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Operating cost =
COGS + Selling and Admin
Net Sales =
Net Sales for the Year
Operating profit (non-GAAP EBIT) =
Net Sales - Operating Costs
Mgmt Working Capital =
AR + Inv - AP
Longterm assets =
Total Assets - CA
Total Operating Assets =
Mgmt Working Capital + Longterm Assets
Capital Utilization (Asset Turns) =
Net Sales / Average Total Assets
Profit Margin =
Operating Profit / Net Sales
Pre-Tax ROA=
PM x Asset Turns
After Tax ROA =
PT ROA (1- ETR)
ETR =
Tax Expense / Earnings Before Tax
DuPont Economic Profitability =
AT ROA - Cost of Capital
NOPAT (net operating profit after tax) =
Operating Profit (1- ETR)
Capital Charge =
Total Operating Assets x WACC
EVA =
NOPAT - Capital Charge
What is the order to solve for DuPont Economic Profitability?
Operating Cost
Net Sales
Operating Profit
Mgmt Working Capital
LT Assets
Total Operating Assets
Profit Margin
Capital Utilization
PT ROA
ETR
AT ROA
= DuPont Economic Profitability