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karweillas · 2024年08月14日

总感觉有点歧义

NO.PZ2023032701000076

问题如下:

Exhibit 1 Cratt Ltd. Press Release Core EPS Announcement

We are pleased to report an increase in Core EPS from $1.01 to $1.31 for the year-ended 31 December 2017. The company continues to pursue its growth-by- acquisition strategy, acquiring smaller specialty companies in the pet supplies industry. Acquisitions over the past two years have allowed us to increase our asset base by 20%, and we expect similar opportunities for growth in the next few years.

Zhang notes that Cratt is currently trading at $11.31 and reminds the club that the company had been sued over patent infringement for producing coats and blan­kets for dogs with the names and logos of local professional sports teams on them without the teams’ permission. The company had settled quickly out of court to avoid further negative publicity. Zhang believes the company will not be incurring legal fees again in the foreseeable future but believes that because the company’s strategy is to grow by acquisition, costs related to acquisitions will continue to be incurred and are relevant in any analysis. She does not agree with the company’s exclusion of those costs from core EPS. She calculates Cratt’s trailing price-to-earnings ratio (P/E) on the basis of her beliefs.

Based on Exhibit 1 and Zhang’s beliefs about recurring costs, her trailing P/E is closest to:

选项:

A.

10.98

B.

10.01

C.

8.64

解释:

Zhang believes that the acquisition costs will continue to be incurred and, therefore, should not be excluded from Cratt’s core EPS; however, the legal costs are non-recurring and should be excluded.

Using that definition, recurring EPS in 2017 = $1.03 + 0.10 = $1.13. Trailing P/E = $11.31 ÷ $1.13 = 10.01.

A is incorrect. It uses the GAAP (reported) EPS: P/E = $11.31 ÷ 1.03 = $10.98. But that includes the legal fees, which Zhang believes will not recur and should not be included.

C is incorrect because it uses core EPS as reported by Cratt: P/E = $11.31 ÷ 1.31 = $8.64, which excludes the acquisition costs.

Zhang believes the company will not be incurring legal fees again in the foreseeable future but believes that because the company’s strategy is to grow by acquisition, costs related to acquisitions will continue to be incurred and are relevant in any analysis. She does not agree with the company’s exclusion of those costs from core EPS.


第一句说了Zhang认为法律费用不是持续的,最后一句又说Zhang不同意把“those costs”剔除。答案中“those costs”指的只是并购费用,但从文字来看感觉有歧义,即“those costs”理解为即使法律费用不可持续,但Zhang仍然认为不应该剔除。

1 个答案

王园圆_品职助教 · 2024年08月14日

同学你好,不会哦

重点在于,考生看了这段信息以后,会怎么理解

既然题目说了法律费用是非经常性的,那确实从core EPS 的计算中把原本的EPS加回这个法律费用就是最合理的

同样,既然题目说了并购费用是会持续发生的,那作为一个合格的分析师,就该知道core EPS的计算中就不应该把原本的EPS加回这些并购费用——而不管题目主人公Zhang到底是怎么想的

且从逻辑出发,zhang都说了觉得律师费用是一次性的而并购费用不是一次性的,那合理的逻辑就是理解后面一句的those costs是针对的并购费用,和律师费用已经无关了,否则这道题本身出的就毫无逻辑了,且不符合我们学过的知识点”core EPS只能剔除非经常性项目,对经常性项目需要保留“

同学如果觉得题目看的不是很明白的时候,也可以从出题人意图和逻辑出发,也可以判断出题目的解题思路哦

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