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算命小唐🌿 · 2022年11月02日

解析的 dividend payout ratio还有net profit margin还是不太明白怎么算

  1. CFA I
  2. FRA

NO.PZ2016012102000183

问题如下：

Here is a table describes some information from financial statements of DC company for the date December 31,20X8.

Based on the following information, what is the sustainable growth rate of DC company?

  • revenue:$800,000
  • dividend paid: $80,000
  • total asset turnover:0.58
  • financial leverage: 1.7
  • sales to net income:6.5
  • tax rate:20%

选项：

A.

9.45%.

B.

12.45%.

C.

5.31%

解释：

C is correct.

Sustainable growth rate = (retention rate)*(ROE).

ROE =net profit margin* total asset turnover* financial leverage=(1/6.5) *0.58 *1.7=0.1517

Retention rate = (1 - dividend payout ratio) = I -[80000/(800000/6.5)]=0.35

Sustainable growth = 0.1517*0.35=0.0531

为什么是80000/(800000/6.5)呀，还有net profit margin这里为什么是1/6.5，不直接用6.5呢，可以麻烦老师讲解一下吗

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lynn_品职助教 · 2022年11月03日

嗨，爱思考的PZer你好：


retention rate或者是RR，是留存率 = (1 - dividend payout ratio)

 

其中 dividend payout ratio = dividend paid/Net income

 

Net income 在这里是没有给出, 要用Sales /sales to net income =800,000/6.5


dividend paid是 $80,000

dividend payout ratio = dividend paid/Net income=80000/(800,000/6.5)


Net profit margin = NI / net revenue

而我们只有sales to net income:6.5 因此直接倒数就是1/6.5

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