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ANALYSIS OF FINANCIAL STATEMENT
Assessment of the firms past, present and futurefinancial conditions
Done to find firms financial strengths andweaknesses (Financial Position, profitability,solvency, liquidity, capability of management)
Useful when making projections.
Primary Tools: Financial Statements Comparison of financial ratios to past, industry,
sector and all firms
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Product Life Cycle
Products move through 4 life cycles: introduction, growth, maturity,and decline.
Introduction & growth: Product development and promotion highR&D expenses, high advertising and promotion spending, largecapital investments
Maturity: Competition increases and costs reductions occur Decline: Sales decline and profit opportunities diminish
Before you can value a company, you mustunderstand how company operates and itsfinancial characteristics.(Industry specific characteristic, size, life cycle,accounting method)
ANALYSIS OF FINANCIAL STATEMENT
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Sources of company information
Company website / For investors
Annual report
News articles
Specialized publications, collections, and search tools
The government (BAPPEPAM, SEC, FDA, EPA, etc.)
http://www.usa.gov/index.shtmlhttp://www.teaandcoffee.net/0610/ -
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Comparing to Other Firms
Published IndustryRatios Robert Morris Associates Annual Statement Studies
Dun and Bradstreet Industry Norms & Ratios
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Ratios are a tool Like with all tools you must:
Understand its possible uses (arti, kegunaan dan arahpenilaian) Ingatlah, Rasio Keuangan bukanlah tujuan, melainkan
hanya alat
Agar analisis rasio mencapai tujuannya, sebaiknya angka-
angka besaran rasio diperbandingkan dari tahun ketahun. Akan lebih baik lagi jika diperbandingkan jugadengan rasio yang sama dengan perusahaan saingan
Dari rasio-rasio keuangan yang banyak ini, sebaiknya
dipilih beberapa jenis rasio yang dianggap penting bagitujuan perusahaan
Carilah penyebab penyimpangan dan perkembangan inidengan menghubungkan antara rasio satu dengan yanglain
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Ratio Analysis
There are 4 categories ofratios
LiquidityLeverage
Asset Use or Efficiency
Profitability
Market Value ratio
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Liquidity Ratios
How well can the firm pay its bills without under stress. A high ratio indicates liquid, but too high may mean the
firm is inefficient.
Issues to consider:
How liquid are inventory and receivables? Leverage (Hutang Lancar)
MENGUKUR LIKUIDITAS DENGAN MEMBANDINGKAN: KAS DAN AKTIVA LANCAR YANG HARUS DIUBAH MENJADI UANG
KAS PADA TAHUN TERSEBUT.
HUTANG (KEWAJIBAN) YANG JATUH TEMPO DAN HARUSDIBAYAR PADA TAHUN ITU
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Liquidity Ratios
Current ratio = times
Current Asset / Current liabilities
MENUNJUKKAN SAMPAI SEJAUH MANA TAGIHAN- TAGIHANJANGKA PENDEK DAN PARA KREDITOR DAPAT DIPENUHI
DENGAN AKTIVA YANG DIHARAPKAN ATAU DIKONVERSIKANMENJADI UANG TUNAI
Quick ratio= .times
(Current assets - inventory) / Current liabilities
Cash ratio= .. times
Cash + Marketable Securities / Current liabilities
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Leverage Ratios
Measures the firms long-run ability to meet itsobligations.
Too high of a ratio could lead to financialdistress too low of a ratio could indicate thefirm is not utilizing all the benefits of debt.
Issues to consider
A firms level of leverage
A firms ability to meet interest payments
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Leverage
Total debt ratio= %
Total Debt / Total assets x 100%
(MENGUKUR sejauh mana pinjaman (hutang) itu mendanai seluruh assetperusahaan)
Debt to Equity ratio =
Total Debt / Total equity x 100%Menunjukkan sejauh mana pendanaan dari hutang digunakan, dibandingkandengan pendanaan ekuitas
Long-term debt ratio =Long-term Debt x 100%
Long term Debt+ Total equity
Times interest earned ratio (TIAR)= ..timesEBIT / Interest
MENGUKUR KEMAMPUAN PERUSAHAAN UNTUK MEMBAYAR BEBAN
BUNGA TAHUNAN
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Asset Use and Efficiency Ratios
How efficiently does the firm use its assets to generatesales
Investigates long-term and current assets.
