Usually, the analyzes financial is taken within the meaning of fundamental Analyze of a Entreprise either to invest there (analyzes stock exchange), or to make him a credit.

The goal

The goal of the financial analysis is, according to the case:
  • is to evaluate the solvency company (to authorize a Crédit to him for example, and more generally to tie business connections with it): analyzes credit ;

  • is to estimate the value company with a view to transfer of participation or purchase or sale of actions out of purse: evaluation of company, evaluation of stock exchange actions.

In the case of a stock exchange analysis it can côtoyer of other types of analysis: behavioral Analysis, technical Analysis and quantitative Analysis, in the sense that it relates directly to the fundamental economic ones and accountants of the company itself, without referring to the behaviors of the stockmarket. It is to make this distinction which the investors often call it analyzes fundamental.

Trades of the financial analysis

Among the financial analysts of profession one will note three types:

  • analysts credit ;
  • analysts salt side charged to inform and advise the customers who operate out of purse;
  • analysts buy side near the managers of funds (investment trust…)

There exist also Analysts fusac (for Fusion-acquisition). More and more they operate in the great groups of companies and not in the financial institutions. Their role is to determine the values of acquisition of the coveted companies and the values of resale of the activities having to be yielded.

Method

The financial analysis, within the meaning of fundamental analysis, includes/understands several tasks:

Countable analysis

It is a question of analyzing the accounts of a company (preferably over 5 years minimum) - Bilan, Income statement, Except assessment and Annexes - (see General ledger) to detect its financial performances and to release from them the strong points, the weak points and the points doubtful to clear up.

Comparative analysis

It primarily consists to draw from the ratios (of solvency, profitability…, to see financial Ratio) between various series of countable stations and with to compare their evolution in time and compared to those of other companies having a similar activity.

Countable extra analysis (or " économique")

The extra analysis countable, known as also analyzes economic, aims at determining the perspective evolution of the company and their incidence on his budgetary accounts to check the appropriateness of a credit (future capacity of refunding) or a placement or repurchase (awaited profitability).

This point emphasizes that a fundamental analysis, that it aims evaluating the credit risk specific to a company or at obtaining its valorization (stock exchange courts potential, cost price in the event of recovery.), requires a knowledge of general economic environment, branch of industry considered, operation and positioning of the company in the sector, its projects, and naturally of the competitors and their projects. A study which would be restricted to align the last figures of the company and, concerning the future, to take more or less extrapolated growth rates of the countable history, would not constitute in any way an analysis. It is a facility to which certain analysts can let themselves be forsaking this part of the analysis.

See too

External bonds

  • SFAF - the French company of the Financial analysts

  • EFFAS - the European Federation of Associations of Financial analysts
  • ACIIA - International association which delivers diploma CIIA (International Certification of Financial Analysis)
  • oseo the analysis of projects, by the French national agency " OSEO"
  • vernimmen principles of analysis and countable and financial topicality
  • anafin methodological bases of the financial analysis

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