从哪里看出目前还不盈利

问题如下：

Steve is considering adding FINTA, a fast growing medical devices company to his portfolio. According to FINTA’s management guidance, when the company turns profitable, it will invest in new product development; as a result, it does not expect to initiate a dividend for an extended period of time. Steve also realizes that certain larger competitors will become interested in acquiring FINTA because of its excellent growth prospects. Based on the given information, which valuation model would Steve most likely use to estimate the value of FINTA?

选项：

Free cash flow

Dividend discount

P/E relative valuation

解释：

A is correct.

考点：Selecting the Appropriate Valuation Model

解析：A是正确的。模型选择的主要标准是，估值模型应与被估值公司的特征一致、考虑到数据的可用性和质量，并与估值的目的保持一致。FINTA目前的收益为负，因此使用市盈率这种相对估值法得不到有效数据。此外FINTA不支付股息，而且在可预见的将来也不会支付股息，那么股息折现模型也不适用。然而，没有股息不会成为自由现金流估值法的障碍。