2.The second part should be a competitive strategy analysis consisting of:
2.Complete a horizontal analysisusing dollar and percent change for the following items for the last three years: (use the following columns: two years ago (A), last year (B), current year (C), $ change (C-B), $ change (C-A), % change (C-B), and % change (C-A).
3.Complete a trend analysisfor items in #2 for the last three years using the earliest year as the base.
4.Complete a vertical analysisfor the last three years balance sheets and income statements.
For the next part, you are expected to integrate your conclusions from the analyses above, however this is not to be your only source of information. You may use news articles or financial analyst reports about the companies to support your viewpoints. Provide a citation list for any sources used.
5.Complete a financial statement analysis of the firm. Evaluate the horizontal, vertical, and trend results. Discuss the ratios, addressing the profitability and total asset management, liquidity, solvency and financial risk, efficiency and operating asset management, and market strength. Highlight any significant changes including whether the company’s situation has deteriorated or improved with respect to the various categories. Comment on the relative performance of the company to each other and to other companies in the industry. To conduct the broader industry analysis, use the industry statistics reported on www.bizstats.com. Use the ratios to answer the following questions with explanations. Write your responses to each question in Appendix A and then integrate them into a written piece rather than answering each question in a list.
6.Short-Term Credit Decision: In no more than one typed page, provide a statement of your decision to lend or not lend to each firm based on your interpretation of their short-term prospects. Analyze this as you would if you were considering lending $1 billion of your own money to the firm to be repaid in 90 days. Essentially, you are answering whether you believe the firm is able to meet current obligations and to use current assets efficiently to produce profits. Comment on their success in employing operating leverage. Make sure to address the following: short-term viability, short-term growth, cash flow, working capital, efficiency, and liquidity.
7.Long Term Credit Decision: In no more than one typed page, provide a statement of your decision to lend or not lend to the firm based on your interpretation of their long-term prospects. Analyze this as you would if you were considering lending $10 billion of your own money to the firm to be repaid in 10 years. Essentially, you are answering whether you believe the firm is able to meet long-term liabilities, to use long-term debt and stockholder’s equity effectively without jeopardizing the firm’s future, and to manage long-term assets in a way that will maximize revenues. Comment on their success in employing financial leverage. Make sure to address the following: long-term viability, long-term growth, the need for future financing, the sources for payment of interest and principal, the cushion the firm has in earnings and cash flows to pay interest and principal, the volatility (unpredictability) in the firm’s earnings and cash flows, the likelihood the company will file for bankruptcy, and the financial strength to pay debts in a period of poor profitability.
8.Investment Decision: In no more than one typed page, provide a statement of your decision to invest in the stock of one of the firms based on your interpretation of its long-term prospects. Analyze this as you would if you were considering investing $500 million of your own money in the stock. Address the following: the company’s future business prospects, the company’s future market prospects, the company’s competitive strengths and weaknesses, the company’s strategic initiatives in response to business opportunities and threats, the company’s current earnings performance, the company’s future earnings potential and the sustainability of its current earnings, the company’s current financial condition, the risks and rewards of the company’s financing structure, the company’s vulnerability to earnings variability, and the company’s financial strength to overcome a period of poor profitability. Be sure to provide a conclusion based on why you decided to invest in this company’s stock over the other company’s stock.
9.Employment Decision:In no more than one typed page, provide a statement of your decision to become CFO in the firm based on your interpretation of all the facts presented. Assume that you have gotten an offer from the firm. It includes a base salary of $20 million, a bonus tied to the accounting profits of the firm, a bonus tied to the stock price of the firm, stock option grants, restricted stick grants, stock appreciation rights, benefits, and perks. Financial statement analysis from the standpoint of management relates to all of the questions raised by creditors and investors because these user groups must be satisfied for the firm to obtain capital as needed. Management must also consider its employees, the general public, regulators, and the financial press. Look to the analyses and address: how well has the firm performed and why, what changes should be implemented to improve future performance, what operating areas have contributed to success and which have not, the strengths and weaknesses of the company’s financial position, and the issues that might arise with respect to the public, labor, regulators, customers, creditors, and investors that might be important. Be sure to provide a conclusion based on why you decided to become CFO at one firm over the other.
10.Consulting Decision:In no more than one typed page, provide a statement as if you were a hired consultant presenting to the CEO for the firm, what would be your future strategies, goals and objectives for this company? And how would you reflect these through the preparation of annual operating budgets? (Scope: 2 years)
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