NO.PZ2015122802000186
问题如下:
Which type of equity valuation model is most likely to be preferable when one is comparing similar companies?
选项:
A.A multiplier model.
B.A present value model.
C.An asset-based valuation model.
解释:
A is correct.
Although all models can be used to compare various companies, multiplier models have the advantage of reducing varying fundamental data points into a format that allows direct comparisons. As long as the analyst applies the data in a consistent manner for all the companies, this approach provides useful comparative data.
考点:Asset-based Valuation
这道题问当我们通过和可比公司进行对比来估值时采用的模型是哪个?
显而易见选A :multiplier model是相对估值法,一般当公司把自己和其他公司作比较的时候,会采用这种方法,譬如用EV/EBITDA或者P/E的方法。
Bpresent value model就是未来现金流折现模型,针对公司自身未来现金流的预计进行折现估值,譬如对股息或者自由现金流有预计的时候使用。
Casset-based valuation model通常适用于有形资产比较多或非上市的公司。
如果考虑到会计方法的不同选择,乘数法也不适用了呀