| Resumo: | The work on hand presents a case study1 intended for Financial Statement Analysis courses with the purpose of improving students’ learning process by applying the activity and operating risk ratios as well as a break-down of return on assets (ROA) using an extension of the DuPont model studied in class on real-life examples. Additionally, the case aims at providing deeper insights into the industries studied, particularly the cosmetics industry, as well as adding value by focusing on Brazil, a so far not discussed topic in comparable case studies. Financial statements are presented as common-sized figures, to allow comparison. Moreover, additional financial ratios for the companies analyzed are provided.
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