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rohitdoshi

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tT
发表于 2011-7-13 13:49 | 只看该作者

CFAI Moch Afternoon Q58 - Asset Turnover calc..

percentage, statements, industry, because
I was trying to rule these statements out 1 by 1...

Statement A - I was able to rule out because you use DDM to get "g" and "r". First you calculate "g" as RR*ROE=15.82% then you have to calculate "r" (this is dirty IMHO)... and you get r = .171

ROE = ROA * Leverage so Leverage = ROE/ROA. SMGI leverage is 1.73 industry avg is 1.454 so statement 1 is incorrect.

Statement B - I couldn't figure out.

Statement C - I calculated and got the PVGO as 19.17 and then as a percentage of the total estimated future price 19.17 / 35.78 = .535

Through process of elimination I was able to answer correctly, but I'm confused b/c I've never seen Asset turnover = ROA / NPM. Can anyone explain?
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Swanand

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2#
发表于 2011-7-13 13:49 | 只看该作者
(NPM*Asset Turnover)/NPM = Asset Turnover

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Sportsman

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3#
发表于 2011-7-13 13:49 | 只看该作者
No.



Edited 1 time(s). Last edit at Sunday, May 29, 2011 at 12:47AM by mbolzicco.

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liquidity

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4#
发表于 2011-7-13 13:49 | 只看该作者
Just write out what each three is and its a simple manipulation.

Sales over assets equals ( NI over assets ) divided by (NI over Sales)

Formula gets solved to equal asset turnover on both sides

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llxx

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5#
发表于 2011-7-13 13:49 | 只看该作者
PC79 you just stated the formula, I knew that formula when I looked at the answer key. I was asking for an explanation why ROA or (NPM*Asset Turnover) / NPM = Asset Turnover.

I can make sense with [ROE / NPM] / Leverage = Asset Turnover

ROE = NPM * ASSET TURNOVER * LEVERAGE so just divide ROE by Leverage, then by NPM u get Asset Turnover.

Perfect.

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Analyze_This

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6#
发表于 2011-7-13 13:49 | 只看该作者
Oo, you need ROE.. I should have read the questuon, sorry about that

Nice call though on this question,never actually solved part b

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