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Esther🏵🎠🗝招财🐱 · 2020年05月28日

问一道题：NO.PZ2018111303000088

  1. CFA II
  2. FRA

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,

Which 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。

老师，您的意思是 CapEx%和Assets%对比，是指consultant 这个部门自己的 CapEx%和Assets%对比吗？在这道题目里就是34.07%大于31.1%？

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已采纳答案

Olive_品职助教 · 2020年05月29日

嗨，努力学习的PZer你好：


是的同学，你的理解是正确的。


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


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