Financial Analysis

Esta tesis desarrolla el modelo de un sistema para la toma de decisiones y mejora continua que toda organización o industria debería de poseer; tomando como punto crítico la gestión cuantitativa de información. En este trabajo monográfico el modelo propuesto se implementa en las granjas de porcicultura, ubicadas en Nicaragua, de la compañia AGANORSA. La tesis incluye como base los conocimientos desarrollados por Russell Ackoff, Edwards Deming, y Eliyahu Goldratt. Además de utilizar métodos cuantitativos como el cálculo de capacidad instalada, la modelación y simulación de procesos, análisis de factibilidad de escenarios, y otros.

A new and updated version of the GASB's popular guide for municipal bond analysts and other users of governmental financial information who have some prior knowledge of accounting or government finance. Among the new topics covered are the recent pension and OPEB standards and disclosure of tax abatements.

Structural models for pricing credit risk can be used to forecast the spread on risky bonds and for hedging credit risk. This article examines the forecasting accuracy of the Black -Scholes -Merton (BSM) model of risky debt using a data set consisting of weekly bond data for First Interstate Bancorp over the period January 1986-August 1993. In addition, structural model hedge parameters and credit spread options are tested for their effectiveness in hedging the increasing credit risk premium on First Interstate Bancorp debt. Credit spread options in combination with a duration hedge offer the best hedging strategy, reducing the standard deviation of the hedging error by a minimum of 84%. D

Commercial banks is a retail bank gives basic investment products, gives business loans and accepts cash deposits. Increased competition, fluctuations in the economy, technological improvements and the growing needs of the customer have led to increasing the scope of the banks services provided and to better market those services. In this continuously changing environment where competition increases every day, banks need to exploit and emphasize on the customer quality to gain a competitive advantage. Commercial banks face many challenges including the expensive high-technology, unpredictable cost of funds, competition from other banks and weakened customer loyalty. Hence a banks' goal is to increase their efficiency and lower the costs all the while maintaining better relationships with customers so the customer leaves happy and satisfied. Customer encounter quality is being enhanced by every bank because as the saying goes the first impression is the last impression. Customer satisfaction is argued to be a result of the customer's perception and may or may not be the consequence of better service quality by commercial banks. It is a well-known fact that no business can exist without customers. So they must be satisfied. More than any other, banking is a customer oriented services industry and Nepalese banks have started realizing that business depends on client service and the satisfaction of the customer. Customer satisfaction is the key factor for customer retention and thereby the banks success. So identifying and improving the factors that can limit the satisfaction of customer is the crucial step for the bank which wants to be a step forward than its competitors. Through the satisfied customers, a bank can easily measure the effectiveness of the business, its potential and position in the industries and the areas that are needed to polish and improve. But gathering a satisfied customer is not an overnight miracle but with the full of patience and bountiful of effort. Among several factors; Quality, Timeliness, Efficiency, Ease of Access, Organizational environment, Commitment to the Customer and Innovation, Behavior of employees, Willingness to solve problems, friendliness, knowledge level, communication skills etc. are some major factors that affect the satisfaction of customer. These factors are used for measurement and continuous improvement of customer satisfaction. Commitment to the Customer and Innovation, Behavior of employees, Willingness to solve problems, friendliness, knowledge level, communication skills etc. are some major factors that affect the satisfaction of customer. These factors are used for measurement and continuous improvement of customer satisfaction. Customer satisfaction in Nepalese banks was researched by Thaneswor Gautam and Sanjaya Dhital in his article (Gautam & Dhital, 2004). A paradigm for customer satisfaction was discussed called the expectancy disconfirmation paradigm, coming from social psychology. It states that customer form their perception and expectation before buying or using the product itself. After using the product or service, this expectations are either confirmed or aren't. After the advent of democracy in Nepal, bank market became an attractive one however now the performance is questioned more frequently than ever. The study showed clearly the customers were more satisfied with second-generation joint venture banks. Customers were satisfied with banks where there was a shorter waiting time and the behavior of employees was good. The matured commercial banks were seen to be weaker in terms of satisfying their customers indicating a lower level of competency. While the second-generation banks having less ability and reliability were able to perform better as they knew better the customers and worked on their satisfaction rather than giving more products or services. Despite providing clues to the reader of customer satisfaction in Nepalese banks, the sample is still low. Although it can be argued that in 2004, it was the first study of its kind to be performed.