Issues Is the firm maximizing the spread between receivables
and payables - working capital management? Some industries are more asset intensive and some of
these ratios will vary by industry.
ADALAH RASIO YANG MENGUKUR SEBERAPAEFEKTIF PERUSAHAAN MENGELOLA
AKTIVANYA.
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Asset Use and Efficiency Ratios
A. RASIO PERPUTARAN PERSEDIAAN (INVENTORY TURNOVER)= Mengukur berapa kali inventori berputar (terjual) selama tahun
terkait apakah perusahaan kelebihan persediaan.= PENJUALAN = .... times
PERSEDIAAN
B. JANGKA WAKTU PENAGIHAN (DAYS SALES OUTSTANDING /DSO)
MENUNJUKKAN BERAPA LAMA RATA-RATA JANGKA WAKTUPENERIMAAN HASIL PENJUALAN SEJAK PENJUALAN TERLAKSANA.___PIUTANG_________
PENJUALAN RATA-RATA/HARI =. days
C. RASIO PERPUTARAN AKTIVA TETAP (FIXED ASSETS TURNOVERRATIO)
= RASIO PEMANFAATAN AKTIVA TETAP= MENGUKUR SEBERAPAEFISIEN PERUSAHAAN MENGGUNAKAN PABRIK DANPERALATANNYA
_____PENJUALAN__
AKTIVA TETAP BERSIH = ........... times
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Asset Use and Efficiency Ratios
D. RASIO PERPUTARAN TOTAL AKTIVA (TOTALASSETS TURNOVER RATIO)
Days sales in inventory =
Inventory turnover /Sales
Receivables turnover = Perputaran piutang
Accounts receivable / 365 days
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Profitability
These ratios are the bottom line and show
how well the firm is able to control expensesand generate revenue.
They reflect the impact of all othercategories ofratios.
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ProfitabilityMenggambarkan kemampulabaan perusahaan dalam
menghasilkan laba secara relative. Relatif dalam hal iniartinya laba tidak diukur dari besarnya secara mutlak,tetapi diperbandingkan dengan unsur- unsur atau tolakukur lainnya, karena perolehan laba yang besar belumtentu menggambarkan kamampulabaan yang besar juga.Tolok ukur yang dipakai untuk menilai kemampulabaanbiasanya adalah: Pendapatan, Dana, dan Modal
Net Profit Margin =
Net Income / Sales x 100%
Indicates what portion of sales contribute to theincome of a company
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Profitability Return on Assets (ROA) =
Net Income / Total assets x 100%
Return On Assets (ROA) adalah suatu indikator untukmelihat seberapa profitable sebuah perusahaan relatifterhadap total asset. ROA memberikan suatu ide seberapaefisien manajemen dalam penggunaan aset asetperusahaan untuk menghasilkan pendapatan
Return on Equity (ROE) =Net Income / Total equity x 100%
Return On Equity is a ratio that measure the company capabilityin generate profit from equity gave by shareholder
Return on Investment (ROI)Laba BersihTotal Investasi x 100%
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Market Value
Earning Per Share (EPS)= Net Income / Shares Outstanding = $/ Rp
it is indicates the rate of growth a companies earnings aregrowing (on a per share basis)
Price-Earnings Ratio (PE Ratio)
= Price per Share / Earning per Share =.. TimesIn general, a high P/E suggests that investors are expecting higherearnings growth in the future compared to companies with a lowerP/E. However, the P/E ratio doesn't tell us the whole story by itself.It's usually more useful to compare the P/E ratios of one companyto other companies in the same industry, to the market in general or
against the company's own historical P/E.
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Financial Ratio AnalysisLiquidity
1. Liquidity Ratios
Current ratio
Quick (acid test) ratio
Inventory to net
working capital
Cash ratio
How
Formula Expressed Meaning
Current assets
Current liabilitiesDecimal
Decimal
Decimal
Decimal
A short-term indicator of the companys
ability to pay its short-term liabilities
from short-term assets; how much of
current assets are available to cover
each dollar of current liabilities.
Measures the companys ability to pay
off its short-term obligations from
current assets, excluding inventories.A measure of inventory balance;
measures the extent to which the
cushion of excess current assets over
current liabilities may be threatened by
unfavorable changes in inventory.
