NO.PZ201612170200000306
问题如下：
Andrea Risso is a junior analyst with AquistareFianco, an independent equity research firm. Risso’s supervisor asks her to update, as of 1 January 2015, a quarterly research report for Centralino S.p.A., a telecommunications company headquartered in Italy. On that date, Centralino’s common share price is €50 and its preferred shares trade for €5.25 per share.
Risso gathers information on Centralino. Exhibit 1 presents earnings and dividend data, and Exhibit 2 presents balance sheet data. Net sales were €3.182 billion in 2014. Risso estimates a required return of 15% for Centralino and forecasts growth in dividends of 6% into perpetuity.
Exhibit 3 presents forward price-to-earnings ratios (P/E) for Centralino’s peer group. Risso assumes no differences in fundamentals among the peer group companies.
Risso also wants to calculate normalized EPS using the average return on equity method. She determines that the 2011–2014 time period in Exhibit 1 represents a full business cycle for Centralino.
6. Based on Exhibits 1 and 2, the normalized earnings per share for Centralino as calculated by Risso should be closest to:
选项：
A.€2.96.
B.€3.21.
C.€5.07.
解释：
A is correct. Based on the method of average ROE, normalized EPS are calculated as the average ROE from the most recent full business cycle multiplied by current book value per share. The most recent business cycle was 2011–2014, and the average ROE over that period was
The book value of (common) equity, or simply book value, is the value of shareholders’ equity less any value attributable to the preferred stock: €1,027 million – €80 million = €947 million.
Current book value per share (BVPS) is calculated as €947 million/41.94 million = €22.58.
So, normalized EPS is calculated as
Average ROE × BVPS = 0.131 × €22.58 = €2.96.
用ROE14.21%，该如何算出题干里的5.64
