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momo · 2023年12月16日

bv

  1. CFA I
  2. Equity

NO.PZ2023040301000157

问题如下：

A company’s market information and balance sheet data at the end of fiscal year 2012 are as follows:

If an analyst estimates that the market value of the company’s investment securities is 115% of their reported value, the company’s ratio of price to adjusted book value is closest to:

选项：

A.

0.91

B.

1.10

C.

0.96.

解释：

Correct Answer: A.

Adjusted book value per share = (Adjusted value of assets – Total liabilities)/Number of shares

Market value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 million

Market value of liabilities = 1.0 + 61.0 = $62.0 million

Adjusted book value per share = (78.5 – 62.0)/1.0 = $16.50

Price-to-adjusted book value = $15.00/$16.50 = 0.91

为什么不能用表里equity的15.6呢

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1 个答案

王园圆_品职助教 · 2023年12月16日

同学你好，因为题目问的是“the company’s ratio of price to adjusted book value is closest to:”而不是普通的P/B ratio

另外，我们需要知道一个基本原则， P/B ratio要求公式里的B用的是公司资产的公允价值而非账面价值

并且题干说了“an analyst estimates that the market value of the company’s investment securities is 115% of their reported value,”——也就是说这个公司的investment securities应该有比账面价值更高的价值——所以需要针对这个条件调整公司的资产价值，最后就根据这个调整后的价值计算新的公司Equity价值

最后，需要像解析那样计算新的adjusted B = Adjusted book value per share = (Adjusted value of assets – Total liabilities)/Number of shares


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2024-07-26 14:52 1 · 回答

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2024-04-30 11:44 1 · 回答

NO.PZ2023040301000157 问题如下 A company’s market information anbalansheet ta the enof fiscye2012 are follows:If analyst estimates ththe market value of the company’s investment securities is 115% of their reportevalue, the company’s ratio of prito austebook value is closest to: A.0.91 B.1.10 C.0.96. CorreAnswer: A.Austebook value per share = (Austevalue of assets – Totliabilities)/Number of sharesMarket value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = $78.5 millionMarket value of liabilities = 1.0 + 61.0 = $62.0 millionAustebook value per share = (78.5 – 62.0)/1.0 = $16.50Price-to-austebook value = $15.00/$16.50 = 0.91 Austebook value per share = (Austevalue of assets – Totliabilities)/Number of sharesPrice-to-austebook value = $15.00/$16.50 = 0.91

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