NO.PZ2015122802000178
问题如下:
An analyst gathers the following information about similar companies in the banking sector:
Which of the companies is most likely to be undervalued?
选项:
A.First Bank.
B.Prime Bank.
C.Pioneer Trust.
解释:
C is correct.
Relative to the others, Pioneer Trust has the lowest P/E multiple and the P/B multiple is tied for the lowest with Prime Bank. Given the law of one price, similar companies should trade at similar P/B and P/E levels. Thus, based on the information presented, Pioneer is most likely to be undervalued.
考点:Price Multiple Approach
处在相同行业的三家可比公司即规模、行业、发展情况差不多的三家公司,根据一价定律他们的交易价格应该相似,通过相对估值法我们看到pionner的PE\PB都是最低的,说明他的价格被低估了。
PB需要掌握吗