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徐威廉 · 2020年06月01日

问一道题：NO.PZ201612170200000306 第6小题 [ CFA II ]

  1. CFA II
  2. Equity

* 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：

A.

€2.96.

B.

€3.21.

C.

€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

0.1301+0.1371+0.1158+0.14214=0.131\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.

1.这里的BVPS为什么又只包含common share而不是所有的total equity或者common 加retain earning？ 2.关于equity在表格中的单位根本不清不楚，一会是总值$，一会是每股$，考试也会这样吗？
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1 个答案

Debrah_品职答疑助手 · 2020年06月02日

同学你好，关于你的第一个问题，BVPS指的就是普通股股东的账面价值，和PB的B的概念相同，这个在你之前的PB的问题里已经回复。这里的common 加retain earning就是total equity-preferred stock呀。

第二个问题，equity在表格中的单位都是€ millions呀。你以后做题看到每股€应该是BVPS（每股账面价值的概念），留意即可。

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