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德韵90 · 2019年12月15日

问一道题:NO.PZ2016021705000055

问题如下:

Crozet Corporation plans to borrow just enough money to repurchase 100,000 shares. The following information relates to the share repurchase:

Crozets earnings per share after the buyback will be closest to:

选项:

A.

$4.03.

B.

$4.10.

C.

$4.23.

解释:

A  is correct.

Total earnings before buyback: $4.00 × 3,100,000 shares = $12,400,000

Total amount of borrowing: $50 × 100,000 shares = $5,000,000

After-tax cost of borrowing the amount of funds needed: $5,000,000 × 0.06 = $300,000

Number of shares outstanding after buyback: 3,100,000 100,000 = 3,000,000 EPS after buyback: ($12,400,000 $300,000)/3,000,000 shares = $4.03

The P/E before the buyback is $50/$4 = 12.5; thus, the E/P is 8 percent. The after-tax cost of debt is 6 percent; therefore, EPS will increase.

为什么earnings after buyback计算的时候只减去借债的利息,而没有减去借债的本金?

1 个答案

maggie_品职助教 · 2019年12月15日

因为借债并不是当期就偿还的,因此不需要从盈利里面减掉。


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NO.PZ2016021705000055 问题如下 Crozet Corporation plans to borrow just enough money to repurchase 100,000 shares. The following information relates to the share repurchase:Crozet’s earnings per share after the buybawill closest to: A.$4.03. B.$4.10. C.$4.23. is correct.Totearnings before buyback: $4.00 × 3,100,000 shares = $12,400,000Totamount of borrowing: $50 × 100,000 shares = $5,000,000After-tcost of borrowing the amount of fun nee $5,000,000 × 0.06 = $300,000Number of shares outstanng after buyback: 3,100,000 – 100,000 = 3,000,000 EPS after buyback: ($12,400,000 – $300,000)/3,000,000 shares = $4.03The P/E before the buybais $50/$4 = 12.5; thus, the E/P is 8 percent. The after-tcost of is 6 percent; therefore, EPS will increase. 老师,为什么回购股票所产生的收益,即E/P=8%,不会增加NI和EPS?

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