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s球:CFA考生都应该了解的ROE公式

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2020-11-22 01:51
tags:roe的计算公式

彼童子之师-荷花的寓意

2020年11月22日发(作者:谢添)


2015年CFA考生都应该了解的ROE公式
For investors, one of the most important metrics of a company is return on equity (ROE), which can be
calculated by taking net income and dividing it by equity.


the expected profit margin, the expected return relative to the anticipated quantity of sales,
the pseudonymous author of the Philosophical Economics blog. instead by the
expected ROE, the expected return relative to the amount of capital that will have to be invested, put at risk, in
order to earn it.

Unfortunately, ROE alone doesn't tell you much about a company's operating or capital structure. That's why
analysts decompose the ROE into multiple components, including a measure of profit margin (see below).

The Chartered Financial Analyst (CFA) exam, which will be administered on June 7, is among the advanced
Wall Street exams that tests test-takers on at least two decompositions of ROE. The more complicated one is the
DuPont model. Goldman Sachs' Stuart Kaiser recently included the formula for reference in an April 2 note sent out
to its clients.

As you can see, the DuPont model breaks ROE down to five components. From left to right:

ing margin: This is earnings before interest and tax. To put it another way, this is sales less cost of
goods and fixed asset expenses. The higher the operating margin, the more profitable the company.

turnover: This is the amount of sales generated by a dollar's worth of assets. It's a measure of how
well a company uses its stuff.

cost: This measures financial stress by comparing a company's interest expenses to its assets. This
is not a commonly used measure of leverage. Typically, an analyst will look look at interest expense in relation to
EBIT and assets in relation to debt.

Equity: This gives a measure of financial leverage. When this ratio is high, liabilities are high, which
suggests a high level of leverage.

: This captures the company's effective tax rate.

The DuPont framework offers much more information than what you would get from just net income and
equity.





You begin to understand that the negative effects of a shrinking operating profit margin can be offset by a
combination of higher asset turnover, lower borrowing costs, higher leverage, or lower taxes.

Everyone in the CFA program must remember and master this concept.

Everyday investors who want to take their analysis to the next level should master this too.


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