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Business Analysis and Valuation

The purpose of this chapter is to outline a comprehensive framework for financial statement analysis. Because financial statements provide the most widely available data on public corporations’ economic activities, investors and other stakeholders rely on financial reports to assess the plans and performance of firms and corporate managers. A variety of questions can be addressed by business analysis using financial statements, as shown in the following examples: • A security analyst may be interested in asking: “How well is the firm I am following performing?. | A Framework for Business Analysis and Valuation Using Financial Statements . he purpose of this chapter is to outline a comprehensive framework for financial statement analysis. Because financial statements provide the most widely available data on public corporations economic activities investors and other stakeholders rely on financial reports to assess the plans and performance of firms and corporate managers. A variety of questions can be addressed by business analysis using financial statements as shown in the following examples A security analyst may be interested in asking How well is the firm I am following performing Did the firm meet my performance expectations If not why not What is the value of the firm s stock given my assessment of the firm s current and future performance A loan officer may need to ask What is the credit risk involved in lending a certain amount of money to this firm How well is the firm managing its liquidity and solvency What is the firm s business risk What is the additional risk created by the firm s financing and dividend policies A management consultant might ask What is the structure of the industry in which the firm is operating What are the strategies pursued by various players in the industry What is the relative performance of different firms in the industry A corporate manager may ask Is my firm properly valued by investors Is our investor communication program adequate to facilitate this process A corporate manager could ask Is this firm a potential takeover target How much value can be added if we acquire this firm How can we finance the acquisition An independent auditor would want to ask Are the accounting policies and accrual estimates in this company s financial statements consistent with my understanding of this business and its recent performance Do these financial reports communicate the current status and significant risks of the business Financial statement analysis is a valuable activity when managers have .