio that reflects the

amount of operating capital needed to maintain a given level of

sales. Only operating assets and liabilities should be used to

compute this measure. Short-term debt, marketable securities, and

excess cash should be excluded as they are not required for

operating activities.

Capital king AverageWor

Sales

nover CapitalTur Working =

A2 - 20

Activity Analysis, cont.

Long-Term (Investment) Activity Ratios:

1. Fixed Assets Turnover Ratio:

These ratios measure the efficiency of long term capital investment

to generate sales. It reflect the level of sales generated by

investments in productive capacity.

Assets Fixed

Sales

Turnover Asset Fixed =

A2 - 21

Activity Analysis, cont.

Long-Term (Investment) Activity Ratios:

2. Total Assets Turnover Ratio:

The total assets turnover indicates the efficiency with which the

firm uses its assets to generate sales. Generally the higher a firm’s

total assets turnover, the more efficiently its assets have been used.

assets Total

Sales

turnover asset Total =

A2 - 22

Some points to be Noted:

Growing / New / Startup company: Initial turnover may be

low, as their level of operations is below their productive

capacity. As sales grow, however turnover will continually

improve until the limits of the firm’s initial capacity are

reached.

Mature or Stable company: The mature firm’s turnover is

stable.

Declining company: The turnover ratio is low as the sales

decreased by the time pass

Two firms with similar capacity and efficiency may show

differing ratios. Because price was different when assets were

purchased.

Activity Analysis, cont.

A2 - 23

The firm with older assets has higher turnover ratios, as

accumulated depreciation has reduced value of its assets. The firm

with new assets has lower turnover ratios.

It is better to take gross fixed asset rather than net fixed assets.

The old machine might have high market value but after

depreciation it becomes low. Which may results in a higher

turnover ratio.

Newer assets generally operate more efficiently due to improve

technology. However, due to inflation, newer assets may be more

expensive and thus decrease the turnover ratio.

The method of acquisition and subsequent financial reporting

choices also affect turnover ratios for otherwise similar firms.

Activity Analysis, cont.

A2 - 24

Short-term lenders and creditors must assess the ability of a firm to

meet its current obligations. The ability depends on the cash resources

available as of the balance sheet date and the cash to be generated

through the operating cycle of the firm.

Length of Cash Cycle:

• Operating Cycle: No, of days inventory in stock + Days sales

outstanding.

• Cash Cycle: Operating cycle - No. of days payable outstanding

The shorter the cycle, the more efficient the firm’s operations and

cash management.

The longer cycles may be indicative of cash shortfalls and

increased financing costs.

Liquidity Analysis

A2 - 25

1. Current Ratio:

It measures the firm’s ability to meet its short term obligation.

Generally the higher the current ratio, the more liquid the firm is

considered to be. But this may be as a result of higher inventory,

which is bad for the company. The company may fail to sell its

goods.

s Liabilitie Current

Assets Current

Ratio Current =

Liquidity Analysis, cont.

A2 - 26

2. Quick Ratio:

A more conservative measure of liquidity is the quick ratio. It

actually measures the immediate short-term debt paying ability.

The included assets are called quick asset because they can be

quickly converted to cash. Inventory and prepaid expenses are

excluded.

If this ratio is much lower than current ratio, then the firm is facing

liquidity problem. It may have higher inventory that the firm can

not sell.

s Liabilitie Current

ceiables C A Sec Mar Cash

Ratio Quick

Re / . + +

=

Liquidity Analysis, cont.

A2 - 27

3. Cash Ratio:

This is the most conservative measure of liquidity. Only actual cash

and securities easily convertible to cash are used to measure cash

resources.

s Liabilitie Current

Securities Marketable Cash

Ratio Cash

+

=

Liquidity Analysis, cont.

A2 - 28

Liquidity Analysis, cont.

4. Cash Flow from Operation Ratio:

This ratio measures liquidity by comparing actual cash flows-

instead of current and potential cash resources, with current

liabilities. This ratio avoids the issues of actual convertibility of

cash turnover and the need for minimum levels of working capital

(cash) to maintain operation.

s Liabilitie Current

Operation from Flow Cash

Ratio eration FlowFromOp Cash =

A2 - 29

5. Defensive Interval:

It compares the currently available quick sources of cash with

estimated outflows needed to operate the firm’s projected

expenditure.

