NO.PZ2023032701000080
问题如下：
Tom Kaminski, another group member, presents some preliminary research on Rapier Ltd., an integrated producer in the forest products industry. Kaminski explains that the industry is cyclical and is currently at mid-cycle. He notes that over this portion of the current cycle, Rapier has shown steady growth in total assets. Kaminski realizes he needs to take these factors into consideration when calculating normalized EPS to determine Rapier’s P/E.
When determining Rapier’s P/E, the most appropriate method for Kaminski to use to calculate the company’s normalized EPS is the:
选项：
A.
average ROE over the most recent full cycle times the current book value per share
B.
current EPS because Rapier is mid-cycle
C.
average EPS over the most recent full cycle
解释：
The average ROE over the most recent full cycle times the current book value is the most appropriate method to use to calculate normalized EPS in cyclical industries when there have been changes in the company’s size, as is the case for Rapier and its asset growth.
B is incorrect. Even though the company is mid-cycle, the current EPS may not be the same as the average or normalized EPS over the cycle.
C is incorrect. Averaging the EPS over the cycle is one way to calculate normalized EPS in a cyclical industry but does not account for changes in the business’s size.
1.只要是周期性行业，不管是早中晚，就不能选B呗？
2.要是没有总资产稳定增长这句话AC都对？
3.为什么总资产增长的情况下，平均ROE乘以当期BV可以，平均EPS就不可以，从公式上怎么分析？
