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Question: Critical Review of Traditional Methods of Contemporary Financial Analysis. Answer: Introduction: The strategic financial analysis report has been prepared t investigate over the various techniques and tools which are useful for the company to make a better decision about the position and the performance of the company in concern of the competitors and the last year performance. Financial analysis is a study which is performed by the analysis, investors and the management of the company to analyze the stability position, profitability position, and financial position etc of a company. Various tools and methods are variable to evaluate the financial analysis of a company such as ratio analysis, vertical analysis, horizontal analysis etc. In this report, the main concern has been shown over the traditional methods and contemporary method of financial analysis and it has been evaluated that how both of these methods work and how does it assist the comapny to make a better decision about the position and the performance of the company. For traditional methods, ratio analysis, vertical analysis and horizontal analysis has been evaluated and for the contemporary methods, CAPM model, Dividend growth model and effective market hypothesise has been taken into the concern. These report briefs that how effective these analyses could be in evaluating the performance of a company. Critical review of traditional methods of financial analysis: The review over the traditional methods of the financial analysis is as follows: Horizontal analysis: Horizontal analysis is a form of analyzing the financial statement of the company on the basis of last year or months performance. In this analysis, an analyst could compare the performance of a month with the last months performance or a fiscal year. For instance, an organization has generated different revenues in different year than it could be compared through the horizontal analysis and it could be found that whether the revenues have been enhanced or it has been reduced from the last year (Jiashu, 2009). There are two methods to analyze the horizontal analysis of a company. First one is dollar analysis, in which the amounts of two different periods are compared. This statement helps a company to reach over a conclusion o reduce the level of the expenditure, second one is % analysis which depict that the performance of the business must be calculated on the basis of the %. Hillier, Grinblatt and Titman, 2011) Gapenski, (2008) has depicted in his study that horizontal analysis is one of the best technique to analyze the performance of a company. Further, it has been added by Dixon and Monk, (2009) that it is one of the simple technique to analyze the performance and the changes into the organization in a particular year. Zimmerman and Yahya-Zadeh, (2011) has briefed that due to this technology, it becomes easy for the company to manage the alternates the changes and it also assist the comapny to analyze the roots due to which the changes have occurred (Weston and Brigham, 2015). It assists the managers to make a better decision about the performance of the company. Further, it has been found that there are various shortcomings as well of this task which would manipulate the result and thus the decision making would also not be fair. According to the study of the Voelkl and Fritz, (2017), it has been found that the horizontal analysis manipulates the result and it do not offer the knowledge that why the changes have taken place and what are the main reasons behind these changes. Ward (2012) adds that it is a complex task to analyze and evaluate the base year for the study. Further, Weaver, Weston and Weaver, (2001) depicts that horizontal analysis is not useful in managing the price level challenge. It misleads the result of the financial analysis and thus it becomes tough for the organization to manage and make a better decision about the betterment of the company (Radebaugh, Gray and Black, 2006). Lastly, it has been found that horizontal analysis is a good technique to analyze the changes in terms of % in current year in the context of base y ear. Example: For instance, the study of horizontal analysis has been done over Admiral plc and Amec plc to analyze the impact of this study over the organization and decision of management and stakeholders of the company. This study depict that it is easy for the investors and the analysts to analyze the performance of the company. Further, it has been analyzed that it becomes important for the organization and the analyst to perform the study according to the rules and the norms to manage the performance of the company. From the study of horizontal analysis over both the companies, it became easy for the stakeholders and the management of the company to analyze the performance of the company and analyze the changes in current year according to the past year (Kinsky, 2011). Further, it has been found that the comparison study could also be easier. Form the study of Admiral Plc, it has been found that the performance of company in context of the figures of 2011 has been changed on a huge level. Currently the gross profit of the company is 33.92% of gross profit of 2011 which is quite higher than any other year. More, it has been found that the net profit of the company has also been 23.27% which is highest in last 5 years (Appendix). Through this study, it has been found that the performance of the company has also been enhanced. Further, the study has been done over the balance