开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

CFA KING · 2023年05月09日

Can you explain the difference between A and B?

NO.PZ2023040402000031

问题如下:

The sale-leaseback transactions value the 100 assets at an average capitalization rate of 5.50%. Based on Chang’s colleague’s research, the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties and similar lease terms in the last three years were 5.00%, 5.50%, and 6.00%, respectively.

Which of the following statements best describes Jupiter’s average capitalization rate for the sale-leaseback transactions? Jupiter’s average capitalization rate:

选项:

A.

is supported by the comparable transactions.

B.

compares favorably to the comparable transactions.

C.

compares unfavorably to the comparable transactions.

解释:

A is correct. Jupiter’s average capitalization rate for the sale-leaseback transactions is 5.50%, which is supported by the median of the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties with similar lease terms in the last three years (5.00%, 5.50%, and 6.00%).

B and C are incorrect because Jupiter’s average capitalization rate for the sale-leaseback transactions is 5.50%, which is supported by the median of the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties with similar lease terms in the last three years (5.00%, 5.50%, and 6.00%).

Can you explain the difference between A and B?

1 个答案

王琛_品职助教 · 2023年05月09日

嗨,从没放弃的小努力你好:


1

个人建议,将选项 A 单独分析;然后将选项 B 和 C 放在一起辨析哈

先说选项 A,所谓数据是有支撑的,其实换个说法,就是估值使用的数据,是有理有据的哈

给 100 家门店估值时,使用的 average capitalization rate 是 5.5%

刚好和相似可比交易的 capitalization rate 的中位数 (50th percentile cap rates) 相同

并不是瞎编的数据,也没有使用异常值,而是选用了一个代表平均水平的中位数,所以是合理的

2

再说选项 B 和 C

其实对应的场景是:估值选用的 average capitalization rate,如果大于中位数,或者小于中位数

假设,可比交易的 capitalization rate 的中位数是 6.5%,则,说明估值选用的数值较小(5.5% < 6.5%)

因为估值时,average capitalization rate 是折现率,位于分母,所以较小的数值,得到的是较大的估值

对于公司出售来说是有利的,所以是 compares favorably

3

这道题是 M4 企业重组章节的课后题第 3 题,考法简单,选的是 A

但是考试有可能会考 B 和 C,所以也需要掌握分析的原理

可以参考原版书 P346 例题 15 的第 2 问

李老师在最后的案例课中也有详解,请参考基础班视频 Restructurings Actions: Balance Sheet Restructuring

 

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

  • 1

    回答
  • 0

    关注
  • 738

    浏览
相关问题

NO.PZ2023040402000031问题如下 The sale-leasebatransactions value the 100 assets average capitalization rate of 5.50%. Baseon Chang’s colleague’s research, the 25th, 50th, an75th percentile crates for sale transactions for similarly situateproperties ansimillease terms in the last three years were 5.00%, 5.50%, an6.00%, respectively.Whiof the following statements best scribes Jupiter’s average capitalization rate for the sale-leasebatransactions? Jupiter’s average capitalization rate: A.is supportethe comparable transactions.B.compares favorably to the comparable transactions.C.compares unfavorably to the comparable transactions. A is correct. Jupiter’s average capitalization rate for the sale-leasebatransactions is 5.50%, whiis supportethe meof the 25th, 50th, an75th percentile crates for sale transactions for similarly situateproperties with simillease terms in the last three years (5.00%, 5.50%, an6.00%). B anC are incorrebecause Jupiter’s average capitalization rate for the sale-leasebatransactions is 5.50%, whiis supportethe meof the 25th, 50th, an75th percentile crates for sale transactions for similarly situateproperties with simillease terms in the last three years (5.00%, 5.50%, an6.00%). ​b为啥不对,和a有啥区别,看之前老师的没看懂

2024-07-04 16:08 1 · 回答

NO.PZ2023040402000031 问题如下 The sale-leasebatransactions value the 100 assets average capitalization rate of 5.50%. Baseon Chang’s colleague’s research, the 25th, 50th, an75th percentile crates for sale transactions for similarly situateproperties ansimillease terms in the last three years were 5.00%, 5.50%, an6.00%, respectively.Whiof the following statements best scribes Jupiter’s average capitalization rate for the sale-leasebatransactions? Jupiter’s average capitalization rate: A.is supportethe comparable transactions. B.compares favorably to the comparable transactions. C.compares unfavorably to the comparable transactions. A is correct. Jupiter’s average capitalization rate for the sale-leasebatransactions is 5.50%, whiis supportethe meof the 25th, 50th, an75th percentile crates for sale transactions for similarly situateproperties with simillease terms in the last three years (5.00%, 5.50%, an6.00%). B anC are incorrebecause Jupiter’s average capitalization rate for the sale-leasebatransactions is 5.50%, whiis supportethe meof the 25th, 50th, an75th percentile crates for sale transactions for similarly situateproperties with simillease terms in the last three years (5.00%, 5.50%, an6.00%). 请问为什么是可以支撑的?请问哪节课提到了这个知识点?我想去再听一下。

2023-04-15 22:26 1 · 回答