Financial Ratios

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financial_ratios.docx

ROCE Return on common equity

First-Level Decomposition

RNOA Return on net operating assets

FLEV : Financial leverage

SPREAD

(RNOA-NBC)

NBC : Net borrowing cost

Second Level Decomposition

PM Profit margin

ATO Asset turnover

I need the ratios that I mention below for 2014 for each portfolio (European Market & GCC Market) and its industry average, all the mention companies are Telecommunications Companies.

Financial Ratios

Portfoilios

Drivers of Profitability – European Market

1- SS

2- Tele2

3- TIM

4- VIMP

5- Industry Average

Drivers of Profitability – GCC Market

1- Vodafone (UAE)

2- NMTC

3- Etisalat

4- Bahrain

5- Industry Average