NO.PZ2018103102000032
问题如下：
Based on Steve’s financial forecast for PZ, he estimates a terminal value using a valuation multiple based on the company’s average price-to earnings multiple (P/E) over the past eight years. What change in the calculation of the terminal value would you make if a technological development that would positively affect PZ was forecast to occur sometime beyond financial forecast horizon?
选项：
A.Increase the required return.
B.Increase the price-to-earnings multiple.
C.Decrease the perpetual growth rate.
解释：
B is correct.
考点：Scenario Analysis and Sensitivity Analysis，Other Considerations
解析：B是正确的。如果一家公司的未来增长或盈利能力可能高于历史平均水平(在这种情况下，是因为潜在的技术发展)。Steve相信这种技术的发展可能会对PZ预测期之后产生有力利影响，那么目标乘数应反映历史倍数的溢价如果用市盈率法计算公司的终值，那么这个乘数的选择应该与长期的增长预期相一致。
能否简单的判断，因为科技进步的影响是正面的，所以growth rate会增加，required rate of return会减少。
