老师

问题如下：

Adrian, director of the research department in a small securities company. He currently leads a team with 2 junior analysts to value a company using the relative value approach. Adrian told the 2 junior analysts that for the cyclical companies, using the most recent 4 quarters of earnings may not be accurate to reflect their long-term earning abilities. Being at different points of a business cycle, the company may show extremely different P/E ratios, even though there is no change in the company’s business prospects. To address this problem, normalized EPS could be used.

The 2 junior analysts collected the information about the company over the most recent full cycle.

The company’s balance sheet shows that the company has a total asset worth 2100 million, and a total liability of 1200 million. The preferred equity value is $120million, and the number of the common shares outstanding is 32 million.

According to the information above, what is the normalized EPS?

选项：

2.87

3.31

7.73

解释：

A is correct.

考察：考察计算Normalized EPS；考察计算Book value per share.

解析：ROE = EPS/BVPS

根据题干信息，average ROE为：

$\frac{12.00\%+13.10\%+10.55\%+11.20\%+12.05\%}5=11.78\%$

由于题目直接给定了total assets的value，也给定了total liabilities的value，于是total shareholder’s equity是2100-1200=900 million. 又由于preferred equity是120million，所有common equity value是900-120=780 million。

则BVPS=780million/32million =24.375。则Normalized EPS=11.78%×24.375=2.87。