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论文作者:www.51lunwen.org论文属性:报告 Report登出时间:2015-04-26编辑:felicia点击率:13503
论文字数:论文编号:org201504232052323131语种:英语 English地区:澳大利亚价格:免费论文
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摘要:这是一篇financial analysis report范文,希望大家通过这篇文章的学习能够增强自己的财务理论和财务相关知识。
3. Prospective analysis
Prospective analysis enables us to determine future performance of the firm based on historical performance of the company. Here will be determining the mean return for sales and earning before interest & taxes (EBIT) . Using those mean returns we will be making a sales forecast and EBIT forecast.
3.1 Sales and EBIT forecast
In determining the sales growth, I have considered the following assumptions-
Past trend of sales is going to continue in the following years.
Firm is not going to bring a major change in its pricing policy.
The foundation for sales & EBIT growth is historical sales & EBIT growth and I have used mean reverting model to determine the future sales growth, in which future sales & EBIT growth will be mean return of last 4 years sales growth. I have not taken the 5 year sales & EBIT growth because EBIT growth rate is to high in 2002 (73%) which could adversely effect the mean return considering present situation of Coles.
Using the mean reverting model we are able to find out a growth rate of sales for 7.64% & EBIT growth rate of 11.87%. Using these growth rates we will be able to make a sales forecast & EBIT forecast. This forecast will help in proper valuation of Coles on the basis of its predicted future performance.
Using the growth rates we can forecast the sales and EBIT for Coles which helps an analyst in a fair valuation of the company. The main reason we use the sales growth as a base for forecasting, is that the majority of firm income is derived from its supermarket business.
This forecast suffers from one serious shortcoming that EBIT growth has fallen from 34.31% in 2004 to 11.16% in 2005 and then to -17.07% in 2006 but we are still predicting a growth in EBIT of 11.87% in 2007 and thereafter.
4. Conclusion
I have gone through the multi-step process of ratio analysis, cash flow analysis and prospective analysis to present a report on financial analysis本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。