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徒慕君 · 2023年08月27日

为什么通过EPS计算不出来

  1. CFA II
  2. Equity

NO.PZ2023032701000028

问题如下：

An analyst following Chevron Corp. (NYSE Euronext: CVX) wants to estimate the sustainable growth rate for the company by using the PRAT model. For this purpose, the analyst has compiled the data in the following table. Assets and equity values are for the end of the year; the analyst uses averages of beginning and ending balance sheet values in computing ratios based on total assets and shareholders’ equity. For example average total assets for 2007 would be computed as (148,786 + 132,628)/2 = $140,707. Note: All numbers except for EPS and DPS are in $ millions.

Using the overall mean value of the average component values calculated in Part A, the sustainable growth rate for Chevron is:

选项：

A.

19.2%

B.

18.3%

C.

20.8%

解释：

The four components of PRAT are computed for 2007 as follows:

P (Profit margin) = NI/Sales = 18,688/214,091 = 0.0873

R (Retention) = b = (EPS – DPS)/EPS = (8.77 – 2.26)/8.77= 0.7423

A (Asset turnover) = Sales/Average total assets

= 214,091/0.5(148,786) + 132,628) = 1.5215

T (Leverage) = Average total assets/Average shareholders’ equity

= (148,786 + 132,628)/(77,088 + 68,935) = 1.9272

The components are similarly computed for the other years and summarized in the following table. Their average values are also included.

Using the average values for each component,

g = PRAT = (0.0812)(0.7390)(1.6250)(1.9736) = 0.1924 or 19.2 percent

The sustainable growth rate for Chevron based on the PRAT expression is 19.2 percent.

No.PZ2023032701000023 中，g的计算是通过 (EPS2015/EPS2011)^0.25计算的，而这个题 （8.77/6.28)^0.333 = 11.77%与答案相去甚远。我的问题是方法没错的话，得出的结果至少相近啊。为什么这个题这么算就不对了？

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王园圆_品职助教 · 2023年08月27日

同学你好， 用不同的方法计算g得出的答案肯定不同啊

本题明确要求了要用PRAT方式计算g，你却用EPS的复合年华增长率计算，肯定会得出不同的答案

而PZ2023032701000023 中，题目就是要求用EPS的增长率计算，所以才会得到选项相关的答案

实务中也是一样的道理，不同的分析师选用的数据来源不同，计算方法不同，最后得到的g就会有很大的差别，估值也会有极大的差异——如果大家的答案都差不多，那就不会有同一个公司有不同的估值差异了

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NO.PZ2023032701000028 问题如下 analyst following Chevron Corp. (NYSE Euronext: CVX) wants to estimate the sustainable growth rate for the company using the PRmol. For this purpose, the analyst hcompilethe ta in the following table. Assets anequity values are for the enof the year; the analyst uses averages of beginning anenng balansheet values in computing ratios baseon totassets anshareholrs’ equity. For example average totassets for 2007 woulcompute(148,786 + 132,628)/2 = $140,707. Note: All numbers except for EPS anS are in $ millions.Using the overall mevalue of the average component values calculatein Part the sustainable growth rate for Chevron is: A.19.2% B.18.3% C.20.8% The four components of PRare computefor 2007 follows:P (Profit margin) = NI/Sales = 18,688/214,091 = 0.0873R (Retention) = b = (EPS – S)/EPS = (8.77 – 2.26)/8.77= 0.7423A (Asset turnover) = Sales/Average totassets= 214,091/0.5(148,786) + 132,628) = 1.5215T (Leverage) = Average totassets/Average shareholrs’ equity= (148,786 + 132,628)/(77,088 + 68,935) = 1.9272The components are similarly computefor the other years ansummarizein the following table. Their average values are also incluUsing the average values for eacomponent,g = PR= (0.0812)(0.7390)(1.6250)(1.9736) = 0.1924 or 19.2 percentThe sustainable growth rate for Chevron baseon the PRexpression is 19.2 percent. 这个PART的知识点在哪里

2024-07-22 11:21 1 · 回答

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