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wangbj · 2024年03月22日

average ROE方法为什么不用四年的ROE和BV分别相乘,再加起来除以4

NO.PZ2023032701000079

问题如下:

As of February 2007, you are researching Jonash International, a hypothetical company subject to cyclical demand for its services. Jonash shares closed at $57.98 on 2 February 2007. You believe the 2003–2006 period reasonably captures average profitability:

When calculating normalized EPS, we can use on the method of historical average EPS or method of average ROE, the difference of PE calculated by the two methods is:

选项:

A.

11.6

B.

12.5

C.

13.4

解释:

Averaging EPS over the 2003–2006 period, we find that ($2.55 + $2.13 + $0.23 + $1.45)/4 = $1.59. According to the method of historical average EPS, Jonash’s normalized EPS is $1.59. The P/E based on this estimate is $57.98/1.59 = 36.5.

Averaging ROE over the 2003–2006 period, we find that (0.218 + 0.163 + 0.016 + 0.089)/4 = 0.1215. For current BV per share, you would use the estimated value of $19.20 for year-end 2007. According to the method of average ROE, 0.1215 × $19.20 = $2.33 is the normalized EPS. The P/E based on this estimate is $57.98/$2.33 = 24.9.

So the difference is 36.5-24.9=11.6

这样不是考虑size,更好吗

1 个答案

王园圆_品职助教 · 2024年03月22日

同学你好,因为使用最近的BV 计算是有原版书明确的定义的计算方式,请看以下讲义截图黄色部分

另外,如果你用历史的每一期BV*历史对应每一期的ROE的话,不就和第一种的average EPS的结果完全一样了吗?

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NO.PZ2023032701000079 问题如下 of February 2007, you are researching Jonash International, a hypotheticcompany subjeto cyclicmanfor its services. Jonash shares close$57.98 on 2 February 2007. You believe the 2003–2006 perioreasonably captures average profitability:When calculating normalizeEPS, we cuse on the methoof historicaverage EPS or methoof average ROE, the fferenof PE calculatethe two metho is: A.11.6 B.12.5 C.13.4 Averaging EPS over the 2003–2006 perio we finth($2.55 + $2.13 + $0.23 + $1.45)/4 = $1.59. Accorng to the methoof historicaverage EPS, Jonash’s normalizeEPS is $1.59. The P/E baseon this estimate is $57.98/1.59 = 36.5.Averaging ROE over the 2003–2006 perio we finth(0.218 + 0.163 + 0.016 + 0.089)/4 = 0.1215. For current per share, you wouluse the estimatevalue of $19.20 for year-en2007. Accorng to the methoof average ROE, 0.1215 × $19.20 = $2.33 is the normalizeEPS. The P/E baseon this estimate is $57.98/$2.33 = 24.9.So the fferenis 36.5-24.9=11.6 答案里面说 you wouluse the estimatevalue of $19.20 for year-en2007这里的07年BV=19.2是07年年末的数,那么乘以roe算出来的不就成了08年的净利润吗?

2024-05-03 12:40 1 · 回答

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2024-05-02 23:34 2 · 回答

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