Shadowing Practice: Financial Analysis Fundamentals | Course Module - Learn English Speaking with Video
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163 משפטים
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Welcome to CFI's Highly Applied and Practical Financial Analysis Fundamentals.
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Financial analysis is really critical to understanding a company's past performance as well as its future prospects.
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The insight you can gain from financial analysis can really help businesses improve their profitability,
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their cash flows, and really their enterprise value.
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In this course, we'll cover a wide range of concepts.
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We'll look at how to undertake a comprehensive financial analysis using a wide range of different types of ratios.
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For example, we'll look at ratios to analyze the income statement and profitability.
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We'll then look at ratios to analyze operating assets and asset utilization.
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We'll also look at ratios that help us better understand a business's capital structure.
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The real intent of this analysis is to make recommendations on how a business can improve its operations,
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its capital structure, and even how it utilizes its assets.
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We'll then explore the importance of trend analysis and benchmarking performance against both a peer group and the industry at large,
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as well as the importance of using data visualization tools to make your analysis really come to life.
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And finally, we'll look at the DuPont Pyramid of Ratios,
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which looks at how we can combine various ratios together to get a more comprehensive view of a business.
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Now, in this course, you're going to watch video lectures, followed by interactive exercises, as well as comprehensive financial analysis case studies,
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where we together are going to calculate ratios for three different retailers in the same industry
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and then benchmark them against each other.
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We'll also include assessments along the way so you can test your knowledge.
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Let's start by outlining a best practice approach to undertaking financial analysis.
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There are four essential steps that can help you gain valuable insight into a business's financial health and performance.
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The first step is to gather multiple years of historic financial statements.
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These statements typically include the income statement, the balance sheet, and the cash flow statement.
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By examining data from multiple years, you can observe patterns and trends, providing a more comprehensive view of a company's financial performance.
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Now, once you've collected the financial statements, it's time to calculate financial ratios.
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Now, financial ratios are powerful tools that allow you to assess a company's performance and compare it to the industry.
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Some commonly used ratios include liquidity ratios, profitability ratios, and solvency ratios.
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By calculating these ratios, you can gain insights into the company's liquidity, profitability, efficiency, and overall financial stability.
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With the calculated financial ratios in hand, it's then crucial to interpret them effectively.
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You want to look for trends and patterns that emerge from the ratios and try to uncover the stories behind the numbers.
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For example, a declining profitability ratio may indicate inefficiencies or increased competition,
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while a constant growth in liquidity ratio may suggest a strong cash position.
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By delving deeper into these ratios, you can better understand the company's financial strengths and weaknesses.
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Finally, to gain a broader perspective on a company's performance, it's important to benchmark the calculated ratios against an appropriate peer group or industry.
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This comparison allows you to evaluate how the company fares in relation to its competitors or the industry as a whole.
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By benchmarking, you can identify areas where the company excels or falls behind, helping you pinpoint opportunities for improvement.
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Remember, financial analysis is also an ongoing process that requires continuous monitoring and adjustment.
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By following these four steps, getting historic financial statements, calculating financial ratios, interpreting the ratios, and then benchmarking against peers,
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you'll be equipped to make informed decisions and uncover valuable insights into a business's financial health.
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jumping into the financial ratios themselves,
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I want to share with you five really important tips that can enhance the quality and the accuracy of your financial analysis.
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First, when conducting financial analysis, I really recommend that you gather a minimum of five years of historic financial performance.
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This time frame allows you to observe longer term trends and better assess the company's stability and consistency over time.
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A longer history of financial data provides a much more comprehensive understanding of a business's performance,
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and it also makes it much easier to identify patterns and make informed decisions.
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Next, to ensure accuracy and maintain transparency in your financial analysis,
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it's crucial to make your calculations in Excel or a spreadsheet software.
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By organizing your calculations in a very systematic manner,
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you can then easily trace the numbers back to the financial statements and ensure the accuracy of your ratio calculations.
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Transparent, visible calculations also enable you to share your analysis with others and facilitate more robust review processes.
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Identifying an appropriate peer group is also a key step in benchmarking your financial analysis.
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However, it's important to note that finding two companies that are perfectly similar is going to be really challenging.
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Instead, try to aim to select companies that operate in the same industry or share similar business models.
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While the peer group might not be a perfect match, it can still provide valuable insights into how the company performs relative to its competitors.
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When working with financial ratios, it's also advisable to keep adjustments to a minimum.
