金融paper代寫范文：Sainsbury’s Group Financial Analysis

本文是金融專業(yè)的paper范例，題目是“Sainsbury’s Group Financial Analysis（森寶利集團(tuán)財(cái)務(wù)分析）”，Sainsbury擁有多個(gè)不同領(lǐng)域的業(yè)務(wù)，從雜貨店到金融服務(wù)，比如Sainsbury(雜貨店)、Argos和Tu服裝(網(wǎng)上購物)、Sainsbury銀行、Nectar and Habitat(家具店)。Sainsbury的目標(biāo)是為消費(fèi)者提供各種各樣的產(chǎn)品，最好的質(zhì)量和公平的價(jià)格，無論他們想要的時(shí)間和地點(diǎn)。他們的主要戰(zhàn)略是通過高質(zhì)量、高價(jià)值和優(yōu)質(zhì)的服務(wù)在競(jìng)爭(zhēng)對(duì)手中脫穎而出;增加百貨和服裝部門的銷售;為客戶提供便捷的金融服務(wù);投資數(shù)字市場(chǎng);加強(qiáng)資產(chǎn)負(fù)債表。

Business Model and Strategy商業(yè)模式與策略

 Sainsbury has several businesses across different sectors, from grocery stores to financial services such as Sainsbury (grocery store), Argos and Tu clothing (online shopping), Sainsbury bank, Nectar and Habitat (furniture store). Sainsbury aims to provide a variety of products with the best quality and fair price for the consumer, ideally whenever and wherever they want. Their main strategies are to differentiate themselves among competitors through high quality, value and excellent service; increase sales in general merchandise and clothing sector; convenient financial service for the customer; invest in digital market; strengthen the balance sheet.

Profitability盈利能力

 The gross margin for year 2019 is 6.92%, which has a slightly increase of 0.31% compared with 6.61% in year 2018. The main business is grocery store which commonly low in gross margin due to the high cost of sales, hence the company is considered doing good even under the pressure of discounter (Aldi, Lidl). The company’s focus to increase efficiencies delivered has saved 220m pounds (p. 05) but the saving has been used to offset the wage’s increment (p. 38) and cost inflation, hence did not affect the statement. The company determined to become the industry leader in terms of salary, therefore Argos’ employee’s pay has been increased for a total of 18% since September 2016 and Sainsbury’s store employees increased total 30% over the last 4 years (p. 70). The company also adopted IFRS 9 (International Financial Reports Standard) which lead to higher bad debt charges and there is an increase in the saving cost (Sainsbury bank) as the interest rate increased (p.14). Due to the cost increase as above, the operation profit margin is lower in year 2019 is 1.08% compared with 1.82% in year 2018, a decrease of 0.76%. Albeit the company has deferred the tax credit of 50m pounds (note 8) which lead to 80m pounds different shown in the income tax expense (see income statement), the post-tax profit margin in year 2019 remains lower than year 2018, which is 0.75% compared to 1.09%. Both ROCE and ROE has declined as the operation profit is affected by the higher admin cost and the company has increased the retained earnings (note 23). Although the company keens on long term debt reduction policy, this has not shown effect for now but perhaps in the future as the company will benefit from the lower interest rate.

2019年毛利率為6.92%，比2018年的6.61%略有增長(zhǎng)0.31%。主要業(yè)務(wù)是雜貨店，由于銷售成本高，通常毛利率低，因此公司被認(rèn)為做得很好，即使在折扣(Aldi, Lidl)的壓力下。公司提高效率的重點(diǎn)已經(jīng)節(jié)省了2.2億英鎊(p. 05)，但節(jié)省已經(jīng)被用來抵消工資的增加(p. 38)和成本膨脹，因此沒有影響聲明。公司決心在工資方面成為行業(yè)的領(lǐng)導(dǎo)者，因此Argos的員工的工資自2016年9月以來總共增加了18%，Sainsbury的商店員工在過去4年里總共增加了30% (p. 70)。該公司還采用了IFRS 9(國際財(cái)務(wù)報(bào)告標(biāo)準(zhǔn))，這導(dǎo)致了更高的壞帳費(fèi)用和儲(chǔ)蓄成本(Sainsbury銀行)隨著利率的增加(第14頁)。由于上述成本增加，2019年的經(jīng)營利潤(rùn)率從2018年的1.82%下降到1.08%，下降了0.76%。盡管公司遞延了5000萬英鎊的稅收抵免(注8)，導(dǎo)致所得稅費(fèi)用中顯示的8000萬英鎊差異(見利潤(rùn)表)，但2019年的稅后利潤(rùn)率仍低于2018年，為0.75%，而2018年為1.09%。ROCE和ROE都下降了，因?yàn)檫\(yùn)營利潤(rùn)受到更高的管理成本的影響，公司增加了留存收益(注釋23)。雖然該公司熱衷于長(zhǎng)期的債務(wù)削減政策，但目前尚未顯示出效果，但未來可能會(huì)受益于較低的利率。