sheet of the company to analyze the performance of the company and changes in the financial figures of the company in last 5 years. From the study, it has been found that the level of total assets has been enhanced in 2015. Further, the total liabilities and total stakeholders equity depict that the various positive changes have taken place into the financial figures of the company which depict about the good performance of the company (Appendix). Form the study of Amec Plc, it has been found that the performance of company in context of the figures of 2011 has been changed on a huge level. Currently the gross profit of the company is 38.59% of gross profit of 2011 which is quite higher than any other year. More, it has been found that the net profit of the company has been -210.76% which is lowest in last 5 years (Appendix). Through this study, it has been found that various changes have taken place into the figures of the company in last 5 years. Further, the study has been done over the balance sheet of the company to analyze the performance of the company and changes in the financial figures of the company in last 5 years. From the study, it has been found that the level of total assets has been enhanced in 2015 (Appendix). Further, the total liabilities and total stakeholders equity depict that the various positive changes have taken place into the financial figures of the company which depict about the good performance of the company. Vertical analysis: Vertical analysis is a form of analyzing the financial statement of the company on the basis of various categories such as sales, assets, liabilities, cash flow etc. In this analysis, an analyst could compare the performance of a category according to the base category such as in balance sheet, the figures must be compared according to their base figure i.e. assets, liabilities and the total equity of the company. For instance, two or more companies of the same industry have been analyzed and the analysis has been done according to their net profit on the basis of their sales (Oliver and Schoff, 2017). Variance analysis works on assumptions that the analyzed companies would be of the same industry and all the data only bases over the basic figures. There is only one method to analyze the vertical analysis of a company. That is dollar analysis, in which the amounts of net profit would be compared to the sales of the company. This statement helps a company to reach over a conclusion to reduce the level of the expenditure and make a better analysis report about the performance of the company in comparison of the other company. (lord, 2007) Madhura (2011) has depicted in his study that vertical analysis is one of the best technique to analyze the performance of a company and compare the company with other companies in the same industry. Further, it has been added by Lacalle (2017) that it is one of the simple technique to analyze the comparative study and the performance of the company. Kaplan and Atkinson, (2015) has briefed that due to this technology, it becomes easy for the investors to analyze the different companies and make a better decision about the performance and the position of a company (Horngren, 2009). This analysis study helps the analyst and financial managers to identify the position and reach over a good decision. Further, it has been found that there are various shortcomings of the vertical analysis. Schlichting, (2013) depicted that the people who are at the bottom level feel demotivated due to vertical analysis in comparison of the upper chain. According to the study of the Phillips and Stawarski, (2016), it has been found that the vertical analysis takes a lot of time to reach over a final conclusion and it also makes the financial figures complex. Palicka, (2011) adds that it is a complex task to analyze and evaluate the performance and the position of the company in comparison of the competitive company (Madhura, 2014). Lastly, it has been found that vertical analysis is a good technique to analyze the changes in the financial figures of the company in comparison of the main base figure of the company. Example: For instance, the study of vertical analysis has been done over Admiral plc and Amec plc to analyze the importance and shortcomings of the vertical analysis in an organization. Further, it has been analyzed that it becomes important for the organization and the analyst to perform the study according to the rules and the norms to manage the performance of the company (Borio, 2016). From the study of vertical analysis over both the companies, it became easy for the stakeholders and the management of the company to analyze the performance of the company and analyze the changes in current year according to the past year. Further, it has been found that the comparison study could also be easier. Form the study of Admiral Plc, it has been found that the performance of company in context of gross profit has been better from last 5 years. Currently the gross profit of the company is 74.97% of total sales. More, it has been found that the net profit of the company has also been better in last 5 years. Through this study, it has been found that the performance of the company has also been enhanced. Further, the study has been done over the balance sheet of the company to analyze the performance of the company. From the study, it has been found that the total current assets of the company have been lowered in context of total assets in current year. Further, the study over liabilities and stakeholders equity depict that the various