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[재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석

 1  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-1
 2  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-2
 3  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-3
 4  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-4
 5  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-5
 6  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-6
 7  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-7
 8  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-8
 9  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-9
 10  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-10
 11  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-11
 12  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-12
 13  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-13
 14  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-14
 15  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-15
 16  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-16
 17  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-17
 18  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-18
 19  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-19
 20  [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석-20
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  • [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석
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    [재무관리] 아베크롬비앤피치(Abercrombie & Fitch), Gap Inc.재무제표분석에 대한 자료입니다.
    목차
    1. Common Size Income Statements and Balance Sheets. Also, trend statements for the Income Statement and Balance Sheet.
    (1) ABERCROMBIE
    (2) GAP
    2. An analysis of the firm’s Return on Equity (including Profitability, Efficiency and Leverage).
    3. A more detailed analysis of Profitability, Efficiency and Leverage
    (1) Additional measures of Profitability
    (2) Additional Measures of Efficiency
    (3) Additional Measures of Leverage
    4. An analysis of the firm’s Working Capital Management/Short Term Liquidity.
    5. An analysis of Investor Ratios for the firm.
    6. An analysis of the Cash Flow statement including Cash Flow Ratios
    SECTION B : Conclusions & Recommendations

    1. How well have these companies performed in the past? Which has done better?
    → GAP

    2. Should I invest in one/both/neither of these companies? Which of the two is a better prospect from an investment perspective?
    → Abercrombie and Fitch

    3. Should I provide a substantial unsecured loan to one/both/neither of these companies? Which is a better prospect from a credit risk perspective?
    → GAP

    (1)The stable Earnings
    (2) Debt Ratio
    (3) Current Ratio
    (4) Cash Times Interest Earned
    본문내용
    3. A more detailed analysis of Profitability, Efficiency and Leverage

    (1) Additional measures of Profitability

    Gross Profit Margin Calculation
    Gross Profit / Sales
    Abercrombie 2006 2007 2008
    2,209,006 / 3,318,158 2,511,367 / 3,749,847 2,361,692 / 3,540,276
    0.66573 0.66972 0.66709
    GAP 2006 2007 2008
    5,657 / 15,923 5,692 / 15,763 5,447 / 14,526
    0.35527 0.36109 0.37498
    Abercrombie’s Gross profit margin is almost 2 times bigger than GAP’s Gross profit margin on average. These figures have maintained constantly for several years.

    Operating Income Margin Calculation
    Earnings Before Interest and Tax / Sales
    Abercrombie 2006 2007 2008
    658,090 / 3,318,158 740,497 / 3,749,847 439,386 / 3,540,276
    0.19832 0.19747 0.12411
    GAP 2006 2007 2008
    1,225 / 15,923 1,315 / 15,763 1,548 / 14,526
    0.07693 0.08342 0.10656
    Abercrombie has much higher Operating Income Margin ratio than GAP. However the difference between both companies’ Operating Income Margin is decreased apparently in 2008.

    (2) Additional Measures of Efficiency

    Calculation
    Sales / Long Term Assets
    Abercrombie 2006 2007 2008
    3,318,158 / 1,155,989 3,749,847 / 1,427,343 3,540,276 / 1,763,356
    2.87040 2.62715 2.00769
    GAP 2006 2007 2008
    15,923 / 3,515 15,763 / 3,752 14,526 / 3,559
    4.53001 4.20122 4.08148
    GAP’s Additional Measures of Efficiency is twice as high as Abercrombie’s by and large. Also both companies’ ratios have been dropped continuously.

    Calculation
    Sales / Current Assets
    Abercrombie 2006 2007 2008
    3,318,158 / 1,092,078 3,749,847 / 1,140,255 3,540,276 / 1,084,825
    3.03838 3.28860 3.26345
    GAP 2006 2007 2008
    15,923 / 5,029 15,763 / 4,086 14,526 / 4,005
    3.16623 3.85780 3.62696
    Both companies have similar ratio around 3, but GAP has always higher sales generated per $1 of Current Assets than Abercrombie.

    Calculation
    Sales / Accounts Receivable
    Abercrombie 2006 2007 2008
    3,318,158 / 43,240 3,749,847 / 53,801 3,540,276 / 53,110
    76.73815 69.69846 66.65931
    GAP 2006 2007 2008
    NOTE : There is no accounts receivable.
    Abercrombie’s ratio has decreased continuously since 2006.

    Calculation
    Sales / Inventory
    Abercrombie 2006 2007 2008
    #GAP#Abercrombie