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Adjusting ratios introduces additional complexity and increases the likelihood of errors creeping into your analysis.
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If adjustments are necessary, document them clearly and make sure to review and validate them regularly.
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Minimizing adjustments allows for a more accurate assessment of a company's financial performance relative to others.
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Finally, in academic settings, when calculating financial ratios that involve balance sheet items,
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it's common practice to see balance sheet averages.
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For example, the average of the current year, which is called the closing balance, and the prior year, which is called the opening balance.
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However, in practice, virtually all analysts use current year closing balances rather than average balances.
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We are going to break our ratios into two large categories and four subcategories.
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First, we have performance ratios.
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Performance ratios speak to how a company is doing, what returns and profitability is it delivering to stakeholders,
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and how efficiently it's making use of its assets.
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Financial leverage ratios, in contrast, look at both solvency and liquidity.
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Solvency ratios focus on a company's long-term financial health and its ability to meet long-term obligations,
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while liquidity ratios assess the company's short-term cash position and its ability to handle immediate financial needs and obligations.
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Both solvency and liquidity are important considerations when evaluating a company's financial well-being.
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We are going to start our financial analysis journey by focusing on return and profitability ratios.
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Before diving into our return and profitability ratios, let's do a quick recap of the three financial statements.
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First is the income statement, also referred to as the statement of profit and loss or P&L, which shows what a business has earned as revenues, what it's paid out in expenses,
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and the resultant profit or loss for a given period.
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The balance sheet, also known as the statement of financial position, shows what a business owns, its assets, what it owes,
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its liabilities, and what it's worth, its equity, at a particular point in time.
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The statement of cash flows shows how a business has generated or used cash for operating, investing, or financing activities.
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We're starting with return ratios, and for return ratios, we're going to need both the income statement and the balance sheet,
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while for the profitability ratios that we'll do next, we only are going to need the income statement.
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So let's get started.
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Return ratios are essential in evaluating investment returns.
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Two widely used ratios are return on assets, sometimes referred to simply as ROE, and return on equity, sometimes referred to as simply ROE.
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Now for each of these ratios, we compare the bottom line profit from the income statement.
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That's known as net income, net earnings, or net profit.
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Yes, they're all synonyms for the same thing.
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And we compare that to either total assets and the return on assets ratio, or to total shareholders equity and the return on equity ratio.
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Another important ratio, though less common, is return on invested capital, or ROIC.
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With ROIC, we aim to assess the returns not only to equity investors, but to all capital providers, including debt holders.
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In this case, we calculate a profit figure called net operating profit after tax, commonly referred to as simply NOPAT.
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Now, NOPAT is derived by taking EBIT, or earnings before interest in tax, which is also sometimes referred to as operating profit from the income statement
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and then multiplying it by one minus the tax rate.
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Now let's discuss a fundamental principle
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that should always be at the forefront of your mind
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when conducting financial analysis and that is comparing apples to apples and oranges to oranges.
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This principle emphasizes the importance of ensuring that the metrics being compared are of the same nature and relevance.
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So let's revisit the return on equity ratio.
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Since the profit that belongs to shareholders is net income, we divide shareholder profit or net income by equity to calculate return on equity.
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This ratio specifically focuses on the returns generated for equity investors.
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Now let's return to ROIC.
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Here we need to incorporate a profit metric that encompasses both shareholders and debt holders.
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Hence, we calculate a profit figure that excludes interest expenses representing the returns to debt holders.
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Okay, let's now calculate some of these ratios in Excel.
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Before we do that, I want to explain the layout of this Excel workbook.
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There's been a lot of intention behind the layout of the workbook so that it's easy to follow, easy to check for errors, and so on.
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So let's look at each sheet.
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This is the completed workbook for one of our companies called Big Retailer.
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We're going to work through a blank copy and calculate the ratios.
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So it's really important to have a cover page that explains what the model does.
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And there are hyperlinks to the various pages in the workbook.
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Our financial statements are on the second tab.
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And we've intentionally kept them all on one sheet.
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And I'll just flag we go to income statement.
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Then we go to the cash flow statement.
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And then we can go down to the balance sheet.
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And then finally, we'll need this.
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There are some extra calculations that come from those three financial statements.
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One is how do we calculate our net operating profit after tax?
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And how do we calculate invested capital?
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As well as how do we calculate something called net assets?
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Next, we have our ratio calculations.
