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2. The DuPont analysis is a framework for analyzing fundamental performance popularized by the DuPont Corporation. DuPont analysis is a useful technique used to decompose the different drivers of.
3. DuPont Analysis is a tool that may help us to avoid misleading conclusions regarding a company’s profitability. Net Income Net Income is a key line item, not only in the income statement, but in all three core financial statements.

Denis Dupont (born 4 January 1993) is a Belgian racing driver currently competing in the TCR International Series and TCR BeNeLux Touring Car Championship. Having previously competed in the GT4 European Series Northern Cup and NASCAR Whelen Euro Series amongst others.

Racing career[edit]

Dupont began his career in 2008 in Karting, he continued in karting until 2012. In 2014 he switched to the NASCAR Whelen Euro Series, he finished the season fifth in the Elite 2 class championship standings that year, having taken two victories. For 2016 he switched to the TCR BeNeLux Touring Car Championship, driving a SEAT León TCR for the Belgian RACB National Team partnering Sam Dejonghe. Dvr sound cards & media devices driver. With the pair taking two victories.^[1][2] He continued in the series for 2017, again partnering Dejonghe. The pair having so far taken one victory.^[3] In 2017 he also took part in the GT4 European Series Northern Cup, partnering Jérôme Demay for the first three rounds of the championship before being replaced by Julien Darras.^[4]

In September 2017 it was announced that he would race in the TCR International Series, driving an SEAT León TCR for Comtoyou Racing.^[5][6]

In February 2018, Dupont was confirmed as Comtoyou Racing's driver in an Audi RS3 LMS for 2018 WTCR campaign. ^[7]

Racing record[edit]

Complete TCR International Series results[edit]

(key) (Races in bold indicate pole position) (Races in italics indicate fastest lap)

^† Driver did not finish the race, but was classified as he completed over 90% of the race distance.

24 Hours of Zolder results[edit]

Complete World Touring Car Cup results[edit]

(key) (Races in bold indicate pole position) (Races in italics indicate fastest lap)

^† Driver did not finish the race, but was classified as he completed over 90% of the race distance.

NASCAR[edit]

(key) Bold - Pole position awarded by fastest qualifying time (in Race 1) or by previous race's fastest lap (in Race 2). Italics - Fastest lap. * – Most laps led. ^ – Most positions gained.

Whelen Euro Series - Elite 2[edit]

References[edit]

1. ^'Denis Dupont career statistics'. Driver Database. Retrieved 14 October 2017.
2. ^'Dejonghe and Dupont win the RACB TCR selection'. TouringCarTimes. 14 November 2015. Retrieved 14 October 2017.
3. ^Hudson, Neil (20 April 2017). 'TCR Benelux entry list confirmed ahead of Spa opener'. TouringCarTimes. Retrieved 14 October 2017.
4. ^Kilshaw, Jake (28 March 2017). 'Record Grid for GT4 European Season Opener'. sportscar365. John Dagys Media. Retrieved 14 October 2017.
5. ^Hudson, Neil (15 September 2017). 'Denis Dupont to make TCR International debut at Zhejiang'. TouringCarTimes. Retrieved 14 October 2017.
6. ^'Denis Dupont to make his début at Zhejiang'. tcr-series.com. 15 September 2017. Retrieved 14 October 2017.
7. ^http://tcr-series.com/index.php/news/item/wtcr-team-wrt-and-comtoyou-racing-to-run-audi-cars.Missing or empty |title= (help)

External links[edit]

• Denis Dupont career summary at DriverDB.com

Breaking return on invested capital (ROIC) into NOPAT Margin and Average Invested Capital Turns provides insights into the operating vs. capital efficiency of businesses, aka DuPont Analysis.

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NOPAT/Revenue is the NOPAT Margin, which measures the operating efficiency of businesses. Revenue/Average Invested Capital equals Average Invested Capital Turns, which measure the capital efficiency of businesses.

When you multiply the NOPAT Margin by Invested Capital Turns, Revenue cancels out, and we have NOPAT/Average Invested Capital or ROIC.

Clients get access to the ROIC Drivers for every stock in their portfolios with us.

