Sie sind auf Seite 1von 3

FORMULE FSA

Net operating asset = Operating working capital + Net Non-current assets


/!\ cash Is not an operating asset
/!\ operating assets includes PPE but net  PPE – accumulated depreciation (do it if not
done)
Operating asset = total asset – (cash & discontinued operation)
Operating liabilities = everything if no interests
Operating Working Capital = NOA = operating assets – operating liabilities
Net non-concurrent asset = non-current assets – non-interest bearing non-current liabilities
Net operating profit after tax (NOPAT) = net income - net interest expense after tax
/!\ profit = income
Operating profit  income statement
Net interest = interest received – interest paid
Net interest after tax = net interest – tax paid on it
Tax shield = net interest expenses x tax rate
Net interest after tax = net interest – tax shield
𝐍𝐎𝐏𝐀𝐓
Return on average net operating asset (RNOA) = operating return =
𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐍𝐎𝐀

𝑵𝑶𝑷𝑨𝑻 𝑺𝒂𝒍𝒆𝒔
= 𝑺𝒂𝒍𝒆𝒔
× 𝒂𝒗𝒆𝒓𝒂𝒈𝒆 𝑵𝑶𝑨 = NOPM x NOAT

/!\ average NOA = moyenne des NOA (sur les x ans donnés).
NOPAT = Net income - net interest expenses after tax
𝑁𝑂𝐴 2009+ 𝑁𝑂𝐴 2010+ 𝑁𝑂𝐴 2011
Ex: average NOA 2011 = 3

Return on equity (ROE) = operating – non-operating return = RNOA + non-operating return


𝑵𝒆𝒕 𝒊𝒏𝒄𝒐𝒎𝒆
𝒂𝒗𝒆𝒓𝒂𝒈𝒆 𝒔𝒉𝒂𝒓𝒆𝒉𝒐𝒍𝒅𝒆𝒓′𝒔 𝒆𝒒𝒖𝒊𝒕𝒚

𝑵𝒆𝒕 𝒑𝒓𝒐𝒇𝒊𝒕 𝑺𝒂𝒍𝒆𝒔 𝑨𝒔𝒔𝒆𝒕


= 𝑺𝒂𝒍𝒆𝒔
× 𝑨𝒔𝒔𝒆𝒕 × 𝑺𝒉𝒂𝒓𝒆𝒉𝒐𝒍𝒅𝒆𝒓′ 𝒔 𝒆𝒒𝒖𝒊𝒕𝒚

𝑹𝑶𝑬 = 𝑹𝑶𝑺 × 𝑨𝒔𝒔𝒆𝒕 𝒕𝒖𝒓𝒏𝒐𝒗𝒆𝒓 × 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒍𝒆𝒗𝒆𝒓𝒂𝒈𝒆


/!\ non-controlling interest: enlever du net income et de l’equity
/!\ Higher NOAT (asset turnover) = better using its assets 
Non-operating = financial leverage gain.
Financial leverage gain = spread x net financial leverage.
𝑁𝑒𝑏𝑡 𝐷𝑒𝑏𝑡 𝑝𝑟𝑒𝑣𝑖𝑜𝑢𝑠 𝑦𝑒𝑎𝑟
Net financial leverage = 𝐸𝑞𝑢𝑖𝑡𝑦 𝑝𝑟𝑒𝑣𝑖𝑜𝑢𝑠 𝑦𝑒𝑎𝑟
. Spread = RNOA – effective interest rate after
𝑁𝑒𝑡 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 𝑎𝑓𝑡𝑒𝑟 𝑡𝑎𝑥
tax. Effective interest rate after tax = 𝑁𝑒𝑏𝑡 𝑑𝑒𝑏𝑡 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑟𝑒𝑣𝑖𝑜𝑢𝑠 𝑦𝑒𝑎𝑟
𝑁𝑒𝑏𝑡 𝐷𝑒𝑏𝑡
/!\ Thus, if no debt: ROE = RNOA  net financial leverage =  if no debt = 0.
𝐸𝑞𝑢𝑖𝑡𝑦

Net debt = short + LTdebt – (cash + cash equivalent).


