E13.2. Calculating Residual Operating Income and Its Drivers (Easy) Here are summary numbers from a firm's financial

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E13.2. Calculating Residual Operating Income and Its Drivers (Easy) Here are summary numbers from a firm's financial statements (in millions): Operating income Net operating assets 2006 2007 2008 2009 187.00 200.09 214.10 229.08 1,214.45 1,299.45 1,390,42 1,497.75 The required return for operations is 10.1 percent. Calculate residual operating income, return on net operating assets (RNOA), and the growth rate for net operating assets for each year 2007-2009.

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Financial Statement Analysis And Security Valuation

ISBN: 9780071267809

4th International Edition

Authors: Penman-Stephen-H, Steven Penman

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