NO.PZ2022120702000055
问题如下：
Natasha completes a review of a large UK based oil company and assigns it an improving ESG score because she is impressed by the steps it is taking to meet the Paris Agreement. Nevertheless, she is concerned about the industry’s long-term outlook and potential for stranded assets.
What action(s) should Natasha reflect in her valuation of the company?
选项：
A.Adjust her discounted cash flow (DCF) model to reflect a lower cost of capital due to positive ESG steps taken and assign a low price earnings ratio to reflect stranded assets in later years. B.Adjust her discounted cash flow (DCF) model in later years to reflect write offs for stranded assets. C.None, no action is required as the oil price is the only real variable that matters. D.Adjust her discounted cash flow (DCF) model to reflect a higher cost of capital and adjust book value down to reflect an impairment charge made against stranded assets.解释：
Natasha完成了对英国一家大型石油公司的评估。因为她对该公司为满足《巴黎协定》所采取的措施印象深刻，因此给该公司一个提高的ESG评分。但是从长期看，她对该行业的前景和搁浅资产的可能性表示担忧。这会导致该石油公司的未来估值预期降低。
Natasha 应调整贴现现金流(DCF)模型，以反映更高的资本成本，并调整账面价值，以反映对搁浅资产的减值支出。（D选项正确）
A选项为什么不对呢？
