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As of December 2019, you are researching Jonesh International, a company subject to cyclical demand for its services. Jonesh share closed at $57.98 on December

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As of December 2019, you are researching Jonesh International, a company subject to cyclical demand for its services. Jonesh share closed at $57.98 on December 31, 2019. You believe the 2014-2018 period reasonably captures average profitability: (11 points) Measure EPS BV per ROE 2018 $3.03 $19.20 16.0% $1.45 $16.21 8.9% $0.23 $14.52 1.6% 2015 $2.13 $13.17 16.3% 2014 $2.55 $11.84 21.8% 1. Define normalized EPS. (2 points) 2. Calculate a normalized EPS for Jonesh based on the method of historical average EPS and then calculate the P/E based on normalized EPS. (4 points) 3. Calculate a normalized EPS for Jonesh based on the method of average ROE and the P/E based on normalized EPS. (4 points)

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