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Falcon · 2020年07月18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。

我觉得不管consulting 是加速投资还是减速投资，因为它EBIT margin 最低，就应该剔除，感觉这一问是为了考这个点故意这么出，理解起来别扭

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1 个答案

纠纠_品职答疑助手 · 2020年07月19日

嗨，爱思考的PZer你好：


同学就理解知识点就好了。

因为现状是：

1 、 margin 低

2、 还在加速投资

所以这两个条件放在一起可以看出需要减少投资的结论。


-------------------------------
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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