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Cindy小西小皙 · 2023年11月09日

请老师解读一下这句话:Increase the P/E ratio used to determine the company'

NO.PZ2022120703000066

问题如下:

Which of the following analyst adjustments would best account for a company's weak environmental management policy?

选项:

A.Apply an impairment charge on stranded assets B.Increase the P/E ratio used to determine the company's valuation C.Decrease the cost of capital used in a discounted cash flow model

解释:

A is correct because "adjustments can be made directly to the balance sheet or capital expense lines.… A forecast ESG impairment event, e.g. a sub-standard factory, may result in an impairment charge being made to bring the company’s book value down." Stranded assets are "assets that are at risk of facing severe impairment because of regulatory or environmental change."

B is incorrect because the analyst should decrease the premium. "An investor may only be prepared to invest in a company with, for example, a 50% discount on a PE ratio versus an index benchmark because the company is judged to have a high ESG risk."

C is incorrect because the analyst should increase the cost of capital. "For example, a company’s environmental management processes and policies are judged strong or weak. After this judgment, the cost of capital used to discount cash flows in a DCF analysis is adjusted down or up by 1% to account for this.… A higher cost of capital would lead – all other factors being equal – to a lower intrinsic value estimate from the model."

他是前半句increase PE ratio的做法是对的,但是determine the company value这句话是不对应的对吗?因为在E的weakness代表,价值就会下降了。。。是因为这个吗?


3 个答案
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净净_品职助教 · 2023年11月09日

嗨,从没放弃的小努力你好:


B选项错在应该给这个公司市盈率的折价,所以应该是decrease the P/E ratio。

这个一定要记住,ESG表现不好,对公司进行估值调整时,如果时相对估值法,应该给予市价比率一个折价(discount),如果ESG表现好,则给予一个溢价(premium)

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加油吧,让我们一起遇见更好的自己!

Cindy小西小皙 · 2023年11月09日

好的老师 我好像把 PE ratio 和 分母里的r 想成是一个事儿了。。我倒腾不清楚。。。

净净_品职助教 · 2023年11月10日

嗨,从没放弃的小努力你好:


不用客气哦!👍

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努力的时光都是限量版,加油!

净净_品职助教 · 2023年11月10日

嗨,努力学习的PZer你好:


相对估值法就记着要用一堆市价比率,市价比率的就是各种P/E,P/S,P/CF,分子用的是股价。

绝对估值法才涉及现金流和折现率。

ESG不考怎么计算,所以这一块如何调整估值的结论记住考试就没问题了。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

Cindy小西小皙 · 2023年11月10日

明白。我昨晚把DCF的绝对估值模型,和相对估值,这两件事搞清楚了。在绝对估值里有V有r,在相对估值里就是关于PE。。记住了,感谢老师!

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