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简ying · 2021年02月07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.

根据表格里2014年的EPS和ROE倒推出2014年的BVPS应该可以吧？但计算出结果更接近C选项，是我这种计算方法不对吗？
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1 个答案

Debrah_品职答疑助手 · 2021年02月08日

同学你好，请写一下你的步骤，我们再讨论

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