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Why do analysts calculate return on net operating assets ( RNOA ) , instead of focusing only on return on equity ( ROE ) ?

Why do analysts calculate return on net operating assets (RNOA), instead of focusing only on return on equity (ROE)? a. It is a better predictor of future company performanceb. It is better predictor of future stock pricec. It excludes company performance related to the financing of the company, which is unrelated to operating performanced. All of the above

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