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西红柿面 · 2024年05月18日

这道题我做的时候也是三年取平均值做的，但是我直接用NI和Equity算出来了ROE，因为感觉PART这样中间都可以消掉

  1. CFA II
  2. Equity

NO.PZ2023032701000028

问题如下：

An analyst following Chevron Corp. (NYSE Euronext: CVX) wants to estimate the sustainable growth rate for the company by using the PRAT model. For this purpose, the analyst has compiled the data in the following table. Assets and equity values are for the end of the year; the analyst uses averages of beginning and ending balance sheet values in computing ratios based on total assets and shareholders’ equity. For example average total assets for 2007 would be computed as (148,786 + 132,628)/2 = $140,707. Note: All numbers except for EPS and DPS are in $ millions.

Using the overall mean value of the average component values calculated in Part A, the sustainable growth rate for Chevron is:

选项：

A.

19.2%

B.

18.3%

C.

20.8%

解释：

The four components of PRAT are computed for 2007 as follows:

P (Profit margin) = NI/Sales = 18,688/214,091 = 0.0873

R (Retention) = b = (EPS – DPS)/EPS = (8.77 – 2.26)/8.77= 0.7423

A (Asset turnover) = Sales/Average total assets

= 214,091/0.5(148,786) + 132,628) = 1.5215

T (Leverage) = Average total assets/Average shareholders’ equity

= (148,786 + 132,628)/(77,088 + 68,935) = 1.9272

The components are similarly computed for the other years and summarized in the following table. Their average values are also included.

Using the average values for each component,

g = PRAT = (0.0812)(0.7390)(1.6250)(1.9736) = 0.1924 or 19.2 percent

The sustainable growth rate for Chevron based on the PRAT expression is 19.2 percent.

这道题我做的时候也是三年取平均值做的，但是我直接用NI和Equity算出来了ROE，因为感觉PART这样中间都可以消掉，所以相当于只用了NI和Equity还有g，然后三年取平均分别算的，得出19%，感觉答案这样是不是有点复杂了呀

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王园圆_品职助教 · 2024年05月18日

同学你好，你这样计算是不可以的

题目第一句话就要求了“to estimate the sustainable growth rate for the company by using the PRAT model.”那就必须按照题目要求的方法计算

这次你算对只是运气好，但是CFA如果想要重点考察某种计算方式，完全可以设置让使用别的计算方式的考生都只能选到错误答案的，所以本题还是建议同学像题目一样用PRAT方式进行求解哦

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NO.PZ2023032701000028 问题如下 analyst following Chevron Corp. (NYSE Euronext: CVX) wants to estimate the sustainable growth rate for the company using the PRmol. For this purpose, the analyst hcompilethe ta in the following table. Assets anequity values are for the enof the year; the analyst uses averages of beginning anenng balansheet values in computing ratios baseon totassets anshareholrs’ equity. For example average totassets for 2007 woulcompute(148,786 + 132,628)/2 = $140,707. Note: All numbers except for EPS anS are in $ millions.Using the overall mevalue of the average component values calculatein Part the sustainable growth rate for Chevron is: A.19.2% B.18.3% C.20.8% The four components of PRare computefor 2007 follows:P (Profit margin) = NI/Sales = 18,688/214,091 = 0.0873R (Retention) = b = (EPS – S)/EPS = (8.77 – 2.26)/8.77= 0.7423A (Asset turnover) = Sales/Average totassets= 214,091/0.5(148,786) + 132,628) = 1.5215T (Leverage) = Average totassets/Average shareholrs’ equity= (148,786 + 132,628)/(77,088 + 68,935) = 1.9272The components are similarly computefor the other years ansummarizein the following table. Their average values are also incluUsing the average values for eacomponent,g = PR= (0.0812)(0.7390)(1.6250)(1.9736) = 0.1924 or 19.2 percentThe sustainable growth rate for Chevron baseon the PRexpression is 19.2 percent. 这个PART的知识点在哪里

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