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139****0905 · 2024年04月09日

这题是考b比a差,所以选小于4x吗?

NO.PZ2024010507000028

问题如下:

Company X currently trades at a P/E of 4×, and an ESG rating agency rated the company with an ESG score of A (best in class). Company Y, a peer of Company X, is rated with an ESG score of B by the same ESG rating agency. Which of the following is the most likely fair-value P/E assigned by an analyst to Company Y?

选项:

A.3×

B.4×

C.5×

解释:

A is correct. Company Y was rated with a lower ESG score (B) than Company X (A), showing that Company Y has weaker ESG performance. An analyst considering the ESG rating of the two companies would most likely assign a lower fair-value P/E to Company Y—that is, one of 3× compared to Company X’s 4×. Consequentially, an investor might only invest in a company with poor ESG practices or greater risks at a multiple that is lower than its peer average to compensate.

这题是考b比a差,所以选小于4x吗?

1 个答案

Tina_品职助教 · 2024年04月09日

嗨,努力学习的PZer你好:


是的,你的理解是正确的。题目中描述了两家公司,X和Y,其中X的ESG评分为A(最佳类别),而Y的ESG评分为B,由同一家ESG评级机构给出。这表明Y公司在ESG表现上不如X公司。因此,当分析师在考虑两家公司的ESG评级时,他们最有可能给Y公司分配一个低于X公司的公允价值市盈率(P/E)。由于X公司的市盈率为4倍,Y公司因其较弱的ESG表现而被赋予一个更低的市盈率,即3倍,这是为了补偿其较差的ESG实践或更大的风险。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!