[회계] 정유회사 CHEVRON(셰브런) 재무분석(영문)
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- 2010.06.29 / 2019.12.24
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추천 연관자료
- 목차
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Ⅰ. Introduction
1. Why we choose Oil-Industry.
2. How you choose companies & how we choose Best Company
Ⅱ. Analyze
1. ROE
2. ROA
3. Financial Leverage percentage
4. EPS
5. Quality of Income
6. Profit Margin
7. Fixed Asset Turnover Ratio
8. Cash Ratio
9. Current ratio
10. Quick ratio
11. Receivable turnover ratio
12. Inventory turnover ratio
13. Times Interest Earned Ratio
14. Cash Coverage Ratio
15. Debt-to-Equity Ratio
16. PER
17. DPS
Ⅲ. Conclusion
1. Test of profitability part
2. Tests of liquidity part
3. Tests of solvency part
4. Market tests part
Conclusion
- 본문내용
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Chart 4. is a graph that shows 7 foreign and domestic oil refining companies's Financial Leverage percentage.
Royal dutch shell and Chevron show more attractive ratios than other companies.
Financial Leverage percentage is related to ROE and ROA, so the graph’s shape is so similar. BP shows very high percentages for 3 years, but it keeps decreasing. And that difference is getting bigger and bigger. So it has a danger of keeping decreasing. Exxon mobil and S-oil get very high percentage in 2005 and 2006 respectively, but their status for 3 years is so unstable. GSCaltex shows worst status in Financial Leverage percentage as well as ROE and ROA. Hyun-dai oil bank keeps increasing for 3 years. Although its absolute numerical value is still under average, it almost reaches average. That is very noteworthy. Chevron and Royal dutch shell show high percentage for 3 years over average. That is similar with graph of ROE and ROA. And they also show good status of stability. So they must be attractive to investors. Especially, although Royal dutch shell has a little up and down change, it is just slight amount and absolute numerical value is higher than Chevron. So it can be said to be more attractive to investors. But Chevron is also attractive.
4. EPS
If EPS shows high ratio, the value to invest this company is increasing.
EPS is measure of return on investment that is based on the number of shares outstanding. It is required to be seen in "income statement". It is also probably the single most widely watched ratio. If it shows high ratio, the value to invest this company is increasing.
Change rate 2005-2006 2006-2007
Royal Dutch Shell 4.75% 25.94%
Chevron 19.15% 12.63%
Hyun-Dai 296.3% 27.6%
GS Caltex -7.09% 0.5%
Exxon mobil 15.97% 10.18%
BP 3.88% -0.98%
S-oil 39% -14.46%
<Table 1>
2005 2006 2007
Average $3.92 $4.86 $5.13
<Table 2>
Chart5 is the graph by which we can know the change of EPS. S-oil company's EPS is shown as the highest EPS in 2005,2006. Also, the EPS change rate of S-oil company between 2005 and 2006 is much higher than that of other company except ‘Hyun-dai’ and S-oil's EPS is by far the greatest in the 7 company in 2006. But S-oil's EPS in 2007 decreased by 14.46% compared it in 2006. It is the greatest drop in change rate of every company (in every table 1's number) and the company is ranked as second followed by Chevron.
Chevron and Exxon mobil's EPS are consistently above the average of EPS and are continiously increasing
In contrast, Chevron and Exxon mobil's EPS are consistently above the average of EPS and are always increasing. However two company's increasing rate are both decreasing. Chevron's increasing rate is decreasing from 19.15% to 12.63%. Exxon mobil's is also decreasing from 15.97% to 10.18%.
Meanwhile, the average of EPS is $3.92, $4.86, $5.13 in 2005, 2006, 2007 each. Among the company except three company which EPS numbers are high above average, Royal Dutch Shell is almost average level, but the rest 2 Korea company(‘GS Galtex’, ‘Hyun-dai’) and British Petroleum(BP) are clearly below average. Though the change rate of ‘Hyun-dai’’ between 2005 and 2006 is the highest increasing rate in every company's as 296.3%, that of ' Hyun-dai’ ‘ between 2006 and 2007 is 27.6%. That is, Increasing rate of change rate drops.
Chart5. EPS($)
Though S-oil recorded high EPS and high increasing rate compared with other company in 2005, 2006, between 2006 and 2007, this company's EPS was decreasing by 14.46%. This tendency means that if investors invest this company, the profit from company's income is very unstable.
Meanwhile, ‘Hyun-dai’'s, ‘GS Galtex’'s and British Petroleum's EPS is very clearly low. Also, increasing rate worthy of notice doesn’t exist. It means these companies can't probably make a high profit continuously. Therefore they cannot a good company to invest.
'Chevron' and 'Exxon mobil' are the attractive company to invest which can make a high profit and give that profit to investors.
The two important elements in recommending for investors to invest a company are "The company can yield a (1) high (2)stable profit". The companies which can satisfy the two factors are 'Chevron' and 'Exxon mobil'. Both two companies had EPS which was high above average, and was consistently increasing. Though the increasing rate of EPS was both decreasing (as stated above), the two company's EPS are far bigger than other company and they are still increasing. Therefore 'Chevron' and 'Exxon mobil' are the attractive company to invest which can make a high profit and give that profit to investors.
5. Quality of Income
If quality of income is above 1, it is considered to indicate high-quality earnings. If this ratio is below 1, it is considered as lower-quality earnings.
'Quality of Income' is computed (Cash flows from Operating Activity/Net Income). Revenue and Expense in income statement is recorded when they are generated
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