tailieunhanh - Lecture Corporate finance: A practical approach: Chapter 9 - CFA Institute
Financial analysis is a process of selecting, evaluating, and interpreting financial data, along with other pertinent information, in order to formulate an assessment of a company’s present and future financial condition and 9 introduce to financial statement analysis. | Chapter 9 Financial Statement Analysis Presenter’s name Presenter’s title dd Month yyyy 1 1. Introduction Financial analysis is a process of selecting, evaluating, and interpreting financial data, along with other pertinent information, in order to formulate an assessment of a company’s present and future financial condition and performance. Copyright © 2013 CFA Institute 2 Pages 347–348 Introduction Financial analysis is a process of selecting, evaluating, and interpreting financial data, along with other pertinent information, in order to formulate an assessment of a company’s present and future financial condition and performance. Information needed: Financial disclosures (., 10-K, annual report, 10-Q, 8-K) Market data (., market price of stock, volume traded, value of bonds) Economic data (., GDP, consumer spending) 2 2. Common-Size Analysis Common-size analysis is the restatement of financial statement information in a standardized form. Horizontal common-size analysis uses the amounts in accounts in a specified year as the base, and subsequent years’ amounts are stated as a percentage of the base value. Useful when comparing growth of different accounts over time. Vertical common-size analysis uses the aggregate value in a financial statement for a given year as the base, and each account’s amount is restated as a percentage of the aggregate. Balance sheet: Aggregate amount is total assets. Income statement: Aggregate amount is revenues or sales. Copyright © 2013 CFA Institute 3 LOS: Interpret common-size balance sheets and common-size income statements and demonstrate their use by applying either vertical analysis or horizontal analysis. Pages 348–356 2. Common-Size Analysis Common-size analysis is the restatement of financial statement information in a standardized form. Horizontal common-size analysis uses the amounts in accounts in a specified year as the base, and subsequent years’ amounts are stated as a percentage of the base value. Useful . | Chapter 9 Financial Statement Analysis Presenter’s name Presenter’s title dd Month yyyy 1 1. Introduction Financial analysis is a process of selecting, evaluating, and interpreting financial data, along with other pertinent information, in order to formulate an assessment of a company’s present and future financial condition and performance. Copyright © 2013 CFA Institute 2 Pages 347–348 Introduction Financial analysis is a process of selecting, evaluating, and interpreting financial data, along with other pertinent information, in order to formulate an assessment of a company’s present and future financial condition and performance. Information needed: Financial disclosures (., 10-K, annual report, 10-Q, 8-K) Market data (., market price of stock, volume traded, value of bonds) Economic data (., GDP, consumer spending) 2 2. Common-Size Analysis Common-size analysis is the restatement of financial statement information in a standardized form. Horizontal common-size analysis .
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