Company
fundamentals
Competitive position
Market share changes over time
Cost structure relative to peers
Operating history.
performance of the company over different phases of
business cycle
trends in margins and revenues,
current management's tenure.
Management's strategy and execution.
soundness of the strategy,
ability to execute the strategy,
effects of management's decisions on bondholders.
Ratios and ratio analysis leverage and coverage ratios
2. Collateral
(
TSĐB
)
assess value of
the company’s
asset in relation to
the level of debt
more
important for less
creditworthy
companies
Intangible assets
Patents high-quality intangible assets because they can be
more easily sold to generate cash flows
Goodwill not considered a high-quality intangible asset and
is usually written down when company performance is poor.
Depreciation
High depreciation expense relative to capital expenditures may
signal that management is not investing sufficiently in the company
Equity market
capitalization
A stock that trades below book value company assets are of low
quality
Human and
intellectual capital
difficult to value, but a company may have intellectual property
that can function as collateral
3. Covenants
(
Điều khoản điều
kiện
)
terms and
conditions the
borrowers and
lenders have
agreed to as part
of a bond issue
Affirmative
covenants
require the borrower to take certain actions, such as:
paying interest, principal, and taxes;
carrying insurance on pledged assets;
maintaining certain financial ratios within prescribed
limits.
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