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Financial valuation Applications and Models phần 2

Ngoài ra, tỷ lệ hoạt động mô tả các mối quan hệ giữa mức độ của công ty hoạt động và tài sản cần thiết để duy trì hoạt độngTài khoản phải thu bán hàng Doanh thu hàng năm Tài khoản trung bình khoản phải thu phải thu doanh thu biện pháp hiệu quả mà công ty quản lý bên bộ sưu tập của chu kỳ tiền mặt. Nổi bật ngày trong Tài khoản phải thu | Appendix 79 Activity Ratios Activity ratios also known as efficiency ratios provide an indication as to how efficiently the company is using its assets. More efficient asset utilization indicates strong management and generally results in higher value to equity owners of the business. Additionally activity ratios describe the relationship between the company s level of operations and the assets needed to sustain the activity. Accounts Receivable Turnover Annual Sales Average Accounts Receivable Accounts receivable turnover measures the efficiency with which the company manages the collection side of the cash cycle. Days Outstanding in Accounts Receivables 365 A R Turnover The average number of days outstanding of credit sales measures the effectiveness of the company s credit extension and collection policies. Inventory Turnover Cost of Goods Sold Average Inventory Inventory turnover measures the efficiency with which the company manages the investment inventory side of the cash cycle. A higher number of turnovers indicates the company is converting inventory into accounts receivable at a faster pace thereby shortening the cash cycle and increasing the cash flow available for shareholder returns. Sales to Net Working Capital Sales Average Net Working Capital Sales to net working capital measures the ability of company management to drive sales with minimal net current asset employment. A higher measure indicates efficient management of the company s net working capital without sacrificing sales volume to obtain it. Total Asset Turnover Sales Average Total Assets 80 FINANCIAL STATEMENT AND COMPANY RISK ANALYSIS Total asset turnover measures the ability of company management to efficiently utilize the total asset base of the company to drive sales volume. Fixed Asset Turnover Sales Average Fixed Assets Sales to fixed assets measures the ability of company management to generate sales volume from the company s fixed asset base. Application to Ale s Four of the five .