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三言午寺 · 2020年06月11日

问一道题:NO.PZ2018062002000173

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.

这俩的差别不是分子P一个是用price,一个是用value,为什么不选C呀?

1 个答案

Debrah_品职答疑助手 · 2020年06月11日

同学你好,我们只讲过一价定律(Law of one price)没有学过C选项(The laws of various prices)。此外,根据Multiples Based On Fundamentals,如果用GGM计算,我们也是会假设V0=P0再计算P/E,如下图原版书所示