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Ivana 🍭 · 2023年03月28日

老师麻烦解释一下这题为什么选C

NO.PZ2022061307000081

问题如下:

Question Which of the following statements concerning different valuation approaches is most accurate?

选项:

A.One advantage of the three-stage dividend discount model (DDM) model is that it is equally appropriate to young companies entering the growth phase and those entering the maturity phase. B.It is advantageous to use asset-based valuation approaches rather than forward-looking cash flow models in the case of companies that have significant intangibles. C.The justified forward price-to-earnings ratio (P/E) approach offers the advantage of incorporating fundamentals and presenting intrinsic value estimations.

解释:

Solution

C is correct. The justified forward P/E approach offers the advantage of incorporating fundamentals and presenting intrinsic value estimations.

A is incorrect. The three-stage DDM model is appropriate to young companies entering the growth phase but not those entering the maturity phase. For such companies, the two-stage DDM model is appropriate.

B is incorrect. In the case of companies that carry significant intangibles, the use of forward looking cash flow models is more advantageous than the asset-based valuation models.

老师麻烦解释一下这题为什么选C

1 个答案

王园圆_品职助教 · 2023年03月28日

问题 以下哪项关于不同估值方法的陈述最准确?
选项:

A.三阶段股息贴现模型(DDM)模型的一个优点是它同样适用于进入成长期的年轻公司和进入成熟期的公司。——这是错误的,刚进入成长期的公司适合用3阶段模型(因为会经历快速增长,放慢增长以及成熟三个阶段),而成熟的公司直接用GGM一阶段模型,或者两阶段模型就足够了
 B. 对于拥有大量无形资产的公司,使用基于资产的估值方法比前瞻性现金流量模型更有优势。——这也是错的,既然拥有大量无形资产,那公司的资产价值就很难计量(无形资产价值很难确认),此时使用现金流模型计算更精准。
 C.合理的justified P/E 方法具有结合基本面和呈现内在价值估计的优势。——这是对的,因为justified P/E的分子其实是value(内在价值)而分母是公司的EPS(基本面数据)。C说的很正确


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