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Слайды и текст к этой презентации:
№1 слайд![Erasmus Mundus Joint Master](/documents_6/568e27588869c03b044ea8592980e9df/img0.jpg)
Содержание слайда: Erasmus Mundus Joint Master in Economics and Management of Network Industries (2015-2016)
Ignacio Martínez
imartinez@unesa.es
№2 слайд![FINANCIAL ANALYSIS OF THE](/documents_6/568e27588869c03b044ea8592980e9df/img1.jpg)
Содержание слайда: FINANCIAL ANALYSIS OF THE ELECTRICITY INDUSTRY. Contents
I. Cost structure of the Electricity Business.
II. Capital Cost Analysis.
III. Economic and Financial Analysis. Ratios.
Economic and Financial Return. Value Creation.
Rating ratios.
Stock market ratios.
Case studies.
Generation cost of power plants.
Distribution costs.
№3 слайд![III. ECONOMIC amp FINANCIAL](/documents_6/568e27588869c03b044ea8592980e9df/img2.jpg)
Содержание слайда: III. ECONOMIC & FINANCIAL ANALYSIS. RATIOS
№4 слайд![III. Economic amp Financial](/documents_6/568e27588869c03b044ea8592980e9df/img3.jpg)
Содержание слайда: III. Economic & Financial Analysis.
Financial situation
№5 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img4.jpg)
№6 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img5.jpg)
№7 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img6.jpg)
№8 слайд![Current ratio Current assets](/documents_6/568e27588869c03b044ea8592980e9df/img7.jpg)
Содержание слайда: Current ratio = Current assets / Current liabilities
№9 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img8.jpg)
№10 слайд![The business return is the](/documents_6/568e27588869c03b044ea8592980e9df/img9.jpg)
Содержание слайда: The business return is the main performance indicator and the most frequently used by stake holders. Two ratios can be used to measure this business return concept:
Economic return: It indicates the performance of the assets employed in the production process
Financial return: It indicates the performance of the capital invested by the business owners
№11 слайд![FINANCIAL RETURN FINANCIAL](/documents_6/568e27588869c03b044ea8592980e9df/img10.jpg)
Содержание слайда: FINANCIAL RETURN
FINANCIAL RETURN
Relationship between earnings after taxes (net income) and equity.
Return indicator to be used by investors - company owners -
R.O.E. = Net income / Equity
№12 слайд![R.O.A EBIT -t Total net assets](/documents_6/568e27588869c03b044ea8592980e9df/img11.jpg)
Содержание слайда: R.O.A = EBIT (1-t) / Total net assets
№13 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img12.jpg)
№14 слайд![ECONOMIC RETURN ECONOMIC](/documents_6/568e27588869c03b044ea8592980e9df/img13.jpg)
Содержание слайда: ECONOMIC RETURN
ECONOMIC RETURN
R.O.A. = x = x
EBIT / Sales = Sale margin
Sales / Net assets = Asset rotation
№15 слайд![FINANCIAL RETURN AND](/documents_6/568e27588869c03b044ea8592980e9df/img14.jpg)
Содержание слайда: FINANCIAL RETURN AND FINANCIAL LEVERAGE (1)
FINANCIAL RETURN AND FINANCIAL LEVERAGE (1)
R.O.E. =
R.O.E. = x x x x
R.O.E. = x x x x
№16 слайд![FINANCIAL RETURN AND](/documents_6/568e27588869c03b044ea8592980e9df/img15.jpg)
Содержание слайда: FINANCIAL RETURN AND FINANCIAL LEVERAGE (2)
№17 слайд![FINANCIAL RETURN AND](/documents_6/568e27588869c03b044ea8592980e9df/img16.jpg)
Содержание слайда: FINANCIAL RETURN AND FINANCIAL LEVERAGE (3)
FINANCIAL RETURN AND FINANCIAL LEVERAGE (3)
Financial Return (i.e. Equity Return) can be also analysed as a variable depending on Financial Leverage:
When is there a positive financial leverage?
What are the consequences of a positive financial leverage on investment decision making?