changes have taken place into the capital structure of the company. Form the study of Amec Plc, it has been found that the performance of company in context of gross profit has been bad from last 5 years. Currently the gross profit of the company is 12.25% of total sales which has been very less from last 5 years. More, it has been found that the net profit of the company has also been worst in last 5 years (Appendix). Through this study, it has been found that the performance of the company has been worst in last 5 years and company is supposed to make few changes into the performance. Further, the study has been done over the balance sheet of the company to analyze the performance of the company. From the study, it has been found that the total current assets of the company have been lowered in context of total assets in current year (Appendix). Further, the study over liabilities and stakeholders equity depict that the various changes have taken place into the capital structure of the company. Traditional ratio analysis: Traditional ratio analysis is a form of analyzing the financial statement of the company on the basis of various categories such as liquidity position, solvency position, profitability position, efficiency position etc. In this analysis, an analyst could compare the performance of a company according to the various categories such as in profitability position, the net profit of the company could be compared with the total sales of the company. For instance, two or more periods of a company have been analyzed and the analysis has been done according to their various financial figures (krantz, 2016). Traditional ratio analysis works on assumptions that other factors do not make an impact over the performance and stability position of a company. Mainly liquidity position, profitability position, solvency position, efficiency position etc are analyzed. This analysis helps a company to reach over a conclusion to make a better analysis report about the performance of the company. Following are some of the ratios and their formulas: Description Formula Profitability Net margin Net profit/revenues Return on equity Net profit/Equity Liquidity Current ratio Current assets/current liabilities Quick Ratio Current assets-Inventory/current liabilities Efficiency Receivables collection period Receivables/ Total sales*365 Payables collection period Payables/ Cost of sales*365 Asset turnover ratio Total sales/ Total assets Solvency Debt to Equity Ratio Debt/ Equity Debt to assets Debt/ Total assets (Kurth, 2013) Kinsky, (2011) has depicted in his study that ratio analysis is one of the oldest technique to analyze the performance of a company. Further, it has been added by Elton et al, (2009) that it is one of the simple technique to analyze the position of the company in various terms. Baker and Nofsinger, (2010) has briefed that due to this analysis method, it becomes easy for the investors to analyze the position of the company and make an investment decision (Ackert and Deaves, 2009). This analysis study helps the analyst and financial managers to identify the position and reach over a good decision. Further, it has been found that there are various shortcomings of the ratio analysis. Higgins, (2012) depicted that this analysis does not take a concern about the historical data. According to the study of the Glajnaric, (2016), it has been found that the ratio analysis study do not take a concern about various economical condition such as inflation rate to make a decision about the performance and changes into the company. Gitman and Zutter, (2012) adds that it is a complex task to analyze and evaluate the operational changes in the company. Further, Borio, (2013) depicts that accounting policies of a company also make an impact over the ratio analysis study. It misleads the result of the financial analysis and thus it becomes tough for the organization to manage and make a better decision about the betterment of the company. Example: For instance, the study of ratio analysis has also been done over Admiral plc and Amec plc to analyze the impact of this study over the organization and decision of management and stakeholders of the company. This study depict that it is easy for the investors and the analysts to analyze the performance of the company. Further, it has been analyzed that it becomes important for the organization and the analyst to perform the study on various basis to make better decision (Glajnaric, 2016). From the study of ratio analysis over both the companies, it became easy for the stakeholders and the management of the company to analyze the performance of both the companies and make a better decision about the performance of the company. Further, it has been found that the comparison study could also be easier. Firstly, the study of ratio analysis has been done over Admiral plc to analyze the changes and the performance of the company in last 5 years. The study has been done over working capital ratio and return on assets to analyze the changes which has taken place into the position of the company in last 5 years (Appendix). From the study, it has been found that the working capital ratio of the company has been 0.7638 in 2015 which was 0.3120 in 2011. It depict that the current situation of the liquidity of the company is better and it depicts that the level of current assets have been enhanced by the company to manage the level of the working capital. Further, the study has been done over the ratio return on assets to analyze the performance and the changes of the company. From this