average ROE方法为什么不用四年的ROE和BV分别相乘，再加起来除以4

NO.PZ2023032701000079 问题如下 of February 2007, you are researching Jonash International, a hypotheticcompany subjeto cyclicmanfor its services. Jonash shares close$57.98 on 2 February 2007. You believe the 2003–2006 perioreasonably captures average profitability:When calculating normalizeEPS, we cuse on the methoof historicaverage EPS or methoof average ROE, the fferenof PE calculatethe two metho is: A.11.6 B.12.5 C.13.4 Averaging EPS over the 2003–2006 perio we finth($2.55 + $2.13 + $0.23 + $1.45)/4 = $1.59. Accorng to the methoof historicaverage EPS, Jonash’s normalizeEPS is $1.59. The P/E baseon this estimate is $57.98/1.59 = 36.5.Averaging ROE over the 2003–2006 perio we finth(0.218 + 0.163 + 0.016 + 0.089)/4 = 0.1215. For current per share, you wouluse the estimatevalue of $19.20 for year-en2007. Accorng to the methoof average ROE, 0.1215 × $19.20 = $2.33 is the normalizeEPS. The P/E baseon this estimate is $57.98/$2.33 = 24.9.So the fferenis 36.5-24.9=11.6 答案里面说 you wouluse the estimatevalue of $19.20 for year-en2007这里的07年BV=19.2是07年年末的数，那么乘以roe算出来的不就成了08年的净利润吗？

NO.PZ2023032701000079 问题如下 of February 2007, you are researching Jonash International, a hypotheticcompany subjeto cyclicmanfor its services. Jonash shares close$57.98 on 2 February 2007. You believe the 2003–2006 perioreasonably captures average profitability:When calculating normalizeEPS, we cuse on the methoof historicaverage EPS or methoof average ROE, the fferenof PE calculatethe two metho is: A.11.6 B.12.5 C.13.4 Averaging EPS over the 2003–2006 perio we finth($2.55 + $2.13 + $0.23 + $1.45)/4 = $1.59. Accorng to the methoof historicaverage EPS, Jonash’s normalizeEPS is $1.59. The P/E baseon this estimate is $57.98/1.59 = 36.5.Averaging ROE over the 2003–2006 perio we finth(0.218 + 0.163 + 0.016 + 0.089)/4 = 0.1215. For current per share, you wouluse the estimatevalue of $19.20 for year-en2007. Accorng to the methoof average ROE, 0.1215 × $19.20 = $2.33 is the normalizeEPS. The P/E baseon this estimate is $57.98/$2.33 = 24.9.So the fferenis 36.5-24.9=11.6 Normalizing EPS, PEG Ratio，The Harmonic Me练习设置全屏No.PZ2023032701000079 (选择题)来源: 经典题of February 2007, you are researching Jonash International, a hypotheticcompany subjeto cyclicmanfor its services. Jonash shares close$57.98 on 2 February 2007. You believe the 2003–2006 perioreasonably captures average profitability:When calculating normalizeEPS, we cuse on the methoof historicaverage EPS or methoof average ROE, the fferenof PE calculatethe two metho is:这道题其实我觉得算ROE的时候，ROE的平均是12.15 %，然后推算Earning的时候是不是应该用2006的BV是不是更好一点？不过题目也不严谨，没说BV是年初还是年末的概念

NO.PZ2023032701000079 问题如下 of February 2007, you are researching Jonash International, a hypotheticcompany subjeto cyclicmanfor its services. Jonash shares close$57.98 on 2 February 2007. You believe the 2003–2006 perioreasonably captures average profitability:When calculating normalizeEPS, we cuse on the methoof historicaverage EPS or methoof average ROE, the fferenof PE calculatethe two metho is: A.11.6 B.12.5 C.13.4 Averaging EPS over the 2003–2006 perio we finth($2.55 + $2.13 + $0.23 + $1.45)/4 = $1.59. Accorng to the methoof historicaverage EPS, Jonash’s normalizeEPS is $1.59. The P/E baseon this estimate is $57.98/1.59 = 36.5.Averaging ROE over the 2003–2006 perio we finth(0.218 + 0.163 + 0.016 + 0.089)/4 = 0.1215. For current per share, you wouluse the estimatevalue of $19.20 for year-en2007. Accorng to the methoof average ROE, 0.1215 × $19.20 = $2.33 is the normalizeEPS. The P/E baseon this estimate is $57.98/$2.33 = 24.9.So the fferenis 36.5-24.9=11.6 为什么不用调和平均数计算？什么情况下用调和平均数计算？