This case introduces a unique approach to financial statement analysis that centers on managerial decision-making as the locus for student analysis. Rather than grouping ratios into traditional categories, such as liquidity, asset efficiency, profitability, insolvency and market ratios, ratios are grouped into operating, investing and financing decision-making areas. Students deepen their understanding of a firm's strengths and weaknesses through a process of "drilling-down" into the three

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... ion-making domains. The analysis begins with an examination of ROE using the Dupont analysis which provides a useful framework for focusing on the three core managerial decision making activities. The case is constructed using real world information extracted from 10K reports and from recent company announcements. It can be used at the undergraduate (400) or graduate level. It is most suitable for a course in Financial Statement Analysis, or a course in Corporate Financial Management/Corporate Finance. The basics of financial statement analysis are necessary to successfully navigate the case.