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NEW QUESTION: 1
Yummy Doughnuts (YD) sells a variety of doughnuts and other related items through both company-owned locations and franchise locations. YD has experienced significant growth over the past five years.
However, barriers to entry are low and competition is increasing.
Linda Haas, CFA, follows YD for Gibraltar Capital. Gibraltar Capital prides itself on its thorough fundamental analysis of investment opportunities. The company uses a bottom-up approach to the investment process. Haas's security selection process utilizes residual income models to determine a stock's intrinsic value. Haas obtains YD's 2008 financial statements shown in Exhibit 1. In addition, Haas provides supporting information about YD's financials and other related material found in Exhibit 2.
Haas makes the following statements during her YD presentation to the investment committee.
Statement 1: Based on ROE mean reversion, YD's continuing residual income is assumed to decline to zero over time.
Statement 2: The residual income model states that if YD's ROE equals its equity cost of capital, then YD's intrinsic value will equal its book value per share.
Based on Exhibits 1 and 2, YD's adjusted net operating profits after taxes (NOPAT) is closest to
A. $55 million.
B. $65 million.
C. $45 million.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
Note that there is no tax adjustment to the implied interest on the operating lease, because the cash operating tax number provided already included all appropriate adjustments. R&D expense is not subtracted (or if you started with earnings, it would be added back) to calculate NOPAT. However, the R&D is amortized over five years (20/5=4), which must be subtracted. As stated in Exhibit 2, cash operating taxes include all adjustments that were made. (Study Session 12, LOS 43.a)
NEW QUESTION: 2
PP-
How are analytics capabilities built into SAP S/4HANA Cloud?
A. Analytic is installed as an add-on to the application
B. Analytic is embedded in the same technical stack as the application
C. Analytics is installed on a dedicated SAP Fiori server
D. Analytic is extended by the user to a dedicated SAP Fiori sever
Answer: B
NEW QUESTION: 3
質問のドラッグアンドドロップ
脅威を軽減する手法を左側から、右側で軽減する脅威または攻撃の種類にドラッグアンドドロップします。
選択して配置：
Answer:
Explanation:
NEW QUESTION: 4
What happens when you attempt to compile and run the following code?
#include <iostream>
using namespace std;
int main()
{
const char *s;
char str[] = "Hello";
s = str;
while(*s) {
cout << *s++;
}
return 0;
}
A. It prints: o
B. It prints: Hello
C. It prints: H
D. It prints: el
Answer: B
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Feedbacks
Aalk - 2014-05-05 16:45:18
Plato - 2014-05-05 16:45:51
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