英国布里斯托大学财务分析课程.pptx
《英国布里斯托大学财务分析课程.pptx》由会员分享,可在线阅读,更多相关《英国布里斯托大学财务分析课程.pptx(24页珍藏版)》请在得力文库 - 分享文档赚钱的网站上搜索。
1、Lectures and tutorials- Lectures provide a framework for organising ideas.- Additional reading necessary !- Ryanair case: good preparation for the coursework- Exercises: For your own work- Tutorials: good preparation for the exam- CourseworkNikola.Petrovicbristol.ac.ukThursday, 13-14.00Friday, 11.30
2、-12.301B14Operating activitiesFinancing activitiesInvesting activitiesThe firm: The value generatorThe Investors: The claimants on valueDebtholdersShareholdersSecondary DebtholdersSecondary ShareholdersCash from loansCash from share issuesDividends and cash from share repurchasesInterest and loan pa
3、ymentsCash from sale of debtCash from sale of sharesThe Capital Market: Trading valueSource: Penman, p. 8Financial analysts are: information intermediaries; they digest information and provide summary information to the public/less sophisticated investors. especially important where capital markets
4、are well developed.They are doing:Fundamental analysis: contextual analysis of all publicly available information in order to value the company.Technical analysis: spotting share price time-series patterns in order to predict movement of prices.Part of fundamental analysis:Financial statement analys
5、is and valuation of shares so as to give well informed investment advice to an equity investor.Similar to what sell-side equity within brokerage houses are doing (as opposed to buy-side analysts affiliated with institutional investors)Final product: equity research reportNote of caution in regard of
6、 financial statement analysis: Financial statement analysis can be done for various purposes: credit analysis, competitive benchmarking, analysis of mergers and acquisitions, etc. Different purposes require different approach to analysis Focus of this course: analysis of financial performance and fi
7、nancial position in order to forecast future payoffs to equityholders Social welfare: The activity of analysts make markets efficient. Therefore, contribution to efficient allocation of resources. Personal gains: If markets are not efficient, the proper analysis helps in identifying mispriced compan
8、ies. 1980s: market efficiency paradigm widely accepted passive investment Evidence of market inefficiency active investment and a renewed interest in fundamental analysis (Warren Buffet) Fundamental analysis: anchoring on reliable information (accounting) rather than rumours and speculations; long-t
9、erm perspective as opposed to short-term gainLate 1990s: unlimited faith in prospect of new technology and internet firms; bubble burst in 2001For the y/e 2000 Dell had reported earnings of $1.7 billion on sales of $25.3 billion. The MV of Dells shares at the time was $146.4 billion 3 * the MV of GM
10、C and Ford Motor Company combined (P/E 8.5 / 5.0 respectively)Dells shares traded at a P/E of 87.9!Despite healthy trading and forecasted growth Dells stock appeared over-valued. In 2000 the per share stock price fell from $58 in early 2000 to $29 in 2003. The price had only recovered to $40 in 2005
11、.They were riding the wave: involved in short-term speculation of the market mood rather than providing more sober picture to their clients based on fundamentals of the companies. Analysis based on internet clicks that do not generate any incomeConflict of interest: Many brokerage houses affiliated
12、with investment banks: the better picture of business, more lucrative business is created for the banks (SEOs, mergers, etc.)The role of F/S is to “anchor the investor on the rising tide of speculation” with hard information Earnings did matter! Losses reported by new economy firms during the bubble
13、 turned out to be a good predictor of failure Surviving firms reported earnings turned out to be a better indicator of future performance Most of the intangible assets disappeared The much-criticised SoFP (B/S) also provided good forecasts. The ratio of debt assumed to pursue intangibles was large r
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 英国 里斯 大学 财务 分析 课程
限制150内