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James · 2024年10月02日

还有为啥RE也不算在EV里面？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201612170200000304

问题如下：

4. Based on Exhibit 2, the multiple of enterprise value to sales for Centralino as of 31 December 2014 is closest to:

选项：

A.

0.67.

B.

0.74.

C.

0.77.

解释：

C is correct. Enterprise value (EV) is calculated as follows: EV = Market value of common equity + Market value of preferred stock + Market value of debt – Cash, cash equivalents, and short-term investments

= (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102

= €2,446 million (or €2.446 billion).

So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.

既然是从资产负债表右边来算EV，右边的数字就应该全算进去才符合逻辑，难道留存收益就不算公司价值吗？

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王园圆_品职助教 · 2024年10月02日

同学你好，因为EV计算的时候考虑的是common stock的market value而不是book value，而由于留存收益本身也就是属于普通股股东的，所以common stock的market value本身已经考虑了留存收益在内的价值了哦，你再多算一遍，反而是重复计算了

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NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.从逻辑上分析，站在资产负债表右边来计算整个公司的fair value ，就应该包含无息负债，这样才完整。否则用一个不完整的右边再减去cash，得出来的数字就不对了。

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NO.PZ201612170200000304 问题如下 4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to: A.0.67. B.0.74. C.0.77. C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77. rt

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