问2个CFA1级的诡异题目

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这个模拟题是不是出错了？EPS 怎么会 = ROE X BOOK value PS（没说是什么的book value啊）

An analyst gathered the following information for a company whose common stock is currently priced at $40 per share:
2005 2006 2007 2008 2009
Earnings per share ($) 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 (ROE) 14% 7% 8% 8%
A severe cyclical contraction occurred in 2009 for a major segment of the company’s operations. What is the most accurate estimate of the stock's P/E ratio assuming the analyst uses the average ROE method for normalizing the firm's EPS?
A. 26.5
B. 32.8
C. 34.2
Answer: A
“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA 2010 Modular Level I, Vol. 5, pp. 200-202
Study Session 14-59-b
Calculate and interpret P/E, P/BV, P/S, and P/CF.
To normalize the EPS, multiply the current book value per share with the average ROE for the most recent full cycle. Normalized P/E = current market price / normalized EPS.
Average ROE = (14 + 7 + 8 + 8)/4 = 9.25;
Normalized EPS = Normalized ROE x 2009 BVPS = 0.0925 × 16.30 = $1.51
Normalized P/E = $40/1.51 = 26.5.







还有这么一道题，答案不知道对不对 A stock has a beta of 0.9 and an estimated return of 10% . The risk-free rate is 7% , and the expected return on the market is 11%. According to the CAPM , this stock :

A is overvalued
B is undervalued
C is properly valued

CAPM算出来 收益是10.6%，比estimated return 10%多，那不就是预期的低估了嘛？ 答案是A我崩溃了

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关键词：CFA1级 cfa1 CFA FA1 introduction CFA 题目

题中答案都是正确的啊。
１.计算P /E这类的指标时，BV一般就是指equity
2.用CAPM计算出的是是理论值，也就是说与其风险相对应的收益，estimate return在此题中可理解为实际收益，所以此没票价格应是高估了

1.算09的P/E 当然用09的book value了
2.题目问的STOCK的价值，收益率是在分母位置的（定价模型），所以是高估了

回头看了一下CML线，豁然开朗啊

谢谢诸位

2# somdat
CAPM是理论值，叫做required return。estimate return是贴现值，即是利用折现模型算出的资产的现值。实际价值是指资产的市场价值。2楼理解有误！
以折现模型算出来的预期值比CAPM理论值低，说明这只股票不值得购买，高估了。