The study of financial stability has become the cornerstone of modern macroeconomic policy particularly for developed countries. The recent global financial crisis has underscored the importance of understanding financial instability especially in the context of managing credit risk with particular emphasis on the banking sector. The key motivation for this paper is to improve our understanding of credit risk modelling at the country level especially under the framework of Basel II capital adequacy standards. The aim of the study is to investigate the interaction between the cyclical implications of aggregate defaults in an economy and the capital stock of a bank. The approach used requires the construction of a macroeconomic credit model that provides the framework to perform scenario analysis. Within this framework, our study forms the basis of a comparative analysis of two countries, a relatively immune economy from the recent crisis-Australia and the worst effected economy-the USA. The key questions posed in the study are which macroeconomic variables are important for both countries in addition we examine the impact of adverse macroeconomic shocks on default rates in both countries. The results indicate that the same set of macroeconomic variables display different default rates for the two counties. Additionally the study finds that compared to Australia, the US economy is much more susceptible to adverse macroeconomic shocks.

The capital expenditure appraisal process has so far been presented in the framework of a cost benefit analysis where all benefits and costs are expressed in monetary values. However, many projects or programs undertaken by governments produce benefits that may be considered to be highly desirable but whose quantification in monetary terms is difficult if not impossible. Common examples of such projects are the provision of elementary school education, improvements in the provision of health care services, investment in public security and the administration of justice. In such cases, a full cost benefit analysis may not be feasible for each individual project or program but a costeffectiveness analysis (CEA) can be carried out. Such an analysis measures the quantities of benefits generated in terms of the number of units of the items produced, but no attempt is made to convert these into monetary values. This chapter outlines a methodology for conducting cost effectiveness analysis and discusses it usefulness and its limitations. Further extensions of cost effectives are made into topics of cost utility analysis, and the limitations of cost effectiveness.

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The US airline industry was deregulated in 1978 and has undergone significant changes in industry structure, profitability, employment, passenger volume, and patterns of service and fares, among other characteristics. This paper sets out to make three contributions to the literature as related to the story of airline deregulation. First, discussion of economic theory will provide the context for an updated overview of the positive, negative, and really negative results of US airline deregulation, summarized in the form of ''the good", ''the bad", and ''the ugly". Second, this paper provides a periodization of the 30-year history of US airline deregulation that is important in understanding the cycles of change as reflected in the industry's financial performance and other relevant data. Third, this paper contributes to the renewed debate about the efficacy of deregulation and liberalization policies, particularly at a time when the global financial crisis has cast a harsh spotlight on the (un)desirability of these policies. Some of the good results during the 30 years of airline deregulation, from the industry and consumer perspective, include higher passenger volumes, more service to the most popular destinations, and lower fares on average. Bad results include financial and employment instability, diminution in the quality of airline service overall, and fewer flights and higher fares to smaller places. The recent 2000-2005 period has been particularly ugly, as the airline industry has lost over $30 billion, and several high-profile carriers, such as United, Delta, Northwest, and US Airways, were forced into bankruptcy.

This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated producing evidence of unidirectional spillovers from stock returns to exchange rate changes in the US and the UK, in the opposite direction in Canada, and of bidirectional spillovers in the euro area and Switzerland. Furthermore, causality-invariance from stock returns to exchange rates changes is found in Japan and in the opposite direction in the euro area and Switzerland, whilst there is evidence of bidirectional feedback in the US and Canada. These findings imply limited opportunities for investors to diversify their assets during this period.

This study explores the relationship between the stock market and the real estate market. Through the methodologies of cointegration and the Error Correction modeling and data from both the US and the UK stock and the real estate markets over the period 1985 through 2006 the results display that the two markets are considered highly integrated. The empirical findings have implications for managing property assets fund managers, for the pricing efficiency within the real estate market, and for policy makers regarding economic safety.

