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Chapter 7
Macroeconomic Factors
Fiscal & Monetary Policy
Industry / Company Analysis
Learning Objectives
Macroeconomic Analysis
Business Cycles
Goals of Policy
Full Employment
Interest Rates
Money Supply
Interest Rates
Money Supply
Economic Growth
Interest Rates
Money Supply
Industry Analysis
Classifying industries
Industry Analysis
Industry Analysis
Industry Analysis
Qualitative Issues
Competitive Structure
Permanence (probability of product obsolescence)
Vulnerability to external shocks (foreign competition)
Regulatory and tax conditions (adverse changes)
Labor conditions (unionization)
Industry Analysis
Ratio analysis
Regression analysis
Pricing Strategy
Patents and technology
Organizational performance
Management functions
Marketing strategy
Operating efficiency
Productivity
Production function
Importance of Q.A.
Regression analysis
An Adage
Financial statements are like fine perfume;
Balance Sheet
Income statement
DuPont Analysis
Liquidity Ratios
Quick ratio
Debt Ratios
Profitability Ratios
Efficiency Ratios
Other Ratios
Equity
Sales
Total Assets
Equity
Ratio 1
Ratio 2
Ratio 3
Ratio 1 = NPM
Ratio 2 = TATO
The DuPont System suggests that ROE (which drives stock price) is a function
of cost control, asset management, and debt management.
Five Steps
1.
2.
3.
4.
Woerheides Conclusions