问一道题：NO.PZ201612170200000306 第6小题

NO.PZ201612170200000306 问题如下 Anea Risso is a junior analyst with AquistareFianco, inpennt equity researfirm. Risso’s supervisor asks her to upte, of 1 January 2015, a quarterly researreport for Centralino S.p.A., a telecommunications company heauarterein Italy. On thte, Centralino’s common share priis €50 anits preferreshares tra for €5.25 per share.Risso gathers information on Centralino. Exhibit 1 presents earnings anvintanExhibit 2 presents balansheet tNet sales were €3.182 billion in 2014. Risso estimates a requirereturn of 15% for Centralino anforecasts growth in vin of 6% into perpetuity.Exhibit 3 presents forwarprice-to-earnings ratios (P/E) for Centralino’s peer group. Risso assumes no fferences in funmentals among the peer group companies.Risso also wants to calculate normalizeEPS using the average return on equity metho She termines ththe 2011–2014 time perioin Exhibit 1 represents a full business cycle for Centralino.6. Baseon Exhibits 1 an2, the normalizeearnings per share for Centralino calculateRisso shoulclosest to: A.€2.96. B.€3.21. C.€5.07. A is correct. Baseon the methoof average ROE, normalizeEPS are calculatethe average ROE from the most recent full business cycle multipliecurrent book value per share. The most recent business cycle w2011–2014, anthe average ROE over thperiowas0.1301+0.1371+0.1158+0.14214=0.131\frac{0.1301+0.1371+0.1158+0.1421}4=0.13140.1301+0.1371+0.1158+0.1421​=0.131The book value of (common) equity, or simply book value, is the value of shareholrs’ equity less any value attributable to the preferrestock: €1,027 million – €80 million = €947 million.Current book value per share (BVPS) is calculate€947 million/41.94 million = €22.58.So, normalizeEPS is calculateasAverage ROE × BVPS = 0.131 × €22.58 = €2.96. 用ROE14.21%，该如何算出题干里的5.64

NO.PZ201612170200000306 问题如下 6. Baseon Exhibits 1 an2, the normalizeearnings per share for Centralino calculateRisso shoulclosest to: A.€2.96. B.€3.21. C.€5.07. A is correct. Baseon the methoof average ROE, normalizeEPS are calculatethe average ROE from the most recent full business cycle multipliecurrent book value per share. The most recent business cycle w2011–2014, anthe average ROE over thperiowas0.1301+0.1371+0.1158+0.14214=0.131\frac{0.1301+0.1371+0.1158+0.1421}4=0.13140.1301+0.1371+0.1158+0.1421​=0.131The book value of (common) equity, or simply book value, is the value of shareholrs’ equity less any value attributable to the preferrestock: €1,027 million – €80 million = €947 million.Current book value per share (BVPS) is calculate€947 million/41.94 million = €22.58.So, normalizeEPS is calculateasAverage ROE × BVPS = 0.131 × €22.58 = €2.96. 如题

NO.PZ201612170200000306问题如下6. Baseon Exhibits 1 an2, the normalizeearnings per share for Centralino calculateRisso shoulclosest to:A.€2.96.B.€3.21.C.€5.07.A is correct. Baseon the methoof average ROE, normalizeEPS are calculatethe average ROE from the most recent full business cycle multipliecurrent book value per share. The most recent business cycle w2011–2014, anthe average ROE over thperiowas0.1301+0.1371+0.1158+0.14214=0.131\frac{0.1301+0.1371+0.1158+0.1421}4=0.13140.1301+0.1371+0.1158+0.1421​=0.131The book value of (common) equity, or simply book value, is the value of shareholrs’ equity less any value attributable to the preferrestock: €1,027 million – €80 million = €947 million.Current book value per share (BVPS) is calculate€947 million/41.94 million = €22.58.So, normalizeEPS is calculateasAverage ROE × BVPS = 0.131 × €22.58 = €2.96.为什么这题计算普通股的账面价值用的是总的equity的BV减去优先股的BV，而不是直接用表格中的common share 826呢？而上一题算EV的时候，算普通股的market value 却是直接用计算50*shares呢？为什么这题不能直接用826呢

NO.PZ201612170200000306 老师好， 我记得上课的时候李老师说，如果题目没告诉你周期有多少年，给了多少年你就都用上来求平均。 看到题目解析那里用了知识11-14年，是因为15年是预测的所以不用吗？ 谢谢老师

NO.PZ201612170200000306 €3.21. €5.07. A is correct. Baseon the methoof average ROE, normalizeEPS are calculatethe average ROE from the most recent full business cycle multipliecurrent book value per share. The most recent business cycle w2011–2014, anthe average ROE over thperiow0.1301+0.1371+0.1158+0.14214=0.131\frac{0.1301+0.1371+0.1158+0.1421}4=0.13140.1301+0.1371+0.1158+0.1421​=0.131 The book value of (common) equity, or simply book value, is the value of shareholrs’ equity less any value attributable to the preferrestock: €1,027 million – €80 million = €947 million. Current book value per share (BVPS) is calculate€947 million/41.94 million = €22.58. So, normalizeEPS is calculateAverage ROE × BVPS = 0.131 × €22.58 = €2.96. 我是用表1求的current BVPS 已知2014的ROE=EPS/BVPS=14.21% ，而2014的EPS=5.64，相除就得到BVPS=ROE/EPS=0.1421/5.64=39.7 另外，想问一下，课件中说averageROE法 乘以的是current BVPS 如果题目给了2015（E）的BVPS可以用吗？还是必须是2014的BVPS