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想谷女士 · 2023年01月23日

此处为何选B,A和C为什么不对?

* 问题详情,请 查看题干

NO.PZ202209270100000206

问题如下:

The most appropriate response to Wright’s question about the technological development is to:

选项:

A.increase the required return. B.decrease the price-to-earnings multiple. C.decrease the perpetual growth rate.

解释:

B is correct. If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple is used to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development could have an adverse impact on Archway beyond the forecast horizon.

如题,不是很懂为什么AC不对

1 个答案
已采纳答案

袁园_品职助教 · 2023年01月25日

嗨,从没放弃的小努力你好:


这道题是原版书课后题。题干说,根据财务预测,F根据公司过去五年的平均市盈率来估算终值。wright的问题是,如果技术进步对Archway公司的负面影响超过了你的财务预测范围,你做的终值计算要做什么调整。

1.首先根据平均市盈率来估算终值,是先把未来的earning测算出来,然后乘以平均市盈率,得到最后终值price。由于技术进步的负面影响,所以你原来预测的earning高了。这个时候需要把这个平均市盈率降低了,最后乘出来的终值才会符合实际情况。所以B才是正确的。

2.A、C本身是没有错的,都是正确的。但是和B选项比起来,B是更好的。所以是选most appropriate的选项。

这道题A、C选项协会没有给勘误。但是考试中不会出现这种模棱两可的选项的。

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努力的时光都是限量版,加油!

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NO.PZ202209270100000206 问题如下 Nigel French, analyst Taurus Investment Management, is analyzing ArchwTechnologies, a manufacturer of luxury electronic auto equipment, the request of his supervisor, LukWright. Frenis asketo evaluate Archway’s profitability over the past five years relative to its two main competitors, whiare locatein fferent countries with significantly fferent tstructures. Frenbegins assessing Archway’s competitive position within the luxury electronic auto equipment instry using Porter’s five forces framework. A summary of French’s instry analysis is presentein Exhibit 1.Frennotes thfor the yejust en(2019), Archway’s COGS w30% of sales. To forecast Archway’s income statement for 2020, Frenassumes thall companies in the instry will experieninflation rate of 8% on the COGS. Exhibit 2 shows French’s forecasts relating to Archway’s prianvolume changes.After putting together income statement projections for Archway, Frenforecasts Archway’s balansheet items. He uses Archway’s historicefficienratios to forecast the company’s working capitaccounts. Baseon his financiforecast for Archway, Frenestimates a terminvalue using a valuation multiple baseon the company’s average price-to-earnings multiple (P/E) over the past five years. Wright scusses with Frenhow the terminvalue estimate is sensitive to key assumptions about the company’s future prospects. Wright asks French: “Whchange in the calculation of the terminvalue woulyou make if a technologicvelopment thwoulaersely affeArchwwforecast to occur sometime beyonyour financiforecast horizon?” The most appropriate response to Wright’s question about the technologicalvelopment is to: A.increase the requirereturn. B.crease the price-to-earnings multiple. C.crease the perpetugrowth rate. B is correct. If the future growth or profitability of a company is likely to lowerththe historicaverage (in this case, because of a potentitechnologicalvelopment), then the target multiple shoulreflea scount to the historicalmultiple to reflethis fferenin growth anor profitability. If a multiple isuseto rive the terminvalue of a company, the choiof the multiple shoule consistent with the long-run expectations for growth anrequirereturn.Frentells Wright he believes thsua technologicvelopment coulhaveaerse impaon Archwbeyonthe forecast horizon. 由于技术进步的负面影响,所以原来预测的earning高了。这个时候需要把Earning降低,P/E中分母降低,整体应该是上升的呀

2024-06-23 12:18 1 · 回答