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151****3881 · 2024年05月23日

出处

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.

老师:这道题是考察4分制的知识点吗?1分最高? 涉及讲义出处呢?

1 个答案

净净_品职助教 · 2024年05月23日

嗨,从没放弃的小努力你好:


这里的4×指的是市盈率的取值,P/E of 4×就是4倍的市盈率,这里需要掌握的是,如果一家公司ESG表现好,则会给相对估值法中的市盈率PEratio一个溢价,例如原来市盈率是4×,给个溢价则是5×或者更高。这部分内容同学需要再仔细听一下基础班的讲解,非常重要。

具体位置见水印版讲义P59

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虽然现在很辛苦,但努力过的感觉真的很好,加油!