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Chapter 17 Projecting Cash Flow and Earnings.docx

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FIN 501
Edward Blinder

FIN501 investment analysis I CHAPTER 17 PROJECTING CASH FLOW AND EARNINGS SOURCES OF FINANCIAL INFORMATION  Primary source of financial information about a company is its annual report to stockholders  Other sources include The Globe and Mail, the Toronto Stock Exchange, Ontario Securities Commission  SEDAR: electronic archive of company filings with the Canadian securities regulatory agencies  Disclosure regulation: requires companies making a public disclosure of material non-public information to do so fairly without preferential recipients FINANCIAL STATEMENTS  Balance sheet: accounting statement that provides a snapshot view of a company’s assets and liabilities on a particular date o Asset: anything a company owns that has value i. Current assets – cash or items that will be converted to cash or be used within a year (EX. Cash, AR, inventory, materials and supplies, prepaid expenses) ii. Fixed assets – tangible or intangible assets with an expected life longer than one year and are used in normal business operations (EX. Property, plant, equipments, rights, patents, and licenses) iii. Investments – various securities held for investment purposes (EX. Common and preferred stock, goodwill) iv. Other assets – miscellaneous items not readily fitting into any of the other asset category o Liability: a firm’s financial obligations i. Current liabilities – require payment or other actions within one year (EX. AP, accrued taxes) ii. Long-term liabilities – debt with a maturity longer than one year (EX. Notes, bonds, or other loans) iii. Other liabilities – miscellaneous items not belonging to any other liability category o Equity: an ownership interest in the company  Paid-in capital is the amount recieved by the company from issuing common stock  Retained earnings is the accumulated income not paid out as dividends but instead used to finance company growth ASSETS = LIABILITIES + EQUITY  Income statement: summary statement of a firm’s revenues and expenses ov
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