为什么不用basic eps 作为调整基准？

问题如下：

Pinho directs Silveira to use a valuation metric that would allow for a meaningful ranking of relative value of the three companies’ shares. Exhibit 1 provides selected financial information for the three companies.

Silveira reviews underlying trailing EPS for Adesivo. Adesivo has basic trailing EPS of R$0.84. Silveira finds the following note in Adesivo’s financial statements:

“On a per share basis, Adesivo incurred in the last four quarters

i. from a lawsuit, a non-recurring gain of R$0.04; and

ii. from factory integration, a non-recurring cost of R$0.03 and a recurring cost of R$0.01 in increased depreciation.”

Based on Exhibit 1 and the note to Adesivo’s financial statements, the trailing P/E for Adesivo using underlying EPS is closest to:

选项：

A.

17.7

B.

18.2

C.

18.4

解释：

The EPS figure that Silveira should use is diluted trailing EPS of R$0.81, adjusted as follows:

1. Subtract the R$0.04 non-recurring legal gain.

2. Add R$0.03 for the non-recurring factory integration charge.

No adjustment needs to be made for the R$0.01 charge related to depreciation because it is a recurring charge.

Therefore, underlying trailing EPS = R$0.81 – R$0.04 + R$0.03 = R$0.80 and trailing P/E using underlying trailing EPS = R$14.72/R$0.80 = 18.4.