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150****8046 · 2024年06月03日

不懂这个题目和答案

NO.PZ2024021802000012

问题如下:

If a company increases its ESG risk compared to its peers, the most appropriate adjustment to valuation models would be to reduce its:

选项:

A.cost of capital. B.target P/E ratio. C.estimated capital expenditures.

解释:

A. Incorrect because the company would have a higher cost of capital. A company’s environmental management processes and policies are judged strong or weak. After this judgment, the cost of capital used to discount cash flows in a DCF analysis is adjusted down or up by 1% to account for this (with it adjusted up if policies are judged weak). This can also be on a country- or sector-basis, where a country or sector ESG risk factor may contribute to a change in a cost of capital or terminal value growth assumption.

B. Correct because ceteris paribus, higher ESG risk should trade with a discount, such that an investor may be willing to invest in a company at a 50% premium on a PE ratio due to strong ESG characteristics.

C. Incorrect because higher ESG risk will most likely mean higher capex to solve the issues. ESG factors can lead a company to decrease or increase its future capital expenditure. A forecast ESG impairment event, e.g. a sub-standard factory, may result in an impairment charge being made to bring the company’s book value down.

市盈率不是越低越好吗,代表回本快。风险高不就代表不好吗?那应该市盈率高啊

1 个答案

Tina_品职助教 · 2024年06月03日

嗨,从没放弃的小努力你好:


市盈率(P/E ratio):市盈率是评估公司股票是否昂贵的一个指标。一般来说,相对较低的市盈率表明投资回报较快,但也可能反映出市场对公司未来盈利能力的悲观预期。如果对某个行业或公司普遍预期较好,会反应出相对较高的市盈率。

在其他条件相同的情况下,ESG风险较高的公司应该以折价交易,这样投资者可能会愿意以较低的市盈率(P/E ratio)投资于ESG特征较强的公司。高ESG风险意味着公司面临更大的环境、社会或治理问题,可能影响其未来的盈利能力和可持续发展。因此,投资者会要求较低的市盈率来补偿这种风险。

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