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ZAA · 2021年03月28日

5130怎么求出来的

  1. CFA II
  2. Equity

NO.PZ2018103102000068

问题如下：

The Senior VP of Acquisitions for RN fund asks Jacques to evaluate a potential investments-a family-owned Cosmetics company TMT. Jacques has obtained the recent an excerpt of the income statement and additional data needed to calculate normalized earnings as follows. Additional data for TMT including estimates of the compensation paid to family members and the smaller amount of salary expense for replacement employees if RN acquires the company. She believes the current debt is not optimal, and can be replaced with a lower interest rate. The normalized earning after tax for TMT is closest to:

选项：

A.

$90,285,000

B.

$67,112,000

C.

$53,124,000

解释：

A is correct.

考点：Normalized earnings

解析：A正确的。根据最优资本结构计算新的利息是210万美元而不是150万美元。根据节省的薪金费用，SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000。此外还需要调整税收的影响。最后，税后Normalized earnings等于$90,285,000。

我不大明白5130能帮忙讲解一下吗
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1 个答案

Debrah_品职答疑助手 · 2021年03月28日

嗨，努力学习的PZer你好：


Normalized earnings=(revenue-SG&A-DA-interest)*(1-t)=(200,000,000-51,300,000-7,700,000-2,100,000)*(0.65)=90285000

根据最优资本结构计算新的利息是210万美元而不是150万美元 。 根据节省的薪金费用 ， SG&A费用减少$2,700,000(= $6,300,000-$9,000,000)至$51,300,000 （$54,000,000-$2,700,000)。 此外还需要调整税收的影响 。 最后 ， 税后Normalized earnings等于$90,285,000 。 

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努力的时光都是限量版，加油！

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