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And this is really critical to make your template easy to follow and check for errors.
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We could have hidden all these calculations.
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So here's our return on equity.
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And we could have, I'm going to just do this right now.
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We could have just done this and put the formulas right in the cell.
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So like in cell 08, we just would link those to the financial statements.
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That's okay, but it's hard to follow and it's harder to find errors.
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So instead, it's really important to show your calculations and break things down into steps.
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Whoops.
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Let me go a bit more.
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So here we have the net income number.
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We can make sure they're matching along the way, and it allows us to follow through to the calculation.
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If we want to make it look pretty later, again, we can always hide rows or columns as I was just doing.
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Two of the output sheets are something called a three-step DuPont pyramid and a five-step DuPont pyramid.
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And I'm just going to zoom in.
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You want to be thinking about the layout.
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This is where a learner or reader may go immediately.
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So let me just zoom in and I'll zoom in a bit more.
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and you can see we have it color-coded so
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that we can look for trends and we'll explain more as we go through the course what this DuPont pyramid is about,
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but it's an output sheet that is driven by our racial calculation sheet.
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So you always want to have your input separated from your processing calculations, which is our ratio calculation sheet, from your outputs.
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In this case, we have two output sheets, one called a three-step DuPont pyramid and one of five-step.
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We have been using CFI's best practice modeling guidelines throughout this workbook.
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So just another thing to note, if you're new to CFI.
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Blue is for inputs and black is for where you're linking it to another cell.
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So our inputs are in blue and anything in black means that it's linked to another cell.
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Okay, next thing I just want to flag is we're going to look at three retailers.
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These three retailers, big retailer, mid retailer, and small retailer are actually based on real companies.
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Big retailer is based on a general merchandiser who sells clothes
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and household goods as well as groceries for a very large retailer that operates in 30 plus countries.
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Our mid retailer is in the same space general merchandising with groceries
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but only operates in about 10 different countries
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and our small retailer does the same thing as the other two but only operates in one country.
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I'm going to demo first always by going to big retailer.
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Then I'm going to give you the option to have a second go at mid retailer.
