问一道题：NO.PZ201612170200000306

* 问题详情，请查看题干

问题如下：

6. Based on Exhibits 1 and 2, the normalized earnings per share for Centralino as calculated by Risso should be closest to:

选项：

€2.96.

€3.21.

€5.07.

解释：

A is correct. Based on the method of average ROE, normalized EPS are calculated as the average ROE from the most recent full business cycle multiplied by current book value per share. The most recent business cycle was 2011–2014, and the average ROE over that period was

$\frac{0.1301+0.1371+0.1158+0.1421}4=0.131$

The book value of (common) equity, or simply book value, is the value of shareholders’ equity less any value attributable to the preferred stock: €1,027 million – €80 million = €947 million.

Current book value per share (BVPS) is calculated as €947 million/41.94 million = €22.58.

So, normalized EPS is calculated as

Average ROE × BVPS = 0.131 × €22.58 = €2.96.

老师好，normalized eps 为什么不用5年的ROEs 去取平均？

谢谢。

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1 个答案

maggie_品职助教 · 2020年01月15日

因为题干给的是2015年的预测数据（当前站在2015年初），我们计算normalized eps用的是最近一个周期的历史数据做平均。可以再复习一下讲义286页的内容。

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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

2024-05-24 16:40 1 · 回答

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

2023-09-26 22:27 1 · 回答

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2023-03-12 12:07 1 · 回答

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

2021-06-19 14:25 2 · 回答

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2021-04-21 22:12 1 · 回答

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