FINANCIAL ANALYSIS:Meaning
Financial analysis is a process of evaluating business,projects and other financials of the business to judge whether the business is viable for investment or not.Basically,it is a tool to judge whether the business is stable,solvent,liquid or profitable enought to invest in or not.
During the analyses of any business,fiancial analyst would focus on the income statements,balance sheets and cash flow statements.In financial analyses there is the predections of companies future performance based on the past performance of the company.
Ratio Analysis:
1.Overview of Ratio analysis:Ratio analysis is a process of calculating financial performance of the company by using various types of ratios like profitability,liquidity,activity,debt ect and determined company's profitability and growth.
In Ratio analysis analyst can compare ratios for the firms and other firm in the industry which is called cross sectional comparison.Also,in ratio analyst compare ratios for a firms over several years which is called time series comparison.
2.Measuring Overall Profitability:The overall profitability of the company is measured by using Return on Equity(ROE).
ROE = Net income/Shareholder's equity
ROE is a comprehensive indicator of firms performance.It provide information how efficient the manager uses the funds invested by the shareholders to generate the return.
In long run the value of equity of any firm is determine by the relationship between ROE and Cost of equity.Those firms that are generating excess of ROE over the Cost of equity should generate market value in excess of Book value. A comparison of ROE and Cost of equity not only deternime the value of the firm but also the future path of profitability.
2.1 Decomposing Profitability traditional approache:ROE of the company is calculated by using two factors ROA(Return on assets) and Financial leverage.
ROE = ROA*Financial leverage
= Net income/assets * Assets/shareholders equity
ROA tells how much profit the company is generating by investing earch rupee of assets invested.
Financial leverage tells how much ripee of assets the firm is able to deploy for each rupee invested by its shareholders.
ROA calculated by using product of two factor:
ROA= Net income/Sales*Sales/Sales assets
Net income/Sales ratio is called Net profit margin(NPM) or return on sales(ROS).
Net profit margin ratio indicate how much company is able keeps as profit for each rupee of sales.
Sales /Assets ratio is also known as asstes turnover ratio.It indicate how many sales the firm is able to generate for each rupee of asstes.
2.2 Decomposing Profitability alternative approache:Computation of ROE in this method by using Operating ROA plus Spread multiply by Net financial leverage
Operating ROA is a measure of how profitably company is able to deploy its operating assets to generate operating profit.
Spread is the incremental economic effect from introducing debt into the capital structure.The economic effect is positive as long as the return on operating assets is greater than the cost of borrowing.
Net financial leverage is a ratio of net debt to equity provides a measure of NFL.
ROE = Operating ROA+Spread*Net financial leverage
Operating ROA = NOPAT/Sales*Sales/Net assets
NOPAT measure how profitable firm's sales are from operating prospecting.
2.3 Terminology of accounting items used in Ratio analyses:
2.3.1 Net Interest expense after tax = (Interest expense - Interest income)*(1-tax)
2.3.2 Net Operating Profit after tax(NOPAT) = Net income+Net interest expense after tax
2.3.3 Operating Working Capital = (Current assets - Cash & Marketable securities)-(Current liabilities-short term debt and current portion of long term debt)
2.2.4 Net long term assets = (Total long term assets - Non interest bearing long term liabilities)
2.2.5 Net debts = (Total interest bearing liabilities -Cash & Marketable securities)
2.2.6 Net assets = Operating Working Assets+Net long term assets
2.2.7 Net Capital = Net debt + Shareholder's equity
3.Assessing Operating Management:The operating management is assess by the computation of Net profit margin or Retuns on sales(ROS) which shows profitability of company's operating activities.Also, ROS allow analyst to assess the efficiency of firm's operating management.It is assess by using common size income statement in which all lines of item's are expressed as a ratio of sales revenue.
3.1 Gross Profit Margin:It is percentage of sales revenue deducted all operating expenses interest,taxes,preffered dividend ect from firm's revenue.
Gross Profit is a indication which shows revenue exceeds direct cost associate with sales.
Gross Profit = Firm's sales-Cost of sales
Gross Profit is a indication which shows revenue exceeds direct cost associate with sales.
Gross Profit = Firm's sales-Cost of sales
3.2 Selling ,General & Administration expenses:These are the expense influence by operating activities of the firm's.A company which is running on the basis og quality and rapid introduction of new products likely to have higher R&D cost relatively to the company competing purely on cost basis.
A companies which are building brand image,distribute it's products through full srvice retailers and provide sinificant customer service have higher SG&A expenses.
A company that sells through warehouse retailers or direct mails and does not provide much customer support.
A company's SG&A expenses are also influenced by the efficiencies with which it manages its overhead activities.
NOPAT maargin provide comprehensive indication of operating performance of a company because it reflects all operating policies and eliminate the the effects of debt policies.
A companies which are building brand image,distribute it's products through full srvice retailers and provide sinificant customer service have higher SG&A expenses.
A company that sells through warehouse retailers or direct mails and does not provide much customer support.
A company's SG&A expenses are also influenced by the efficiencies with which it manages its overhead activities.
NOPAT maargin provide comprehensive indication of operating performance of a company because it reflects all operating policies and eliminate the the effects of debt policies.
3.3 Tax expenses:This expense is the most important element of the company.Company uses various tax planning tools to minimise it.
There are two measure to evaluate firms tax expenses:
3.3.1 One is Tax expense to sales.
3.3.2 Other is the ratio of tax expense to earning before tax which is also known as average tax rate
There are two measure to evaluate firms tax expenses:
3.3.1 One is Tax expense to sales.
3.3.2 Other is the ratio of tax expense to earning before tax which is also known as average tax rate
4.Evaluating Investment Management:
Investment management is evaluate by using Assets turnover ratio.
4.1Working Capital Management:
Working Capital is defined as different between Current assets and Current liabilitie
Operating Working Capital = (Current assets-Cash & Marketable securities)-(Current liabilities-Short term loans).
If company want to run it's operation smoothly then there is a certain amount of investment in needed in working capital.Company's credit policies and distribution policies determine the optimum level of account recievable.Also,nature of production process and the need of buffer stock determined the optimum level of invesntory.Normal level of account payable is a routine source of financing for working capital which is determine on the bases of payment practices in an industry.
There are some ratio's for firms to analyse the Working Capital Management(WCM):
a)Operating Working Capital to sales ratio = Operating working capital/Sales
b)Operating Working Capital turnover = Sales/Operating working capital
c)Account receivable turnover = Sales/Account receivable
d)Invesntory turnover = Cost of good sold(COGS)/Invesntory
e)Account payable turnover = Purchase/Account payable
f)Day's receivable = Account receivable/Average sales per day
g)Day's inventory = Inventory/Average COGS per day
h)Day's payable = Account payable/Average purchase per day
4.2Long Term Assets Management:
It another are of investment management concerns the utilization of company's long term assets.It is useful to define the firm's investment in long term assets.
Net long term assets = (Total long term assets - Non interest bearing long term liabilities)
Long term assets generally consists of Net property,Plant & equipment,Intangible assets(goodwill & oth assets),Non interest bearing long term liabilities ( deffered taxes).
The efficiency which firm's use it's long term assets is measured by the ratio:
a)Net long term assets turnover = Sales/Net long term assets
b)Net property,pant&equipment(PP&E) turnover = Sales/Net PP&E
Investment management is evaluate by using Assets turnover ratio.
4.1Working Capital Management:
Working Capital is defined as different between Current assets and Current liabilitie
Operating Working Capital = (Current assets-Cash & Marketable securities)-(Current liabilities-Short term loans).
If company want to run it's operation smoothly then there is a certain amount of investment in needed in working capital.Company's credit policies and distribution policies determine the optimum level of account recievable.Also,nature of production process and the need of buffer stock determined the optimum level of invesntory.Normal level of account payable is a routine source of financing for working capital which is determine on the bases of payment practices in an industry.
There are some ratio's for firms to analyse the Working Capital Management(WCM):
a)Operating Working Capital to sales ratio = Operating working capital/Sales
b)Operating Working Capital turnover = Sales/Operating working capital
c)Account receivable turnover = Sales/Account receivable
d)Invesntory turnover = Cost of good sold(COGS)/Invesntory
e)Account payable turnover = Purchase/Account payable
f)Day's receivable = Account receivable/Average sales per day
g)Day's inventory = Inventory/Average COGS per day
h)Day's payable = Account payable/Average purchase per day
4.2Long Term Assets Management:
It another are of investment management concerns the utilization of company's long term assets.It is useful to define the firm's investment in long term assets.
Net long term assets = (Total long term assets - Non interest bearing long term liabilities)
Long term assets generally consists of Net property,Plant & equipment,Intangible assets(goodwill & oth assets),Non interest bearing long term liabilities ( deffered taxes).
The efficiency which firm's use it's long term assets is measured by the ratio:
a)Net long term assets turnover = Sales/Net long term assets
b)Net property,pant&equipment(PP&E) turnover = Sales/Net PP&E
5.Evaluating Financial Management(Financial leverage):
Financial leverage enable firm's to have assets larger than it's equity.Firms can develop it's equity through borrowing and creation of other liabilities like account payable ,accrued liabilities and deferred taxes.
Financial leverage helps firm's to increase it's ROE.
Some firms carry large cash and invest in marketable securities.This helps firms to reduce net debts because firms can pay down its debts by using its cash and short term investment.
Financial leverage helps shareholder's but it incrases aslo risk of not fulfilling commitment of paying liabilities which have pre mature payments terms.
5.1 Current liabilities and Short term liquidity:
There are following ratios are useful in evaluating the risk of Current liabilities and also to measure the firms ability to repay its current liabilities:
a) Current ratio = Current assets/Current liabilities
b) Quik ratio = Cash + Short term investment + Account receivable/Current liabilities
c) Cash ratio = Cash + Marketable Securities/Current liabilities
d) Operating Cash flow = Cash flow from operations/Current liabilities
The Current ratio,Quik ratio and Cash ratio helps firms to compare its short term assets that can be used to repay the current liabilities.
Operating cash flow focus on the ability of the firms operation to generate the resources needed to repay its Current liabilities(CL).
Analyst view that a Current ratio(CR) is more than 1 ,which indicate firm can cover its Current liabilities from cash realized from its Current assets.Also,firm face liquidity problem even when CR>1 beacuse some of Current liabilities of firms is not easly liquidate.
Quik ratio and Cash ratio helps firms to analyse its ability to cover its Current liabilities from liquid assets.Quik ratio assume that account receivable are liquid ,credit worthiness of customer is good or Recievable are collected in short period.
5.2 Debt and Long term solvency:
Benefits of Debt financing:
a) Debt is cheaper than equity promises predefined payments to debt holders
b) In most countries Interest is tax deductible whereas dividend to the shareholder are not tax deductible.
c)Debt financing impose dicipline on firms management and motivate it to reduce its wasteful expenditure d)It is easier for the management to communicate their proprietary information on the firms stratergies and prospects to private lenders than to public capital market,such communication reduces a firm cost of capital.
Limitations of debts financing:
a) If firm is depend too much on debts financing ,it would face financial distress if it default on interest and principle payments.
b) Debt holders also impose convenants to the firms restricting the firms operating,investing and financial decisions.
c) It would be the costly affairs for the shareholders.
If operating cash flow of the firm is highly volatile and its capital expenditure needed are unpredictable then it may have to rely on equity financing.Also, managers attitude toward risk and financial flexibility also determine a firms debts policies.
Ratios to evaluate Capital structure:
1.Libilities to equity = Total libilities/Shareholders equity
2.Debts to equity = Short+long term debts/Shareholders equity (it provide indication of how much rupees of debts financing the firm is using for each rupee invested by its shareholders)
3.Net debt to equity ratio = Short+long debt - Cash & marketable securities/Shareholders equity (it measure the firms borrowings)
4.Debt to Capital ratio = Short+Long debts/Debts(S+L)+equity (it measure debts as a proportion of total assets.)
5.Net debts to net capital ratio = interest bearing liabilities(IBL)-cash&market securities/IBL-Cash&market securities +Shareholder's equity
Financial leverage enable firm's to have assets larger than it's equity.Firms can develop it's equity through borrowing and creation of other liabilities like account payable ,accrued liabilities and deferred taxes.
Financial leverage helps firm's to increase it's ROE.
Some firms carry large cash and invest in marketable securities.This helps firms to reduce net debts because firms can pay down its debts by using its cash and short term investment.
Financial leverage helps shareholder's but it incrases aslo risk of not fulfilling commitment of paying liabilities which have pre mature payments terms.
5.1 Current liabilities and Short term liquidity:
There are following ratios are useful in evaluating the risk of Current liabilities and also to measure the firms ability to repay its current liabilities:
a) Current ratio = Current assets/Current liabilities
b) Quik ratio = Cash + Short term investment + Account receivable/Current liabilities
c) Cash ratio = Cash + Marketable Securities/Current liabilities
d) Operating Cash flow = Cash flow from operations/Current liabilities
The Current ratio,Quik ratio and Cash ratio helps firms to compare its short term assets that can be used to repay the current liabilities.
Operating cash flow focus on the ability of the firms operation to generate the resources needed to repay its Current liabilities(CL).
Analyst view that a Current ratio(CR) is more than 1 ,which indicate firm can cover its Current liabilities from cash realized from its Current assets.Also,firm face liquidity problem even when CR>1 beacuse some of Current liabilities of firms is not easly liquidate.
Quik ratio and Cash ratio helps firms to analyse its ability to cover its Current liabilities from liquid assets.Quik ratio assume that account receivable are liquid ,credit worthiness of customer is good or Recievable are collected in short period.
5.2 Debt and Long term solvency:
Benefits of Debt financing:
a) Debt is cheaper than equity promises predefined payments to debt holders
b) In most countries Interest is tax deductible whereas dividend to the shareholder are not tax deductible.
c)Debt financing impose dicipline on firms management and motivate it to reduce its wasteful expenditure d)It is easier for the management to communicate their proprietary information on the firms stratergies and prospects to private lenders than to public capital market,such communication reduces a firm cost of capital.
Limitations of debts financing:
a) If firm is depend too much on debts financing ,it would face financial distress if it default on interest and principle payments.
b) Debt holders also impose convenants to the firms restricting the firms operating,investing and financial decisions.
c) It would be the costly affairs for the shareholders.
If operating cash flow of the firm is highly volatile and its capital expenditure needed are unpredictable then it may have to rely on equity financing.Also, managers attitude toward risk and financial flexibility also determine a firms debts policies.
Ratios to evaluate Capital structure:
1.Libilities to equity = Total libilities/Shareholders equity
2.Debts to equity = Short+long term debts/Shareholders equity (it provide indication of how much rupees of debts financing the firm is using for each rupee invested by its shareholders)
3.Net debt to equity ratio = Short+long debt - Cash & marketable securities/Shareholders equity (it measure the firms borrowings)
4.Debt to Capital ratio = Short+Long debts/Debts(S+L)+equity (it measure debts as a proportion of total assets.)
5.Net debts to net capital ratio = interest bearing liabilities(IBL)-cash&market securities/IBL-Cash&market securities +Shareholder's equity
6.Operating Metrics:Industry wise
6.1 Automobiles
a) Segment wise sales monthly in Units and growth CPLY
b) Revenue per vehical
c) PBDIT per vehical
d) Inventory management technology
6.2 Cement
a) Gross realizationper ton CPLY
b) Energy per ton CPLY
c) Capacity utilization CPLY
d) PBDIT per ton CPLY
6.3 Steel or any mining cos
a) Realization per ton CPLY
b) Capacity utilization CPLY
c)Energy cost per ton CPLY
d)PBDIT per ton
e) Production/no of employees
6.4 Constructions
a) Order book position last 3 quarters
b) Order book inflow last 3 quarters
c) Sales to order book position last 3 quarters
6.5 Telecom
a) Average revenue per user last 6 quarters
b) Average revenue per minutes last 6 quarters
c) Minutes of utilization last 6 quarters
d) Voice and Non voice revenue last 6 quarters
e) GSM and CDMA last 6 quarters
6.6 Chemicals
a) Realization per ton last 6 quarters
b) Capacity utilization last 6 quarters
6.7 Retail
a)Average revenue per sq ft last 6 quarters
b) No of foot fall last 6 quarters
c)Segmental revenue last 6 quarters
d) COnversion ratio last 6 quarters
6.8 Oil and Gass
a) Gross refining margin last 6 quarters
b)Reserve/Production ratio last 3 years
c) Production/Reserve ratio last 3 years
d) Reserve replacement ratio last 3 years
6.9 Banking
a) Net interest margin last 6 quarters
b)NPA last 6 quarters
c) C/D ratio quarters
d) Business per employee last 3 years
e) Profit per employee last 3 years
f) Profitability per branches last 6 quarters
g) Capital adequacy ratio last 3 years
ASSESSING SUSTAINABLE GROWTH RATE
Sustainable Growth Rate(SGR):Meaning
It is a measurement of the firm which shows that how much firm can grow without borrowing money any more or means sustain growth rate without financial leverage.
It is aslo term as a rate which firm can grow while keeping its profitabilitiy and financial policies unchanged.
SGR is evaluate by using formula:
SGR = ROE(Return on equity) * (1-Dividend payout)
Dividend payout ratio is calculated as:
Dividend payout ratio = Cash dividend / Net income
CASH FLOW ANALYSES:
1.Cash Fow Analyses:Overview:
Cahs flow statement is one of the most important statements of every business,which is analyse by Financial analyst in order to make future business planning.The three important parts of Cash flow statement are Operating activity,Financing activity and Investing activity which being analyse in order to generate future prospects of the business.
1.1 Operating activites:This part consists cash generate by the firms from sales of good and services after paying for the cost of inputs and operations.
1.2 Investing activities:This part shows the cash paid for capital expenditure,Intercorporate investments,Acquisitions and cash recieved fro sales of long term assets.
1.3 Financial activities:It shows the cash raised from or paid to firms stakeholders and Debt holder's.
Cash flow statements provides the quality of informations in the firms income statements and balance sheets.
2. Formates of Cash Flow Statements:There are two types of Cash flow formates as follows
2.1 Direct Cash flow formates:This types of formates use by very small numbers of firms,In this types of formate operating cash reciepts and disbursement are reported directly.
2.2 Indirect Cash flow formates: This formate is mostly use by the most of the firms and there managers and analyst for there analyses puposes.Here firm derived their operating cash flow ny making adjustments to Net income.It links cash flow statement with firms Income statements and Blance sheet.
3.Fund Flow Statements:
Fund flow statement is prepared by the comany to analyse the chage in the financial position of the company specially change in working capital position of the company.
It is useful for the aanlyst to know how to convert the Fund flow flow satement into Cash flow statement.
Working capital from operations consists of following items:
a)Increase or Decrease in Receivable
b)Increase or Decrease in Invesntory
c)Increase or Decrease in Current assets exclude cash & cash equivalent
d)Increase or Decrease in Payable
e)Increase or Decrease in other Current liabilities excluding debt,Notes payable.
4.Analysing Cash flow Statements on the bases of following parameters:
4.1 How strong id the firms internal cash flow generation?
a)Is the cash flow from operation is positive or negative?
b)If it is negative why?
c)Is it because the company is growing?
d)Is it beacuse its operations are unprofitable ?
e)Is it having difficulty in managing it working capital properly?
4.2 Does th company have the ability to meet its short term financial obligation?
a)Such as interest payments from its operating cash flow?
b)Can it continue to meet its obligations without reduction its operating flexibility?
4.3 How much cash did the company invest in growth?
a)Are this investment consistent with its business stratergies?
b)Did the company use internal cash flow to finance growth or did it rely on external financing?
4.4 Did the company pay didvident fro the internal free cash flow or it rely on external financing?
4.5 If the company have to fund its dividend from thr external sources,is the company's dividend policy sustainable?
4.6 What types of external financing does company rely on?
a) Equity,Short term debt or long term debts?
b) Is the financing consistent with the companies overall business risk?
4.7 Does the company have excess cash flow after making capital investments?
a) Is it a lone term trend?
b) what does the management have to deploy the free cash flow?
6.1 Automobiles
a) Segment wise sales monthly in Units and growth CPLY
b) Revenue per vehical
c) PBDIT per vehical
d) Inventory management technology
6.2 Cement
a) Gross realizationper ton CPLY
b) Energy per ton CPLY
c) Capacity utilization CPLY
d) PBDIT per ton CPLY
6.3 Steel or any mining cos
a) Realization per ton CPLY
b) Capacity utilization CPLY
c)Energy cost per ton CPLY
d)PBDIT per ton
e) Production/no of employees
6.4 Constructions
a) Order book position last 3 quarters
b) Order book inflow last 3 quarters
c) Sales to order book position last 3 quarters
6.5 Telecom
a) Average revenue per user last 6 quarters
b) Average revenue per minutes last 6 quarters
c) Minutes of utilization last 6 quarters
d) Voice and Non voice revenue last 6 quarters
e) GSM and CDMA last 6 quarters
6.6 Chemicals
a) Realization per ton last 6 quarters
b) Capacity utilization last 6 quarters
6.7 Retail
a)Average revenue per sq ft last 6 quarters
b) No of foot fall last 6 quarters
c)Segmental revenue last 6 quarters
d) COnversion ratio last 6 quarters
6.8 Oil and Gass
a) Gross refining margin last 6 quarters
b)Reserve/Production ratio last 3 years
c) Production/Reserve ratio last 3 years
d) Reserve replacement ratio last 3 years
6.9 Banking
a) Net interest margin last 6 quarters
b)NPA last 6 quarters
c) C/D ratio quarters
d) Business per employee last 3 years
e) Profit per employee last 3 years
f) Profitability per branches last 6 quarters
g) Capital adequacy ratio last 3 years
ASSESSING SUSTAINABLE GROWTH RATE
Sustainable Growth Rate(SGR):Meaning
It is a measurement of the firm which shows that how much firm can grow without borrowing money any more or means sustain growth rate without financial leverage.
It is aslo term as a rate which firm can grow while keeping its profitabilitiy and financial policies unchanged.
SGR is evaluate by using formula:
SGR = ROE(Return on equity) * (1-Dividend payout)
Dividend payout ratio is calculated as:
Dividend payout ratio = Cash dividend / Net income
CASH FLOW ANALYSES:
1.Cash Fow Analyses:Overview:
Cahs flow statement is one of the most important statements of every business,which is analyse by Financial analyst in order to make future business planning.The three important parts of Cash flow statement are Operating activity,Financing activity and Investing activity which being analyse in order to generate future prospects of the business.
1.1 Operating activites:This part consists cash generate by the firms from sales of good and services after paying for the cost of inputs and operations.
1.2 Investing activities:This part shows the cash paid for capital expenditure,Intercorporate investments,Acquisitions and cash recieved fro sales of long term assets.
1.3 Financial activities:It shows the cash raised from or paid to firms stakeholders and Debt holder's.
Cash flow statements provides the quality of informations in the firms income statements and balance sheets.
2. Formates of Cash Flow Statements:There are two types of Cash flow formates as follows
2.1 Direct Cash flow formates:This types of formates use by very small numbers of firms,In this types of formate operating cash reciepts and disbursement are reported directly.
2.2 Indirect Cash flow formates: This formate is mostly use by the most of the firms and there managers and analyst for there analyses puposes.Here firm derived their operating cash flow ny making adjustments to Net income.It links cash flow statement with firms Income statements and Blance sheet.
3.Fund Flow Statements:
Fund flow statement is prepared by the comany to analyse the chage in the financial position of the company specially change in working capital position of the company.
It is useful for the aanlyst to know how to convert the Fund flow flow satement into Cash flow statement.
Working capital from operations consists of following items:
a)Increase or Decrease in Receivable
b)Increase or Decrease in Invesntory
c)Increase or Decrease in Current assets exclude cash & cash equivalent
d)Increase or Decrease in Payable
e)Increase or Decrease in other Current liabilities excluding debt,Notes payable.
4.Analysing Cash flow Statements on the bases of following parameters:
4.1 How strong id the firms internal cash flow generation?
a)Is the cash flow from operation is positive or negative?
b)If it is negative why?
c)Is it because the company is growing?
d)Is it beacuse its operations are unprofitable ?
e)Is it having difficulty in managing it working capital properly?
4.2 Does th company have the ability to meet its short term financial obligation?
a)Such as interest payments from its operating cash flow?
b)Can it continue to meet its obligations without reduction its operating flexibility?
4.3 How much cash did the company invest in growth?
a)Are this investment consistent with its business stratergies?
b)Did the company use internal cash flow to finance growth or did it rely on external financing?
4.4 Did the company pay didvident fro the internal free cash flow or it rely on external financing?
4.5 If the company have to fund its dividend from thr external sources,is the company's dividend policy sustainable?
4.6 What types of external financing does company rely on?
a) Equity,Short term debt or long term debts?
b) Is the financing consistent with the companies overall business risk?
4.7 Does the company have excess cash flow after making capital investments?
a) Is it a lone term trend?
b) what does the management have to deploy the free cash flow?
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