study, it has been found that the return on assets position of the company has been lowered from 2011 in 2015. Currently, the company is offering 21.53% return which is quite lesser than 33.28% in 2011 (Appendix). Further, the study has been done over the balance sheet of the company to analyze the performance of the company and changes in the financial figures of the company in last 5 years. From the study, it has been found that the level of total assets has been enhanced in 2015. Further, the total liabilities and total stakeholders equity depict that the various positive changes have taken place into the financial figures of the company which depict about the good performance of the company (Appendix). This depict that company is required to make some changes to enhance the level of return on assets. Lastly, the study of ratio analysis has been done over Amec plc to analyze the changes and the performance of the company in last 5 years. The study has been done over working capital ratio and return on assets to analyze the changes which has taken place into the position of the company in last 5 years. From the study, it has been found that the working capital ratio of the company has been 0.8279 in 2015 which was 1.6998 in 2011 (Appendix). It depict that the current situation of the liquidity of the company is better and it depicts that the level of current assets have been reduced by the company to manage the level of risk and cost of the company. Further, the study has been done over the ratio return on assets to analyze the performance and the changes of the company. From this study, it has been found that the return on assets position of the company has been lowered from 2011 in 2015. Currently, the company is offering 97.90% return which is quite lesser than 132.83% in 2011. This depict that still the position of return on assets of the company is better in market. Contemporary methods of financial analysis: Capital asset pricing model: Capital asset pricing model is the modern technology to identify and analyze the financial condition of a company. According to this study, it has been found that this model assist the investors to analyze the total return which is required while investing into the company. This technology mainly focuses over the risk factor and the return factor. This model depict that the return from an investment must be equal or more than the cost of capital of the company than only it would be profitable for the company (Zabarankin, Pavlikov and Uryasev, 2014). Investors could take the help of capital asset pricing method in evaluating and analyzing the attractiveness of the projected investments. This method is mainly used by the investors to make a well diversified portfolio so that the risk and return of the financial securities could be maintained. (Tsanakas and Millossovich, 2016) The above is the formula of the capital asset pricing method which evaluates about the total expected return from the securities. This formula depict that for analyzing the expected return, it is required for the investor to analyze the risk free rate of the country, market return of the industry, consumption beta etc. Tian Jiang, (2015) has depicted in his study that capital asset pricing method is one of the best technique to analyze the performance of the stock of a company. Further, it has been added by Seitzinger et al, (2010) that this study do not only take the concern of the internal figures such as ratio analysis do rather it takes a concern of the economy and market condition and make a better decision on the basis of that. Ross, Westerfield and Jaffe, (2007) has briefed that this modern analysis has made it very easy for the investors to analyze the total return which must be expected from a company while investing into the shares and debt of the company (Reilly and Brown, 2011). This analysis study helps the analyst and financial managers to identify the position and reach over a good decision. Further, it has been found that still few changes are required to done in the capital asset pricing model to make it better. Peterson and Fabozzi, (2002) depicted that the CAPM model takes a concern of the risk free rate. Risk free rate is the yield over the government securities which changes on the daily basis. According to the study of the Moles, Parrino and Kidwekk, (2011), it has been found that the CAPM has built over four assumptions which also include an unrealistic world picture. Lumby Jones, (2007) adds that it is a complex task to analyze and evaluate the beta of the company. Mainly, this model concerns about a proxy data and thus the outcome is unrealistic (Lee and Lee, 2006). Thus it becomes tough for the investors and the analyst to make a better decision about the investment and divestment from the company. Lastly, it has been found that capital asset pricing model analysis is a good technique to analyze the changes in the company and thus it becomes easy for the inve stors to invest into the company. Dividend growth model: Dividend growth model is also known as Gordon growth model. This model is the modern technology to identify and analyze the financial condition of a company. According to this study, it has been found that this model assist the investors to analyze the value of the expected dividends in the future. This technology mainly focuses over the time value of money (Damodaran, 2011). This model analyzes the current market price and future dividend of a company and makes a decision about the investment in the company according to that. Investors could take the help of dividend