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Financial Statement Analysis 1 Accounting 516 Spring Ram TS Ramakrishnan 2018 Financial Statement Analysis tiny.cc/FSA516 Accounting Standards Code: http://aaahq.org/ascLogin.cfm AAA51452. Wharton Service: http://wrds-web.wharton.upenn.edu/wrds/ afa2017 2 Accounting 516 Ram TS Ramakrishnan Financial Statement Analysis Instructor: Ram T. S. Ramakrishnan Office hours: Mondays and Yhursdays 2-5 pm. 2300, University Hall; [email protected] (312) - 996 - 3270 Required Materials: Financial Statement Analysis and Valuation by Peter D. Easton, Mary Lea McAnally, Gregory A. Sommers and Xiao-Jun Zhang Publisher: Cambridge Business Publishers; 4th edition ISBN-10: 1618531042 ISBN-13: 978-1618531049 Please make sure you can access a copy of Pfizer-10-K-2 to the class every day. Accounting Standards Code: http://aaahq.org/ascLogin.cfm AAA51452. Wharton Service: http://wrds-web.wharton.upenn.edu/wrds/ afa2017 Learning Objectives At the end of the course, you will be able to identify the impact accrual accounting on financial statements. analyze how margins, turnover, operating and financial leverage affect return on equity distinguish the impact of alternate accounting methods on financial statements. analyze how alternate corporate structures and investments affect financial statements. The recent corporate accountability crises has focused the world's attention on what accounting reports can do and what it can not do. Accounting failures at AIG, Enron, WorldCom and numerous other firms has led to extensive reforms in the US. The Sarbanes-Oxley (2002) act includes many accounting and disclosure reforms. But these actions could not prevent the options backdating scandals of 2006- 07 or fair value crisis relating the lending crisis of 2008. Throughout these crises what was surprising was the lack of understanding of GAAP and financial statements by many Board of Directors and Wall Street Analysts. If one thinks of financial reporting as a game - the executives will try to put the firm in the best light under what GAAP allows, how could you as an analyst disentangle the information. This course will emphasize the use of published financial reports by decision makers external to the firm (e.g. investors and creditors). Within decision contexts, the usefulness of financial filings and empirical research in accounting and finance will be analyzed. You will gain insights into the intense controversies surrounding the promulgation of disclosure standards and you will better understand how you may influence and be influenced by this essentially political process. If you are interested in careers in investment banking, financial audits, equity research, private equity, risk analysis and in pursuing the CFA designation, this course is a must.. AAA51452 FUEy33Q You will also acquire knowledge about how capital markets react to accounting disclosures. What is 3 (and will be) the value impact of earnings, book value and other accounting information? We will consider the traditional models and also newer insights into the pricing of securities using free cash flows and economic value added. If somebody showed the statements of a firm to you, you should be to able to see the "inside" story, ask the right questions and value the firm. The dominant approach in this course will be fundamental analysis. Bankruptcy and risk prediction models and bond rating models that use accounting numbers will be evaluated. We will look at studies that try to explain variations in the P/E ratios and price to book ratios and earnings response coefficients. Studies that document market anomalies based on accounting numbers will be discussed last. You will also learn how to use large data bases like Compustat (for accounting information), CRSP (for stock prices and returns) and IBES (for analyst estimates). UICActg18 The standard prerequisites for this course are two courses in financial accounting (for example Accounting 500 and 502). If you have taken only Accounting 500, you may still take this course, if you are willing to put in some extra effort. Please fill the "Accounting Prerequisite Exemption Form" and bring it to the class to get my approval. The course uses real financial statements extensively and you should be familiar with annual reports. As a part of the course you will be analyzing and valuing one company (a company of your choice) thoroughly. For this, you may have to download 10 - Ks and other SEC filings. Course Requirements Individual Final 145 Midterm 115 Quiz: (out of 6) 5 • 20 100 In Groups Cases 4 80 Current Developments 3 30 Project 30 Total 500 4 Accounting 516 Ram TS Ramakrishnan Financial Statement Analysis For the latest version check tiny.cc/FSA516 # Thu Assignment Due 1 18-Jan Thu 2 25-Jan Thu Current Dev1 SEC, Ernst & Young @ Bally 3 1-Feb Thu Quiz 1 Cash Flow 4 8-Feb Thu Quiz 2 Profitability 5 15-Feb Thu Case 1 Walmart • Target 6 22-Feb Thu Quiz 3 Inventories 7 1-Mar Thu Case 2 Nucor 8 8-Mar Thu Quiz 4 LT Assets • Tax • Lease 9 15-Mar Thu Exam Midterm 10 22-Mar Thu Current Dev2 Worldcom 11 5-Apr Thu Case 3 Texaco 12 12-Apr Thu Quiz 5 Investments 13 19-Apr Thu Case 4 HomeDepot 14 26-Apr Thu Current Dev3 Lehman 15 3-May Thu Quiz 6 Debt and Equity Markets 16 3-May Thu Exam Final 1 Introduction Class discussion: Chapter 1, 01-Notes • First-class • Notes and Readings 01 Introduction Notes.pdf • 09 Handout.pdf • 51 Groupon Q.pdf • Book1.xlsx • Checklist 10K ¤ Credit Suisse.pdf • Economic & Institutional Setting.pdf • Links.docx • Pfizer 15 10K 1 Items.pdf • Pfizer 15 10K 2 Financial Review.pdf • Pfizer 15 10K 3 Financials.pdf • Pfizer 15 10K 4 Exhibit 21.pdf • Pfizer 15 Proxy Statement.pdf • Present Value 2 To 11.pdf • Present Value 4 To 12 11half.pdf • Present Value 7 To 14.pdf Groupon-Q • 10-K-Ending-123111 • S-1-August-10-2011 • S-1-September-23-2011 2 Cash Flow Analysis Accrual concept of income• Analysis of cash flow information• Effect of Acquisitrions• Class discussion: Appendix B • Pfizer-10-K: Construct the cash flow statement using other statements • Was Apple conservative or aggressive for revenue recognition • Analyze Lucent’s receivables 5 Notes and Readings 02 Notes Cash Flow • 51 AAPL Deferred Revenue • 52 Pfizer Cash Flows • 91 Deferrals and Accruals • 92 Bad Debts & CFO • 93 PP & E • ASC 230 Statement Of Cash Flows • Cash Flow Classification FASB Issues ¤ Deloitte • Cash Flow Statement ¤ Penman • Dividends and Interest ¤ McGladrey • Pfizer 15 10k 1 Items • Pfizer 15 10k 2 Financial Review • Pfizer 15 10k 3 Financials • Pfizer 15 10k 4 Exhibit 21 • Pfizer 15 Proxy Statement • Pfizer Analysis \AAPL\0 Apple Analysis • AAPL 08 10k Extract • AAPL 08 10k • AAPL 09 10k Extract • AAPL 09 10k Revised Extract • AAPL 09 10k Revised • AAPL 09 10k • AAPL 10 10k • AAPL EITF Lobbying • Accounting Shift Would Lift Tech Profits ¤ WSJ • Apple Gets a Bruise by Blaming ¤ WSJ • Apples Real Earnings Up Almost 125% ¤ Fortune • Apple’s Retail Army ¤ NYT • Day Apple Released Its iPhone Revenue Bomb ¤ Fortune • EA Shows Some Signs Of Progress Amid Loss [Q] • How Apple Sidesteps Billions In Taxes • How To Spend Apple's Cash • Revenue Stream; Spotlight On Apple's Hidden = ¤ Fortune \Chevron\Chevron CFO Needs To Boost Cash • Chevron CFO Needs To Boost Cash • Conference Call 2015 • Earnings Press Release • Transcript 2015 05 \Lucent\Earnings Management The Case Of Lucent Technologies • Lucent 1999 10k Valuation • Lucent 1999 10k • Lucent 1999 Financials §¤• Lucent 2000 Cash flow • Lucent 2000 • Lucent 99 Analysis • Lucent Slashes First Quarter Outlook Erases Revenue From Latest Quarter ¤ WSJ • The Ins & Outs Of Cash Flow Bloomberg \Methodology CF\Balance Sheet Changes To CF Statement • Cash Cushion How Big Is The = • Cash Flows In 7 Steps • Dividends & Interest Received ¤ McGladrey • EY Cash Flows • Puzzle Of The Cash Flow Statement \Operating CF Boosts\Cash Flow Hocus Pocus • Cash Flow Never Lies Or Does It Outside Audit • Operating Cash Flow Change In Accounting For \Other Cases CF\09 Handout • Baxter 10k Extract • Baxter 10k Financials • Baxter 10k Other pages • Baxter 10K • Baxter Analysis • Baxter profit up 7% in 4 \Readings CF\Altria Cigarette Lawsuits Light Up Kraft Spinoff Talk • Altria Ready To Consider Next Breakup [Q] • Cash Flow A Better Way To Know Your Bank ¤ CFO • Cash Flow Reigns Once Again • Credit Woes Hit In Unlikely Places ¤ WSJ • EBITDA Warts & All • Financial Statement Risk How To Minimize = ¤ CGMA • Free Cash Flow; Voluntary Disclosure Of = • Hertz Tries Too Hard To Buff Up Its Statements • History Of Telecoms • In India Clues Unfold To A Fraud Framework • Is Target Corp's Credit Too Generous • Looking For Cable's Moment In The Sun • Microsoft CFO ¤ McKinsey • Microsoft Dividend • On Or Of Where Accounting Meets Language • Raising Cash; Banks Offer Smaller Companies An Indirect Route To = ¤ WSJ • Steve Jobs Bonus Feb 2000 ¤ SJM News • Uncovering cash & insights from working capital ¤ McKinsey • Viacom's Dividend Loyalties ¤ WSJ • What Constitutes Cash; Firms Ponder = • Why Gadget Warranties Are (Almost) Never Worth It ¤ WSJ • Z How ATMs Work • Z Payables Cartoon 1 • Z Payables Cartoon 2 \Stock options\Options Rule Also Hits Operating Cash Flow • Options Rule Could Hit Cash Flows • Stock Options Pad Cash Flow Of Soaring Technology Issues ¤ WSJ \Too-Much-Cash\Apple’s Cash Pile Triggers Talk of Returns and Acquisitions The CFO Report ¤ WSJ • Buyers Of Corporate Debt Are Other Corporations = ¤ WSJ • Corporate Cash Umbrellas Too Big For This Storm ¤ WSJ 09 • Deloitte Cash Paradox • Firms Keep Stockpiles Of 'Foreign' Cash In US • How Will Cash Rich Firms Share Profits 13 • Many US Companies Sitting Tight On Plump Cash Cushions • Record Cash Hoard Concentrated • Suddenly Flush Airlines Debate How To Use Cash • Too Much Cash 04 • Top Us Firms Are Cash Rich Abroad 12 • We Don’t Want Your Cash ¤ WSJ • Where To Steer Cashq 6 3 Profitability Common size statements; Operating Return; Categories of ratios; Integrated ratio analysis.
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