NO.PZ201512300100001101
问题如下：
1. Based on the information in Exhibit 1, the most appropriate price-to-earnings ratio to use in the valuation of Delite is closest to:
选项：
A.18.71.
B.19.04.
C.24.44.
解释：
A is correct.
The forward P/E ratio should be used given the recent significant acquisition of the water bottling company. Since a major change such as an acquisition or divestiture can affect results, the forward P/E, also known as the leading P/E or prospective P/E, is the most appropriate P/E to use for Delite. Earnings estimates for 2011 should incorporate the performance of the water bottling company. The forward P/E is calculated as the current price divided by the projected earnings per share, or $65.50/$3.50 = 18.71.
是因为有acquisition，所以用e1比较好吗
