Corporate Finance (Fach) / Financial Statement Analysis / Ratios (Lektion)

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  • Purpose of Ratio Analysis - used internally/externally - comparison in cases of: trend/time analysis comparative analysis (between companies) normative analysis (geographically, industries)
  • Capital Structure Ratios - Total Debt Ratio =  (Total Assets - Total Equity)/ Total Assets percentage of debt regarding total assets higher = greater risk
  • Capital Structure Ratios - Debt to Equity Ratio = (Total Assets - Total Equity) / Total Equity porpotion of a firms debt to its equity
  • Capital Structure Ratios - Equity Multiplier = Total Assets / Total Equity Companies finance the purchase of assets either through equity or debt, so a high equity multiplier indicates that a larger portion of asset financing is being done through debt.
  • Coverage Ratios - Interest Coverage Ratio = EBIT / Interest Measures he number of times a firm could make the interest payments on its debt with the EBIT (Earnings Before Interest and Taxes) How easliy a company could pay interest on outstanding debt lower than 1? → Bad position!!
  • Coverage Ratios - Cash Coverage = EBITDA / Interest same as Interest Coverage Ratio, but includes depreciation and amortisation
  • Trend Analysis Time period past of a company to access the present situation to forecast performance Problems: Data needs to be comparable changes in business model
  • Comparative Analysis relative analysis to peer group evaluating company`s key profit ratio compared to its industry peers Problems: finding suitable peer group difficult for diversed firms main value drivers need to be comparable
  • Normative Analysis extinction of comparative analysis comparison of ratios with standards from a boarder defined industry Problems: companies from boarder industries often not comparable
  • Liquidity Analysis - Current Ratio = Current Assets / Current Liablities indicates ability to meet short term debts liquidity to pay debts within 1 year
  • Liquidity Analysis - Quick Ratio = (Current Assets - Inventory) / Current Liablities
  • Liquidity Analysis - Cash Ratio = Cash / Current Liablities Hoch much of cash can pay off liablities
  • Liquidity Analysis - NWC to total assets = NWC / Total Assets (NWC = Current Assets - Current Liabilities) 
  • Liquidity Analysis - Interval Measure = Current Assets / (COGS / 365) lengh of time a firm can continue every day business with using current assets in the event of a half inflow
  • Turnover Ratios - Inventory Turnover = COGS / Inventory Number of Times per Period a firm sells and replaces its entire inventory higher = better performance COGS = Cost of Goods (= Herstellungskosten)
  • Turnover Ratios - Days Sales in Inventory = 365 / Inventory Turnover How long it takes a company to turn its inventory completely until its sold
  • Turnover Ratios - Receivables Turnover = Sales / Accounts receivable Company`s debt collection
  • Turnover Ratios - Day`s sales in receivables = 365 / Receivable turnover avarage number of days that a company takes to collect revenue after a sale has been made
  • Turnover Ratios - Total Asset Turnover = Sales / Total Assets efficiency of assets to promote Sales
  • Turnover Ratios - NWC Turnover = Sales / NWC effiency use of capital when high
  • Turnover Ratios - Fixed Assets Turnover = Sales / Net fixed Assets ability to generate sales from fixed assets
  • Du Pont Identity - Basic Formula Breaks down return into 3 distinct elements = RETURN ON INVESTMENT (ROE) = Net Income / Sales                     → operating efficiency (Profit Margin) x Sales / Total Assets                    → asset utilization ( total asset turnover) x Total Assets / Equity                   → financial leverage ( Equity Multipliers)
  • Current Ratio Current Assets / Current Liabilities - Coverage of Liabilities through Assets, higher than one must be standard!! - Higher = better!!
  • Cash Ratio = Cash / Current Liabilities - Interesting for Short-Term Creditor - Which amount of Liabilities (Current) is covered by Cash
  • Du Pont Identity (2) = ROA x Equity Multiplier ROA = Net Income / Total Assets Equity Multiplier = 1 + Debt-Equity Ratio Debt-Equity Ratio = Total Debt / Total Assets
  • Debt-Equity Ratio = Total Debt / Total Equity
  • Equity Multiplier = 1 + Debt-Equity Ratio
  • POS = Percentage of Sales Method - External Capital Need of Investments EFN = (Assets/Sales)x▲Sales- (Current Liabilities/Sales)x▲Sales - (PM*Salesforecast)x(1-p) Current = Vary with Sales - More Sales = Growth = more Costs = More Assets Need = More Financial Need
  • SGR = Substainable Growth Rate = PM(1-p)(1+L) / T- PM(1-p)(1+L) - Growth Rate without increase of leverage - Growth depends on: PM Dividend Policy (Retention and Payout Ratio) Financial Policy Total Asset Turnover
  • EBIT-Margin = EBIT / Revenues* * Sales
  • Net profit Margin =  Net Income / Revenues* * = Sales
  • CAGR = Compound Annual Growth Rate = (Ending Value / Beginning Value)1/Y -1 Y = Bsp. 2007 - 2011 -> 4 Years, Y = 4
  • Gross Profit Margin = (Revenues - COGS) / Revenues
  • after-tax cost of debt =  i * (1-T)
  • Price/Sales Ratio = Price/Sales = Price/Earnings x Earnings/EBIT x EBIT/Sales Davon den Durchschnitt bilden!
  • Return on Assets (ROA) = Net Income / Total Assets
  • Market Value Ratios - P/E Ratio Price per share / Earnings per share
  • PEG Ratio = P/E Ratio / future growth rate
  • Price to Book Ratio Market Value per Share / Book Value per Share
  • Exit Multiple = EV / EBITDA (schreibweise z.B. 3.5x)
  • Dividend Yield Dividend / Price

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