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冲鸭cfa · 2023年06月04日

other multiples

NO.PZ2015122802000174

问题如下:

An analyst makes the following statement: "Use of P/E and other multiples for analysis is not effective because the multiples are based on historical data and because not all companies have positive accounting earnings." The analyst’s statement is most likely:

选项:

A.

inaccurate with respect to both historical data and earnings.

B.

accurate with respect to historical data and inaccurate with respect to earnings.

C.

inaccurate with respect to historical data and accurate with respect to earnings.

解释:

A is correct.

The statement is inaccurate in both respects. Although multiples can be calculated from historical data, forecasted values can be used as well. For companies without accounting earnings, several other multiples can be used. These multiples are often specific to a company’s industry or sector and include price-to-sales and price-to cash flow.

考试:Price Multiple Approach

题干说的是使用乘数效果不好是因为它只能用历史数据计算得到。这显然是错的,乘数可以基于历史数据也可以用未来财务数据计算得到。此外,题干说的是PE和其他乘数,当earning为负的时候都不可以用,这也不对,PE不能用,但不代表其他乘数不能用。

1 如果是对于trailing multiple的话,用的历史数据;但用leading 指标,是反映了未来的。


2 PE ratio的确是当earning小于0时,不可用。


这题关键词在于other multiples吗? 比如 PB ratio、 PS ratio,当earning小于0时,可用。


所以选择A吗?

1 个答案

王园圆_品职助教 · 2023年06月04日

嗨,努力学习的PZer你好:


同学你好,确实,因为本题说了other multiples,所以其实就还有P/B,P/S一类的不需要earnings为正的ratio可用——但是这里只能说明关于earnings部分的描述是不正确的

但是关于historical data的部分,是和other multiple没有关系的,主要是由于P/E可以用E0做分母反映历史数据,也可以用E1分母反映未来,所以这一部分的描述也是错的

只有把两个错误点都判断出来才能选出A来,否则值判断出other multiple这个点的话,那就会错误的选择C了哦

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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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