III. Financial Statement Analysis – Stand Alone Analysis
Analyze the financial statement for each firm.
A. Operational Efficiency and Profitability
– Analyze margins: COGS, Gross Profit, S, G&A , EBITDA, EBIT, and Net Profit
– ROE and ROA
– Analyze Asset Utilization and Efficiency: A/R turnover, Fixed Asset Turnover , Total Asset Turnover, A/P Turnover, Operating Cycle, etc.
B. Analyze Debt Capacity: Total Debt = S.T Debt+LTD+ Pension Obligations
– Total Debt /Total Equity, LTD/EBITDA, Total Debt/Total Assets
– Coverage: EBITDA/Interest, Cash& Cash Equivalents/Interest, Cash& Cash Equivalents/Short-term Liabilities
C. Free Cash Flow :
– Calculate the FCFF to the firm from 2010 to 2014. What is the trend? What are the drivers? What is the operational implication?
D. Return on Invested Capital (ROIC): Invested Capital = Short-term Debt+ Long Term debt + Deferred Taxes + Other Long-term Liabilities+ Post Retirement Obligations + Shareholders’ Equity
NOPAT = EBIT – Taxes. Thus, ROIC = NOPAT/Invested Capital
– Calculate the NOPAT and the invested capital for each firm from 2010 to 2014. What is the trend and the operational implication?
F. Calculate the firm’s ROIC from 2010 to 2014. What is the trend? Is the firm’s management deploying capital in an efficient way?
Summarize the financial performance of the firm in terms of the segment performance and it overall financial condition.
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