Ebook Strategic management and business policy (13th edition): Part 2
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Ebook Strategic management and business policy (13th edition): Part 2
PARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2CFRA), works with a staff of 15 analysts to screen financial databases and analyze I public financial filings of 3,600 companies, looking for inconsistencies and aggres-sive accounting methods. Schilit calls this search for hidden weaknesses in a com-pany's performance forensic accounting. "I'm like Ebook Strategic management and business policy (13th edition): Part 2 an investigative reporter," explains Schilit. "I'm interested in finding companies where the conventional wisdom is that they're very healthy, but ifEbook Strategic management and business policy (13th edition): Part 2
you dig a bit deeper, you find the emperor is not wearing the clothes you thought."’ He advises anyone interested in analyzing a company to look deepPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2ion as "goodwill” assets related to the purchases, it concluded that Kraft was padding its earnings with one-time gains. According to Schilit, unusually high goodwill gains related to recent acquisitions is a red flag that suggests an underlying problem.Schilit proposes a short checklist of items to Ebook Strategic management and business policy (13th edition): Part 2 examine for red flags:■ Cash flow from operations should exceed net income: If cash flow from operations drops below net income, it could mean that tEbook Strategic management and business policy (13th edition): Part 2
he company is propping up its earnings by selling assets, borrowing cash, or shuffling numbers. Says Schilit, "You could have spotted the problems at PARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2ng accounts receivable with expected future sales and by making sales to customers who are not credit worthy. "It's like mailing a contract to a dead person and then counting it as a sale," says Schilit.3■ Gross margins should not fluctuate over time: A change of more than 2% in either direction fro Ebook Strategic management and business policy (13th edition): Part 2m year to year is worth a closer look. It could mean that the company is using other revenue, such as sales of assets or write-offs to boost profits.Ebook Strategic management and business policy (13th edition): Part 2
Sunbeam reported an increase of 10% in gross margins just before it was investigated by the SEC.■ Examine carefully information about top management aPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2 Two years later. Checkers' huge debt caused its stock to fall 85% and all three family members were forced out of the company.Learning ObjectivesAfter reading this chapter, you should be able to:■Research the case situation as needed■Analyze financial statements by using ratios and common-size stat Ebook Strategic management and business policy (13th edition): Part 2ements■ Use the strategic audit as a method of organizing and analyzing case informationFootnotes are important: When companies change their accountinEbook Strategic management and business policy (13th edition): Part 2
g assumptions to make the statements more attractive, they often bury their rationale in the footnotes. Schilit dislikes companies that extend the depPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2Schilit makes his living analyzing companies and selling his reports to investors. Annual reports and financial statements provide a lot of information about a company's health, but it's hard to find problem areas when management is massaging the numbers to make the company appear more attractive th Ebook Strategic management and business policy (13th edition): Part 2an it is. That's why Michelle Leder created her Web site. www.footnoted.org. she likes to highlight "the things that companies bury in their routine SEbook Strategic management and business policy (13th edition): Part 2
EC filings.This type of in-depth, investigative analysis is a key part of analyzing strategy cases. This chapter provides various analytical techniquePARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2method of teaching strategy and policy for many years. The case method provides the opportunity to move from a narrow, specialized view that emphasizes functional techniques to a broader, less precise analysis of the overall corporation. Cases present actual business situations and enable you to exa Ebook Strategic management and business policy (13th edition): Part 2mine both successful and unsuccessful corporations. In case analysis, you might be asked to critically analyze a situation in which a manager had to mEbook Strategic management and business policy (13th edition): Part 2
ake a decision of long-term corporate importance. This approach gives you a feel for what it is like to face making and implementing strategic decisioPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2ase unless your instructor states otherw ise. You should, if possible, undertake outside research about the environmental setting. Check the decision date of each case (typically the latest date mentioned in the case) to find out when the situation occurred and then screen the business periodicals f Ebook Strategic management and business policy (13th edition): Part 2or that time period. An understanding of the economy during that period will help you avoid making a serious error in your analysis, for example, suggEbook Strategic management and business policy (13th edition): Part 2
esting a sale of stock when the stock market is at an all-time low' or taking on more debt when the prime interest rate is over 15%. Information aboutPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2nless directed to do so by your instructor.Use computerized company and industry information services such as Compustat, Compact Disclosure, and CD/lntcmational. available on CD-ROM or online at the library. On the Internet. Hoover’s OnLine Corporate Directory (www.hoovers.com) and the Security Exch Ebook Strategic management and business policy (13th edition): Part 2ange Commission's Edgar database (www.scc.gov) provide access to corporate annual reports and 10-K forms. This background will give you an appreciatioEbook Strategic management and business policy (13th edition): Part 2
n for the situation as it was experienced by the participants in the case. Use a search engine such as Google to find additional information about thePARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2ners survey firm. X out of 10 portfolio managers and 75% of security analysts use annual reports when making decisions.6 They contain not only the usual income statements and balance sheets, but also cash flow statements and notes to the financial statements indicating why certain actions were taken Ebook Strategic management and business policy (13th edition): Part 2. 10-K forms include detailed information not usually available in an annual report. SEC 10-Q forms include quarterly financial reports. SEC 14-A formEbook Strategic management and business policy (13th edition): Part 2
s include detailed information on members of a company's board of directors and proxy statements for annual meetings. Some resources available for resPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2 profiled in a particularcase. ask your instructor if doing so is appropriate for your class assignment. Your strategy instructor may want you to stay within the confines of the case information provided in the book. In this case, it is usually acceptable to at least learn more about the societal en Ebook Strategic management and business policy (13th edition): Part 2vironment al the lime of the case.12.3Financial Analysis: A Place to BeginOnce you have read a case, a good place to begin your analysis is with the fEbook Strategic management and business policy (13th edition): Part 2
inancial statements. Ratio analysis is the calculation of ratios from data in these statements. It is done to identify possible financial Strengths orPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (C Ebook Strategic management and business policy (13th edition): Part 2int some problem areas. Ratios arc useful regardless of firm size and enable you to compare a company’s ratios with industry averages. Table 12-1 lists some of the most important financial ratios, which arc (1) liquidity ratios. (2) profitability ratios. (3) activity ratios, and (4) leverage ratios. Ebook Strategic management and business policy (13th edition): Part 2https://khothuvien.cori!CHAPTER 12 Su.Financial Ratio AnalysisHOWFormulaExpressed MeaningI. Liquidity RatiosPARTIntroduction toCase AnalysisCHAPTER12 suggestions for Case AnalysisK^bk Howard Schilit, founder of the Center for Financial Research & Analysis (CGọi ngay
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