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And then we will test your knowledge with small retailer.
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Now, if you already figured it out with big retailer,
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please feel free to skip the mid retailer activity and go right to the small retailer.
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You'll see what I mean as we do this first section.
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Okay, let's get started.
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Continue learning.
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Join CFI today.
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אוצר מילים והערות הגייה לשיעור הזה
שיעור הדיבור הזה ברמה C1 מבוסס על הסרטון “Financial Analysis Fundamentals”. המילים שחוזרות הכי הרבה: ratio, financial, statement, return, analysis. בסרטון הזה יש 163 משפטים ו-2302 מילים לתרגול Shadowing. הדיבור נמשך 16:08. הדובר שומר על קצב יציב של כ-143 מילים בדקה, קצב נוח לתרגול Shadowing. רק 78% מהמילים נמצאות בין 3,000 המילים הנפוצות ביותר באנגלית, כך שאוצר המילים מאתגר.
אוצר מילים מרכזי בסרטון הזה
15 המילים המתקדמות ביותר בסרטון, עם ההגייה והמשמעות שלהן:
| מילה | הגייה | משמעות |
|---|---|---|
| calculate פועל | /ˈkælkjʊleɪt/ | חישב \ חִשֵּׁב |
| calculation שם עצם | /ˌkælkjuˈleɪʃn̩/ | חִשׁוּב \ חישוב |
| pyramid שם עצם | /ˈpɪɹ.ə.mɪd/ | פִּירָמִידָה |
| shareholder שם עצם | /ˈʃɛəˌhəʊl.də(ɹ)/ | בַּעַל מְנָיוֹת |
| adjustment שם עצם | /əˈd͡ʒʌst.mənt/ | כִּוּוּן |
| groceries שם עצם | /ˈɡɹoʊ.s(ə.)ɹiz/ | מִצְרָכִים, קְנִיּוֹת |
| interpret פועל | /ɪnˈtɜː.pɹɪt/ | דּוֹבֵב |
| competitor שם עצם | /kəmˈpɛt.ɪ.tɚ/ | מִתְחָרֶה, מתחרה |
| metric שם תואר | /ˈmɛt.ɹɪk/ | מֶטְרִי |
| investor שם עצם | /ɪnˈvɛs.tə(ɹ)/ | מַשְׁקִיעַ |
| hyperlink שם עצם | /ˈhaɪpə(ɹ)ˌlɪŋk/ | קישור \ קִשּׁוּר |
| template שם עצם | /ˈtɛm.plɪt/ | תַּבְנִית, שַׁבְּלוֹנָה |
| excel פועל | /ɪkˈsɛl/ | הצטיין |
| exclude פועל | /ɪksˈkluːd/ | לא הכליל |
| intentionally תואר הפועל | /ɪnˈtɛn(t)ʃənəli/ | ביד רמה |
דקדוק בסרטון הזה
המבנים שהדובר משתמש בהם הכי הרבה, עם המילים המדויקות מהסרטון:
| מבנה | בסרטון |
|---|---|
| סביל (Passive voice) be + past participle — הדגש הוא על מה שקורה, לא על מי שעושה את הפעולה | be equipped · is called · is derived |
| הווה מושלם (Present perfect) have/has + past participle — פעולה שקרתה בעבר ועדיין יש לה חשיבות או השפעה עכשיו | you've collected · has earned · has generated |
| משפטי זיקה (Relative clauses) who / which + clause — מידע נוסף על אדם או דבר | year, which is · tax, which is · calculations, which is |
הגייה ששווה לשים לב אליה
הדובר משתמש ב-30 קיצורים וצורות מקוצרות, כמו we'll, I'm, we're. אמרו אותם בצורה הקצרה, כפי שאתם שומעים אותם.
- הצלילים של “sh” ו-“zh”: calculation /ˌkælkjuˈleɪʃn̩/, benchmark /ˈbɛn(t)ʃmɑːk/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, obligation /ˌɑ.blɪˈɡeɪ.ʃn̩/, spreadsheet /ˈspɹɛd.ʃit/
- מילים ארוכות — שימו לב להטעמה: profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, liquidity /lɪkˈwɪdəti/, competitor /kəmˈpɛt.ɪ.tɚ/, undertaking /ˈʌndə(ɹ)ˌteɪkɪŋ/, intentionally /ɪnˈtɛn(t)ʃənəli/
צלילים שדוברי עברית מתקשים בהם:
- /w/ — שפתיים מעוגלות, לא /v/: liquidity /lɪkˈwɪdəti/, workbook /ˈwɝk.bʊk/, equip /ɪˈkwɪp/
- /æ/ — פתוח יותר מה-“אֶ” העברית, לא כמו “a” ב-“cup”: calculate /ˈkælkjʊleɪt/, calculation /ˌkælkjuˈleɪʃn̩/, analyze /ˈæn.əˌlaɪz/, systematic /ˌsɪs.tɪˈmæt.ɪk/, transparency /tɹænsˈpæɹənsi/
- /r/ — הלשון לא נוגעת בשום מקום, לא ה-“ר” הגרונית: retailer /ˈɹiteɪlɚ/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, pyramid /ˈpɪɹ.ə.mɪd/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, groceries /ˈɡɹoʊ.s(ə.)ɹiz/
איך לתרגל עם הסרטון הזה
- הקשיבו לכל הסרטון פעם אחת בלי לדבר, ורשמו את המילים שאתם לא מכירים.
- תרגלו Shadowing משפט אחר משפט במהירות רגילה, וחזרו על כל משפט עד שהקצב שלכם תואם את הדובר.
- הקליטו את עצמכם והשוו למקור, תוך תשומת לב למילים כמו calculate, calculation, pyramid.
מהי טכניקת השאדואינג?
שאדואינג היא טכניקת למידת שפה מבוססת מדע שפותחה במקור להכשרת מתורגמנים מקצועיים ופופולרית על ידי הפוליגלוט ד"ר אלכסנדר ארגואלס. השיטה פשוטה אך עוצמתית: אתה מקשיב לאודיו באנגלית ילידית וחוזר עליו בקול רם מיד — כמו צל העוקב אחרי הדובר עם עיכוב של 1–2 שניות בלבד. בניגוד להאזנה פסיבית או תרגילי דקדוק, שאדואינג מכריח את המוח והשרירים בפה לעבד ולשחזר דפוסי דיבור אמיתיים בו זמנית. מחקרים מראים שזה משפר משמעותית את דיוק ההגייה, האינטונציה, הקצב, הדיבור המחובר, הבנת השמיעה ושטף הדיבור — מה שהופך אותו לאחת השיטות היעילות ביותר להכנה לIELTS Speaking ולתקשורת באנגלית בעולם האמיתי.