1、投资学 SCAU1.财务分析的财务分析的5个角度个角度201009投资学 SCAU2.成长性成长性o 销售增长的4个来源201009投资学 SCAU谨慎看待并购谨慎看待并购201009投资学 SCAU增长质量增长质量201009投资学 SCAUIBM201009投资学 SCAU201009IBM公司：公司：降低所得税率降低所得税率降低管理和销售费用、成本降低管理和销售费用、成本回购回购Overfund Pension Plan投资学 SCAUDEFINITION of Overfunded Pension Plano A company retirement plan that has mor
2、e assets than liabilities.In other words,there is a surplus amount of money needed to cover current and future retirements.Although the surplus can legally be recorded as company income,it cannot be paid out to corporation shareholders like other income as it is reserved for current and future retir
3、ees.o201009投资学 SCAU3.盈利能力201009投资学 SCAUROA：Return on Assets201009投资学 SCAU201009投资学 SCAUROE：Return on Equity201009投资学 SCAU201009投资学 SCAU201009投资学 SCAU201009投资学 SCAUFCF:Free Cash Flow201009投资学 SCAU201009投资学 SCAUo I think its reasonable to say that any firm thats able to convert more than 5 percent of
4、sales to free cash flow-just divide free cash flow by sales to get this percentage-is doing a solid job at generating excess cash.201009投资学 SCAUROE vs FCF201009投资学 SCAU201009投资学 SCAU201009投资学 SCAU201009投资学 SCAUROIC:Return on Invested Capital201009The numerator of thls equation IS easy:profits after
5、taxes,but before Interest costs投资学 SCAU201009投资学 SCAU201009投资学 SCAU4.财务安全财务安全201009投资学 SCAU权益负债比率权益负债比率201009投资学 SCAU已获利息倍数已获利息倍数201009投资学 SCAU201009投资学 SCAU201009投资学 SCAU流动比率、速动比率o The current ratio(current assets divided by current liabilities)201009投资学 SCAUo the quick ratio,which is simply current assets less inventories divided by current liabilities201009