This paper examines the stock market's reaction to the announcement of American Airline's takeover of Trans World Airlines, and then analyzes subsequent price movement through the completion of the merger. A second part of the analysis looks at American Airline's stock performance following the events of September 11, 2001. Given the dramatic changes to the airline industry after this national tragedy, it is possible that September 11th had further implications for the economic gains of the merger. As part of this analysis, we compare American's performance to Delta Airlines, a carrier similar in scope and size. r Date Price Relative to 7-1-02 Price AMR Price DAL Price

Textile  industry  is  playing  a vital  role in  the  Indian economic  growth  of  the country through its  contribution  towards  GDP,
employment,  exchange  rate,  exports,  total  production  etc.  The  purpose  of  the  study  is  to  identify  the  difficulties  of  textile
companies facing challenges from the general manager’s point of view on financial sustainability of  selected textile companies.
The study has used factor analysis for exploring various dimensions of barrier as well as weighted average method and other tests  for  selected  measurement  analyzes  using  SPSS-17  version  for  different  statistics.  Overall,  the  large  scale  companies performing very well with automatic plant with modern innovation products, medium scale unable to produce due to  various reasons and impacting the growth and technological factors as well as facing various difficulties. It reflects overall textile issues and challenges as general results towards the structured questionnaires.

Background: The distribution of healthcare resources across local and global communities has triggered alarms throughout the COVID-19 pandemic. Injustice and inefficiency in the transfer of lifesaving medical supplies are magnified by the urgency of the public health crisis, ramified through pre-existing socioeconomic tensions, and further aggravated by frictions that plague international cooperation and global governance. Aim: This article explores the ethical and economic dimensions of medical supplies, from the microcosm of distributive algorithms to the macroscope of medical trade. Methods: It first analyses the performance, strategy, and social responsibility of ventilator-suppliers through a series of case studies. Then, the authors seek to redress the need-insensitivity of existing distributive models with a new price-based and need-conscious algorithm. Next, the paper empirically traces the exchange of medical supplies across borders, examines the effect of trade disputes on...

Academic research has highlighted the inherent flaws within the RiskMetrics model and demonstrated the superiority of the GARCH approach in-sample. However, these results do not necessarily extend to forecasting performance. This paper seeks answer to the question of whether RiskMetrics volatility forecasts are adequate in comparison to those obtained from GARCH models. To answer the question stock index data is taken from 31 international markets and subjected to two exercises, a straightforward volatility forecasting exercise and a Value-at-Risk exceptions forecasting competition. Our results provide some simple answers to the above question. When forecasting volatility of the G7 stock markets the APARCH model, in particular, provides superior forecasts that are significantly different from the RiskMetrics models in over half the cases. This result also extends to the European markets with the APARCH model typically preferred. For the Asian markets the RiskMetrics model performs well, and is only significantly dominated by the GARCH models for one market, although there is evidence that the APARCH model provides a better forecast for the larger Asian markets. Regarding the Value-at-Risk exercise, when forecasting the 1% VaR the RiskMetrics model does a poor job and is typically the worst performing model, again the APARCH model does well. However, forecasting the 5% VaR then the RiskMetrics model does provide an adequate performance. In short, the RiskMetrics model only performs well in forecasting the volatility of small emerging markets and for broader VaR measures.

This case study illustrates the potential benefits and risks associated with the migration of an IT system in the oil & gas industry from an in-house data center to Amazon EC2 from a broad variety of stakeholder perspectives across the enterprise, thus transcending the typical, yet narrow, financial and technical analysis offered by providers. Our results show that the system infrastructure in the case study would have cost 37% less over 5 years on EC2, and using cloud computing could have potentially eliminated 21% of the support calls for this system. These findings seem significant enough to call for a migration of the system to the cloud but our stakeholder impact analysis revealed that there are significant risks associated with this. Whilst the benefits of using the cloud are attractive, we argue that it is important that enterprise decision-makers consider the overall organizational implications of the changes brought about with cloud computing to avoid implementing local optimizations at the cost of organization-wide performance.

Executive summary This report was prepared for the client to provide suggestions for the investment on The Star Entertainment Group (SGR). It provides the evaluation of the company's profitability, business strategy and potential investment risks. Also, it estimates the weighted average cost of capital, free cash flows and the target price of this company. SGR has a considerable financial performance in the industry while the profitability is not outstanding when compared with other peer companies. By relative valuation of SGR, it is indicated that the company is under operated by the market consumption. Furthermore, according to the estimation of weighted average cost of capital, free cash flows of the firm and target price, it is recommended that SGR is not a decent choice to invest in terms of a high-net company.

