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🌊Yuri🌊 · 2023年03月24日

NO.PZ2015122802000178

问题如下:

An analyst gathers the following information about similar companies in the banking sector:

Which of the companies is most likely to be undervalued?

选项:

A.

First Bank.

B.

Prime Bank.

C.

Pioneer Trust.

解释:

C is correct.

Relative to the others, Pioneer Trust has the lowest P/E multiple and the P/B multiple is tied for the lowest with Prime Bank. Given the law of one price, similar companies should trade at similar P/B and P/E levels. Thus, based on the information presented, Pioneer is most likely to be undervalued.

考点:Price Multiple Approach

处在相同行业的三家可比公司即规模、行业、发展情况差不多的三家公司,根据一价定律他们的交易价格应该相似,通过相对估值法我们看到pionner的PE\PB都是最低的,说明他的价格被低估了。

怎么我理解的P/B跟leverge ratio差不多呢 越低越好

1 个答案

王园圆_品职助教 · 2023年03月24日

首先,P/B确实是越低越好

其次,P/B和leverage ratio是不一样的,前者是指公司所有者权益的市场价值相对于账面价值的比率,衡量的是公司的所有者权益是否被高估或低估

而后者是 指公司的资产对所有者权益的比率,衡量的是公司的股东承担了多大的债务,公司的经营杠杆是否过高等指标,和公司的市场价值无关

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