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FSA Project

2. Download the most recent financial data for Petsmart Inc (PETM). This may include not only the most recent 10-K but also the most recent 10-Q. Depending on the amount of historic information presented, you may also need to download earlier forms. While there are countless useful websites, the one you may find most helpful is the SECs Edgar site at http://edgar.sec.gov/edgar/searchedgar/companysearch.html. All firms that are required to provide financial statements must do so here and it is the most direct source of accounting statements. The easiest means of searching is to use the ticker symbol provided in the forum. If your search has too many filings and you are having trouble spotting the Form 10s, look for the box that lets you filter results by filing type. Put 10 in that box and then press the search button. The data provided is either interactive or in document format. How you choose to use the data is up to you.
The corporate website of your chosen firm is also likely to have the financial information needed. However, each site is different and I will not be able to direct you to the right location. It is most likely in an area of the corporate website called “investor information.”
Steps 3-7 describe the written report. The length of which should generally not exceed 1500 words, not counting graphs and tables. This portion of the project is worth 30 points.
3. In 250 words or less, provide a summary of the firm including all relevant markets, products, locations, partners and competitors.
4. Find two more firms, preferably publicly traded competitors if you find a more clear competitor with public data that is fine. Download their most recent statements as well. These firms will be used for comparison purposes throughout the project. You do not have to provide a summary for these companies.
5. Analyze and discuss the profitability and cash generating ability of the firm. This should include a detailed discussion of both net income and cash flow from the relevant statements. Provide the current ratio, debt to equity, price-to-book (use the price from the final day of each relevant accounting period), return on assets, and at least one operating performance and asset utilization measures for the most recent three (2) years (will require 3 years of data). Compare at least three (3) of these to the firms chosen in step 4.
Clearly indicate whether your firm is improving or getting worse based on your analysis of the trends and whether they are stronger or weaker than their competitors.
6. Analyze and discuss the overall condition of the balance sheet and risk level of the firm. Here too you will want to look to ratio analysis, including their trends and competitors. Questions that you might address include (but are not limited to): How capable is the firm of meeting its short- term and/or long-term debt? How flexible is the firm financially? How well does the firm manage its assets compared to its peers?
7. All the firm choices have operating leases. Assuming a discount rate of 9%, adjust the current balance sheet for the presences of these leases. Which reported expenses would change if these leases were capitalized and by how much? How would your assessment of the firm change in light of this change.
Note: Assume that the firm uses the same accounting method for these leases as they would for capitalized leases and PP&E. You will need to state any assumptions, such as asset lives. Your choice needs to backed up by relevant data. For example, assets from operating leases should not have lives longer than the lease itself.
Steps 8 and 9 reflect the discussion portion of the project. This portion of the project represents 15 points.
8. Present your findings to the class. You have a maximum of 1pg to provide your review of the firm. In this review, your focus should be on your analysis of the firm including strengths, weaknesses, relative value, etc… You are essentially making the analysts case of this firm as being a buy, hold or sell. Be convincing but do not overwhelm with data.

 

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