In the global market place, many companies have had to adapt their strategies to meet significant challenges. A strategy adopted by some companies has been international expansion via acquisitions. The need for expert knowledge to determine an appropriate company to acquire has been complicated by the sheer size of the global market place. The costs associated with this in relation to time and personnel have created the need for a computerised expert system to be developed. This paper endeavours to show how a proposed fuzzy based system can assist in the identification of a company for acquisition. The authors discuss the manipulation of the magnitude of fuzzy membership functions to communicate priorities within the system. The fuzzy system is designed to assist financial experts in identifying a suitable company for acquisition in the corporate acquisition process. This includes the deliberate weighting of certain inputs and results above others in the decision-making process. The system attempts to learn and simulate the human precedence given to particular financial statistics in company analysis. The system uses the magnitude of the fuzzy membership functions to reflect the human precedence given to each financial ratio. This enables a particular company's strengths and weakness to be considered while concurrently considering their significance and relevance to the acquiring organisation. The system will enable a larger number of companies to be analysed in a more time and cost-effective manner. The development of this system is intended to illustrate that a fuzzy system can aid the financial experts of an acquiring organisation in the global acquisition process. q

This article examines the evolution and the institutional foundation of the century-old Islamic hawala financing system. Analysis of the functional principles of this system will show that it is a highly efficient, extremely robust institutional arrangement for overcoming the risks of opportunism among the transaction partners. It is an institution that was developed against the backdrop of a lack of formal legal systems. Thus, hawala can be seen as club-like arrangements, which are able to provide the transaction parties with an institutional framework to assure enforcement of contracts without relying on any national law. Today, therefore, it is able to expand outside and independently of existing laws and regulations. It is able to move large amounts of money without recourse of the formal banking system and even without retaining any bookkeeping notes. Instead, it is based on the trust of the participating parties and its social and religious embeddedness within the Islamic community.

India has been one of the largest auto market employing over 5 Million people directly and indirectly. In this paper, an attempt has been made to study the financial performance of 94 Auto Ancillary companies listed on the Stock Exchange. The study relates to the financial year ended 31st March 2020. The analysis of the key financial ratios relating to profitability, liquidity, solvency and efficiency of these companies reveals that the smaller auto ancillary companies are not financially healthy. 1/3rd of the companies (17 out of 51) having annual revenue of less than INR 500 Crores category is in financial distress and there is a possibility that they can become bankrupt. The Covid-19 impact would deteriorate the financial performance further in the financial year following. Support of the Government may be needed to help this sector.

Keywords: Adaptive markets hypothesis Market efficiency Nonlinear tests US stock market UK stock market This paper empirically investigates the Adaptive Market Hypothesis (AMH) in three of the most established stock markets in the world; the US, UK and Japanese markets using very long run data. Daily data is divided into five-yearly subsamples and subjected to linear and nonlinear tests to determine how the independence of stock returns has behaved over time. Further, a five-type classification is proposed to distinguish the differing behaviour of stock returns. The results from the linear autocorrelation, runs and variance ratio tests reveal that each market shows evidence of being an adaptive market, with returns going through periods of independence and dependence. However, the results from the nonlinear tests show strong dependence for every subsample in each market, although the magnitude of dependence varies quite considerably. Thus the linear dependence of stock returns varies over time but nonlinear dependence is strong throughout. Our overall results suggest that the AMH provides a better description of the behaviour of stock returns than the Efficient Market Hypothesis.

The paper examines airline performances focusing on the capital structure expressed as liabilities/assets ratio for current-and long-term liabilities. It is found that most airlines do not follow the traditional finance management practice of lowering liabilities during lean times and increasing them during economic upturns. Only Southwest Airlines illustrates finance management of this type, with positive effects on its performance. In addition, it is found that among all airlines, levels of current liabilities are properly adjusted for movements of interest rates. However, this practice is not extended to long-terms liabilities, where only Southwest manifested proper adjustments. Finally, return on assets has a negative influence on current liabilities for other airlines, suggesting a risky practice of increasing liabilities when asset profitability is reduced and symmetrically, not taking advantage of market opportunities by increasing liabilities when operations are profitable. r

Conclusion de l'analyse (effectuée début 2013) :

