开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

huangme7 · 2022年04月25日

PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business and 12% for Training business

  1. CFA II
  2. FRA

NO.PZ2018111303000088

问题如下：

Analyst collected the financial information about PZ company in the following table:

PZ’s segment information is in the following table:

PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business and 12% for Training business.

Based on the Dupont analysis, analyst believes the firm could increase the ROE if the company divested segments that were generating the lowest returns on capital employed, the business segment best suited for divestiture is:

选项：

A.

Investment business

B.

Consulting business

C.

Training business

解释：

B is correct.

考点：capital allocation

解析：

可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。

这道题是不是不需要计算， 直接剔除原文中说的 EBIT 最低那一个business？

添加评论
1 个答案

袁园_品职助教 · 2022年04月26日

嗨，爱思考的PZer你好：


不是的，这个题型不可以直接按照EBIT来排除，因为EBIT低，有可能是这个部门花费的资本也少啊。

我们要比较的其实是资本投入产出效率最低的那一个。

所以一定不能仅按照EBIT来排除。比如有的部门只花1块钱，就能产出0.5块，但是有的部门花了10块钱，产出了2块钱。你就不能说产出0.5块的那个部门应该被剔除。

所以遇到这种题目，一定要按照老师在课堂上说的思路来做题目：1. 计算CapEx%和Assets%，当这个指标大于1，说明公司在这个部门上正在加速投入，也就是在烧钱。当这个指标小于1，说明公司在这个部门上投入的比例在降低;2.用前面算出的那个ratio和EBIT进行比较，找到哪个部门是在加速投入（烧钱），但是EBIT产出反而不高，那就应该剔除这样的部门。

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 1

    关注

  • 365

    浏览
相关问题

NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation about PZ company in the following table:PZ’s segment information is in the following table:PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation解析可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。 如题

2024-06-25 18:12 1 · 回答

NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation about PZ company in the following table:PZ’s segment information is in the following table:PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation解析可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。 PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.不可以直接根据 EBIT margins的大小，选择最小的那项吗？

2024-04-21 19:50 1 · 回答

NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation about PZ company in the following table:PZ’s segment information is in the following table:PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation解析可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。 rt

2024-03-04 22:46 1 · 回答

NO.PZ2018111303000088 问题如下 Analyst collectethe financiinformation about PZ company in the following table:PZ’s segment information is in the following table:PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment business B.Consulting business C.Training business B is correct.考点capitallocation解析可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。 题干说要剔除 lowest returns on capitemploye的部门，实际就是计算三个部门的ROCE指标 = EBIT / capitemploye题干给出了三个部门的EBIT margin，那么RO= EBIT margin × Sales ÷ capitemploye由于分部门的Sales题干没给，记得何老师上课说一般Capex和Sales成正比。因为是部门间比较大小，不管比例多少，用Capex代替Sales结果一样。计算出来就是training部门最小。另，针对题目解析的做法，为什么是在加速投资的部门中比较EBIT margin？题干没有限定是在加速投资部门中选择vestiture。

2023-11-02 14:41 1 · 回答

NO.PZ2018111303000088问题如下 Analyst collectethe financiinformation about PZ company in the following table:PZ’s segment information is in the following table:PZ’s segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business an12% for Training business.Baseon the pont analysis, analyst believes the firm coulincrease the ROE if the company vestesegments thwere generating the lowest returns on capitemploye the business segment best suitefor vestiture is: A.Investment businessB.Consulting businessC.Training business B is correct.考点capitallocation解析可以直接观察 CapEx%和Assets%，如果前者大于后者，说明在加速投资，三个部门中，investment和consulting都在加速投资，但是consulting的EBITmargin最低，是9%，所以应该剔除该部门。 只算2018年一年的就行吧？前两年要和2018不一致也没法选，所以必定是一致的。

2023-10-17 22:03 2 · 回答