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Development of a CSF-based method to incorporate industry specific factors in the analysis of companies in the tire manufacturing and IT-service industry

  • For investors, it is common to have a look at the annual reports of the company of interest, before making an investment decision. But looking at the numerical data in isolation is not sufficient to get an impression on how the firm will develop in the future and if the investment might generate an appropriate return. In this bachelor thesis, an approach to incorporate industry factors in the traditional financial statement analysis is tested. The structure-conduct-performance paradigm is used to justify the importance of the industry for a company’s performance. By identifying the critical success factors of the industry via a 5-forces and PEST analysis, and measuring the firms’ performance on this basis, a more comprehensive picture of a company can be drawn. This method will be applied on the tire manufacturing industry, with Michelin and Bridgestone as examples, and the IT-service industry with Atos and Adesso. The results of the analysis have shown that by regarding the industry CSF in the analysis, varying aspects besides the financials were taken into account, adding significant value to the analysis. After having identified trends and developments in the industry, it was also possible to better evaluate the financial performance of a company in the light of challenges that all firms of the industry will face in the next periods. With this new perspective, the possible future performance can be predicted more reliably.

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Author:Vanessa Haisch
Advisor:Michael Lederer
Document Type:Bachelor Thesis
Year of Completion:2018
Granting Institution:Hochschule Furtwangen
Release Date:2018/04/26
Tag:Financial statement analysis; Tire manufacturing industry
Degree Program:IBM - International Business Management
Functional area:Finance & Accounting
Licence (German):License LogoUrheberrechtlich geschützt