Net Operating Profit margin * net operating asset turnover = operating ROA
Spread * Net Financial Leverage = Financial leverage gain
Then: Operating ROA financial leverage gain = ROE
How do I calculate the Spread using the financial statements?
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Net Operating Profit margin * net operating asset turnover = operating ROA
Spread * Net Financial Leverage = Financial leverage gain
Then: Operating ROA financial leverage gain = ROE
How do I calculate the Spread using the financial statements?
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