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.
Normalized Earning和Normalized EPS有什么区别？我看老师上课讲的Normalized EPS更加强调周期的影响，而Normalized Earning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Normalized Earning这个
