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好好学习向前进 · 2023年07月13日

为什么直接用题中的净资产?

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NO.PZ202301100200000201

问题如下:

Using the data in Exhibit 1, NECP’s net worth per share is closest to:

选项:

A.US$45.66. B.US$48.02. C.US$52.29.

解释:

Solution

C is correct. The net asset value per share (NAVPS) is 52.29 (Net asset value ÷number of shares = (331,265,000 ÷6,335,000 = 52.29). The NAVPS often is used as a fundamental benchmark for the value of a REIT. Discounts in the REIT share price from NAVPS are interpreted as indications of potential undervaluation. NAVPS is considered to be a superior measure of the net worth of a real estate company compared with book value per share.

A is incorrect. This is the book value per share (Property book value ÷number of shares). Book values are based on depreciated historical costs rather than current appraised values.

C is incorrect. This is the current share price (Market capitalization÷number of shares).

为什么不是NOI/cap rate 得到property 的value,然后在加上其他资产的价值,减去总负债的价值,得到reits净资产,再除以shares?

1 个答案

Lucky_品职助教 · 2023年07月14日

嗨,努力学习的PZer你好:


本题题目已经直接给出了NAV,就不用再去计算了哦

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