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
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?