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wangbj · 2024年03月22日

计算E的时候为什么要加回重组费用?

NO.PZ2023032701000078

问题如下:

Gast asks Hughes to calculate the trailing and forward price/earnings multiples based on core earnings. Hughes uses the data in Exhibit 2 for his calculations for WPR.

S&P 500 expected EPS growth rate is 8%

Following Gast’s recommended approach, the forward P/E multiple that Hughes calculates for Western Plains Rail is closest to:

选项:

A.

14.2×

B.

15.5×

C.

14.5×

解释:


不是应该选用剔除non- recurring的数据吗?

1 个答案

王园圆_品职助教 · 2024年03月22日

同学你好,“剔除”不是简单的数学上的“减去”,而是指"通过调整掉不属于core earnings的部分的影响从而使earnings反映公司正常经营的状态成果“的意思

重组费用是非经常性费用,但是在计算NI的时候,重组费用作为税前费用是已经减少了NI的

现在要剔除这种非经常性费用产生的影响,也就是公司正常经营的时候其实不会有这些重组费用导致NI下降的,那计算core earnings的时候是不是就要在一般eps的基础上加回这个重组费用才能反映公司正常经营的NI状态呢


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