Investment投資

 The EPS has significantly decreased from 13.3 pence in year 2018 to 9.1 in year 2019. This is because of the lower pre-tax profit and debt reduction policy where cash was used for repayment (p. 99). Although EPS is decreased, the company has increased the DPS from 10.2 pence to 11 pence which can be deemed as the action to keep the shareholder’s confidence. Dividend cover is reduced to 0.83 times as most of the cash flow used for debt repayment, and this commonly indicated as a danger of dividend cut. Another factor is Brexit which caused pound weaker, as dividend cover normally perceived as an economy’s effect (strong or weak economy). However, the company managed to turn it around and increased the DPS. The main reason behind this could be the company able to generate a higher retail free cash flow of 461m pounds (p. 42) to cover.

每股收益從2018年的13.3便士顯著下降到2019年的9.1便士。這是由于較低的稅前利潤(rùn)和減少債務(wù)政策，其中現(xiàn)金用于償還(第99頁)。雖然每股收益下降，公司已經(jīng)將DPS從10.2便士提高到11便士，這可以被認(rèn)為是保持股東信心的行動(dòng)。由于大部分現(xiàn)金流用于償還債務(wù)，股息覆蓋被減少到0.83倍，這通常被認(rèn)為是股息減少的危險(xiǎn)。另一個(gè)因素是英國脫歐導(dǎo)致英鎊走弱，因?yàn)楣上⒏采w通常被認(rèn)為是經(jīng)濟(jì)的影響(強(qiáng)勁或疲軟的經(jīng)濟(jì))。然而，該公司成功扭轉(zhuǎn)了局面，并提高了DPS。這背后的主要原因可能是該公司能夠產(chǎn)生更高的零售自由現(xiàn)金流4.61億英鎊(第42頁)來覆蓋。

The P/E ratio has drastically increased from 18.27 times in year 2018 to 24.59 times in year 2019 as Sainsbury’s and Asda confirmed to merge in year 2018. Merge of the second and third largest retailers in the UK would take over more than 30% market share (Statista.com, 2019) and this certainly increases the competitiveness and better economic scale. Hence, the market expects a better return in investing Sainsbury’s and leads to a higher P/E ratio. However, the merge has been blocked by CMA in year 2019 and the P/E ratio is likely to decrease in year 2020. Investors might want to buy shares when the P/E ratio decreased, though the great factor to increase the P/E ratio such as merger is less likely to happen within few years as CMA has applied merger blocked to major retailers. For investor who would like to earn the dividend or expect big bounce in the future market price after Brexit, it could be a great timing to invest now as the company is consistent with dividend yield (average 4.65% in 5 years according to the rate on LSE) and the current market price is lower than the peak in year 2018 (341.50 pence in August 2018 according to LSE). Brexit certainly will impact the market price as majority investors are sitting on the fence until the change has been confirmed, therefore the market price is expected to decline. Investor could speculate this opportunity for a greater return in the future.

隨著2018年森寶利和阿斯達(dá)確認(rèn)合并，市盈率從2018年的18.27倍大幅上升到2019年的24.59倍。英國第二和第三大零售商的合并將會(huì)占據(jù)超過30%的市場(chǎng)份額(Statista.com, 2019)，這當(dāng)然會(huì)增加競(jìng)爭(zhēng)力和更好的經(jīng)濟(jì)規(guī)模。因此，市場(chǎng)預(yù)期投資森寶利會(huì)有更好的回報(bào)，從而導(dǎo)致更高的市盈率。然而，合并在2019年被CMA阻止，到2020年，市盈率可能會(huì)下降。當(dāng)市盈率下降時(shí)，投資者可能會(huì)購買股票，但由于CMA對(duì)主要零售商實(shí)施了阻止合并的措施，合并等提高市盈率的重要因素在幾年內(nèi)不太可能發(fā)生。對(duì)于那些希望在英國脫歐后賺取股息或期待未來市場(chǎng)價(jià)格大幅反彈的投資者來說，這可能是一個(gè)很好的投資時(shí)機(jī)，因?yàn)樵摴九c股息收益率一致(根據(jù)倫敦證交所的利率，5年內(nèi)平均4.65%)，目前的市場(chǎng)價(jià)格低于2018年的峰值(根據(jù)倫敦證交所，2018年8月341.50便士)。英國脫歐肯定會(huì)對(duì)市場(chǎng)價(jià)格產(chǎn)生影響，因?yàn)槎鄶?shù)投資者在這一變化得到確認(rèn)之前都在觀望，因此預(yù)計(jì)市場(chǎng)價(jià)格將會(huì)下跌。投資者可以利用這個(gè)機(jī)會(huì)在未來獲得更大的回報(bào)。

