2008 CFA Level 1 － Sample 样题(1)－Q43 class, black

8586

43、Emanuel Rodriguez, CFO of Monterrey Spikes Sports Goods Inc., has gathered the following information about the company:

	2000	2007
Sales	$128.4 million	$220.0 million
Return on assets (ROA)	10%	12%
Net profit margin (NPM)	6%	7%
Number shares outstanding	5 million	6 million

Rodriguez expects sales in 2008 to grow at the historical compound annual growth of sales from the year 2000 to 2007. For the year 2008, the net profit margin and the number of shares outstanding are expected to remain unchanged from the year 2007. The company's earnings per share (EPS), for the year 2008, is closest to:

A. $2.74.

B. $2.77.

C. $4.69.

D. $4.75.

[此贴子已经被作者于2008-11-7 15:31:42编辑过]

8586

Correct answer = B

"Company Analysis and Stock Valuation," Frank K. Reilly and Keith C. Brown
2008 Modular Level I, Vol. 5, pp. 152-158
Study Session 14-59-b
describe and estimate the expected earnings per share (EPS) and earnings multiplier for a company and use the multiple to make an investment decision regarding the company.

Compounded Annual Sales Growth --- g%	2008 Sales = 2007 Sales × (1 + g)	2008 EPS = 2008 Sales × NPM / # of Shares
FV = 220; PV = -128.4 N = 7; I / Y = ? g = 8%	$220(1.08) = $237.60 million	$237.60 × 0.07 / 6 = $2.7

hettie

thanks

wjy9009

h

Riverview

thanks

刀剑如梦

谢谢哦！

zhangxie83

b

gening

thanks!

isaisaisa

b

oleander

b