格格蔡斯 · 2021年07月28日
* 问题详情，请 查看题干
NO.PZ201512300100001103
问题如下：
3. Which valuation approach would be most appropriate in valuing shares of You Fix It?
选项：
A. Approach 1
B. Approach 2
C. Approach 3
解释：
C is correct.
You Fix It is in the cyclical home improvement industry. The use of normalized earnings should address the problem of cyclicality in You Fix It earnings by estimating the level of earnings per share that the company could achieve currently under mid-cyclical conditions.
题目说公司最近表现很差啊，那E不就有可能为0或者负么，这样子PE指标就不能用了啊
韩韩_品职助教 · 2021年07月29日
嗨，爱思考的PZer你好：
同学你好：题目的第三段，介绍You Fix It所处的home improvement industry中，强调了是cyclical，这个就是关键词，他要突出表达的就不是earning为负，而且题目也没有明确直接说earning小于零，所以就不建议往earning为负，P/E用不了的方向去思考。此处告诉我们，周期型行业，最近表现不好，那就是提示我们不要直接用一年EPS数据，要用考虑到一个周期平均水平的，normalized earnings 。解题的时候建议要把握关键词的领会，关键词能够准确的提示出出题人想考察的知识点，这样可以提升做题的速度和准确率
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
NO.PZ201512300100001103 问题如下 3. Whivaluation approawoulmost appropriate in valuing shares of You Fix It? A.Approa1 B.Approa2 C.Approa3 C is correct.You Fix It is in the cyclichome improvement instry. The use of normalizeearnings shoularess the problem of cyclicality in You Fix It earnings estimating the level of earnings per share ththe company coulachieve currently unr micycliccontions. NormalizeEarning和NormalizeEPS有什么区别？我看老师上课讲的NormalizeEPS更加强调周期的影响，而NormalizeEarning好像更注重调整Non-recurring Items，所以不知道这两个是不是一回事儿？比如这道题明明是在强调周期的影响，却还是用了NormalizeEarning这个
为什么不选1?book value 比earning 更恒定呀
A和B哪里错了？