Companieswith similar ROICs can have very different business models and only byanalyzing NOPAT margin and invested capital turns can we determine where theremay be the most opportunity for improvement.

Gmc port devices driver license test. Analyzing EfficiencyDifferences Between Two Industries

Figure1 shows that Lowe’s Corporation (LOW) and Simon Property Group (SPG), two firmsin different industries, have the same 12% ROIC. How they generate that ROIC isvastly different.

Figure 1: Business Efficiency Across Industries: SPG vs. LOW - TTM as of September 16, 2019

Sources:New Constructs, LLC and company filings

SPGis a real estate investment trust that owns mall and outlet mall propertiesacross the country. Lowe’s is a retailer selling home-improvement products toconsumers.

SPGinvests heavily in property, such as shopping, dining, entertainment, andmixed-use buildings. This business model focuses on exacting rents from itscapital. Lowe’s Corporation, on the other hand, focuses on selling goodsconsumers.

PerFigure 1, SPG is much less efficient at converting invested capital intorevenue, per its 0.2 average invested capital turns compared to 2.1 for LOW. Inother words, SPG generates $0.20 of revenue for every $1 of capital investedinto its business. LOW generates $2.1 of revenue for every $1 invested into itsbusiness.

Accordingly, despite similar levels of invested capital ($28.5 billion for SPG vs. $32.7 billion for LOW), SPG generated just $5.7 billion in revenue over the trailing twelve month (TTM) period while LOW generated upwards of $71.8 billion.

WhileSPG is much less capital efficient, it is much more operationally efficient andboasts a much higher NOPAT margin (61%). Per Figure 1, we see that SPG converts60% of its revenue into NOPAT, compared to just 6% for LOW. This discrepancymeans that despite generating 92% less revenue than LOW, SPG generated just 13%less NOPAT over the TTM period.

BecauseSPG collects rents from the same assets over many years, it needs highermargins to achieve a high ROIC. Lowe’s, on the other hand, is competing withmany other retailers, largely on price, such as The Home Depot (HD), Walmart(WMT) and even Amazon (AMZN); so it needs to achieve higher capital turns toearn a high ROIC.

ROIC Drivers ProvideInsights Within the Same Industry

PerFigure 2, Yum China Holdings (YUMC) and McDonald’s Corporation (MCD), both fastfood giants, have similar ROICs but vastly different NOPAT margin and investedcapital turns.

Figure 2: Business Efficiency in the Same Industry: YUMC vs. MCD – TTM as of September 16, 2019

Sources: New Constructs, LLC and companyfilings

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YumChina generates $1.70 of revenue per $1 of capital invested into its businesswhile McDonald’s generates less than one-third, or $0.50 of revenue per $1 ofinvested capital.

Onthe other hand, McDonald’s, with its global brand and supply chain efficiency, convertsan impressive 33% of its revenue into NOPAT compared to just 9% for Yum China.

YumChina is much more capital efficient while McDonald’s is more operationallyefficient. These businesses are far more different than they seem when justlooking at ROIC.

We provide our clients with the drivers of ROIC as well as all the adjustments we make to calculate the most accurate NOPAT and Invested Capital for every stock, ETF and mutual fund we cover.

Whatever the level of ROIC, investors benefitfrom (1) an accurate measure of ROIC and (2) knowing the drivers of ROIC.

Figure 3 comes from our detailed reports on the importance of ROIC to valuation. Nearly every single activity within a for-profit business can be linked back to ROIC and free cash flow. We believe investors deserve to know how businesses work, which means how they make money. Whenever executives claim there is strategic “value” in any of their decisions, they should show investors exactly how that value is created. Figure 3 provides a road map for showing how value is created in a company.

Dupont Driveway Grid

Figure 3: How Businesses Create Value

Sources: New Constructs, LLC and companyfilings

Our models and calculations are 100% transparent because we want our clients to know how much work we do to ensure we give them the best earnings quality and valuation models in the business.

This article originally published on September 16, 2019.

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Disclosure: David Trainer and Kyle Guske II receive no compensation to write about any specific stock, sector, style, or theme.

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