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浪枫 · 2020年03月14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。

C选项不是在减速投资么，不应该直接剔除吗

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1 个答案

纠纠_品职答疑助手 · 2020年03月14日

同学你好：

这个题目问的是哪个部门应该减少投资。

我们发现C已经是在减速投资了，因为CapEx%

加油！

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