NO.PZ2023040501000165
问题如下：
French estimates a terminal value using a valuation multiple based on the company’s average price-to earnings multiple (P/E) over the past five years. French asked:
“What change in the calculation of the terminal value would you make if a technological development that would adversely affect Archway was forecast to occur sometime beyond your financial forecast horizon?”
The most appropriate response to the question about the technological development is to:
选项：
A.increase the required return.
decrease the price-to-earnings multiple.
decrease the perpetual growth rate.
解释：
If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple issued to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development may have an adverse impact on Archway beyond the forecast horizon.
P/E增加，公司估值越小，投资价值越高，因为Earning很高。这里产生了负面影响，所以说应该是P/E增加呀
