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Modul ke: Manajemen Manajemen Keuangan Keuangan Evaluating a Firm’s Financial Performance Fakultas P St di Hidayat Wiweko,S.E.,M.Si. EKONOMI & BISNIS Program Studi Manajemen

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Page 1: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

Modul ke: ManajemenManajemen KeuanganKeuanganEvaluating a Firm’s Financial Performance

Fakultas

P St di

Hidayat Wiweko,S.E.,M.Si.EKONOMI & BISNIS

Program Studi

Manajemen

Page 2: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

MODUL 3 :MODUL 3 : Financial Statement AnalysisFinancial Statement Analysis

• Are�our�decisions�i i imaximizing�

shareholder wealth?shareholder�wealth?

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We�will�want�to�answer�questions�about�the�firm’s

• Liquidity• Efficient�use�of�Assets• Leverage (financing)• Leverage�(financing)• Profitability

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We�will�want�to�answer�questions�about�the�firm’s

• Liquidity• Efficient�use�of�Assets• Leverage (financing)• Leverage�(financing)• Profitability

Page 5: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

Financial�Ratios

• Tools�that�help�us�determine�the�pfinancial�health�of�a�company.

• We can compare a company’s• We�can�compare�a�company s�financial�ratios�with�its�ratios�in�

i ( d l i )previous�years�(trend�analysis).• We�can�compare�a�company’s�p p y

financial�ratios�with�those�of�its�industryindustry.

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Example:Example:CyberDragon�Corporation

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CyberDragon’s�Balance�ShSheet��($000)

Assets: Liabilities & Equity:Assets: Liabilities�&�Equity:Cash $2,540 Accounts�payable 9,721Marketable�securities 1,800 Notes�payable� 8,500Accounts�receivable 18,320 Accrued�taxes�payable 3,200Inventories 27,530 Other�current�liabilities 4,102Total current assets 50,190 Total current liabilities 25,523Total�current�assets 50,190 Total�current�liabilities 25,523Plant�and�equipment 43,100 Long�term�debt�(bonds) 22,000less�accum�deprec. 11,400 Total�liabilities 47,523N t l t & i 31 700 C t k ($10 ) 13 000Net�plant�&�equip. 31,700 Common�stock�($10�par) 13,000

Total�assets 81,890 Paid�in�capital� 10,000Retained�earnings 11,367Total�stockholders'�equity������������34,367Total�liabilities�&�equity 81,890

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CyberDragon’s�Income�Statement

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CyberDragonOther�Information

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1.��Liquidity�Ratios

• Do�we�have�enough�liquid�assets�hi bli i ?to�meet�approaching�obligations?

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What is CyberDragon’s Current Ratio?What�is�CyberDragon s�Current�Ratio?

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What is CyberDragon’s Current Ratio?What�is�CyberDragon s�Current�Ratio?

50,19025,523 =��1.97

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What is CyberDragon’s Current Ratio?What�is�CyberDragon s�Current�Ratio?

50,19025 523 = 1 9725,523 =��1.97

If�the�average�current�ratio�for�the�i d t i 2 4 i thi d t?industry�is�2.4,��is�this�good�or�not?

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What is the firm’s Acid Test Ratio?What�is�the�firm s�Acid�Test�Ratio?

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What is the firm’s Acid Test Ratio?What�is�the�firm s�Acid�Test�Ratio?

50,190�� 27,53025,523 =���.89

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What is the firm’s Acid Test Ratio?What�is�the�firm s�Acid�Test�Ratio?

50,190�� 27,53025,523 =���.8925,523

Suppose�the�industry�average�is�.92.pp y gWhat�does�this�tell�us?

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What�is�the�firm’s�Average�Collection�Period?

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What�is�the�firm’s�Average�Collection�Period?

18,320

112,760/365 =��59.3�days

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What�is�the�firm’s�Average�Collection�Period?

18,320112 760/365 =��59.3�days112,760/365 y

If th i d t i 47 dIf�the�industry�average�is�47�days,�what�does�this�tell�us?

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2.��Operating�Efficiency�Ratiosp g y

• Measure how efficiently the firm’s• Measure�how�efficiently�the�firm s�assets�generate�operating�profits.

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What�is�the�firm’s�Operating�Income�I (OI OI)?Return�on�Investment (OIROI)?

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What�is�the�firm’s�Operating�Income�I (OI OI)?Return�on�Investment (OIROI)?

11,52081,890 =��14.07%

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What�is�the�firm’s�Operating�Income�I (OI OI)?Return�on�Investment (OIROI)?

11,52081,890 =��14.07%

•Slightly�below�the�industry�average�of�15%.�

Page 24: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What�is�the�firm’s�Operating�Income�I (OI OI)?Return�on�Investment (OIROI)?

11,52081,890 =��14.07%

•Slightly�below�the�industry�average�of�15%.�

•The�OIROI�reflects�product�pricing�and�the�firm’s�ability�to�keep�costs�y p

down.

Page 25: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What is their Operating Profit Margin?What�is�their�Operating�Profit�Margin?

Page 26: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What is their Operating Profit Margin?What�is�their�Operating�Profit�Margin?

11,520112,760 =��10.22%

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What is their Operating Profit Margin?What�is�their�Operating�Profit�Margin?

11,520112,760 =��10.22%

•This�is�below�the�industry�average�of�12%.

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What is their Total Asset Turnover?What�is�their�Total�Asset�Turnover?

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What is their Total Asset Turnover?What�is�their�Total�Asset�Turnover?

112,76081,890 =��1.38�times

Page 30: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What is their Total Asset Turnover?What�is�their�Total�Asset�Turnover?

112,76081,890 =��1.38�times

The�industry�average�is�1.82�times.��The�firm�needs�to�figure�out�how�to�gsqueeze�more�sales�dollars�out�of�its�

assets.

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What�is�the�firm’s�Accounts�Receivable�Turnover?

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What�is�the�firm’s�Accounts�Receivable�Turnover?

112,76018,320 =��6.16�times

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What�is�the�firm’s�Accounts�Receivable�Turnover?

112,76018,320 =��6.16�times

CyberDragon�turns�their�A/R�over�6.16times�per�year.��The�industry�average

is�8.2 times.��Is�this�efficient?

Page 34: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What is the firm’s Inventory Turnover?What�is�the�firm s�Inventory�Turnover?

Page 35: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What is the firm’s Inventory Turnover?What�is�the�firm s�Inventory�Turnover?

85,30027,530 =��3.10�times

Page 36: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

What is the firm’s Inventory Turnover?What�is�the�firm s�Inventory�Turnover?

85,30027,530 =��3.10�times

CyberDragon�turns�their�inventory�over�3.1�times�per�year.��p y

The�industry�average�is�3.9 times.��Is�this�efficient?

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Low�inventory�turnover:

The firm may have too muchThe�firm�may�have�too�much�inventory,�which�is�expensive�because:

I t t k tl• Inventory�takes�up�costly�warehouse�space.

• Some�items�may�become�spoiled�or�obsolete.

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What�is�the�firm’s�Fixed�Asset�Turnover?

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What�is�the�firm’s�Fixed�Asset�Turnover?

112,76031,700 =��3.56�times

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What�is�the�firm’s�Fixed�Asset�Turnover?

112,76031,700 =��3.56�times

If�the�industry�average�is�4.6 times,�whatdoes�this�tell�us�about�CyberDragon?y g

Page 41: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

3.��Leverage�Ratios(financing�decisions)

M th i t f i d bt• Measure�the�impact�of�using�debt�capital to�finance�assets.• Firms�use�debt�to�lever�(increase)�

returns on common equity.returns�on�common�equity.

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How�does�Leverage�work?g

• Suppose�we�have�an�all�equity�financed�firm�worth�$100,000.��Its�earnings this year total $15,000.earnings�this�year�total�$15,000.

ROE =ROE��=

(ignore�taxes�for�this�example)

Page 43: PPT modul 3 Manajemen KeuanganWiweko+... · † Wecan compare acompanyWecan compare a company s ’s financialratioswithitsratiosin prev iousyears (d li)(tren d ana lys is). † Wec

How�does�Leverage�work?g

• Suppose�we�have�an�all�equity�financed�firm�worth�$100,000.��Its�earnings this year total $15,000.earnings�this�year�total�$15,000.

ROE = = 15%15,000ROE��=��������������������������=��15%100,000

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How�does�Leverage�work?g

• Suppose�the�same�$100,000�firm�is�financed�with�half�equity,�and�half�8%�debt (bonds). Earnings are stilldebt�(bonds).��Earnings�are�still�$15,000.