№18 слайд![FINANCIAL RETURN AND](/documents_6/568e27588869c03b044ea8592980e9df/img17.jpg)
Содержание слайда: FINANCIAL RETURN AND FINANCIAL LEVERAGE (4)
FINANCIAL RETURN AND FINANCIAL LEVERAGE (4)
R.O.E. = =
EBT
Equity
№19 слайд![FINANCIAL ANALYSIS OF THE](/documents_6/568e27588869c03b044ea8592980e9df/img18.jpg)
Содержание слайда: FINANCIAL ANALYSIS OF THE ELECTRICITY INDUSTRY. Contents
I. Cost structure of the Electricity Business.
II. Capital Cost Analysis.
III. Economic and Financial Analysis. Ratios.
Assessing operating performance. Value Creation.
Stock market ratios.
Rating ratios.
Case studies.
Generation cost for different kinds of power plants.
Distribution costs.
№20 слайд![III. ECONOMIC amp FINANCIAL](/documents_6/568e27588869c03b044ea8592980e9df/img19.jpg)
Содержание слайда: III. ECONOMIC & FINANCIAL ANALYSIS. STOCK MARKET RATIOS
№21 слайд![Earnings per share Dividend](/documents_6/568e27588869c03b044ea8592980e9df/img20.jpg)
Содержание слайда: Earnings per share
Dividend per share
Yield
Pay - out
PER
EV / Sales
EV / EBITDA
Price / Book Value
№22 слайд![STOCK MARKET RATIOS Earnings](/documents_6/568e27588869c03b044ea8592980e9df/img21.jpg)
Содержание слайда: STOCK MARKET RATIOS: Earnings per share
№23 слайд![STOCK EXCHANGE RATIOS](/documents_6/568e27588869c03b044ea8592980e9df/img22.jpg)
Содержание слайда: STOCK EXCHANGE RATIOS : Dividend per share
№24 слайд![STOCK EXCHANGE RATIOS Pay -](/documents_6/568e27588869c03b044ea8592980e9df/img23.jpg)
Содержание слайда: STOCK EXCHANGE RATIOS: Pay - out
№25 слайд![STOCK EXCHANGE RATIOS Price](/documents_6/568e27588869c03b044ea8592980e9df/img24.jpg)
Содержание слайда: STOCK EXCHANGE RATIOS: Price Earning Ratio (PER)
№26 слайд![P.E.R. and E.P.S. Growth](/documents_6/568e27588869c03b044ea8592980e9df/img25.jpg)
Содержание слайда: P.E.R. and E.P.S. Growth expectations
№27 слайд![STOCK EXCHANGE RATIOS EV](/documents_6/568e27588869c03b044ea8592980e9df/img26.jpg)
Содержание слайда: STOCK EXCHANGE RATIOS: EV / EBITDA
№28 слайд![EV Ebitda and Ebitda Growth](/documents_6/568e27588869c03b044ea8592980e9df/img27.jpg)
Содержание слайда: EV / Ebitda and Ebitda Growth expectations
№29 слайд![FINANCIAL ANALYSIS OF THE](/documents_6/568e27588869c03b044ea8592980e9df/img28.jpg)
Содержание слайда: FINANCIAL ANALYSIS OF THE ELECTRICITY INDUSTRY. Contents
I. Cost structure of the Electricity Business.
II. Capital Cost Analysis.
III. Economic and Financial Analysis. Ratios.
Assessing operating performance. Value Creation.
Stock market ratios.
Rating ratios.
Case studies.
Generation cost for different kinds of power plants.
Distribution costs.
№30 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img29.jpg)
№31 слайд![FFO adjusted leverage x FFO](/documents_6/568e27588869c03b044ea8592980e9df/img30.jpg)
Содержание слайда: FFO adjusted leverage (x)
FFO interest cover (x)
Capex / FFO (%)
Debt / Ebitda (x)
№32 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img31.jpg)
№33 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img32.jpg)
№34 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img33.jpg)
№35 слайд![](/documents_6/568e27588869c03b044ea8592980e9df/img34.jpg)