2021年CFA考试《Level Ⅰ》考试题库-CFA考试（Level Ⅰ）-Mock Exam 1 Afternoon Session-
财会经济-CFA特许金融分析师
单选题-An analyst gathered the following information for a U.S. company whose common stock is currently priced at $40 per share:Because of the severe cyclical contraction that occurred in 2008 for a major segment of the company's operations, the analyst has decided to normalize earnings using the 2004-2007 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 2008 price/earnings (P/E) ratio based on normalized earnings is:
单选题
A.22.5
B.25.8
C.34.3
我个人认为这个应该是：B
解析：Using average ROE provides a better estimate of P/E when a company's size has changed. The average ROE is 8.8; an estimate of normal earnings per share can be derived by multiplying average ROE by ending book value per share:
0.088 × 17.65 per share=$1.55 normal earnings per share.
40/1.55=25.8
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