5.5和8.3是算出来了，但不会比较，P/E比率越小越好？

问题如下：

5. Based on Exhibit 1 and using the harmonic mean of the peer group forward P/Es shown in Exhibit 3 as a valuation indicator, the common shares of Centralino are:

选项：

undervalued.

fairly valued.

overvalued.

解释：

C is correct. The harmonic mean is calculated as follows:

$x_H=\frac n{\displaystyle\sum_{i=1}^n{(\frac1{x_i})}}=\frac5{{(\frac1{5.9})}+{(\frac1{8.3})}+{(\frac1{3.0})}+{(\frac1{15.0})}+{(\frac1{4.6})}}=5.5$

The forward P/E for Centralino is €50/€6.00 = 8.3. Because Centralino’s forward P/E is higher than the harmonic mean of the peer group, the shares of Centralino appear relatively overvalued.