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大瓶子 · 2023年09月05日

B为什么不选呢

NO.PZ2023040301000131

问题如下:

When constructing a list of peer companies to be used in equity valuation, which of the following would least likely improve the group? Companies in the same peer group should ideally:

选项:

A.

be exposed to similar stages in the business cycle

B.

have similar valuations

C.

have the effects of finance subsidiaries minimized

解释:

Companies in the same peer group can have different valuations depending on structure and competitiveness.

A is incorrect. Valuations may be of limited value when comparing companies that are exposed to different stages of the business cycle.

C is incorrect. To make a meaningful comparison of companies, analysts should make adjustments to the financial statements to lessen the impact that the finance subsidiaries have on the various financial metrics being compared.

这题问的意思,除了选项外,还有哪些要考虑呢。

1 个答案

王园圆_品职助教 · 2023年09月05日

peer group构建的标准请参考以下原版书截图——这里主要的意思是peer group必须从事类似的商业活动(也就是同样是做外卖的,同样是做生鲜商超的。。。。。。)

所以无论哪个维度看,有同样估值的公司都不应该被认为是一个peer group——因为估值相同很可能是从事完全不同行业的公司,那按照peer group的定义,就是不可比了