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dejiazheng · 2024年01月15日

diluted EPS $52是否包括$2的收入和$3的费用？

  1. CFA II
  2. Equity

NO.PZ2018103102000142

问题如下：

Kent, a researcher in a securities firm, is covering companies in the real estate field. HomeWithLove is the leading company in this field and it just released its last year’s financial report, which shows that the company has a reported basic EPS of $56, and a diluted EPS of $52. By checking the notes in the company’s financial report, Kent found that the company has a nonrecurring gain of $2 per share and a nonrecurring restructuring cost of $3 per share arising from last year’s acquisition.

By using the top-down approach, Kent estimated that HomeWithLove will have a basic EPS of 76 for the following year. The company’s current stock price is $72. Kent wants to compare the relative value in the real estate field by using the trailing P/E ratio.

According to the information above, what is the company’s trailing P/E?

选项：

A.

0.95

B.

1.44

C.

1.36

解释：

C is correct.

考点：考察diluted EPS中对non-recurring items的调整。

解析：本题给了Basic EPS和diluted EPS，在求P/E ratio时，diluted EPS是更为合适的EPS。同时由于Diluted EPS中，存在Nonrecurring gains and Nonrecurring costs，要减去不会再发生的利润，加回不会再发生的费用。这样经过调整后的EPS能反映公司的经营常态。在本题diluted EPS $52的基础上减去$2的收入，加回3的费用，得到调整后的EPS为53。则trailing P/E=72/53=1.36.

分母为什么不能直接用52？

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王园圆_品职助教 · 2024年01月15日

同学你好，52的最初的diluted EPS是一般的按照I/S表的计算流程算出来的EPS，而Nonrecurring gains 和 Nonrecurring costs都是记录在I/S表里面的

但是，就像解析说的，Nonrecurring gains 和 Nonrecurring costs并不是公司的经常性项目，并不能反映公司的经营常态。而要体现公司的正常经营下正常状态的EPS，就必须在最初的diluted EPS基础上（也就是这个52上）把Nonrecurring gains 减去， Nonrecurring costs加回

本题考察的知识点，同学也可以参考一下以下基础班讲义截图

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NO.PZ2018103102000142问题如下Kent, a researcher in a securities firm, is covering companies in the reestate fiel HomeWithLove is the leang company in this fielanit just releaseits last year’s financireport, whishows ththe company ha reportebasic EPS of $56, ana luteEPS of $52. checking the notes in the company’s financireport, Kent founththe company ha nonrecurring gain of $2 per share ana nonrecurring restructuring cost of $3 per share arising from last year’s acquisition.using the top-wn approach, Kent estimatethHomeWithLove will have a basic EPS of 76 for the following year. The company’s current stopriis $72. Kent wants to compare the relative value in the reestate fielusing the trailing P/E ratio.Accorng to the information above, whis the company’s trailing P/E?0.95 1.44 1.36 C is correct.考点考察luteEPS中对non-recurring items的调整。解析本题给了Basic EPS和luteEPS，在求P/E ratio时，luteEPS是更为合适的EPS。同时由于luteEPS中，存在Nonrecurring gains anNonrecurring costs，要减去不会再发生的利润，加回不会再发生的费用。这样经过调整后的EPS能反映公司的经营常态。在本题luteEPS $52的基础上减去$2的收入，加回3的费用，得到调整后的EPS为53。则trailing P/E=72/53=1.36.此题里也给了top wn里的basic eps。这里没有使用的原因是优先使用luteEPS吗？

2024-10-11 20:38 1 · 回答

NO.PZ2018103102000142 问题如下 Kent, a researcher in a securities firm, is covering companies in the reestate fiel HomeWithLove is the leang company in this fielanit just releaseits last year’s financireport, whishows ththe company ha reportebasic EPS of $56, ana luteEPS of $52. checking the notes in the company’s financireport, Kent founththe company ha nonrecurring gain of $2 per share ana nonrecurring restructuring cost of $3 per share arising from last year’s acquisition.using the top-wn approach, Kent estimatethHomeWithLove will have a basic EPS of 76 for the following year. The company’s current stopriis $72. Kent wants to compare the relative value in the reestate fielusing the trailing P/E ratio.Accorng to the information above, whis the company’s trailing P/E? 0.95 1.44 1.36 C is correct.考点考察luteEPS中对non-recurring items的调整。解析本题给了Basic EPS和luteEPS，在求P/E ratio时，luteEPS是更为合适的EPS。同时由于luteEPS中，存在Nonrecurring gains anNonrecurring costs，要减去不会再发生的利润，加回不会再发生的费用。这样经过调整后的EPS能反映公司的经营常态。在本题luteEPS $52的基础上减去$2的收入，加回3的费用，得到调整后的EPS为53。则trailing P/E=72/53=1.36. 为什么luteEPS更为合适？

2023-05-06 18:31 1 · 回答

1.44 1.36 C is correct. 考点考察luteEPS中对non-recurring items的调整。 解析本题给了Basic EPS和luteEPS，在求P/E ratio时，luteEPS是更为合适的EPS。同时由于luteEPS中，存在Nonrecurring gains anNonrecurring costs，要减去不会再发生的利润，加回不会再发生的费用。这样经过调整后的EPS能反映公司的经营常态。在本题luteEPS $52的基础上减去$2的收入，加回3的费用，得到调整后的EPS为53。则trailing P/E=72/53=1.36.老师，看到这里一级的top-wn approach是什么方法来着，忘记了

2020-09-07 15:22 1 · 回答

老师，这题中的luteeps需要调整，为什么在原版书上这个reang的第32题中（catia pinho这个人名的case），luteeps可以直接用，却不需要调整呢？

2019-11-11 15:00 1 · 回答