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SHAO · 2024年07月09日

老师，请问什么时候用trailing PE，什么时候用leading PE呢

  1. CFA II
  2. Equity

NO.PZ2023032701000072

问题如下：

May Stewart, CFA, a retail analyst, is performing a P/E-based comparison of two hypothetical jewelry stores as of early 2009. She has the following data for Hallwhite Stores (HS) and Ruffany (RUF).

HS has a simple capital structure, while RUF has a complex capital structure as a result of its outstanding stock options. Moreover, it had several unusual items that reduced its basic EPS in 2008 to $0.50 (versus the $0.75 that it earned in 2007).

Which P/E (trailing or forward) should Stewart use to compare the two companies’ valuation?

选项：

A.

Leading P/E

B.

Trailing P/E

C.

No difference between the two methods

解释：

Because investing looks to the future, analysts often favor forward P/E when earnings forecasts are available, as they are here. A specific reason to use forward P/Es is the fact given that RUF had some unusual items affecting EPS for 2008. The data to make appropriate adjustments to RUF’s 2008 EPS are not given. In summary, Stewart should use forward P/Es.

老师，请问什么时候用trailing PE，什么时候用leading PE呢

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王园圆_品职助教 · 2024年07月09日

同学你好，trailing P/E是用EPS0作为分母的，而leading P/E是用EPS1作为分母的

所以如果一个公司历史和未来的表现都很一致，并且需要对公司做出比较严谨的分析判断，就需要用trailing P/E

而如果一个公司的未来和过去是有很大不同的（譬如即将合并或进行重大重组），导致未来的EPS和过去的表现会有很大不同，或者分析师更想在对公司估值的时候考虑公司未来表现而非过去的表现，就需要用leading P/E

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NO.PZ2023032701000072 问题如下 MStewart, CFa retail analyst, is performing a P/E-basecomparison of two hypotheticjewelry stores of early 2009. She hthe following ta for Hallwhite Stores (HS) anRuffany (RUF).HS ha simple capitstructure, while RUF ha complex capitstructure a result of its outstanng stooptions. Moreover, it hseverunusuitems threceits basic EPS in 2008 to $0.50 (versus the $0.75 thit earnein 2007).WhiP/E (trailing or forwar shoulStewart use to compare the two companies’ valuation? Leang P/E B.Trailing P/E C.No fferenbetween the two metho Because investing looks to the future, analysts often favor forwarP/E when earnings forecasts are available, they are here. A specific reason to use forwarP/Es is the fagiven thRUF hsome unusuitems affecting EPS for 2008. The ta to make appropriate austments to RUF’s 2008 EPS are not given. In summary, Stewart shouluse forwarP/Es. 这里意思是不是说由于2008年有异常情况，所以导致EPS0不能用，应该用预测的EPS1

2024-08-14 15:14 1 · 回答