APP下载 扫一扫

APP隐私政策：查看政策>

# "Equity Investments":Equity Valuation: Concepts and Basic Tools

Questions 1:

A company’s market information and balance sheet data at the end of fiscal year

2012 are as follows: If an analyst estimates that the market value of the company’s investment securities is 115% of their reported value, the company’s ratio of price to adjusted

book value is closest to:

A、 0.91.

B 、0.96.

C、 1.10.

Questions 2:

A market index contains the following two securities: The total return on an equal-weighted basis is closest to:

A、 –1.75%.

B、 2.78%.

C、 2.25%.

【analysis】

A is correct. Adjusted book value per share = (Adjusted value of Assets – Total liabilities)/ Number of shares Market value of assets = 0.4 + 1.2 + 40.0 + (6.0 × 1.15) + 30 = \$78.5 million Market value of liabilities = 1.0 + 61.0 = \$62.0 million Adjusted book value per share per share = (78.5 – 62.0)/1.0 = \$16.5 Price-to-adjusted book value = \$15.00/\$16.50 = 0.91 B is incorrect. It uses reported book value. Book value per share = 15,600,000/1,000,000 = 15.6 Price-to-adjusted book value per share = 15/15.6 = 0.96 C is incorrect. It is adjusted book value-to-price ratio. 【analysis】

C is correct. B is incorrect. It is the total return on price-weighted basis. ## CFA报考指南 距特许金融分析师考试还有 天 报考指南 报名条件 报名时间 考试时间 考试费用 成绩查询

## 特许金融分析师限时免费资料

• CFA报考指南

• CFA考试大纲

• CFA历年

• CFA学习计划

• CFA思维导图

• CFA备考建议

## 加入备考小分队 • 在线客服
• APP 扫一扫
下载财会备考工具
应用版本：8.2.4
开发者：北京东大正保科技有限公司
应用涉及权限：查看权限>
APP隐私政策：查看政策>
• 公众号 扫一扫关注
• 建议/投诉 