Liquidity流動(dòng)性

 Sainsbury’s has a weak liquidity position and the situation is weaker in year 2019. Though the company aim to generate strong, consistent cash flow (p. 09) but it has been utilized for long term debt reduction. Therefore, according to the ratio, the company seems less capable to cover short-term liabilities. Retail business mode commonly has low ACT (acid test ratio) as the business heavily depends on the inventory, hence it is considered doing great in the retail industry. Compared to Tesco UK (Investing.com, 2019), Sainsbury has a better ACT. Additionally, the company has more customer saving (note 18b) which might benefit the capital turnover but also lead to higher interest paid. Albeit the liquidity position seems weak, Sainsbury is capable to pay off the short-term liabilities as the company has a lump sum of retained earnings (p. 98) to utilize when deemed necessary.

Sainsbury的流動(dòng)性狀況較弱，2019年的情況更弱。雖然公司的目標(biāo)是產(chǎn)生強(qiáng)勁的，持續(xù)的現(xiàn)金流(第09頁)，但它已被用于長(zhǎng)期債務(wù)削減。因此，根據(jù)這一比率，該公司似乎無力償還短期債務(wù)。零售商業(yè)模式通常ACT(酸試比)較低，因?yàn)樵摌I(yè)務(wù)嚴(yán)重依賴于庫存，因此被認(rèn)為在零售行業(yè)做得很好。相較于英國樂購(Investing.com, 2019)，塞恩斯伯里的ACT更好。此外，公司有更多的客戶節(jié)省(注18b)，這可能有利于資金周轉(zhuǎn)，但也會(huì)導(dǎo)致支付更高的利息。盡管流動(dòng)性狀況看起來很弱，但Sainsbury有能力償還短期債務(wù)，因?yàn)楣居幸还P保留收益(第98頁)，可以在必要時(shí)使用。

Average inventory days is 26 days, which is considered long for a retailer. As per previous stated, retailer heavily depends on the inventory to generate cash and pay off expenses, hence it is less favourable. Though the inventory days is less favourable, Sainsbury’s maintained the inventory days without huge change under the pressure of consumer behaviour shifts to Aldi and Lidl. Furthermore, Sainsbury has longer payable days than inventory day hence they have more time to sell the goods and cover the payable. Due to the retailer’s characteristic, it just takes 2 days for Sainsbury’s to collect receivables. The key element to take into consideration for an investor is inventory days as it determines how fast the company can generate cash and reduce inventory loss.

平均庫存天數(shù)是26天，這被認(rèn)為是一個(gè)零售商長(zhǎng)的時(shí)間。如前文所述，零售商在很大程度上依賴于庫存來產(chǎn)生現(xiàn)金和支付費(fèi)用，因此它是不太有利的。雖然庫存日不太有利，但Sainsbury的庫存日在消費(fèi)者行為轉(zhuǎn)向Aldi和Lidl的壓力下沒有發(fā)生巨大變化。此外，森寶利有更長(zhǎng)的應(yīng)付日比存貨日，因此他們有更多的時(shí)間出售貨物和覆蓋應(yīng)付。由于零售商的特點(diǎn)，Sainsbury 's收取應(yīng)收賬款只需要2天時(shí)間。投資者需要考慮的關(guān)鍵因素是庫存天數(shù)，因?yàn)樗鼪Q定了公司產(chǎn)生現(xiàn)金和減少庫存損失的速度。

Gearing傳動(dòng)裝置

 Sainsbury’s has scored a low gearing of 21.62% in year 2018 and lower to 11.23% in year 2019 as a result of business strategy to reduce net debt (p. 17). Equity mainly formed by retained earnings (p. 98) which is up to 56.33% of total equity, and next is share issue which is 21%. The remeasurement on defined benefit pension schemes is increased to 1053m in year 2019 (note 23) which affected the retained earnings. Overall, the company has a greater ability to re-invest the business in a long-term run. As we can see, Sainsbury’s aim to increase investment in the supermarket in 2019/20 (p. 10) by partnering with different sectors such as Timpson and Specsavers which will increase their profitability and market share. The net debt to equity ratio in year 2019 is -2.02%, which represents that the company could fully repay the long term borrowing whilst have cash on hands.

