NO.PZ2015122802000175
问题如下:
An analyst has prepared a table of the average trailing twelve-month price-to-earning (P/E), price-to-cash flow (P/CF), and price-to-sales (P/S) for the Tanaka Corporation for the years 2005 to 2008.
As of the date of the valuation in 2009, the trailing twelve-month P/E, P/CF, and P/S are respectively, 9.2, 8.0, and 2.5. Based on the information provided, the analyst may reasonably conclude that Tanaka shares are most likely:
选项:
A.overvalued.
B.undervalued.
C.fairly valued.
解释:
A is correct.
Tanaka shares are most likely overvalued. As the table below shows, all the2009 multiples are currently above their 2005–2008 averages.
Average 7.1 7.3 1.7
考点:Price Multiple Approach
当判断股票估值是否合理时,我们除了把目标公司和它的可比公司进行比较外,目标公司和自己历史上的平均表现作对比也是非常常见的比较方法(就像这道题)。在乘数法中,我们选择的benchmark通常有三个:可比公司、自己或行业平均。
通常我们认为自己和自己比较时,历史平均可以反映正常的估值水平,题目给出了05-08年公司自己的历史上四年的数据,我们为了平滑数据,所以要取平均。得到的平均数再和09年数据作对比,分析师预测2009年的估值倍数是9.2, 8.0, and 2.5,高于了历史平均水平,因此是“most likely” overvalued。
如问题