从BV中扣除的回购部分价值计量

问题如下：

An analyst gathered the following information about a company:

• Number of shares outstanding 10 million
• Earnings per share US$2.00
• P/E 20
• Book value per share US$30

If the company repurchases 1 million shares at the prevailing market price, the resulting book value per share will be closest to:

选项：

A.

US$26.

B.

US$27.

C.

US$29.

解释：

The prevailing market price is US$2.00(20) = US$40.00 per share; thus, the buyback would reduce equity by US$40 million. Book value of equity before the buyback is US$300 million. Book value of equity after the buyback would be US$300 million − US$40 million = US$260 million. The number of shares outstanding after the buyback would be 9 million. Thus, book value per share after the buyback would be US$260 million/9 million = US$28.89 ≈ US$29.