NO.PZ201612170200000306
问题如下:
6. Based on Exhibits 1 and 2, the normalized earnings per share for Centralino as calculated by Risso should be closest to:
选项:
A.
€2.96.
B.
€3.21.
C.
€5.07.
解释:
A is correct. Based on the method of average ROE, normalized EPS are calculated as the average ROE from the most recent full business cycle multiplied by current book value per share. The most recent business cycle was 2011–2014, and the average ROE over that period was
The book value of (common) equity, or simply book value, is the value of shareholders’ equity less any value attributable to the preferred stock: €1,027 million – €80 million = €947 million.
Current book value per share (BVPS) is calculated as €947 million/41.94 million = €22.58.
So, normalized EPS is calculated as
Average ROE × BVPS = 0.131 × €22.58 = €2.96.
为什么这题计算普通股的账面价值用的是总的equity的BV减去优先股的BV,而不是直接用表格中的common share 826呢?而上一题算EV的时候,算普通股的market value 却是直接用计算50*shares呢?为什么这题不能直接用826呢