利润周期剖析：股票与衍生品.docxVIP

Please refer to important informa and MAR disclosures at the enc this reportEQUITY DERIVATIVES S 360Strategy Economics 12 June 2019 BNP PARIBASThe bank fbr a changing world The tailwind from ever-falling debt service costs Developing the DuPont ROE decomposition further, we can relate operating profit (EBIT) margins to net marginsusing the following decomposition: Net profit margin = EBIT margin x (1- interest rate) x (1 -tax rate) Interest cost is thus an important factor in driving bottom-line profitability, and is a driver that has been favourable for corporate debt funding since the fina