The defensive interval represents a worst-case scenario indicating

the number of days a firm could maintain the current level of

operations with its present cash resources but without considering

any additional revenues.

e Expenditur ojected

ceivable C A Sec Mar Cash

X

Interval Defensive

Pr

Re / .

365

+ +

=

Liquidity Analysis, cont.

A2 - 30

Long-Term Debt & Solvency Analysis

The analysis of a firm’s capital structure is essential to evaluate its

long-term risk and return prospect. Leveraged firms accrue excess

return to shareholder, when ROI is greater than the cost of debt.

The benefits of financial leverage bring additional risks, in the form

of fixed cost (interest on debt) may affect profitability if the

demand or profit margins decline.

The inability to meet those obligation may lead the company to

default and possible bankruptcy.

A2 - 31

Debt Covenants:

To protect themselves creditors often impose restrictions on the

borrowing company’s ability to incur additional debt and make

dividend payments.

It is, therefore important to monitor the firm to insure that ratios

comply with the level specified in the debt agreements.

Violation of debt covenants are frequently an event of default under

loan agreements, making the debt due immediately.

Long-Term Debt & Solvency Analysis, cont.

A2 - 32

Long-Term Debt & Solvency Analysis, cont.

Long-term debt and solvency analysis evaluates the level of risk

borne by a firm, changes over time, and risk relative to comparable

investments. A higher proportion of debt relative to equity increases

the riskiness of the firm.

Capital Total

Debt Total

Capital Total to Debt =

Equity Total

Debt Total

Equity to Debt =

A2 - 33

Use book value or market value to compute debt ratio:

Market value of debt and equity are generally used in valuation

model. Because they are available or can readily be estimated.

However, Use of market values may produce contradictory result.

The debt of a firm whose credit rating declines may have a market

value well below face amount.

A debt ratio based on market values may show an acceptable level

of leverage (which is bad). There have a chance to underestimate or

overestimate the firm.

Below ratio compares debt measured at book value to equity measured

at market: Total Debt at Book Value

Equity at Market Value

Long-Term Debt & Solvency Analysis, cont.

A2 - 34

3. Times Interest Earned:

This ratio measures the firm’s ability to meet interest payments

when they become due. Higher is good. If the debt-equity ratio is

higher then this ratio will be lower.

This ratio often referred to as the interest coverage ratio measures

the protection available to creditors as the extent to which earnings

available for interest cover interest expense.

Long-Term Debt & Solvency Analysis, cont.

Expense Interest

EBIT Taxes t foerInters EarningsBe

Earned Interest Times

) ( &

=

A2 - 35

4. Fixed Charge Coverage:

It is more comprehensive measurement, it includes all fixed

charges, like - contractually committed interest and principal

payment on lease as well as funded debt.

This one is better, because the previous one may give wrong result

(can be over estimated or underestimated).

Long-Term Debt & Solvency Analysis, cont.

es Ch Fixed

Taxes es h foerFixedC EarningsBe

Coverage e Ch Fixed

arg

& arg

arg =

A2 - 36

Capital Expenditure and CFO to Debt Ratio:

A firms long term solvency is a function of its ability to:

• Finance the replacement and expansion of its investment in

productive capacity, as well as

• Generate cash for debt repayment

Long-Term Debt & Solvency Analysis, cont.

A2 - 37

Long-Term Debt & Solvency Analysis, cont.

Capital Expenditure Ratio:

This ratio measures the relationship between the firm’s cash

generating ability and its investment expenditures. To the extent the

ratio exceeds 1, it indicates the firm has cash left for debt

repayment or dividends after capital expenditures.

e Expenditur Capital

CFO eration CashFromOp

Ratio e Expenditur Capital

) (

=

A2 - 38

Long-Term Debt & Solvency Analysis, cont.

Cash From Operation (CFO)-to-Debt Ratio:

This ratio measures the coverage of principal repayment

requirements by the current CFO. A low CFO-to-Debt ratio could

signal a long-term solvency problem, as the firm does not generate

cash internally to repay its debt.

Debt Total

CFO

Debt to CFO =

A2 - 39

Profitability Analysis

Equity investors are concerned with the firm’s ability to generate,

sustain and increase profit. Profitability can be measured in several

differing but interrelated dimensions. There is a relationship of a

firm’s profits to sales and also to the investment required to

generate them.

Return on Sales:

One measure of profitability is the relationship between the firm’s

costs and its sales.

1. Gross Profit Margin:

It shows the relationship between the sales and manufacturing or

merchandising cost. Higher ratio is better.

