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冲鸭cfa · 2023年04月15日

sales to net income:6.5含义的理解

  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

题目中，sales to net income:6.5。意味着sales/net income=6.5吗？所以net income/sales=1/6.5。因此，ROE=(1/6.5)*0.58*1.7=0.1517。对么？

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1 个答案

lynn_品职助教 · 2023年04月16日

嗨，努力学习的PZer你好：


sales/net income=6.5吗？所以net income/sales=1/6.5。因此，ROE=(1/6.5)*0.58*1.7=0.1517。对么？


完全正确。

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努力的时光都是限量版，加油！

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