𝑇𝑎𝑥 𝑒𝑥𝑝𝑒𝑛𝑠𝑒𝑠
Tax rate = 𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑏𝑒𝑓𝑜𝑟𝑒 𝑡𝑎𝑥

𝑅𝑁𝑂𝐴
 What percentage comes from operations = operating return? 𝑅𝑂𝐸
 What is the non-operating return? Non-operating return = ROE – RNOA
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝒂𝒔𝒔𝒆𝒕𝒔 (𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈 𝒄𝒂𝒔𝒉)
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝒓𝒂𝒕𝒊𝒐 =
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔
𝑪𝒂𝒔𝒉 + 𝒎𝒂𝒓𝒌𝒆𝒕𝒂𝒃𝒍𝒆 𝒔𝒆𝒄𝒖𝒓𝒊𝒕𝒊𝒆𝒔 + 𝒓𝒆𝒄𝒆𝒊𝒗𝒂𝒃𝒍𝒆𝒔
Quick ratio = 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔

= current ratio – inventories – prepaid expenses


/!\ higher current ratio = higher liquidity
Current asset = marketable securities, inventories, cash, account receivables, prepaid
expenses.
Asset management = Inventory turnover + days sales in receivables + total asset
turnover ratio
𝐶𝑂𝐺𝑆
Inventory turnover = 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠

The higher the ratio is, the better  either the COGS are higher, or the inventories are lower,
which is good (cost can be higher but for a higher production).
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠
Days’ sakes in receivables = 𝑆𝑎𝑙𝑒𝑠
× 365
𝑆𝑎𝑙𝑒𝑠
Total asset turnover ratio = 𝐴𝑠𝑠𝑒𝑡

(A) Cash flow from operating activities = net income + depreciation + amortization
+/- expenses or revenues’ flow
Net incomes includes expenses or revenue that you do not have in cash. So comparing with
the balance sheet
Cash flow = Year 2 – Year 1
/!\ PPE not included in cash flow operating activities  not liquid meanings not easily
transformable into cash.
/!\ capital = equity  financing.
/!\ marketable securities = actions, obligations…  assimilé au cash ! NON OPERATING,
jamais nul
Retained earnings = retained earnings previous year + net income – dividends  corriger le
net income n’est pas affecté par les retained earnings!!
Net cash providing by operating activities = operating cash flow
(B) Cash flow from financing activities = +/- expenses or revenues’ flow
/!\ The indirect method: use nothing for the financing, just + or – flow. Here it’s not a
correction of the net income anymore, just + or – depending on the flow during 2 years.
/!\ capital = somme d’argent constituent l’élément principal d’une dette  donc financing.
/!\ deferred tax = financing  frigo  +.
/!\ increasing in debt = increasing in cash = +  no question.
/!\ dividends = - cash.

(C) Cash flow from investing activities

/!\ here it’s just about knowing whether you invest in something or not. Ex: if the value of the
PPE Δ+, it means that you spent money.

 /!\ (A) + (B) + (C) has to be the same as the variation of cash flow in the first line
of the balance sheet !

Gain or loss on sale of equipment = Cash inflow (selling price) – book value
Book value = historical cost (bying price) – accumulated depreciation  this is how much the
equipment costs today.
Gross = before depreciation
Value of the beginning balance = value of the purchasing of the equipment. Beginning
balance - Ending balance = cost of equipment sold!

Dupont analysis: ROE = Net Profit Margin (ROS) x Asset Turnover Ratio x Financial
leverage

The Dupont model, carried out by executives of Dupont de Nemours company in the 60’s,
promotes a systematic analysis approach based on a central ratio, divided into three ratios.
- net profit margins reflecting how well the firm manages its operations,
- asset turnover reflecting how efficiently it uses its assets,
- financial leverage that is its ability to increase its asset base relative to its equity
base: it measures the multiple of asset to equity. The higher the leverage multiple the
higher the potential risk and reward.

Even though the traditional DuPont method is popularly used, it has several limitations:
- the assets include both operating assets and financial assets such as cash and
marketable securities,
- net income includes profit from operating activities, as well as interest expense and
interest income which are consequences of financing decisions.
- the financial leverage used by DuPont does not recognize the fact that a company’s
cash and cash equivalent are by nature “negative debt” because they can be used to
pay down the debt in the balance sheet. These issues are addressed by an
alternative approach.
𝐴𝑠𝑠𝑒𝑡 𝐸𝑞𝑢𝑖𝑡𝑦+𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 (𝑑𝑒𝑏𝑡)
Financial leverage = 𝐸𝑞𝑢𝑖𝑡𝑦
= 𝐸𝑞𝑢𝑖𝑡𝑦
 if debt Δ, ratio increases, so more
financed by debt.

Das könnte Ihnen auch gefallen