overview analisis laporan keuangan

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McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc !ll rights reser"e#

Financial

Statement

Analysis

K R Subramanyam

John J Wild



1-2

1CHAPTER

Overview of Financial

Statement Analysis



1-3

Business Analysis

Evaluate Prospects Evaluate Risks



1-4

Information Sources for Business

Analysis



1-5



1-6

Credit Analysis



1-7

Credit Analysis

Liquidity

Ability to meet short-

term obligations

Focus

• Current cash flows• !a"e u# of current

assets and liabilities• Liquidity of assets

Solvency

Ability to meet long-

term obligations

Focus

• Long-term #rofitability• Ca#ital structure

Credit worthiness Ability to honor credit obligations

$downside ris"%



1-8

&quity Analysis

'echnical analysis (

Charting• )atterns in #rice or

volume history of astoc"

• )redict future #ricemovements

Fundamental Analysis

*etermine Intrinsic value

without reference to

#rice

• Analy+e and inter#ret

"ey factors

– &conomy

– Industry

– Com#any

Assessment of downside ris" and u#side #otential



1-9



1-10

Accounting Analysis

Accountin

,is"

)rocess to evaluate and adust financial

statements to better reflect economic reality



1-11

Financial Analysis

)rofitability analysis — &valuate returnon investments

,is" analysis ——— &valuate ris"iness

. creditworthiness

Analysis of — &valuate source .

cash flows de#loyment of funds

Common tools

,atioanalysis

Cash

flowanalysis

)rocess to evaluate financial #osition and

#erformance using financial statements



1-12

)ros#ective Analysis

Intrinsic /alue

Business &nvironment

. Strategy Analysis

Accounting Analysis

Financial Analysis

)rocess to forecast future #ayoffs

1 13



1-13

*ynamics of Business Activities

Business Activities 'ime

1 14



1-14

Business Activities

1 15



1-15

Business Activities

Financing

Financing activities

• Owner $equity%

• 0onowner $liabilities%

1 16



1-16

Investing activities

• Buying resources

• Selling resources

Investing 1 Financing

Business Activities

FinancingInvesting

1 17



1-17

O#erating Activities,evenues and e2#enses from #roviding

goods and services

Business Activities

1 18



1-18

Financial Statements ,eflect Business Activities

1-19



1-19

Financial Statements

1-20



1 20

1-21



1 21

Balance Sheet

'otal Investing 1 'otal Financing

1 Creditor Financing 3 Owner Financing

1-22



1 22

1-23



1 23

Income Statement

,evenues 4 Cost of goods sold 1 5ross )rofit

5ross #rofit 4 O#erating e2#enses 1 O#erating )rofit

Colgate’s Profitability

(in $billions)

$!"!# % $&"&#' $'"* +ross Profit

$'"* % $,"&, $!"'* -perating profit

1-24



1-25



Statement of Cash Flows

1-26



1-27



Additional Information$Beyond Financial Statements%

1-28



Analysis )review

Purpose: Evaluation of consecutivefinancial stateents

!utput: "irection# spee$# % e&tent of an'

tren$(s)*'pes: • +ear-to-'ear ,an.e /nal'sis

• n$e&-uer *ren$ /nal'sis

Com#arative Analysis

Yr2Yr1 Yr3



1-30



Analysis )review

Purpose : • Evaluation of internal aeup

of financial stateents

• Evaluation of financial stateent

accounts across copanies

!utput: Proportionate sie of assets#

liailities# euit'# revenues# %

e&penses

Common-Si+e Analysis

1-31



Analysis )review

1-32



Analysis )review

1-33



Analysis )review

)ur#ose &valuate relation between two or more

economically im#ortant items $onestarting #oint for further analysis%

Out#ut !athematical e2#ression of relation

between two or more items

Cautions )rior Accounting analysis is im#ortant

Inter#retation is "ey - long vs short

term . benchmar"ing

,atio Analysis

1-34



Analysis )review

)ur#ose &stimate intrinsic value of a

com#any $or stoc"%

Basis )resent value theory $time value of money%

/aluation/aluation - an im#ortant goal of many ty#es

of business analysis

1-35



Analysis )review

*ebt $Bond% /aluation

t is te value of te on$ at tie t

t n is te interest pa'ent in perio$ t+n is te principal pa'ent (usuall' te $et’s face value)

r is te investors reuire$ interest rate ('iel$ to aturit')

1-36



Analysis )review

&quity /aluation

t is te value of an euit' securit' at tie t

"t n is te $ivi$en$ in perio$ t+n

is te cost of capital

E refers to expected $ivi$en$s

1-37



Analysis )review

&quity /aluation - Free Cash Flow to &quity

!odel

,tn is te free cas flo; in te perio$ t + n <often

$efine$ as cas flo; fro operations less capitale&pen$itures=


E refers to an e&pectation

1-38



Analysis )review

&quity /aluation - ,esidual Income !odel

t is te oo value at te en$ of perio$ t

>itn is te resi$ual incoe in perio$ t + n <$efine$ asnet incoe# # inus a car.e on e.innin.

oo value# # or >t ? t - ( & t-1)=


E refers to an e&pectation

1-39



Analysis in an &fficient !ar"et

'hree assumed forms of mar"et efficiency

6ea" Form - #rices reflect information in

#ast #rices

Semi-strong - #rices reflect all #ublic

Form information

Strong Form - #rices reflect all #ublic and

#rivate information

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