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karweillas · 2024年07月21日

如何区分40还是-40呢?有没有精确的解释?

NO.PZ2022101403000010

问题如下:

A Corporation is a publicly traded company that just announced its acquisition of B Corporation. B’s current trading enterprise value just prior to the announcement was USD150 billion.Analyst John conducted a sum-of-the-parts valuation of B’s four segments and calculated an estimated enterprise value of USD190 billion just prior to the announcement. B‘s’estimated conglomerate discount just prior to the announcement is:

选项:

A.

-40 million

B.

20 million

C.

40 million

解释:

C is correct.

The estimated conglomerate discount just prior to the announcement is calculated as follows: Total estimated enterprise value from sum-of-the-parts valuation – Current trading enterprise value = USD190 billion – USD150 billion = USD40 billion.

如题

1 个答案
已采纳答案

王琛_品职助教 · 2024年07月22日

嗨,从没放弃的小努力你好:


1

可以按如下思路区分 40 或者是 -40

首先,conglomerate discount 的第一个单词是 conglomerate,所以是站在 conglomerate 的角度去看待差异

整个集团的估值,比子公司单独加起来的估值之和还低,所以是 discount

2

站在集团的角度,主要是为了理解 discount,相当于已经代表了差异的方向

而具体 discount 是多少,即具体的数值是多少,就不用考虑方向,或者说符号了,就是数值 40

或者说 conglomerate discount 代表:集团整体的估值,比子公司单独加起来的估值,少多少?少 40

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虽然现在很辛苦,但努力过的感觉真的很好,加油!