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三言午寺 · 2020年04月24日

问一道题:NO.PZ2018062002000154

问题如下:

Analysts use a variety of models to estimate the value of equities. If the intrinsic value of common stock is estimated as market value of asset minus market value of liabilities, which model is probably being used?

选项:

A.

Present value models.

B.

Market multiple models.

C.

Asset-based models.

解释:

C is correct.

In asset-based models, the intrinsic value of common stock is estimated as market value of asset minus market value of liabilities .

不选B的原因是,EV/EBITDA无法直接算公司的asset,需要通过负债+权益-现金 间接算出,而题目中说用asset去减,所以不选B么?

1 个答案

Debrah_品职答疑助手 · 2020年04月25日

同学你好,首先,这道题目是说,the intrinsic value of common stock is estimated as market value of asset minus market value of liabilities,这就是Asset-based models的估值逻辑:通过资产-负债计算企业价值。

其次,B选项的Market multiple models不只是EV/EBITDA,还有市盈率、市净率、市销率等等。

再次,EV/EBITDA属于price multiple approach,但他的基本逻辑是,如果公司可以获得行业平均的估值水平的情况下,在现有的EBITDA情况下,他的EV(企业价值)应该是多少。

按照题目的描述只能选Asset-based models。