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黄路迦 · 2023年03月12日

如下

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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

0.1301+0.1371+0.1158+0.14214=0.131\frac{0.1301+0.1371+0.1158+0.1421}4=0.131

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

1 个答案

王园圆_品职助教 · 2023年03月12日

嗨,从没放弃的小努力你好:


因为题目中的common stock只是代表的公司在外发行股份的账面价值,而不是公司的所有普通股股东权益

对于公司的普通股股东来说,除了发行普通股的账面价值,还有所有的公司未分配利润,都是属于普通股股东的啊,所以题目中计算common stock equity book value的时候,你可以用总的equity - preferred stock的账面价值,也可以用common stock 的book value + retained earnings

而 普通股的market value所对应的就是普通股所拥有的所有公司剩余价值的市场价值的意思——股价是包含了公司所有未分配利润和普通股两个部分的未来增长预期等折现的现值

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努力的时光都是限量版,加油!

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2024-05-24 16:40 1 · 回答

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2023-09-26 22:27 1 · 回答

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