Mai
Nguyen
Dawn of Finance
67
4.
Character
(
Ban lãnh đạo
)
management's
integrity and its
commitment to
repay the loan
management's
business
qualifications and
operating record
Soundness of
strategy
Management's ability to develop a sound strategy
Track record
Management's past performance in
executing its strategy and
operating the company without bankruptcies, restructurings, or
other distress situations that led to additional borrowing.
Accounting
policies and tax
strategies
Use of accounting policies and tax strategies that may be hiding
problems
Fraud &
malfeasance
record
Record of fraud or other legal and
regulatory problems
Prior treatment of
bondholders
Benefits to equity holders at the expense of debt holders, through
actions such as
debt-financed acquisitions
special dividends
5) Financial ratios used in credit analysis (Los 47.g, 47.h)
Credit analysis Capacity Company fundamentals Ratio analysis:
assess the
viability of a company
find trends over time
compare companies to industry averages and peers.
Profits &
Cash
flows
𝑬𝑩𝑰𝑻𝑫𝑨 = 𝒐𝒑𝒆𝒓𝒂𝒕𝒊𝒏𝒈 𝒊𝒏𝒄𝒐𝒎𝒆 + 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒄𝒂𝒕𝒊𝒐𝒏 & 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒂𝒕𝒊𝒐𝒏
Drawback: EBITDA not adjust for capital expenditures and
changes in working capital
𝑭𝑭𝑶 (𝒇𝒖𝒏𝒅𝒔 𝒇𝒓𝒐𝒎 𝒐𝒑𝒆𝒓𝒂𝒕𝒊𝒐𝒏)
= 𝒏𝒆𝒕 𝒊𝒏𝒄𝒐𝒎𝒆
𝒇𝒓𝒐𝒎 𝒄𝒐𝒏𝒕𝒊𝒏𝒖𝒊𝒏𝒈 𝒐𝒑𝒆𝒓𝒂𝒕𝒊𝒐𝒏
+ 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 & 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒂𝒕𝒊𝒐𝒏 + 𝒅𝒆𝒇𝒆𝒓𝒓𝒆𝒅 𝒕𝒂𝒙 + 𝒏𝒐𝒏𝒄𝒂𝒔𝒉 𝒊𝒕𝒆𝒎𝒔
FFO is similar to CFO except that FFO excludes changes in working capital.
𝒇𝒓𝒆𝒆 𝑪𝑭 𝒃𝒆𝒇𝒐𝒓𝒆 𝒅𝒊𝒗𝒊𝒅𝒆𝒏𝒅𝒔
= 𝒏𝒆𝒕 𝒊𝒏𝒄𝒐𝒎𝒆 + 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 & 𝒂𝒎𝒐𝒓𝒕𝒊𝒛𝒂𝒕𝒊𝒐𝒏
− 𝒊𝒏𝒄𝒓𝒆𝒂𝒔𝒆 𝒊𝒏 𝒘𝒐𝒓𝒌𝒊𝒏𝒈 𝒄𝒂𝒑𝒊𝒕𝒂𝒍 − 𝒄𝒂𝒑𝒊𝒕𝒂𝒍 𝒆𝒙𝒑𝒆𝒏𝒅𝒊𝒕𝒖𝒓𝒆𝒔
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