Sainsbury’s在2018年獲得了21.62%的低負(fù)債率，在2019年降低到11.23%，這是減少凈債務(wù)的商業(yè)戰(zhàn)略的結(jié)果(第17頁)。股權(quán)主要由留存收益構(gòu)成(第98頁)，占總股本的56.33%，其次是發(fā)行股份，占21%。對(duì)固定收益養(yǎng)老金計(jì)劃的重新計(jì)算在2019年增加到1.053億歐元(注釋23)，這影響了留存收益?？偟膩碚f，公司有更大的能力進(jìn)行長(zhǎng)期的業(yè)務(wù)再投資。正如我們所看到的，Sainsbury的目標(biāo)是通過與Timpson和Specsavers等不同行業(yè)的合作，在2019/20年增加對(duì)超市的投資(第10頁)，這將增加他們的盈利能力和市場(chǎng)份額。2019年的凈債務(wù)股本比為-2.02%，這意味著該公司可以全額償還長(zhǎng)期借款，同時(shí)手頭有現(xiàn)金。

 As the company has lesser borrowing which leads to low interest payable, therefore the ICR (interest cover ratio) is 3.15 times in year 2019. It has shown the ability to generate cash to cover interest and the financial stability of the business. Though some argued that high ICR could represent that the business is neglecting the chances to maximize earning through leverage (CFI.com, n/a). Another possible issue is the company issues more share to generate more equity, which leads to higher dividend pay-out.

由于公司借款較少，應(yīng)付利息較低，因此2019年的ICR (interest cover ratio)為3.15倍。它已顯示出產(chǎn)生現(xiàn)金以支付利息的能力和業(yè)務(wù)的財(cái)務(wù)穩(wěn)定性。盡管有些人認(rèn)為，較高的ICR可能代表企業(yè)忽視了通過杠桿實(shí)現(xiàn)收益最大化的機(jī)會(huì)(CFI.com, n/a)。另一個(gè)可能的問題是，公司發(fā)行更多的股票以產(chǎn)生更多的股本，這將導(dǎo)致更高的股息派息。

Cash Flow現(xiàn)金流

 Sainsbury’s is capable to generate more cash from the share issued. The company has high revenue but also the high cost of sales which leads to low gross profit, but it is considered great for the retail industry. Albeit the pre-tax profit has reduced in year 2019 which affected by the debt reduction policy, the company is generating net cash and has lesser net finance cost (p. 99).

森寶利有能力從發(fā)行的股票中獲得更多的現(xiàn)金。該公司收入高，但銷售成本高，導(dǎo)致毛利低，但它被認(rèn)為是零售業(yè)的偉大。盡管受債務(wù)削減政策的影響，2019年稅前利潤(rùn)減少了，但公司產(chǎn)生了凈現(xiàn)金，并有更少的凈財(cái)務(wù)成本(p. 99)。

Conclusion結(jié)論

 Overall, Sainsbury’s is performing well and financial stable. Although under the pressure of discounter and consumer behaviour shift, Sainsbury’s able to maintain the revenue whilst repaying the long term borrowing and increase retained earnings. Albeit it is a loss that the merger of Sainsbury’s and Asda is blocked, Sainsbury’s is a safe investment and is giving out dividends consistently. Additionally, Sainsbury’s aim to partner with different sectors to provide a one-stop shopping experience which will make a great profit in the future.

總的來說，森寶利表現(xiàn)良好，財(cái)務(wù)狀況穩(wěn)定。盡管在折扣和消費(fèi)者行為轉(zhuǎn)變的壓力下，Sainsbury能夠在償還長(zhǎng)期借款和增加留存收益的同時(shí)保持收入。雖然塞恩斯伯里和阿斯達(dá)的合并被阻止是一種損失，但塞恩斯伯里是一種安全的投資，它一直在發(fā)放股息。此外，Sainsbury的目標(biāo)是與不同的行業(yè)合作，提供一站式的購物體驗(yàn)，這將在未來獲得巨大的利潤(rùn)。

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