哇哈哈哈 · 2024年10月26日
NO.PZ2023032701000078
问题如下：
Gast asks Hughes to calculate the trailing and forward price/earnings multiples based on core earnings. Hughes uses the data in Exhibit 2 for his calculations for WPR.
S&P 500 expected EPS growth rate is 8%
Following Gast’s recommended approach, the forward P/E multiple that Hughes calculates for Western Plains Rail is closest to:
选项：
A.14.2×
15.5×
14.5×
解释：
题目明确说了明年预计要有2%的重组费用，明年的EPS也是根据今年（今年并没有重组费用）正常经营的EPS预测出来的。我觉得这道题出错了。误导对这个知识点的理解
王园圆_品职助教 · 2024年10月26日
同学你好，重组费用首先是一次性费用，在题目没有说公司会持续的每年都产生重组费用的前提下，肯定是需要从正常的EPS中加回才能用来计算core EPS 的
其次，本年的EPS虽然没有重组费用，但本年的增长率题目并没有说是不考虑重组费用下给出的增长率哦
所以题目即便用一个正常的今年的EPS，乘以一个可能已经考虑了重组费用后更低的增长率以后，依然可以得到一个已经包含了重组费用的预测的EPS哦
此外，我们也可以站在出题人的角度思考，如果预测的EPS本身就不带有重组费用了，那这个重组费用的条件就是多余的了，那出题人想要考察考生“重组费用需要从正常EPS中加回从而计算core EPS”的这个知识点 的目的就达不到了，所以从出题人角度考虑，也是需要加回这个重组费用的
NO.PZ2023032701000078问题如下 Gast asks Hughes to calculate the trailing anforwarprice/earnings multiples baseon core earnings. Hughes uses the ta in Exhibit 2 for his calculations for WPR. S P 500 expecteEPS growth rate is 8%Following Gast’s recommenapproach, the forwarP/E multiple thHughes calculates for Western Plains Rail is closest to: A.14.2×B.15.5×C.14.5× 不是应该选用剔除non- recurring的数据吗？
NO.PZ2023032701000078 问题如下 Gast asks Hughes to calculate the trailing anforwarprice/earnings multiples baseon core earnings. Hughes uses the ta in Exhibit 2 for his calculations for WPR. S P 500 expecteEPS growth rate is 8%Following Gast’s recommenapproach, the forwarP/E multiple thHughes calculates for Western Plains Rail is closest to: A.14.2× B.15.5× C.14.5× EI为什么不是3.6*（1+8%*1.15）+3.6*2%
NO.PZ2023032701000078问题如下 Gast asks Hughes to calculate the trailing anforwarprice/earnings multiples baseon core earnings. Hughes uses the ta in Exhibit 2 for his calculations for WPR. S P 500 expecteEPS growth rate is 8%Following Gast’s recommenapproach, the forwarP/E multiple thHughes calculates for Western Plains Rail is closest to: A.14.2×B.15.5×C.14.5× 为什么是加上restructuring charge 而不是减去？
