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The balance sheet is a snapshot of an entity`s assets, liabilities and equity at a particular moment in time. The majority of the movement in the balance sheet numbers from one period to another is driven by the entity`s trading operations as captured in the income statement.
Many of the numbers included in the balance sheet can be misleading and it is important to have a good grasp as to what the numbers in the balance sheet mean. There can be certain numbers the are under or over - stated. There are even assets an entity may have that are not even included on the balance sheet. The analysts must be fully aware of the weaknesses inherent in the balance sheet and be able to adjust for them.
The balance sheet does have its plus points. It is a useful starting point for:
- Debt numbers
- Net debt calculations
- Working capital numbers
But the caveat must be added - faithful reliance on a balance sheet is dangerous. This section of the manual will examine the key balance sheet line items relevant to IBD analysts in more detail.
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