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Creditors
How are we
performing?
Stockholders
Management
Combined
analysis
the
most
informative
Financial ratios
2009
2008
Changes
363
68
503
289
1.223
288
51
365
300
1.004
75
17
138
-11
219
2.072
1.866
358
275
98
4.669
2.295
2.374
1.903
1.693
316
314
96
4.322
2.056
2.266
169
173
42
-39
2
347
239
108
3.597
3.270
327
As of December 31 - $ in thousands
2009
2008
Changes
382
79
159
620
1.023
1.643
270
99
114
483
967
1.450
112
-20
45
137
56
193
200
200
191
428
1.135
1.954
3.597
190
418
1.012
1.820
3.270
1
10
123
134
327
2009
3.074
2.088
986
2008
2.574
1.711
863
100
194
35
239
568
418
93
325
94
231
10
221
108
187
35
223
553
310
91
219
64
155
10
145
Change
500
377
123
0
-8
7
0
16
15
108
2
106
31
75
0
75
1.012
231
10
98
108
1.135
10
231
239
-138
11
112
45
500
-347
0
-347
-20
56
11
-108
-61
92
11
Liquidity ratios
Current assets
Current ratio =
Current liabilities
1,223
For Bartlett Current ratio
1.97
620
363 68
0.69
620
12
Leverage ratios
Total Liabilities
Debt ratio =
Total Assets
For Bartlett Debt ratio
1,643
0.457
3,597
EBIT
Interest
418
4.5
93
13
14
365
59.74 days
6.11
Payables period =
365
A/P turnover
365
95.4 days
3.83
Operating cycle
17
and
benefits
of
18
Profitability ratios
Sales - COGS
Gross profit margin =
Sales
3,074 - 2,088
0.3208 or 32.08%
3,074
Operating profits
Sales
418
0.1360 or 13.60%
3,074
221
0.0719 or 7.19%
3,074
19
Profitability ratios
Earnings per share (EPS)
221,000
For Bartlett EPS
$2.90
76,262
20
Profitability ratios
Earnings available to common shareholde rs
ROA =
Total assets
221
0.0614 or 6.14%
3,597
Earnings available for common shareholders
ROE =
Common shareholders' equity
For Bartlett ROA
221
0.1260 or 12.60%
1,754
Net profits after tax Interests
ROIC =
Shareholde rs' equity LT Debts (inclusiv financial leases)
For Bartlett ROE
231 93
0.1088 or 10.88%
1,954 1023
21
Market ratios
Price per share of common stock
P/E ratio (PER) =
Earnings per share
For Bartlett PER
32.25
11.13
2.90
32.25
32.25
1.40
(1,754,000/76,262)
23
22
1. Current ratio
2. Quick ratio
3. Cash ratio
1. Debt ratio
2. Debt-to-equity ratio
3. Times interest earned
1. PER
2. Market to book ratio
1,97
1,51
0,70
7,22
95,40
59,73
0,85
6,60
66,50
42,75
0,75
45,70% 44,30%
52,35% 53,13%
4,50
3,30
40,00%
48,06%
4,30
32,08% 33,53%
13,60% 12,04%
7,18% 5,65%
2,89
1,91
0,44
0,42
6,14% 4,45%
12,59% 8,98%
30,00%
11,00%
6,20%
2,26
0,41
4,60%
8,50%
11,14
1,40
9,46
0,85
12,50
1,30
23
x
Total assets
Sales
24
Shareholders' equity
25
Question: Are the stockholders of these companies receiving an adequate return on their investment?
Company A
2014
2013
2012
2011
2010
Return on Equity (ROE)
14.0%
12.1%
12.4%
5.3%
11.2%
2014
12.9%
Company B
2013
2012
11.8%
11.0%
2011
8.8%
2010
11.2%
DuPont Equation
ROE Components:
Net profit margin
Assetsturnover ratio
Leverage ratio
Return on Common Equity (ROE)
DuPont Equation
ROE Components:
Net profit margin
Assetsturnover ratio
Leverage ratio
Return on Common Equity (ROE)
2014
3.5%
2.00
2.0
14.0%
2014
5.1%
2.50
1.0
12.9%
Company A
2013
2012
4.0%
4.1%
1.32
1.35
2.3
2.2
12.1%
12.4%
Company B
2013
2012
4.5%
4.1%
2.33
2.36
1.1
1.1
11.8%
11.0%
2011
2.0%
1.26
2.1
5.3%
2010
4.1%
1.32
2.1
11.2%
2011
3.3%
2.35
1.1
8.8%
2010
4.1%
2.26
1.2
11.2%
Equity
LTD
EBIT
Interest Expenses
EBT
Income tax
Net income (net profits after tax)
ROIC
Interest rate
Debt-Equity ratio
ROE
2014
4000
4000
1200
600
600
96
504
13.8%
15.0%
1.0
12.6%
Company C
2013
2012
4000
4000
5200
4800
1300
1500
780
720
520
780
83.2
124.8
436.8
655.2
13.2%
15.6%
15.0%
15.0%
1.3
1.2
10.9%
16.4%
2011
4000
4400
1600
660
940
150.4
789.6
17.3%
15.0%
1.1
19.7%
2010
4000
4400
1800
660
1140
182.4
957.6
19.3%
15.0%
1.1
23.9%
Electricity
18
Gaming (software)
Building materials
Food retailing
12