"En introduction, nous avions posé deux questions. La première était de savoir pourquoi le groupe Air France – KLM, parti d’une position de leader, se retrouve aujourd’hui dans cette situation. La second était de déterminer si Air France – KLM est à même de survivre jusqu’en 2014.
A la lumière des développements précédents, il apparait qu’Air France a perdu ses parts de marché et sa capacité à réaliser des bénéfices à cause des mauvais choix qui ont été faits par le management durant les années 2000. La faiblesse face au low cost, l’absence de positionnement clair, le manque d’effort pour réduire les coûts et l’incapacité à anticiper les développements du marché se paient aujourd’hui.
Le groupe Air France – KLM a pris conscience que l’avenir passe nécessairement par une réduction drastique de ses coûts. Le plan Transform 2015 est la preuve que cette question est prise très au sérieux. Toute la question de la survie d’Air France - KLM dépendra de la volonté politique du management de maintenir le cap, quelles que puissent être les oppositions internes et les difficultés externes, de la réduction des coûts.
Et c’est ici que se profile un risque d’aléa moral. Les nouveaux dirigeants, qui héritent d’une compagnie où les tensions entre le poids de l’histoire et les attentes du marché rendent l’ensemble difficilement gouvernable, peuvent avoir la tentation du moindre risque. Réduire les coûts, c’est risquer un conflit majeur avec les syndicats et les actionnaires salariés. C’est risquer de perdre le soutien de l’Etat qui veut préserver la paix sociale au sein du groupe. Ne pas réduire les coûts, c’est durer. C’est ne pas se faire d’ennemis. La tentation pourra donc être grande, pour les dirigeants qui prendront les rênes du groupe d’ici quelques mois, de jouer le court terme contre le long terme, leurs intérêts propres contre ceux du groupe, et de ne rien faire. Parce que réformer l’entreprise, c’est faire des choix douloureux, et faire des choix douloureux, c’est nécessairement déplaire.

Time to time, the banking sector around the world face difficulties and challenges whether it is a locally or internationally. The Iraqi banking sector has been shifted to a new era after the development and rebuilding the country since 2005, which acquired new technology -provide better services and products. Within the growth rate in Iraq as a whole and Kurdistan region in particular, a massive number of companies entered Iraq through opening its branches and offices in Kurdistan region. Kurdistan international bank was the first bank opened it's headquarter in Erbil (the capital city of Kurdistan region) which benefit from the increased attraction to the region's booming economy. But without practicing the strategic management, Kurdistan international bank could not reach its objectives, and with low experience in stock market, weak public relations, luck of coordination with financial institutes and intermediates, the bank suffered from low share traded percentage, low share volume, low market capitalization and low turnover ratio each year in 2006-2008. After the industry and competitors been analyzed by using PESTLE analysis and Porter's five force model of analysis, then the environmental factors (internal and external) has also been analyzed through using SWOT analysis, Internal factors analysis summary (IFAS), External factors analysis summary (EFAS), TOWS matrix, and Strategic factors analysis summary (SFAS). Thus, the top management must overcome with firstly a clear vision shared with its employees in various organizational levels, improving its human resources, increasing the marketing awareness, using marketing strategies like marketing relationships, using penetration strategy to enter new markets, improving the current services, products, creating unique products and services which differ from rivals lead to better growth in market share, market capitalization, shares traded volume and percentages, and turnover ratio.

The aim of the article is to model a new formula that can calculate price corridor using the linear regression and standard deviation instead of the moving average. The research will check the possible application of the linear regression into the place of the standard moving average. The application of the linear regression instead of moving average and Bollinger Bands could give a better and closer estimated data about price trend, due to the mathematical nature of the linear regression that uses squares from variables instead of the normal arithmetical mean. The application of the linear regression could create a good analytical background for investors to omit jigsaws, bear and bull traps. Research question: How does the linear regression could improve predicting the price movement in the foreign exchange market?

In the following case study we are analyzing the performance of Diamond Gem Cleaning and Maintenance Company. The company works under the classification of special service industry sector. The study will include the narrative of calculation of some financial ratios, which will represent the performance of the company. Gross profit margin, current ratio and debt ratio are the three ratios we will use to complete the financial analysis for this organization. Through the case study we will provide some justifications regarding the significant changes of each account line of both income statement and balance sheet using the trends of the same company industry. Providing a research study to evaluate the company performance or particularly the ratios in calculations will emphasis the company performance towards the service sector industry trends.

