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Jacksonic · 2023年06月03日

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  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。

请问这个题目的判断标准到底是EBIT margin还是CapEX%相比于Asset%是不是更高？如果这两个标准有冲突以哪个为准？








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1 个答案

王园圆_品职助教 · 2023年06月03日

同学你好，你说的这两个点是需要一起判断的，他们没有优先级别，且是互相协同的

就像本题，一定是三个部门中有某一个部门又是加速投资（ROE的分母大），且EBIT margin又低（ROE的分子小）的部门才应该被剔除，因为这种部门的ROE肯定是相对最低的——这才符合题目要求的“divested segments that were generating the lowest returns on capital employed,”

同学不用担心，考试的题目不可能会出现两者相背离的情况，因为这样会造成考生无法判断，那就是题目出错了



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