FRA : Reading 32. Financial Statement Analysis: Applications

reading: 32. Financial Statement Analysis: Applications

a. evaluate a company's past financial performance and explain how a company's strategy is reflected in past financial performance. (page 301)

- financial ratios를 통해 trend를 찾아냄으로써 회사의 경영 strategies를 알아냄

 

b. forecast a company's future net income and cash flow. (page 302)

- key ratios는 constant라고 가정하고 매출 예측 후 비율을 곱해서 예측

 

c. describe the role of financial statement analysis in assessing the credit quality of a potential debt investment. (page 303) 

Credit analysis : 신용분석

3Cs, 4Cs, 5Cs로 불림

1. Character : 경영진의 reputation, 과거 debt repayment

2. Collateral

3. Capacity to repay

4. Condition

5. Capital

 

신용분석 및 평가에 대한 FS의 역할

1. Leverage

2. Margin stability

3. Operational efficiency

4. Scale , Diversification : 대기업은 다양한 product라인 보유 신용도 높음

 

d. describe the use of financial statement analysis in screening for potential equity investments. (page 304)

 

e. explain appropriate analyst adjustments to a company's financial statements to facilitate comparison with another company. (page 305)