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陳泰傑 · 2020年08月21日

问一道题：NO.PZ2018111303000088 [ CFA II ]

  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。

可以帮我翻译一下后半段的英文吗 看不太懂

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Olive_品职助教 · 2020年08月21日

嗨，努力学习的PZer你好：


PZ's segment EBIT margins in 2018 were 15% for Investment business, 9% for Consulting business and 12% for Training business

这段说的是各部门的EBIT margin，三个部门分别是15%、9%和12%。

下面一段是说，投资者认为公司可以减少对运营的不好的部门的投资，这样可以增加公司的ROE。

运营的不好的公司的标准是“ generating the lowest returns on capital employed”，也就是说是资本报酬率最低的部门。


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