Empowerment women have the strong correlation to sustainable development goals: Gender Equality, with one of its global goals, is reduce the violence against women and children. The implementation is focusing on the regional level because of Regency and City Government are the spearhead of SDGs realization. In the study, it was found that local governments already have legal products and some efforts to empower and protect women and children. This was in accordance with Presidential Instruction No. 5 of 2014 on the National Movement of Anti-Crime against Children. In addition, cooperation between stakeholders such as women crisis center, police department, hospital, philanthropy and also mass media help to implement, monitor and evaluate the course of SDGs. Without their active role, SDG will only fail or can be achieved no more than 50%. Because success at the regional level can be a benchmark of the country's success in running SDGs.

Keywords: Sustainable development, gender equality, violence, women crisis center, local
governments, Indonesia

Financial market has been dramatically changing after the economic reforms in India after 1991 onwards. It has been offering several opportunities not only to the investors but also for the corporate. Recent financial services are becoming more accessible, financial market offers myriad of products with intricate features and services, leaving many people ill equipped to cope up with the sophisticated financial desires. The economies around the world have increasingly considered financial literacy as a key pillar for the development of financial system. Financial education has grown a lot from its pre liberalization starting to the present day conditions of post liberalization corporate era. Financial literacy plays a vital role in the efficient allocation of household savings and the ability of individuals to meet their financial goals. People can able to learn the different kinds of financial products offers and features. Financial literacy is a process through which an individual (or a family) gains a basic understanding of banking, savings, and the importance of good credit. Financial literacy thus goes beyond the provision of financial information and advice. It is again a major issue for finance markets as it both drives and distorts investment behavior. It empowers the common person and thus reduces the burden of protecting the common person from the elements of market failure from a regulatory perspective. The study main objective is to measure the level of financial literacy in Tirunelveli district of tamilnadu using the quota sampling method in scientific criteria.

The book is addressed to professional traders, investors, and economists that would like to explore new possibilities in financial market trend analysis. The book elaborates on Complex Technical Analysis that bases on compound analysis of assets where standard technical analysis tools as Moving Average are influenced by more variables than the price of the single asset. The book delivers a new way of creating technical indicators and presents some of the new technical analysis tools as General Trend Indicator or Options Arbitrage Index.
Furthermore, the paper describes potential modifications for all of the existing technical analysis indicators focusing on new types of Moving Average – XMA and a new type of Relative Strength Index – XRSI that present enormous potential for application in trading and investing allowing to personalize both of the indicators.
What is more, the complex technical analysis theory, presented in the book, allows an investor to modify all of the technical tools he or she uses to reach more personalized goals. The modifications of standard technical analysis tools allow for the faster indication of buy/sell signals at once with fewer jigsaws creation. The presented modifications in RSI and Moving Averages enable using technical analysis in bigger scale examination of price trends, analyzing one particular economic sector, a country economy or even whole global economy patterns.
One of the most important new technical indicator introduced by the book the GTI - General Trend Indicator tracks the oversold and overbought levels in commodities, stocks, indices, bonds and currencies in the variety of scales, from one asset till global market analysis. The next indicator – The Arbitrage Index is the first technical indicator designed for Options trading that creates arbitrage in and out points, where options trading is profitable.
In outline, by introducing new technical indicators, the book focuses on a new way of creating technical analysis tools, and new applications for the technical analysis that goes beyond the single asset price trend examination.

In this paper, the relationship between ownership concentration and financial performance of companies in Singapore and Vietnam is investigated in a dynamic framework. By focusing on two different types of national governance systems (well-developed vs. under-developed), we observe how the relationship is moderated by the national governance quality. We find that the performance effect of concentrated ownership persists in these markets even after the dynamic nature of the ownership concentration-performance relationship is taken into consideration.

nonprofit świadcząca Instytucjonalną działalność charytatywno-opiekuńczą, , Przedsiębiorstwo produkcyjne z branży produkcji metali " Analiza finansowa ekonomicznej kondycji na przykładzie polskich instytucji" " Financial analysis of economic health -Polish entities case" Working paper JEL: A10, A20, A30 Słowa kluczowe: analiza finansowa, kondycja ekonomiczna, PHI Zietlowa Streszczenie: