19/08/2014. Chapter Outline. Chapter 2. Learning Objectives. Learning Objectives. Firms Disclosure of Financial Information (cont'd)
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1 Chapter 2 Introduction to Financial Statement Analysis - Too much info for our limited time, so focus on my lecture Chapter Outline 2.1 Firms Disclosure of Financial Information 2.2 The Balance Sheet or Statement of Financial Position 2.4 The Statement of Cash Flows 2.5 Other Financial Statement Information 2.7 Financial Reporting in Practice Copyright 2014 Pearson Education, Inc. All rights reserved. 2-2 Learning Objectives 1. List the three major financial statements produced by public companies, define each of the three statements, and explain why each of these financial statements is valuable. 2. Discuss the difference between book value of shareholders equity and market value of shareholders equity; explain why the two numbers are almost never the same. Learning Objectives 3. Compute the following measures, and describe their usefulness in assessing firm performance: EBIT EBITDA adjusted non-operation items EPS: earnings per share, ROE & ROA & ROI P/E Market-to-book ratio Debt /Equity ratio Free Cash Flows Copyright 2014 Pearson Education, Inc. All rights reserved. 2-3 Copyright 2014 Pearson Education, Inc. All rights reserved. 2-4 More Learning Objectives i) Distinguish between cash flow as reported in the financial statements and actual cash flows (money in money out in each period) ii) The importance of the Free Cash Flows (to the firm and to the equity holders) Firms Disclosure of Financial Information A corporation needs to prepare financial statements at least one a year for the annual meeting of share holders. Preparation of Financial Statements: Generally Accepted Accounting Principles (GAAP) - International Financial Reporting Standards (IFRS) - In Sweden FAR Auditor Neutral third party that checks a firm s financial statements Copyright 2014 Pearson Education, Inc. All rights reserved. 2-5 Copyright 2014 Pearson Education, Inc. All rights reserved
2 2.1 Firms Disclosure of Financial Information Types of Financial Statements Balance Sheet or Statement of Financial Position Income Statement Statement of Cash Flows Statement of Changes in Shareholders Equity, not of interest to us in this course. of Financial Position A snapshot in time of the firm s financial position The Balance Sheet Equation: Assets = Liabilities + Shareholders Equity The fundamental accounting principle is Equity = Assets - Liabilities Copyright 2014 Pearson Education, Inc. All rights reserved. 2-7 Copyright 2014 Pearson Education, Inc. All rights reserved. 2-8 of Financial Position Assets What the company owns Liabilities What the company owes Shareholder s Equity The difference between the value of the firm s assets and liabilities of Financial Position Assets Current Assets: Cash or expected to be turned into cash in the next year Cash Marketable Securities Accounts Receivable Inventories Other Current Assets Example: Pre-paid expenses Copyright 2014 Pearson Education, Inc. All rights reserved. 2-9 Copyright 2014 Pearson Education, Inc. All rights reserved of Financial Position Table 2.1 Vodafone Group Plc Balance Sheet for 2012 and 2011 Assets Non-current Assets Net Property, Plant, & Equipment Depreciation (and Accumulated Depreciation) Book Value (or carrying amount) = Acquisition cost Accumulated depreciation Goodwill and intangible assets Amortization or impairment charge Other Non-current Assets Example: Investments in Long-term Securities Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
3 of Financial Position Liabilities Current Liabilities: Due to be paid within one year Accounts Payable Short-Term Debt/Notes Payable Current Maturities of Non-current (Long-Term) Debt Other Current Liabilities Taxes Payable Wages Payable of Financial Position Net Working Capital Current Assets Current Liabilities Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved of Financial Position Table 2.1 Vodafone Group Plc Balance Sheet for 2012 and 2011 Liabilities Non-current (Long-Term) Liabilities Long-Term Debt Capital Leases Deferred Taxes Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved of Financial Position Shareholder s Equity Book Value of Equity Book Value of Assets Book Value of Liabilities Could possibly be negative Many of the firm s valuable assets may not be captured on the balance sheet of Financial Position Market Value Versus Book Value Market Value of Equity (Market Capitalization) Market Price per Share x Number of Shares Outstanding Cannot be negative Often differs substantially from book value Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
4 of Financial Position Textbook Example 2.1 Market Value Versus Book Value Market-to-Book Ratio aka Price-to-Book Ratio Value Stocks Low M/B ratios Growth stocks High M/B ratios Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Textbook Example 2.1 Alternative Example 2.1 Problem Rylan Enterprises has 5 million shares outstanding. The market price per share is $22. The firm s book value of equity is $50 million. What is Rylan s market capitalization? How does the market capitalization compare to Rylan s book value of equity? Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Alternative Example 2.1 Solution Rylan s market capitalization is $110 million 5 million shares $22 share = $110 million. The market capitalization is significantly higher than Rylan s book value of equity of $50 million. This is too much detail for us in this course, and a bit American, see my handhout for the smarter version. Revenues (Total sales) minus Expenditures (Total costs ) equals Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
5 Gross Profit Operating Expenses Selling, General, and Administrative Expenses R&D Depreciation & Amortization equals Operating Income Operating Income plus/minus Other Income/Other Expenses (You should typically exclude these components when analyzing a firm) equals Earnings Before Interest and Taxes (EBIT) Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Earnings Before Interest and Taxes (EBIT) plus/minus Interest Income/Interest Expense equals Pre-Tax Income Pre-Tax Income minus Taxes equals Net Income (Or Earnings) Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Table 2.2 Vodafone Group Plc Income Statement for 2012 and 2011 Earnings per Share Share (Stock) Options Convertible Bonds Dilution Diluted EPS includes stock options and convertible bonds Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
6 2.4 The Statement of Cash Flows Net Income typically does NOT equal the amount of cash the firm has earned. Non-Cash Expenses Depreciation and Amortization Uses of Cash not on the Income Statement Investment in Property, Plant, and Equipment 2.4 The Statement of Cash Flows Three Sections, Cash flows from Operating Activity Investing Activity Financing Activity From where is the money (cash) coming, to where does it go? Split into three basic activities, track changes in cash over the period. Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved The Statement of Cash Flows Operating Activity Adjusts net income by all non-cash items related to operating activities and changes in net working capital Accounts Receivable deduct the increases Accounts Payable add the increases Inventories deduct the increases 2.4 The Statement of Cash Flows Investing Activity Capital Expenditures Buying or Selling Marketable Securities Financing Activity Payment of Dividends Retained Earnings = Net Income Dividends Changes in Borrowings Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Table 2.3 Vodafone Group Plc Statement of Cash Flows for 2012 and 2011 Textbook Example 2.2 Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
7 Textbook Example Other Financial Statement Information Statement of Changes in Shareholders Equity Change in Shareholders Equity = Retained Earnings + Net sale of shares = Net Income Dividends + Sale of shares - Repurchase of shares Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Other Financial Statement Information Management Discussion and Analysis Off-Balance Sheet Transactions Notes to the Financial Statements give some information. This is a big issue in accounting how should Offbalance sheet be accounted for, The problem is to value them correctly in an objective way (two accountants should come up with the same value principle, does not work easy in here.) Used to: Compare the firm with itself and other firms in the sector over time In order to 1) evaluate the firm s performance and be a basis for projections of future earnings (and free cash flows), and closeness to default Value the firm and its stocks 2) Understand the risk exposure of the firm, in particular (market) macroeconomic risks. Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Figure 2.1 EBIT Margins for Four U.S. Airlines Profitability Ratios EBIT Margin Net Profit Margin Source: Capital IQ Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
8 Textbook Example 2.5 Interest Coverage Ratios EBIT/Interest EBITDA/Interest EBITDA = EBIT + Depreciation and Amortization and adjusted for irregular non-operating items Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Textbook Example 2.5 Leverage (Gearing)Ratios Debt-Equity Ratio Debt-to-Capital Ratio Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Textbook Example 2.6 Valuation Ratios P/E Ratio Enterprise Value to EBIT Enterprise Value to Sales Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
9 Textbook Example 2.6 (cont d) Alternative Example 2.6 Problem: Consider the following data for the FY 2011 for Yahoo! and Google (in millions): Yahoo! Google Sales $4,984 $37,905 EBIT $825 $11,742 Depreciation & Amortization $648 $1,851 Net Income $1,049 $9,737 Market Capitalization $19,195 $209,850 Cash $1,562 $9,983 Debt $994 $14,429 Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Problem: (cont d) Compare Yahoo! and Google s operating margin, net profit margin, P/E ratio, and the ratio of enterprise value to operating income and sales. Solution: Yahoo: EBIT Margin = $825 / $4,984 = 16.55% Net Profit Margin = $1,049 / $4,984 = 21.04% P/E Ratio = $19,195 / $1,049 = Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Solution: Yahoo: Enterprise Value = $19,195 + $994 - $1,562 = $18,627 Enterprise Value/Sales = $18,627 / $4,984 = 3.73 Enterprise Value/EBIT = $18,627 / $825 = Solution: Google: EBIT Margin = $11,742 / $37,905 = 30.98% Net Profit Margin = $9,737 / $37,905 = 25.69% P/E Ratio = $209,850 / $9,737 = Enterprise Value/EBITDA = $18,627 / ($825 + $648) = Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
10 Solution: Google: To summarize: Enterprise Value = $209,850 + $14,429 - $9,983 = $214,296 Enterprise Value/Sales = $214,296 / $37,905 = 5.65 Enterprise Value/EBIT = $214,296 / $11,742 = Enterprise Value/EBITDA = $214,296 / ($11,742 + $1,851) = Ratio Yahoo! Google EBIT Margin 16.55% 30.98% Net Profit Margin 21.04% 25.69% P/E Ratio Enterprise Value to Sales Enterprise Value to EBIT Enterprise Value to EBITDA Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Solution (cont d): Even though Yahoo! And Google are competitors, their ratios look much different. Yahoo! has a lower profit margin and lower P/E ratio than Google. Their enterprise value to sales ratio is also lower than that of Google. The difference is consistent with Yahoo! s lower margins. Operating Returns Return on Equity Return on Assets Return on Invested Capital Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved Financial Reporting in Practice Even with safeguards, reporting abuses still happen: Enron WorldCom Sarbanes-Oxley Act (SOX) Dodd-Frank Act Final words The textbook (and the power points) is very detailed on this topics, but is not good in explaining where we want to go with this in the end, which is looking into the future and valuation of total assets and equity. I have deleted some 40 Power point slides to safe you from too much detail. And it is not rocket science. It is simply a matter of understanding that bygones are bygones, we should ask what can the firm do in the future. You need judgment an understanding of market valuation, business cycles and financial risk. Financial ratios (key ratios etc. are only of interest over a sufficiently long time, and in relation to similar firms. Copyright 2014 Pearson Education, Inc. All rights reserved Copyright 2014 Pearson Education, Inc. All rights reserved
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