. La-rentabilité-de, exploitation après impôt sur l'actif économique Ce taux est aussi le produit de deux ratios, la marge d'exploitation et le taux de rotation de l'actif économique. Ce taux, qui peut être analysé comme le taux de rentabilité des capitaux propres si l'endettement était nul, est fondamental car il n'est pas affecté par la structure financière de l'entreprise. Comme il s'agit d'un taux comptable qui n'intègre donc pas la notion de risque

T. Le and . Au, taux de rentabilité d'une action sur plusieurs années. Il intègre les dividendes reçus et la plus-value réalisée. Il s'exprime en

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