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pourquoi · 2020年08月18日

问一道题：NO.PZ2018103102000139 [ CFA II ]

  1. CFA II
  2. Equity

问题如下：

Sara, a junior equity research in a small securities company, is comparing a company’s value with its peer group. The company, named HomeWithLove, operates in the real estate industry. The information about the company is shown below:

The current stock price as of Jan 2018 is $35

The information about earnings per share of the company is:

The forward P/E of the company’s peers:

Based on the information above, and using the harmonic mean of the peer group forward P/E as the benchmark, which of the following is correct?

选项：

A.

Compared with the benchmark, HomeWithLove is undervalued.

B.

Compared with the benchmark, HomeWithLove is overvalued.

C.

Compared with the benchmark, HomeWithLove is fairly valued.

解释：

A is correct.

考点：考察Forward P/E相对估值法，考察Harmonic mean的计算。

解析：

Harmonic mean的计算公式为：

XH=n∑i=1n1xi=516.7+17.2+113.2+14.5+15.5≈6.51X_H=\frac n{\displaystyle\sum_{i=1}^n\frac1{x_i}}=\frac5{\displaystyle\frac1{6.7}+\frac1{7.2}+\frac1{13.2}+\frac1{4.5}+\frac1{5.5}}\approx6.51

则比较的Benchmark为6.51

而当前Homewithlove的股票价格为35，其2018（E）年的EPS为7.0，所以其Forward P/E为35/7=5.

当前由于HomeWithLove的Forward P/E小于行业的平均Forward P/E所以公司相对被低估。

我用benchmark的harmonic mean 6.51 * 7 = 45.57。合理定价时应该卖45.57，但现在卖35，现价被undervalue了。 这样去理解也可以吗？
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1 个答案

Debrah_品职答疑助手 · 2020年08月19日

同学你好，你的理解也是可以的

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NO.PZ2018103102000139问题如下Sara junior equity researin a small securities company, is comparing a company’s value with its peer group. The company, nameHomeWithLove, operates in the reestate instry. The information about the company is shown below:The current stopriof J2018 is $35The information about earnings per share of the company is:The forwarP/E of the company’s peers:Baseon the information above, anusing the harmonic meof the peer group forwarP/E the benchmark, whiof the following is correct?A.Comparewith the benchmark, HomeWithLove is unrvalueB.Comparewith the benchmark, HomeWithLove is overvalueC.Comparewith the benchmark, HomeWithLove is fairly valueA is correct.考点考察ForwarP/E相对估值法，考察Harmonic mean的计算。解析Harmonic mean的计算公式为XH=n∑i=1n1xi=516.7+17.2+113.2+14.5+15.5≈6.51X_H=\frn{\splaystyle\sum_{i=1}^n\frac1{x_i}}=\frac5{\splaystyle\frac1{6.7}+\frac1{7.2}+\frac1{13.2}+\frac1{4.5}+\frac1{5.5}}\approx6.51XH​=i=1∑n​xi​1​n​=6.71​+7.21​+13.21​+4.51​+5.51​5​≈6.51则比较的Benchmark为6.51而当前Homewithlove的股票价格为35，其2018（E）年的EPS为7.0，所以其ForwarP/E为35/7=5.当前由于HomeWithLove的ForwarP/E小于行业的平均ForwarP/E所以公司相对被低估。不因该是p/e取倒数求和再取倒数么 不是应该是1么 为什么是n呢 谢谢

2023-02-19 16:44 1 · 回答

NO.PZ2018103102000139 如题

2022-01-03 21:36 1 · 回答

NO.PZ2018103102000139 如果这题目给了权重，这个harmonic该怎么算，请求老师举个例子，因为光有公司还是不太懂

2021-12-14 23:35 1 · 回答

NO.PZ2018103102000139 为什么HOmeWithLove 的EPS不用取平均值来计算，题目中只提到peer company 用forwarP/E

2021-03-15 21:41 1 · 回答

Comparewith the benchmark, HomeWithLove is overvalue Comparewith the benchmark, HomeWithLove is fairly value A is correct. 考点考察ForwarP/E相对估值法，考察Harmonic mean的计算。 解析 Harmonic mean的计算公式为 XH=n∑i=1n1xi=516.7+17.2+113.2+14.5+15.5≈6.51X_H=\frn{\splaystyle\sum_{i=1}^n\frac1{x_i}}=\frac5{\splaystyle\frac1{6.7}+\frac1{7.2}+\frac1{13.2}+\frac1{4.5}+\frac1{5.5}}\approx6.51XH​=i=1∑n​xi​1​n​=6.71​+7.21​+13.21​+4.51​+5.51​5​≈6.51 则比较的Benchmark为6.51 而当前Homewithlove的股票价格为35，其2018（E）年的EPS为7.0，所以其ForwarP/E为35/7=5. 当前由于HomeWithLove的ForwarP/E小于行业的平均ForwarP/E所以公司相对被低估。这个为什么和李老师讲的harmonic mean计算方法不一样，这两种方法我都知道原理，但是什么时候用权重（pe ratio倒数的权重）一样的，什么时候用权重不一样的？？？

2020-12-28 10:30 1 · 回答