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Why ?
Detailed understanding of what is driving a company ROE
ROE
Profit margin x Asset Turnover x Levrage
Profit margin does what ?
Measure company operating efficiency → net income generated from Sales
Asset Turnover does what ?
How well a company is using its assets to generate Net sales
Leverage does what ?
Measures how much a company finances its assets through liabilities
Profit Margin
Net Income/Net Sales
Asset turnover
Net Sales/(Avg) Total Assets
Leverage
(Avg) Total Asset/(avg) Equity