财务报表分析与 证 券 估值优质课件 (22).pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Explaining Changes in RNOA (cont.) 3. Explain changes in profit margins and asset turnoversExplain changes in Core PM by looking at profit margin drivers GM (by segment) Selling Expenses / Sales Administrative Expenses / Sales RD / Sales Pay particular attention to GM: per unit sales prices, production costs… Explain changes in ATO by looking at turnovers Accounts receivables turnover Inventory turnover PPE turnover Accounts payable turnover Operating liability turnover Also Look at operating asset com