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[CFA level 1模拟真题]Version 4 Questions-Q42

Q42. An analyst gathered the following information for a U.S. company whose common stock is currently priced at $40 per share:

 

2000

2001

2002

2003

2004

Earnings per share ($)

1.16

0.62

1.28

1.60

(1.30)

Book value per share($)

8.48

8.92

16.04

19.28

16.30

Return on equity

14%.7%

7%

8%

8%

 

Because of the severe cyclical contraction that occurred in 2004 for a major segment of the company's operations, the analyst has decided to normalize earnings using the 2000-2003 period. If the analyst also decides to account for changes in the company's size over time, the most appropriate estimate of the company’s 2004 price/earnings (P/E) ratio based on normalized earnings is:

A.22.5

B.26.5

C.34.3

D.59.5

答案和详解如下:

Q42   B   Study Session 14-64-b

Using average ROE provides a better estimate of P/E when a company's size has changed. The average ROE is 9.25; an estimate of normal. earnings per share can be derived by multiplying average ROE by ending book value per share:

0.0925*16.30 per share-$1.51 normal earnings per share.

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