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1、INVESTMENTS | BODIE, KANE, MARCUSCopyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCHAPTER 19Financial Statement Analysis1INVESTMENTS | BODIE, KANE, MARCUSFinancial statement analysis can be used to discover mispriced securities.Financial accounting data are wide
2、ly available, butAccounting earnings and economic earnings are not always the same thing!Financial Statement Analysis2INVESTMENTS | BODIE, KANE, MARCUSIncome Statement: Profitability over timeBalance Sheet: Financial condition at a point in timeStatement of Cash Flows: Tracks the cash implications o
3、f transactions.Financial Statements3INVESTMENTS | BODIE, KANE, MARCUSTable 19.1 Consolidated Statement of Income for Hewlett-Packard, 20094INVESTMENTS | BODIE, KANE, MARCUSTable 19.2 Consolidated Balance Sheet for Hewlett-Packard, 20095INVESTMENTS | BODIE, KANE, MARCUSTable 19.3 Statement of Cash Fl
4、ows for Hewlett-Packard, 20096INVESTMENTS | BODIE, KANE, MARCUSAccounting Versus Economic EarningsEconomic earningsSustainable cash flow that can be paid to stockholders without impairing productive capacity of the firmAccounting earningsAffected by conventions regarding the valuation of assets7INVE
5、STMENTS | BODIE, KANE, MARCUSProfitability MeasuresROE measures profitability for contributors of equity capital.After-tax profit/book value of equityROA measures profitability for all contributors of capital.EBIT/total assets8INVESTMENTS | BODIE, KANE, MARCUSPast vs. Future ROEROE is a key determin
6、ant of earnings growth.Past profitability does not guarantee future profitability.Security values are based on future profits.Expectations of future dividends determine todays stock value.9INVESTMENTS | BODIE, KANE, MARCUSFinancial Leverage and ROEROE can differ from ROA because of leverage.Leverage
7、 makes ROE more volatile.Let t=tax rate and r=interest rate, then:10INVESTMENTS | BODIE, KANE, MARCUSFinancial Leverage and ROEIf there is no debt or ROA = r, ROE will simply equal ROA(1 - t).If ROA r, the firm earns more than it pays out to creditors and ROE increases.If ROA k, value is added to th
8、e firm.25INVESTMENTS | BODIE, KANE, MARCUSExample 19.4 Wal-MartIn 2009, Wal-Marts cost of capital was 5.9%. Its ROA was 9.6% and its capital base was $115 billion.Wal-Marts EVA = (0.096-0.059) x $115 billion = $4.25 billion26INVESTMENTS | BODIE, KANE, MARCUSAccounting DifferencesInventory ValuationD
9、epreciationInflation and Interest ExpenseFair Value AccountingQuality of EarningsInternational Accounting ConventionsComparability Problems27INVESTMENTS | BODIE, KANE, MARCUSInternational Accounting DifferencesReserves many other countries allow more flexibility in use of reservesDepreciation US all
10、ows separate tax and reporting presentationsIntangibles treatment varies widely28INVESTMENTS | BODIE, KANE, MARCUSFigure 19.2 Adjusted Versus Reported Price-Earnings Ratios29INVESTMENTS | BODIE, KANE, MARCUSThe Graham TechniqueRules for stock selection:Purchase common stocks at less than their working-capital value.Give no weight to plant or other fixed assets.Deduct all liabilities in full from assets.30
