Research, analyse and evaluate one of WS Atkins’s competitor’s consolidated financial results. Compare such analysis and evaluation with that of WS Atkins and the industry. The competitor should have the similar size (measured by total assets, sales turnover, number of employees, and/or capital employed) of the main company. The competitor should also have the same legal form as that of the main company (e.g. both companies should be Public Limited Company). Write out a well-organised and structured financial statements analysis report in an appropriate format and style, using headings and sub-headings to indicate topics discussed. This report should include the key groups of ratios, and identify the key issues, explanations, and main findings obtained from the calculated ratios, horizontal and vertical analyses, and other sources of information. You should reach appropriate conclusions, implications, limitations, and recommendations for WS Atkins.
I. Abstract
- Report Objective
- Main Findings.
II. Summary of the Basic Company Information
Before looking at any of the different analysis techniques, it is good to spend some time doing a little bit of background research into the companies you are investigating. This will help to put the technical analysis into an appropriate context and allow a greater level of insight into any anomalies the analysis throws up.
- Brief History
- Description of Industry Membership, Main Business and Principal Locations
- Any Exceptional Recent Events that Could Impact on the Consolidated Financial Statements
- Discussion of Competitive Environment
- Brief Financial Information ─ a Five-year Financial Review ─ (e.g. Total Assets, Sales Turnover, Number of Employees, Capital Structure, etc.)
IV. Evaluation of Financial Statements: A Comparative Analysis
In this section, you should interpret the ratios and trends and provide critical and meaningful commentary on the company’s performance and position. Additionally, you should use any comparison tables, figures, graphs, share price charts, as appropriate to support the financial analysis and illustrate the relevant issues. However, it may be appropriate to include these in the form of an appendix. You should bear in mind that ratios are valuable analytical tools and serve as screening devices. However, ratios themselves do not give much information. They are not predictive. Ratios should be used with other elements of financial analysis. To be useful, a ratio must be compared to other ratios from previous years, compared to ratios of other companies in the industry, or compared to industry average.
- Liquidity Ratios
- Efficiency Ratios
- Profitability ─ Accounting-based Ratios
- Stock Market (Investment) Ratios
- Stability (Financial Strength) (Solvency) Ratios
- Horizontal and Vertical Analyses
V. Conclusions
• Overview of Performance
• Implications for Potential Investment
• Credit Assessment
• Limitations of the Analysis, Ratios and Financial Statements (e.g. the potential problems associated with using ratio analysis to analyse the financial health and performance of companies, balance sheet figures are single-point values, similar companies for comparison are hard to find, accounting policies may differ between companies, inflation and creative accounting or earnings management practices may distort accounting information, etc. ─ refer to, for example, Watson and Head, 2007).
VII. References (a proper list of all references used including papers in academic journals, books, electronic sources, etc.)
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