The Financial Detective, 2005

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INTRODUCTION From the case study of The Financial Detective, 2005, we decided to choose beer industry as our coursework. First of all, we will analyze and compare the financial ratios of the company in the beer industry. As we know, different industries have different managerial strategies. Therefore, we will discuss about the effects of managerial strategy used by beer industry by interpreting their financial ratios. In the following, there will be the ratio analysis of two beer brewing companies, C and D to identify them. The beer industry in the United States started in 1840s and 1850s with the introduction of lager style beers, brought by German immigrants. As time goes by, technology advances brought the development of US beer industry to as we know it today. By 1850 there were about 430 breweries in the United States, producing about 750,000 barrels of beer annually. Commercial brewers began to grow in size and number, and in 2010, there were 1,693 breweries in the US. In this beer industry, there is a financial norm around which companies within the industry tend to operate. RATIO ANALYSIS Market Data Beta Both the companies C and D have similar beta, the former has a beta of 0.55 while the latter has a beta of 0.60. With a beta of 0.55 and 0.60, company C and D will respond less than the market swing. In another words, they are less volatile than the market. Price/Earnings Company C has a price/earnings ratio (p/e ratio) of 16.85 times while company D has a p/e ratio of 19.73 times. P/E ratio indicates how much investor is willing to pay for each of the stock. Company D has a higher p/e ratio, where investors are willing to pay $19.73 for each dollar of return. It also indicates that investors are expecting a higher future growth in company D compared to company C which has a lower p/e ratio. From the article, we know that company C is a national brewer

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