ROE =ROE��

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How�does�Leverage�work?g

• Suppose�the�same�$100,000�firm�is�financed�with�half�equity,�and�half�8%�debt (bonds). Earnings are stilldebt�(bonds).��Earnings�are�still�$15,000.

ROE = =15,000�� 4,000ROE��50,000

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How�does�Leverage�work?g

• Suppose�the�same�$100,000�firm�is�financed�with�half�equity,�and�half�8%�debt (bonds). Earnings are stilldebt�(bonds).��Earnings�are�still�$15,000.

ROE = = 22%15,000�� 4,000ROE�� ����22%50,000

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What is CyberDragon’s Debt Ratio?What�is�CyberDragon s�Debt�Ratio?

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What is CyberDragon’s Debt Ratio?What�is�CyberDragon s�Debt�Ratio?

47,52381,890 =��58%

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What is CyberDragon’s Debt Ratio?What�is�CyberDragon s�Debt�Ratio?

47,52381,890 =��58%

If the industry average is 47% whatIf�the�industry�average�is�47%, whatdoes�this�tell�us?

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What is CyberDragon’s Debt Ratio?What�is�CyberDragon s�Debt�Ratio?

47,52381,890 =��58%

If the industry average is 47% whatIf�the�industry�average�is�47%, whatdoes�this�tell�us?

Can�leverage�make�the�firm�more�profitable?profitable?

Can�leverage�make�the�firm�riskier?

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What�is�the�firm’s�Times�Interest�Earned Ratio?

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What�is�the�firm’s�Times�Interest�Earned Ratio?

11,5203,160 =��3.65�times

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What�is�the�firm’s�Times�Interest�Earned Ratio?

11,5203,160 =��3.65�times

The�industry�average�is�6.7 times.��This�is further evidence that the firm usesis�further�evidence�that�the�firm�usesmore�debt�financing�than�average.

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4.��Return�on�Equity

ll h fi ’How�well�are�the�firm’s�managers�maximizing�shareholder�wealth?

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What�is�CyberDragon’sReturn�on�Equity (ROE)?

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What�is�CyberDragon’sReturn�on�Equity (ROE)?

5,01634,367 =��14.6%

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What�is�CyberDragon’sReturn�on�Equity (ROE)?

5,01634,367 =��14.6%

The�industry�average�is�17.54%.

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What�is�CyberDragon’sReturn�on�Equity (ROE)?

5,01634,367 =��14.6%

The�industry�average�is�17.54%.Is�this�what�we�would�expect,�given�the�firm’s�leverage?

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Conclusion:Conclusion:

• Even�though�CyberDragon�has�higher�leverage�than�the�industry�g g y

average,�they�are�much�less�efficient and therefore lessefficient,�and�therefore,�less�

profitable.

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The DuPont ModelThe�DuPont�Model

Brings�together:

• Profitability• Efficiency• Leverage• Leverage

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The�DuPont�ModelNet�Profit����Total�Asset����������������Debt

Margin Turnover RatioROE =����������������x�����������������/�(1� )Margin�������Turnover�����������������Ratio/ ( )

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The�DuPont�ModelNet�Profit����Total�Asset����������������Debt

Margin Turnover RatioROE =����������������x�����������������/�(1� )Margin�������Turnover�����������������Ratio/ ( )

Net�Income Sales Total�DebtSales�����������Total�Assets������������Total�Assets=������������������x�������������������/(1� )

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The�DuPont�ModelNet�Profit����Total�Asset����������������Debt

Margin Turnover RatioROE =����������������x�����������������/�(1� )Margin�������Turnover�����������������Ratio/ ( )

Net�Income Sales Total�DebtSales�����������Total�Assets������������Total�Assets=������������������x�������������������/(1� )

5,016 112,760 47,523= x / (1 � )112,760����������81,890������������������������81,890=�����������������x������������������/��(1� )

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The�DuPont�Model

ROE =����������������x�����������������/�(1� )Net�Profit����Total�Asset����������������DebtMargin Turnover Ratio/ ( )Margin�������Turnover�����������������Ratio

=������������������x�������������������/(1� )Net�Income Sales Total�DebtSales�����������Total�Assets������������Total�Assets

= x / (1 � )5,016 112,760 47,523=�����������������x������������������/��(1� )= 14 6%

112,760����������81,890������������������������81,890

=����14.6%

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Terima KasihTerima KasihHidayat Wiweko,S.E.,M.Si.