为什么不DDM

问题如下：

Company B operates in three unrelated industries with differing rates of growth: tobacco (60% of earnings), shipbuilding (30% of earnings), and aerospace consulting (10% of earnings). The company pays a regular dividend that is solely derived from the earnings produced by the tobacco division.

Based on Company B’s characteristics, which of the following valuation models is most appropriate for valuing that company?

选项：

A.

Asset based

B.

Sum of the parts

C.

Dividend discount

解释：

This valuation model would be consistent with the characteristics of the company. Company B is a conglomerate operating in three unrelated industries with significantly different expected revenue growth rates. The sum-of-the-parts valuation model sums the estimated values of each of the company’s businesses as if each business were an independent going concern. Sum-of-the-parts analysis is most useful when valuing a company with segments in different industries that have different valuation characteristics.