growth model in evaluating and analyzing the intrinsic value of a companys stock. This method is mainly used by the investors to analyze the worth of a security so that the best decision could be made. Dividend growth model could be calculated by using the below formula: Gordon Growth Model: stock price = (dividend payment in the next period) / (cost of equity - dividend growth rate) (Bornholt, 2013) The above is the formula of the dividend growth model which evaluates about the total worth of a companys stock. This formula depict that for analyzing the price of a stock of a company, it is required for the investor to analyze the last dividend payment, current growth rate of the dividend and equity cost of the company. Batra and verma (2004) has depicted in his study that dividend growth method is one of the new and modern technique to analyze the performance and the worth of the stock of a company. Further, it has been added by Barlow, (2006) that this study evaluates the worth of the stock price of a company which also takes the concern of the market condition so that the comparison of the company could be easy with the competitors and industry. Fulin (2011) has briefed that this modern analysis has made it very easy for the investors to analyze the total worth of the equity of the company so that the best value could be recognized and the decision could be made according to that (FIRRER et al, 2012). This analysis study helps the analyst and financial managers to identify the position and reach over a good decision. Further, it has been found that still few changes are required to done in the dividend growth model to make it better. Elmuti and Kathawala, (2001) depicted that the dividend growth model do not takes a concern of the non dividend factor like brand loyalty. Customer retention and intangible assets are also not recognized by this method, but these values enhance the worth of the business. According to the study of the Du and Girma, (2009), it has been found that the dividend growth model mainly express that the growth rate of the dividend of a company always stables and known but in reality, it fluctuates rapidly. Deegan (2013) adds that it is a complex task to analyze and evaluate the intrinsic value of the stock of a company. Mainly, this model concerns about a proxy data and thus the outcome is unrealistic (Davies and Crawford, 2011). Thus it becomes tough for the investors and the analyst to make a better decision about the investment and divestment from the company. Lastly, it ha s been found that dividend growth model analysis is a good technique to analyze the worth of the company. Effective market hypothesis: Effective market hypothesis is the modern and best technology to identify and analyze the financial condition of a company. According to this study, it has been found that EMH theory express that it is not easy for the inventors to beat the market as the market efficiency of the security market causes the already existed share prices incorporate and express about all the relevant information. This analysis depict that the security market always deals of the stock on their fair value so that it becomes impossible for the investors to buy the stock in lower prices (Davies and Crawford, 2011). This model analyzes that it is not possible that entire market is wither performing very good or very bad collectively. This rule could be applied over a single security. Investors could take the help of EMH in evaluating and analyzing the market position. This method is mainly used by the investors to analyze the worth of a company. The EMH theory performs according to the 3 division of a result which is strong, semi strong and weak. This formula depict that for analyzing the worth of a company, it is required for the investor to analyze the various economical and market position as well as the policies and the strategies of the company (CORRERIA et al, 2012). Bui et al, (2016) has depicted in his study that effective market hypothesis is one of the new and modern technique to analyze the performance and the worth of the company. Further, it has been added by Bromwich and Bhimani, (2005) that this study evaluates the worth of a company and for which they also takes the concern of the market condition so that the comparison of the company could be easy with the competitors and industry. Brigham and Michael (2013) has briefed that this modern analysis has made it very easy for the investors to analyze the total worth of the company so that the best value could be recognized and the decision could be made according to that (Brigham and Houston, 2012). This analysis study helps the analyst and financial managers to identify the position and reach over a good decision. Further, it has been found that still few changes are required to done in the effective market hypothesis theory to make it better. Brealey et al, (2007) depicted that the EMH do not takes a concern of the various important factors. According to the study of the Borio (2014), it has been found that the EMH theory is based over various assumptions. Amold (2013) adds that it is a complex task to analyze and evaluate the worth of a company. Mainly, this model concerns about a proxy data and thus the outcome is unrealistic (Brigham and Ehrhardt, 2013). Thus it becomes tough for the investors and the analyst to make a better decision about the investment and divestment from the company. Lastly, it has been found that EMH analysis is a good method to analyze the worth of the company. 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