请再讲一讲based on fundamentals 和 based on comparable 的区别吗？

问题如下：

The important distinction between P/E multiples that are based on comparables and P/E multiples that are based on fundanmentals is that fundanmentals-based P/Es take into account:

选项：

A.

The forecast of the future.

B.

Historical information and data.

C.

The laws of various prices.

解释：

A is correct.

Multiples that are based on comparables are grounded in one price's law and take into account historical multiple values. By contrast, P/E multiples that are based on fundanmentals can be based on the Gordon growth model, which takes into account future expected dividends.

考点：Price Multiple Approach

这道题考察的是两种乘数法的区别：

1、基于可比公司的乘数，这个乘数用的是可比公司实际已经发生的财务数据（历史数据）计算得到的。

2、基于自己公司估值的乘数，以PE为例，分母P是基于GGM的预测数据计算得到的

因此两个乘数相比，只有第二个基于基本面的乘数考虑到了公司未来的预期。