Schema's Financial Statement Analysis and Security Valuation - 16/20

Lecture a :
Key financial Statements


Accrals
earnings-cash
· =




stack isuance-stack
·
Book valur
of Equity (t) BVE(t) = -

DIV + NICE) +
buyback + OCI



NI stach based comp.
Operating Da A
·

CF = + + L




changes in NWC CI NI + OCI
- =




+ interest expenses
-


interest paid
+ tax expenses
-
tax paid ANWC = 1 Inventarest s Receivable -

I
Payable
Lecture 3 :
Profitability
NI
ROE = RNOA + (FLEV *
spread) =



Equity
au.




W


NOPAT NOPAT sales
&
RNOA = =
1
=
NOPM * NOAT
au . NOA sales aw NOA net Debt

financial Everage
.




* (FLEVI =


av.
Equity
* NOPAT EBIT
(operating income 1 tax on
quating profit
-
=




income 1-tax expense-tax shield NNO
EBIT
(operating
= =
ou .




[
= EBIT
(operating income 1 tax expense (manop expenses au.
Equity
-
-
·
.




liabilities
* NOA
queating ancts-operating Spread RNOA-cost
of debt
=
* =




=
Total A-nangA-Total +
manop = RNOA-NNEP
NNE
Equity + NNO RNOA-on
= =




ou NNO




sales-coos
Gron profit margin
·
=




sale