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题目的market condition

NO.PZ2018103102000070

问题如下：

TMT, Inc., is a family-owned electronic manufacturing company . The family wants to monetize the value of their ownership in TMT. The Senior VP of RN fund asks Jacques to use the market approach to valuation with a focus on the guideline transactions method. Jacques prepares a table showing relevant information regarding three recent guideline transactions and market conditions at the time of the transactions. Jacques’s assumptions about TMT include its expected fast growth and moderate level of risk. The guideline transaction that is most likely applicable to TMT is:

选项：

Firm 1.

Firm 2.

Firm 3.

解释：

B is correct.

考点：GTM

解析：B正确的。公司2在风险和增长方面都与TMT相匹配。公司1与TMT在在风险和增长的因素上都不匹配。此外,公司2比公司3更好,因为公司2的提出现金出价是在正常的市场条件下的，而公司3出的是在一个繁荣的市场出的股票报价，其价值不能反映未来的风险和增长。

老师您好，请问题目中的，market condition要怎么判断？

嗨，努力学习的PZer你好：

同学你好，请看“ Jacques’s assumptions about TMT include its expected fast growth and moderate level of risk.”这句话，这里强调了TMT是会很快增长的，但是风险水平是相对中性的——说明适用于TMT的经济环境也应该是健康积极的

而题目表格中一共两种 market condition——也就是宏观环境，一种是通常的上升趋势，还有一种是价格已经接近顶点——即通胀见顶，预示着经济已经过热，接下来就要进入衰退期了，那这个环境跟TMT适合的健康积极的环境就不一致，所以这种环境下的公司就不适用

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题目的market condition

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