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belconnen · 2021年04月21日

为什么不是用表一的ROE和EPS求BVPS？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201612170200000306

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.

我是用表1求的current BVPS 已知2014的ROE=EPS/BVPS=14.21% ，而2014的EPS=5.64，相除就得到BVPS=ROE/EPS=0.1421/5.64=39.7  另外，想问一下，课件中说averageROE法 乘以的是current BVPS 如果题目给了2015（E）的BVPS可以用吗？还是必须是2014的BVPS

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1 个答案

Debrah_品职答疑助手 · 2021年04月23日

嗨，爱思考的PZer你好：


关于你的第一个问题，我跟主科老师讨论了一下，题干中说Based on Exhibits 1 and 2，所以你需要用两个表格的数字计算，而不能仅用一个表格的。另外，通过资产负债表计算出来BVPS是最直接的，而且一定是正确的。如果是用EPS/ROE这个方法，有可能分析师对EPS进行了调整（但题目没有明确说，容易出错）。如果没有调整，那这两种方法计算出来的应该是一样的。

关于你的第二个问题，请看基础班讲义第285页，必须用2014年的。




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