贝恩：现金流分析全文-咨询培训-.pptxVIP

Author: Contributor:Copyright? 1998 Bain Company, Inc.Collins Qian Chris NelsonbcCash FlowMarch 1998CU7030298IMB 1 Cash FlowbcBOSCU7010598KRA 2Copyright? 1998 Bain Company, Inc.AgendaThe importance of cash flowTypes of cash flowApplicationsCash flow stepsExerciseKey takeaways Cash FlowAgendaThe importance of cash flowTypes of cash flowApplicationsCash flow stepsExerciseKey takeawaysbcBOSCU7010598KRA 3Copyright? 1998 Bain Company, Inc. Cash FlowWhat is Cash Flow?Cash flow describes the movement of cash into (sources) and out of (uses) a company.Sources of cashUses of cashbcBOSCU7010598KRA 4Copyright? 1998 Bain Company, Inc.$$Company$$$$$$ Cash FlowWhy Do We Care About Cash?Cash flow is the measure of a company’s strategic value.The market value of a company is equal to the present value of its expected future cash flowsVarious stakeholders demand cashinvestors demand CASH returnssuppliers and employees require CASH compensationdebtholders demand CASH paymentsAccounting methods can be used to “manage” earnings; CASH is harder to manipulateCash is King!bcBOSCU7010598KRA 5Copyright? 1998 Bain Company, Inc. Total: $1,757MM NoneSuccessful high growth companies tend to have high earnings, but low cash flow; successful low growth companies tend to have low earnings, but high cash flowbcCash FlowEarnings vs. Cash Flow*Earnings do not equal cash flow.Some accounting decisions impact earnings, but not cash–In 1988, General Motors made at least four decisions that impacted earnings but not cashAccounting DecisionExtended useful plant life from 35 to 45 year scheduleChanged the way it accounted for its pension planChanged the residual value assumption for cars it leasedAdjusted its inventory valuation policyEarnings Impact Cash Impact$790MM None$480MM None$270MM None$217MM None*Earnings are also called after tax profits or net incomeBOSCU7010598KRA 6Copyright? 1998 Bain Company, Inc. Cash FlowAgendaThe importance of cash flowTypes of cash flowApplicationsCash flow stepsExe