Sales

ofit Gross

in M Gross

Pr

arg =

A2 - 40

Profitability Analysis, Cont.

2. Operating Income:

It shows the firm’s profitability form the operations of its core

business. Excluding the effect of:

• Investment (income for affiliates or assets sales),

• Financing (interest expenses),

• Tax position.

Sales

ncome OperatingI

in M Operating = arg

A2 - 41

3. Profit Margin:

It shows that the firm is independent of both the financing and tax

positions.

4. Pretax Margin:

This ratio is calculated after financing cost (interest expenses) but

prior to income taxes.

Profitability Analysis, Cont.

Sales

EBIT

Tax terest inBeforeIn M = & arg

Sales

EBT oreTax EarningBef

in etaxM

) (

arg Pr =

A2 - 42

5. Net Profit Margin:

This ratio measures the percentage of each dollar remaining after all

costs and expenses, including interest, taxes, and preferred

dividends, have been deducted.

All five ratios can be computed directly from financial statement.

Profitability Analysis, Cont.

Sales

NetIncome

in ofitM Net = arg Pr

A2 - 43

Return On Investment (ROI):

Measures the income of the firm relative to its revenues (Profit) and

invested capital required to generate them.

1. Return On Assets (ROA):

ROA compares income with total assets. It can be interpreted in two

ways-

• It measures management’s ability and efficiency in using the

firm’s assets to generate (operating) profits.

• It reports the total return accruing to all providers of capital (debt

and equity) independent of the sources of capital.

Profitability Analysis, Cont.

alAssets AverageTot

terestCost AfterTexIn NetIncome

ROA

+

=

A2 - 44

2. Return on Total Capital:

Return on total capital uses the sum of external debt and equity

instead of total assets as the base against which the firm’s return is

measured.

ROTC measures profitability relative to all (non-trade) capital

providers.

Profitability Analysis, Cont.

) ' ( Equity rs Stockholde TotalDebt Average

EBIT

ROTC

+

=

A2 - 45

3. Return On Equity (ROE):

The return on total stockholders’ equity excludes debt in the

denominator and uses either pretax income or net income. ROE

measures the profitability of owners’ investment.

OR,

Profitability Analysis, Cont.

Equity ckholders AverageSto

etaxIncome

ROE

'

Pr

=

Equity ckholders AverageSto

NetIncome

ROE

'

=

A2 - 46

4. Return on Common Equity (ROCE):

Companies with preferred equity can measure the return to their

residual owners – common shareholders.

The relationship between ROA and ROE reflects the firm’s

capital structure.

ROA (or ROTC) measure returns to all providers of capital.

ROE measures the returns to the firm’s shareholders and is

calculated after deducting the returns paid to creditors

(interest).

Profitability Analysis, Cont.

monEquity AverageCom

idends eferredDiv NetIncome

ROCE

Pr ÷

=

A2 - 47

Operating & Financial Leverage Analysis

Profitability ratios imply that profits are proportional to sales, which

may misstate the true relationship among sales, cost and profit.

Generally a doubling of sales would be expected to double of

income only if all expenses were variable.

Conceptually expenses can be classified into -

Variable Expenses (V): Expenses tend to be operating in nature.

Fixed Expenses (F): Fixed costs are the result of operating,

investing and financing decisions.

A2 - 48

Leverage:

Leverage refers to proportion of fixed costs in the firm’s overall

cost structure. Leverage can be divided into fixed operating costs

that reflect operating leverage (the proportion of fixed operating

costs to variable cost) and fixed financing costs or financial

leverage.

Leverage trades risk for return. Increases in fixed costs are risky

because they must still be paid as demand declines, decreasing the

firm’s income. At high levels of demand, fixed costs enhance the

profitability.

Operating & Financial Leverage Analysis

A2 - 49

Operating Leverage:

The contribution margin ratio is a useful measure of the effects of

operating leverage on the firm’s profitability.

This ratio indicates the incremental profit resulting from a given

dollar changes in sales

Operating & Financial Leverage Analysis

Sales

sts VariableCo

Sales

on Contributi

inRatio onM Contributi

÷ =

=

1

arg

A2 - 50

The Operating Leverage Effect (OLE):

The OLE can be used to estimate the percentage change in income

(and ROA) resulting from a given percentage change in sales

volume.

% Change in Income = OLE * % Change in Sales

When OLE in greater than 1, operating leverage in present.

