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李多肉 · 2023年01月29日

那么“improving ESG score”如何反应在模型调整中呢？

  1. ESG
  2. ESG analysis, valuation and integration

NO.PZ2022120702000055

问题如下：

Natasha completes a review of a large UK based oil company and assigns it an improving ESG score because she is impressed by the steps it is taking to meet the Paris Agreement. Nevertheless, she is concerned about the industry’s long-term outlook and potential for stranded assets.

What action(s) should Natasha reflect in her valuation of the company?

选项：

A.Adjust her discounted cash flow (DCF) model to reflect a lower cost of capital due to positive ESG steps taken and assign a low price earnings ratio to reflect stranded assets in later years. B.Adjust her discounted cash flow (DCF) model in later years to reflect write offs for stranded assets. C.None, no action is required as the oil price is the only real variable that matters. D.Adjust her discounted cash flow (DCF) model to reflect a higher cost of capital and adjust book value down to reflect an impairment charge made against stranded assets.

解释：

Natasha完成了对英国一家大型石油公司的评估。因为她对该公司为满足《巴黎协定》所采取的措施印象深刻，因此给该公司一个提高的ESG评分。但是从长期看，她对该行业的前景和搁浅资产的可能性表示担忧。这会导致该石油公司的未来估值预期降低。

Natasha 应调整贴现现金流(DCF)模型，以反映更高的资本成本，并调整账面价值，以反映对搁浅资产的减值支出。（D选项正确）

高ESG得分和资产报废对估值的调整是对冲关系么？为什么要更看重资产报废的影响呢？

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1 个答案

净净_品职助教 · 2023年01月30日

嗨，从没放弃的小努力你好：


题干中Natasha最终的结论是由于搁浅资产的可能性，应调低该石油公司的估值，是权衡利弊之后的。虽然这个石油公司在满足《巴黎协定》方面做的不错，这个会提高ESG得分，但是搁浅资产可能会给公司带来更重大的财务影响，最终的结论是调低估值，不应只看improving ESG score这一个方面。

石油行业的退出壁垒是非常高的，它的主要资产都是生产条线上的重资产，一旦朝低碳经济转型，像石油产业这样的非可再生能源是不可持续的，极端一点，如果一旦由石油依赖转向其他可再生能能源的依赖，那么石油产业的资产将一无是处。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ2022120702000055 问题如下 Natasha completes a review of a large UK baseoil company anassigns it improving ESG score because she is impressethe steps it is taking to meet the Paris Agreement. Nevertheless, she is concerneabout the instry’s long-term outlook anpotentifor stranassets.Whaction(s) shoulNatasha reflein her valuation of the company? A.Aust her scountecash flow (F) mol to reflea lower cost of capite to positive ESG steps taken anassign a low priearnings ratio to reflestranassets in later years. B.Aust her scountecash flow (F) mol in later years to reflewrite offs for stranassets. C.None, no action is requirethe oil priis the only revariable thmatters. Aust her scountecash flow (F) mol to reflea higher cost of capitanaust book value wn to refleimpairment charge ma against stranassets. Natasha完成了对英国一家大型石油公司的评估。因为她对该公司为满足《巴黎协定》所采取的措施印象深刻，因此给该公司一个提高的ESG评分。但是从长期看，她对该行业的前景和搁浅资产的可能性表示担忧。这会导致该石油公司的未来估值预期降低。Natasha 应调整贴现现金流(F)模型，以反映更高的资本成本，并调整账面价值，以反映对搁浅资产的减值支出。（确） ESG分数高，难道对估值没有任何帮助吗？

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