Solved by verified expert :Analyst Name:
The Best
Company Name:
PROFITABILITY FACTORS:
Year
2009
2010
2011
2012
2013
RETURN
ON ASSETS (based on reported amounts):
Profit Margin for ROA
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x Asset
Turnover
1.1
1.1
1.1
1.2
1.2
= Return on
Assets
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RETURN
ON ASSETS (excluding the effects of nonrecurring items):
Profit Margin for ROA
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x Asset
Turnover
1.1
1.1
1.1
1.2
1.2
= Return on
Assets
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RETURN
ON COMMON EQUITY (based on reported amounts):
Profit Margin for ROCE
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x Asset
Turnover
1.1
1.1
1.1
1.2
1.2
x Capital
Structure Leverage
3.5
2.7
2.3
2.0
1.9
= Return on
Common Equity
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RETURN
ON COMMON EQUITY (excluding the effects of nonrecurring items):
Profit Margin for ROCE
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x Asset
Turnover
1.1
1.1
1.1
1.2
1.2
x Capital
Structure Leverage
3.5
2.7
2.3
2.0
1.9
= Return on
Common Equity
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OPERATING PERFORMANCE:
Gross Profit / Revenues
50.0%
45.0%
45.0%
60.0%
50.0%
Operating
Profit / Revenues
38.7%
35.9%
32.8%
51.8%
39.8%
Net Income /
Revenues
3.2%
6.6%
7.9%
8.3%
0.3%
RISK FACTORS:
Year
2009
2010
2011
2012
2013
LIQUIDITY:
Current Ratio
1.43
1.43
1.50
1.67
1.50
1.50
Quick Ratio
1.14
1.24
1.17
1.18
1.28
1.20
ASSET TURNOVER:
Accounts Receivable Turnover
18.4
19.0
17.7
20.2
22.2
19.50
Days Receivables Held
20
19
21
18
16
18.84
Inventory
Turnover
20.9
23.8
23.7
18.2
21.7
21.68
Days Inventory Held
17
15
15
20
17
17.01
Accounts
Payable Turnover
10.8
12.4
12.2
9.3
13.0
11.55
Revenues/
Average Cash
21.2
20.2
20.5
23.6
19.0
20.93
Days Sales Held in Cash
17.2
18.0
17.8
15.5
19.2
17.53
SOLVENCY:
Total Liabilities / Total
Assets
65.0%
60.0%
55.0%
47.0%
50.0%
0.55
Total
Liabilities / Shareholders’ Equity
185.7%
150.0%
122.2%
88.7%
100.0%
1.29
LT Debt /
Shareholders’ Equity
125.4%
93.9%
69.2%
51.7%
46.7%
0.77