Operating & Financial Leverage Analysis

ncome OperatingI

on Contributi

s turnonSale

inRatio onM Contributi

OLE

=

=

Re

arg

A2 - 51

Financial Leverage:

The effects of financial leverage can also be quantified. From the

point of view common shareholders, financial leverage is a risk and

return trade-off.

The financial leverage effect (FLE) relates operating income to net

income:

If the effect of both operating and financial coincide, gives a total

leverage effect (TLE) equal to the product of the individual

leverage effects:

Operating & Financial Leverage Analysis

NetIncome

ncome OperatingI

FLE =

NetIncome

on Contributi

OLExFLE TLE = =

A2 - 52

Ratios: An Integrated Analysis

Comprehensive analysis requires a review of the following three

interrelationship among ratios.

Economic Relationships:

If activity ratio increase, profitability ratio will also increase.

Higher sales = Higher investment in working capital = Higher

Receivable and inventory.

Overlap of Components:

The components of many ratios overlap due to the measure of a

same term in the numerator or denominator, or because a term in

one ratio is a subset or component of another ratio.

A2 - 53

Ratios as Composites of other Ratios:

Some ratios are related to other ratios across categories. For

example, the ROA ratio is a combination of profitability and

turnover ratios:

ROA = NI / TA

= Net PM x TAT

= NI / S x S / A

If TAT and PM increase or decrease the ROA also increase or

decrease.

Ratios: An Integrated Analysis

A2 - 54

Analysis of Firm Performance:

Disaggregation of ROA:

The ROA can be disaggregated as follows:

ROA = Total Asset Turnover x Return On Sales

=

The firm’s overall profitability is the product of an activity ratio and

a profitability ratio. A low ROA can result from low turnover,

indicating poor asset management, low profit margins, or a

combination of both factors.

Sales

income Operating

X

Assets

Sales

Ratios: An Integrated Analysis

A2 - 55

Disaggregation of ROE and its relationship with ROA:

The relationship between ROE and ROA is a function of the

proportion of debt used for financing and the relationship of the

cost of that debt to ROA. This can be formally expressed:

Benefit of financial leverage is the product of the excess return

earned on the firm’s assets over the cost of debt and the proportion

of debt financing to equity financing.

( )

(

¸

(

¸

÷ + =

Equity

Debt

X debt of Cost ROA ROA ROE

Ratios: An Integrated Analysis

A2 - 56

ROE can be desegregated as follows:

Equity

Assets

X

Assets

Sales

X

Sales

Income

Solvency X Activity X y of itabilit ROE

=

=Pr

Ratios: An Integrated Analysis

A2 - 57

Ratio Analysis :

Earning Per Share and Other Valuation Model:

Earning Per Share (EPS):

Earning per share is probably is the most commonly used corporate

performance statistic for publicly traded firms. It is used to compare

operating performance and for valuation purposes either directly or

indirectly or together with market prices in the familiar form of

price/earnings (P/E) ratio.

A2 - 58

Earning Per Share and Other Valuation Model, cont.

Simple Capital Structure: The firm that has only common shares,

the computation of EPS is relatively straightforward as follows:

OR,

ding Outs Shares n erageCommo WeightedAv

Shares ForCommon Available Earning

BasicEPS

tan

=

ding outs shares n erageCommo Weightedav

idend eferredDiv NetIncome

BasicEPS

tan

Pr ÷

=

A2 - 59

Complex Capital Structure:

Companies whose have options and convertible securities are said

to have complex capital structures. These firms must recognize the

potential effect on EPS upon the conversion of those securities if

such a conversion will result in dilution of EPS.

ding Outs Shares Common Potential and Common

Shares Common for Income Adjusted

DEPS

tan

=

Earning Per Share and Other Valuation Model, cont.

A2 - 60

The adjustment to the numerator reflect the fact that if the

convertible securities were converted to common shares, interest

and preferred dividend payments would no longer have to be made

to those security holders, increasing the amount available to

common shareholders.

Numerator adjustment therefore include:

1. Dividends on convertible preferred shares

2. Interest (after-tax) on convertible debt

3. Effect of the change resulting from 1 and 2 on profit sharing or

other expenses.

Earning Per Share and Other Valuation Model, cont.

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- Chapter 09 Presentation
- Lecture 01
- Verb
- Portfolio analysis
- Law 2 Company Profile
- NOKIA

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