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Pina · 2020年03月02日

问一道题:NO.PZ2016021705000052

问题如下:

A company has 1 million shares outstanding and earnings are £2 million. The company decides to use £10 million in idle cash to repurchase shares in the open market. The companys shares are trading at £50 per share. If the company uses the entire £10 million of idle cash to repurchase shares at the market price, the companys earnings per share will be closest to:

选项:

A.

£2.00.

B.

£2.30.

C.

£2.50.

解释:

C  is correct.

At the current market price, the company can repurchase 200,000 shares (£10 million/£50 = 200,000 shares). The company would have 800,000 shares outstanding after the repurchase (1 million shares 200,000 shares = 800,000 shares).

EPS before the buyback is £2.00 (£2 million/1 million shares = £2.00). Total earnings after the buyback are the same because the company uses idle (nonearning) cash to purchase the shares, but the number of shares outstanding is reduced to 800,000. EPS increases to £2.50 (£2 million/ 800,000 shares = £2.50).

老师好, 如果这题用EPS repurchase 后= (NI收购前- repurchase price )/ (shares before repo - shares repurchased) 该怎么做? NI收购前 是否为$million ? 谢谢。

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Debrah_品职答疑助手 · 2020年03月03日

同学你好。

如果用闲置资金回购股票,且题目中没有提到有投资其他理财产品的收益,比如这道题目,那对earning就没有影响。

如果题目中提到投资了其他理财产品,由于回购丧失了投资的机会成本,那分子就用该用(NI-机会成本),而不是减掉repurchase price。

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