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BLUE WATER % REV. PRIME FISH % REV.
NET REVENUE 447,000.00 100.00% 802,000.00 100.00%
COGS 241,000.00 53.91% 400,000.00 49.88%
GROSS PROFIT 206,000.00 46.09% 402,000.00 50.12%
OPEX 161,000.00 36.02% 311,000.00 38.78%
NET INCOME 45,000.00 10.07% 91,000.00 11.35%

BLUE WATER % REV. PRIME FISH % REV.


CASH 41,000.00 10.20% 21,000.00 2.63%
RECEIVABLES 38,000.00 9.45% 31,000.00 3.88%
INVENTORY 99,000.00 24.63% 40,000.00 5.01%
TOT. C. ASSETS 178,000.00 44.28% 92,000.00 11.53%
PPE 140,000.00 34.83% 401,000.00 50.25%
OTHER ASSETS 84,000.00 20.90% 305,000.00 38.22%
TOTAL LT ASSETS 224,000.00 55.72% 706,000.00 88.47%
TOTAL ASSETS 402,000.00 100.00% 798,000.00 100.00%
C. LIABILITIES 99,000.00 60.37% 49,000.00 44.95%
LT BEBT 65,000.00 39.63% 60,000.00 55.05%
TOTAL LIABILITIES 164,000.00 100.00% 109,000.00
CAP. STOCK AT PAR 148,000.00 62.18% 512,000.00 74.31%
ADD PAID-IN CAP 29,000.00 12.18% 106,000.00 15.38%
RET. EARN. 61,000.00 25.63% 71,000.00 10.30%
TOTAL EQUITY 238,000.00 100.00% 689,000.00 100.00%
TOT. LIAB + EQUITY 402,000.00 798,000.00
BLUE WATER PRIME FISH
CAP STOCK $10.00 $10.00
NUMBERS OF SHARES 14800 51200
MARKET PRICE $22.00 $15.00
DIVIDENDS 33000.00 13.87% 148000.00 21.48%
BLUE WATER EVAL PRIME FISH EVAL
OPERATING RATIOS
DIO 149.94 36.50
DPO
DSO 31.03 14.11
TOTAL ASSET TURNOVER 11.19% 11.40%
FIXED ASSET TURNOVER 32.14% 22.69%
PROFITABILITY RATIOS
GROS PROFIT OVER SALES 46.09% 50.12%
OPEX / R Ratio 36.02% 38.78%
NET PROFIT MARGIN 10.07% 11.35%
ROE 18.91% 13.21%
ROA (INC TAX : 30%) 12.33% 11.97%
F. LEVERAGE 1.53 1.10

LIQUIDITY RATIOS
CURRENT RATIO 1.80 1.88
QUICK RATIO 0.80 1.06
CASH RATIO 0.41 0.43
OPEX COVERAGE 92.95 24.65
WC 79,000.00 43,000.00

WC TURNOVER 5.66 18.65

WC TO ASSETS 0.20 0.05

SOLVENCY RATIO
DtE 0.69 0.16
TOTAL ASSETS to EQUITY 1.69 1.16
ST DEBT TO EQUITY 0.42 0.07
DEPT TO CAPITAL 0.41 0.14
DEBT TO ASSET 0.41 0.14
INTEREST COVERAGE 6.92 15.17
CASH COVERAGE
AVERAGE COST OF DEBT

MARKET TEST RATIO


P/E 7.24 8.44
PRICE TO BOOK VALUE 1.37 1.11
DIVIDENDS YIELD 0.10 0.19
PRIME FISH TO BLUE WATER
79.42%
65.98%
95.15%
93.17%
102.22%

PRIME FISH TO BLUE WATER


-48.78%
-18.42%
-59.60%
-48.31%
186.43%
263.10%
215.18%
98.51%
-50.51%
-7.69%
-33.54%
245.95%
265.52%
16.39%
189.50%
98.51%
PRIME FISH TO BLUE WATER
0.00%
245.95%
-31.82%
348.48%
PRIME FISH TO BLUE WATER

-113.44

-16.92
0.21%
-9.45%
4.04%
2.76%
1.28%
-5.70%
-0.35%
-0.43

0.08
0.26
0.01
-68.30
-36000.00

12.99

-0.14

-0.53
-0.53
-0.34
-0.27
-0.27
8.24

1.20
-0.25
0.09
Better Inventory Management by PF

PF is more efficient at collectings its receivables


The Net Income generated by Total Assets is the same in the 2 Cies
But BW generates more earnings from its fixed assets
ROE is much > to ROA by BW. That means that the leverage effect by Bw is more important (ROA-k)

Good for both. But the ratio of BW shows us that they are carrying too much inventories, allowing Receivables to bal
better by PF as they have a better Inventory Management
Since BW has more cash than PF, they get to the same point
Of course BW has a better OPEX Coverage. They can cover their Opex expenses with 68 days more than PF with their

PF is utilizing its working capital much better than BW for supporting a given level of sales. Management is
being very efficient in using a companys short-term assets and liabilities for supporting sales. In contrast, the
lower ratio shows BW is investing in too many accounts receivable (AR) and inventory assets for supporting its
sales. This may lead to an excessive amount of bad debts and obsolete inventory.

BW has been more aggressive in financing its growth with debt than PF. BW has a higher Credit Risk default than PF
Assets are more funded on debt by Bw than by PF.

Of Course the amount of Debt in Capital's structure is higher by BW

PF has less chances to fail to meet its debt payment obligations

The higher ratio of PF indicates high expectations on PF.


Value Market assigned to the firm is more tna the Value of Assets in the books in both cases. BW seems to be overev
The dividend paying performance is better by PF. It seems to be a better LT investment than in BW
eceivables to balloon with lax paxments collection and holding too much cash.

an PF with their Cash

default than PF

ms to be overevalued

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