开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

aileen20180623 · 2021年11月17日

P/E为啥不考虑

* 问题详情,请 查看题干

NO.PZ201512300100000108

问题如下:

8. Which valuation model would the director of research most likely recommend Lee use to estimate the value of VEGA?

选项:

A.

Free cash flow

B.

Dividend discount

C.

P/E relative valuation

解释:

A is correct.

The broad criteria for model selection are that a valuation model be consistent with the characteristics of the company being valued,appropriate given the availability and quality of the data and consistent with the purpose of the valuation. VEGA currently has negative earnings,making the use of P/E relative valuation difficult if not impossible. As VEGA does not pay a dividend and is not expected to for the foreseeablefuture; this would make the application of a dividend discount model problematic. However, the lack of a dividend would not be an obstacle tofree cash flow valuation. Furthermore, the director of research has advised that the possibility that competitors may seek to acquire VEGA betaken in to account in valuing VEGA. The reading states that free cash flow valuation can be appropriate in such circumstances. Thus, the directorof research would be most likely to recommend free cash flow valuation.

Lee also notes that she expects that certain larger competitors will become interested in acquiring VEGA because of its excellent growth prospects. Thedirector of research advises Lee to consider that in her valuation.这个意思不是说要把对手考虑进去,考虑对手不久relative?

可是利益为负又不能用p/e?

。。。。。我不是很懂了

1 个答案

王园圆_品职助教 · 2021年11月17日

嗨,爱思考的PZer你好:


同学你好,有一种收购叫做横向并购,是指同一行业中有竞争关系的两家企业中的A收购B的行为,类似于当年滴滴收购uber。

所以这里提到竞争者,并不是告诉你要用相对估值法来比较AB两家公司谁更值得买,只是告诉你VEGA这家公司可能会成为被收购的对象罢了~~~所以完全不需要考虑P/E这个选项哦~~

只需要知道因为earning是负数,所以P/E不能用;因为不分红,所以DDM不能用;所以只有自由现金流模型可以用哦~~

----------------------------------------------
努力的时光都是限量版,加油!

  • 1

    回答
  • 0

    关注
  • 475

    浏览
相关问题

NO.PZ201512300100000108 问题如下 8. Whivaluation mol woulthe rector of researmost likely recommenLee use to estimate the value of VEG A.Free cash flow B.vinscount C.P/E relative valuation A is correct.The brocriteria for mol selection are tha valuation mol consistent with the characteristiof the company being valueappropriate given the availability anquality of the ta anconsistent with the purpose of the valuation. VEGA currently hnegative earnings,making the use of P/E relative valuation fficult if not impossible. VEGA es not pa vinanis not expecteto for the foreseeablefuture; this woulmake the application of a vinscount mol problematiHowever, the laof a vinwoulnot obstacle tofree cash flow valuation. Furthermore, the rector of researhaiseththe possibility thcompetitors mseek to acquire VEGA betaken in to account in valuing VEGThe reang states thfree cash flow valuation cappropriate in sucircumstances. Thus, the rectorof researwoulmost likely to recommenfree cash flow valuation. 能否再讲一下选模型的方法,在什么情况下选什么不选什么?

2023-06-03 19:05 1 · 回答

    助教您好,不得不说这题出的不好,一般现实中没有人会用FCF去对初创型成长型且面临资本开支的公司,这家在成长初期连盈利都没有且无足够资金应对Capex的公司,FCF就算为正,那要么就大量折旧加回或者举债,这种FCF意义不大且缺乏预测持续性和稳定性,还不如使用EBIT倍数或PS,这题在现实完全缺乏可操作性,纯粹为了出题而出题。三个答案都不对。

2019-03-16 23:34 1 · 回答

    not profitable是否意味着negative free cash flow?

2019-01-28 21:36 1 · 回答

不太明白 求。pe为啥不可以呢

2018-03-31 16:30 1 · 回答