Overview Analisis Laporan Keuangan
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Transcript of Overview Analisis Laporan Keuangan
8/17/2019 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
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1CHAPTER
Overview of Financial
Statement Analysis
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Business Analysis
Evaluate Prospects Evaluate Risks
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Information Sources for Business
Analysis
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Credit Analysis
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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"%
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&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
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Accounting Analysis
Accountin
,is"
)rocess to evaluate and adust financial
statements to better reflect economic reality
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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
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)ros#ective Analysis
Intrinsic /alue
Business &nvironment
. Strategy Analysis
Accounting Analysis
Financial Analysis
)rocess to forecast future #ayoffs
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*ynamics of Business Activities
Business Activities 'ime
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Business Activities
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Business Activities
Financing
Financing activities
• Owner $equity%
• 0onowner $liabilities%
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Investing activities
• Buying resources
• Selling resources
Investing 1 Financing
Business Activities
FinancingInvesting
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O#erating Activities,evenues and e2#enses from #roviding
goods and services
Business Activities
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Financial Statements ,eflect Business Activities
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Financial Statements
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Balance Sheet
'otal Investing 1 'otal Financing
1 Creditor Financing 3 Owner Financing
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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
$'"* % $,"&, $!"'* -perating profit
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Statement of Cash Flows
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Additional Information$Beyond Financial Statements%
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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
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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
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Analysis )review
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Analysis )review
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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
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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
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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')
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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$s
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Analysis )review
&quity /aluation - Free Cash Flow to &quity
!odel
,tn is te free cas flo; in te perio$ t + n <often
$efine$ as cas flo; fro operations less capitale&pen$itures=
is te cost of capital
E refers to an e&pectation
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Analysis )review
&quity /aluation - ,esidual Income !odel
t is te oo value at te en$ 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)=
is te cost of capital
E refers to an e&pectation
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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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oo !r.aniation