Measures the extent to which the
companys capital is in cash or cash
equivalents; shows how much of thecurrent obligations can be paid from
cash or near-cash assets.
Current assets Inventory
Current liabilities
InventoryCurrent assets Current liabilities
Cash + Cash equivalents
Current liabilities
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Financial Ratio Analysis
Profitability
2. Profitability Ratios
Net profit margin
Gross profit margin
Return on investment
(ROI)
Return on equity
(ROE)
Earnings per share
(EPS)
How
Formula Expressed Meaning
Net profit after taxes
Net sales Percentage
Percentage
Percentage
Percentage
Dollars per
share
Shows how much after-tax profits are
generated by each dollar of sales.
Indicates the total margin available to
cover other expenses beyond cost of
goods sold, and still yield a profit.
Measures the rate of return on the total
assets utilized in the company; a
measure of managements efficiency, it
shows the return on all the assets
under its control regardless of source
of financing.
Measures the rate of return on the
book value of shareholders total
investment in the company.
Shows the after-tax earnings
generated for each share of common
stock.
Sales Cost of goods sold
Net sales
Net profit after taxes
Shareholders equity
Net profit after taxes
preferred stock dividends
Average number of
common shares
Net profit after taxes
Total assets
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Financial Ratio AnalysisActivity
3. Activity RatiosInventory turnover
Days of inventory
Net working capitalturnover
Asset turnover
Fixed asset turnover
Average collectionperiod
Accounts receivable
turnoverAccounts payableperiod
Days of cash
How
Formula Expressed Meaning
Net sales
Inventory Decimal
Days
Decimal
Decimal
Decimal
Days
Decimal
Days
Days
Measures the number of times that average inventory offinished goods was turned over or sold during a period oftime, usually a year.
Measures the number of one days worth of inventory thata company has on hand at any given time.
Measures how effectively the net working capital is usedto generate sales.
Measures the utilization of all the companys assets;measures how many sales are generated by each dollar
of assets.Measures the utilization of the companys fixed assets(i.e., plant and equipment); measures how many salesare generated by each dollar of fixed assets.
Indicates the average length of time in days that acompany must wait to collect a sale after making it; maybe compared to the credit terms offered by the companyto its customers.
Indicates the number of times that accounts receivableare cycled during the period (usually a year).
Indicates the average length of time in days that thecompany takes to pay its credit purchases.
Indicates the number of days of cash on hand, at presentsales levels.
InventoryCost of goods sold 365
Net salesNet working capital
Sales
Total assets
Sales
Fixed assets
Accounts receivableSales for year 365
Annual credit salesAccounts receivable
Accounts payablePurchases for year 365
CashNet sales for year 365
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Financial Ratio AnalysisLeverage
4. Leverage Ratios
Debt to asset ratio
Debt to equity ratio
Long-term debt to
capital structure
Times interest earned
Coverage of fixed
charges
Current liabilities to
equity
How
Formula Expressed Meaning
Total debt
Total assetsPercentage
Percentage
Percentage
Decimal
Decimal
Percentage
Measures the extent to which borrowed
funds have been used to finance the
companys assets.
Measures the funds provided by creditors
versus the funds provided by owners.
Measures the long-term component of
capital structure.
Indicates the ability of the company to
meet its annual interest costs.
A measure of the companys ability to
meet all of its fixed-charge obligations.
Measures the short-term financing
portion versus that provided by owners.
Total debtShareholders equity
Long-term debtShareholders equity
Profit before taxes +
Interest charges + Lease chargesInterest charges + Lease obligations
Profit before taxes + Interest charges
Interest charges
Current liabilitiesShareholders equity
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Financial Ratio AnalysisOther
5. Other Ratios
Price/earning ratio
Dividend payout ratio
Dividend yield on
common stock
How
Formula Expressed Meaning
Market price per shareEarnings per share Decimal
Percentage
Percentage
Shows the current markets evaluation
of a stock, based on its earnings;
shows how much the investor is willing
to pay for each dollar of earnings.
Indicates the percentage of profit that
is paid out as dividends.
Indicates the dividend rate of return to
common shareholders at the current
market price.
Annual dividends per shareAnnual earnings per share
Annual dividends per share
Current market price per share