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huangme7 · 2022年04月25日

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

  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。

这道题是不是不需要计算， 直接剔除原文中说的 EBIT 最低那一个business？

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1 个答案

袁园_品职助教 · 2022年04月26日

嗨，爱思考的PZer你好：


不是的，这个题型不可以直接按照EBIT来排除，因为EBIT低，有可能是这个部门花费的资本也少啊。

我们要比较的其实是资本投入产出效率最低的那一个。

所以一定不能仅按照EBIT来排除。比如有的部门只花1块钱，就能产出0.5块，但是有的部门花了10块钱，产出了2块钱。你就不能说产出0.5块的那个部门应该被剔除。

所以遇到这种题目，一定要按照老师在课堂上说的思路来做题目：1. 计算CapEx%和Assets%，当这个指标大于1，说明公司在这个部门上正在加速投入，也就是在烧钱。当这个指标小于1，说明公司在这个部门上投入的比例在降低;2.用前面算出的那个ratio和EBIT进行比较，找到哪个部门是在加速投入（烧钱），但是EBIT产出反而不高，那就应该剔除这样的部门。

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