Χρηματοοικονομική ανάλυση και σύγκριση των εταιριών ΦΑΓΕ και ελληνικά γαλακτοκομεία Α.Ε. με τη χρήση του Z-score του Altman
Financial analysis and comparison of firms FAGE and Hellenic dairies S.A. with the use of Altman’s Z-score
The purpose of this thesis is the financial analysis of two companies in the dairy industry, FAGE and Hellenic Dairies SA. for the years 2015-2018. The first chapter of the paper will look at credit risk and bankruptcy by referring to models for calculating them such as the Altman Z-score. Following is a brief reference to the ratios we will use later with the Z-score for the financial analysis of the two selected companies. The second chapter provides a historical overview of the dairy industry and a reference to the products produced by the companies. At the same time, the strategic analyzes of PEST, SWOT and Porter are carried out. From the above analysis of the companies some of the advantages are the well-developed distribution network of the companies' products and their ability to create new and innovative products. But there are also threats such as fierce competition between businesses and the sensitive nature of the products. The third chapter includes the presentation of the two companies and their financial analysis with the help of indexes. Finally, we apply the Altman Z-score model to predict their bankruptcy. From our research we conclude that FAGE is in a stronger financial position among the two companies, but it has been experiencing difficulties for the last three years. Greek Dairies, on the other hand, are in a weaker position, but at the same time they are improving.