NEED SOMEONE IN FINANCE MAJOR !!!! Financial statement analysis and identify the industry of 10 compnaies
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TB0069-PDF-ENG2.pdf
TB0069
Copyright © 2007 Thunderbird School of Global Management. All rights reserved. This case was prepared by Professor Graeme Rankine for the purpose of classroom discussion only, and not to indicate either effective or ineffective manage- ment.
Graeme Rankine
Financial Statement Analysis— Identify the Industry
Since opportunities and constraints tend to be different across industries, companies in different indus- tries tend to make different investment, dividend, and financing decisions. Thus, firms in different industries exhibit different financial characteristics, and, hence, report different financial ratios. For example, “old economy” businesses with large amounts of tangible assets may have higher leverage ratios. Service or trading firms may have large amounts of intangible assets such as knowledge assets or a large and loyal customer base, and, hence, have low leverage ratios because “growth options” can evaporate. On the other hand, companies within the same industry tend to exhibit similar financial characteristics, as measured by financial ratios. With some knowledge of the different operating, invest- ing, and financing decisions across industries, financial ratios can be used to identify an industry (see Exhibit 1 for the definition of ratios used).
Balance sheets and income statements for the most recent three years are provided for 10 compa- nies from 10 different industries. Common-sized balance sheets (all items scaled by total assets), com- mon-sized income statements (all items scaled by net sales), and selected financial ratios for the most recent three years are also provided. Since unusual deviation from target values may occur in any given year, the values for the items were averaged over three years. The three-year average common-sized balance sheet, common-sized income statement, and financial ratios are reported in Exhibits 2, 3, and 4, respectively.
The 10 companies are drawn from the following 10 different industries:
• Commercial airline • Commercial banking (items fitted into the same categories as the non-financial firms) • Computer software • Integrated oil and gas • IT service provider • Liquor producer and distributor • Mobile phone service provider • Pharmaceutical preparations • Retail grocery stores • Semiconductor manufacturer
Assignment
Using the financial statement data provided in Exhibits 2, 3, and 4, match the companies with their industry.
August 9, 2007
For the exclusive use of K. HUANG, 2018.
This document is authorized for use only by KEER HUANG in Summer 2018 taught by GARY TSARSIS, Northern Arizona University from Jul 2018 to Dec 2018.
2 TB0069
Exhibit 1 Definitions of Some Key Financial Ratios
LIQUIDITY RATIOS: 1. Cash & Marketable Securities To Total Assets = (Cash + Market Securities) / Total Assets Acid Test Ratio = (Cash + Market Securities + Receivables) / Current Liabilities Current ratio = Current Assets / Current Liabilities
ASSET MANAGEMENT
Day’s Receivables = 365/ (Sales / Receivables) Day’s Inventory = 365/ (Cost of Sales / Inventory) Asset Turnover = Sales / Total Assets
FINANCIAL LEVERAGE
Long-term Debt to Total Assets = (Convertible Debt + Long-term Debt + Non-current Capital Leases + Non-current Long-term Debt) / Total Assets
Long-term Debt to Stockholders’ Equity = (Convertible Debt + Long-term Debt + Non-current Capital Leases + Non-current Long-term Debt) / Stockholders’ Equity
Coverage Ratio = (Income Before Tax + Interest Expense) / Interest Expense PROFITABILITY
Gross Margin Ratio = Gross Profit / Sales Return on Sales = Net Income / Sales Return on Assets (1) = Net Income / Total Assets Return on Assets (2) = (Net Income + Interest Expense) / Total Assets Return on Equity = Net Income / Stockholders’ Equity
DUPONT ANALYSIS Return on Equity = Return on Sales * Asset Turnover * Leverage = (Net Income / Sales) x (Sales / Assets) x (Assets /
Stockholders’ Equity)
For the exclusive use of K. HUANG, 2018.
This document is authorized for use only by KEER HUANG in Summer 2018 taught by GARY TSARSIS, Northern Arizona University from Jul 2018 to Dec 2018.
TB0069 3
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For the exclusive use of K. HUANG, 2018.
This document is authorized for use only by KEER HUANG in Summer 2018 taught by GARY TSARSIS, Northern Arizona University from Jul 2018 to Dec 2018.
4 TB0069
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For the exclusive use of K. HUANG, 2018.
This document is authorized for use only by KEER HUANG in Summer 2018 taught by GARY TSARSIS, Northern Arizona University from Jul 2018 to Dec 2018.
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For the exclusive use of K. HUANG, 2018.
This document is authorized for use only by KEER HUANG in Summer 2018 taught by GARY TSARSIS, Northern Arizona University from Jul 2018 to Dec 2018.
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