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Chapter1OverviewofFinancialReporting,FinancialStatementAnalysis,andValuationSix-StepProcessChapter:012STEP1:IdentifytheIndustryEconomicCharacteristicsEconomiccharacteristicsandcompetitivedynamicsinfluencesthestrategiesfirmswillemploy.Analystshouldconsidertheeconomiccharacteristicsandcompetitivedynamicswhileanalyzingandforecastingfinancialstatements.Chapter:013STEP1:IdentifytheIndustryEconomicCharacteristicsChapter:014ToolsforStudyingIndustryEconomicsValuechainanalysisPorter’sFiveForcesclassificationframeworkEconomicAttributesFrameworkChapter:015ValueChainAnalysisChapter:016Porter’sFiveForcesClassificationFrameworkHorizontalcompetitionRivalryamongExistingFirmsThreatofNewEntrantsThreatofSubstitutesVerticalcompetitionBuyerPowerSupplierPowerChapter:017RivalryamongExistingFirmsOftenthefirstorderofcompetition.Industriesarecharacterizedby:Concentratedrivalry.Diffuserivalry.Greatertheindustryconcentration,thelowerthecompetitionbetweenexistingrivalsandthusthemoreprofitablethefirmswillbe.Chapter:018ThreatofNewEntrantsHoweasilycannewfirmsenteramarket?Arethereentrybarriers?Dotheexistingrivalshavedistinctcompetitiveadvantagesmakingitdifficultforotherfirmstoenterandcompete?Ifso,firmsintheindustrywilllikelygeneratehigherprofitsthanifnewentrantscanenterthemarketeasily.Chapter:019ThreatofSubstitutesHoweasilycancustomersswitchtosubstituteproductsorservices?Howlikelyaretheytoswitch?Withclosesubstitutes,competitionincreasesandprofitabilitydecreases.Uniqueproductswithfewsubstitutes,enhanceprofitability.Chapter:0110BuyerPowerRelatestotherelativenumberofbuyersandsellersintheindustryandtheleveragebuyershavewithrespecttoprice.Relatestobuyers’pricesensitivityandtheelasticityofdemand.Arethebuyerspricetakersorpricesetters?Chapter:0111SupplierPowerRelatestoleverageinnegotiatinginputpricesfromsuppliers.Ifanindustryhasalargenumberofpotentialbuyersofinputsthatareproducedbyrelativelyfewsuppliers,thesupplierswillhavegreaterpowerinsettingpricesandgeneratingprofits.Chapter:0112EconomicAttributesFrameworkDemandSupplyManufacturingMarketingInvesting&FinancingChapter:0113STEP2:

IdentifyTheCompanyStrategiesFrameworkforStrategyAnalysisNatureofproductorserviceIntegrationwithinvaluechainGeographicaldiversificationIndustrydiversificationChapter:0114STEP2:

IdentifyTheCompanyStrategiesNatureofProductorServiceProductdifferentiationstrategyUniqueproductsAchievingrelativelyhighprofitmarginsLow-costleadershipstrategyNon-differentiatedproductsAcceptingalowerprofitmargininreturnforahighersalesvolumeandmarketshareChapter:0115STEP2:

IdentifyTheCompanyStrategiesIntegrationinValueChainManufacturing:Isthefirmconductingallmanufacturingoperationsitselforoutsourcingallmanufacturingoroutsourcingthemanufacturingofcomponentsbutconductingtheassemblyoperationin-house?Distribution:Isthefirmmaintainingcontroloverthedistributionfunctionoroutsourcingit?Chapter:0116STEP2:

IdentifyTheCompanyStrategiesGeographicalDiversificationIsthefirmtargetingitsproductstoitsdomesticmarketorintegratinghorizontallyacrossmanycountries?IndustryDiversificationIsthefirmoperatinginasingleindustryordiversifyingacrossmultipleindustries?Chapter:0117STEP3:AssessTheQualityOfTheFinancialStatementsIncomeStatementBalanceSheetStatementofCashFlowsStatementofShareholders’EquityStatementofComprehensiveIncome Firstfourstatementsarerequired;mostcompaniesincludeallfive.Chapter:0118STEP3:AssessTheQualityOfTheFinancialStatementsBalanceSheetorStatementoffinancialposition.Assets=Liabilities+Shareholders’EquityAssetsportionofthebalancesheetreportstheeffectsofafirm’soperatingdecisionsandinvestingdecisions.Liabilitiesandshareholders’equityportionofthebalancesheetreportsobligationsthatarisefromafirm’soperatingdecisionsandfinancingdecisions.Chapter:0119STEP3:AssessTheQualityOfTheFinancialStatementsAssetsAfirmcanrecognizeasassetsonlythoseresources:

forwhichithastherightstofutureeconomicbenefitsasaresultofapasttransactionorevent.forwhichthefirmcanpredictandmeasure,thefuturebenefitswithareasonabledegreeofprecisionandreliability.CategorizedintoCurrentAssets,Investments,Property,Plant,andEquipmentandIntangibles.Chapter:0120STEP3:AssessTheQualityOfTheFinancialStatementsLiabilitiesReflectmanagers’expectationsoffuturesacrificesofresourcestosatisfyexistingobligations.Categorizedinto:Currentliabilities:includesobligationsafirmexpectstosettlewithinoneyear.Noncurrentliabilities:includeslong-termdebtobligations,otherliabilities,anddeferredincometaxes.Chapter:0121STEP3:AssessTheQualityOfTheFinancialStatementsShareholders’EquityFirmsresidualinterestorclaim.Itincludes:Amountsinitiallycontributedbyshareholdersforaninterestinafirm.Cumulativenetincomeinexcessofdividendsdeclared.Shareholders'equityeffectstherecognitionorvaluationofcertainassetsorliabilities.Treasurystock.Chapter:0122STEP3:AssessTheQualityOfTheFinancialStatementsIncomeStatement-MeasuringOperatingPerformanceProvidesinformationabouttheprofitabilityofafirmforaperiodoftime.Underaccrualbasisofaccounting,revenuewhenisrecognizedwhen:Ithascompletedall(orsubstantiallyall)oftherevenue-generatingprocessbydeliveringproductsorservicestocustomers.Itisreasonablycertainithassatisfiedaliabilityorgeneratedanassetthatitcanmeasurereliably.Chapter:0123STEP3:AssessTheQualityOfTheFinancialStatementsStatementOfCashFlowsAssessesafirm’spastabilitytogeneratefreecashflowsandforpredictingfuturefreecashflows.Categories:OperatingInvestingFinancing

Transactionsnotdirectlyinvolvingcasharedisclosedeitherinasupplementaryscheduleorinanotetothestatementofcashflows.Chapter:0124STEP4:

Analyze

ProfitabilityandRiskTools:Common-sizefinancialstatementsPercentagechangefinancialstatementsFinancialStatementRatiosProfitability:EPS,ROCEetc.Risk:CurrentRatio,DebttoEquityRatioetc.Chapter:0125STEP5:PrepareForecastedFinancialStatementsForecastsaretheinputsintovaluationm

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