NO.PZ2023032701000081
问题如下：
Smirnoff makes the following three statements regarding different relative valuation approaches:
• In assessing BTP's trailing P/E, be sure to adjust for its countercyclical property called the "Molodovsky effect."
• The P/E-to-growth (PEG) measure is better than P/E because it correctly accounts for differences in risk and the duration of growth between BTP and its peers.
• Note that BTP's return on equity (ROE) is much higher than its peers. Therefore, on the basis of justified P/B, BTP will appear overvalued relative to its peers with the same P/B.
Which of the three statements regarding relative valuation approaches that Smirnoff has stated is most accurate? Her statement concerning the:
选项：
A.
PEG measure
B.
P/E
C.
justified P/B
解释：
BTP is a cyclical company. Empirically, P/Es for cyclical companies are often highly volatile over a cycle even without any change in business prospects. High P/Es on depressed earnings per share (EPS) at the bottom of the cycle and low P/Es on unusually high EPS at the top of the cycle reflect the countercyclical property of P/Es known as the Molodovsky effect.
“justified P/B对应的是value而不是price，所以ROE越大，value就越大”，根据v0＝B0+ROE-re/re-g＊B0的公式可以得出这个结论。“那么同样的P/B下BTP公司value更高，说明越被低估而不是高估”怎么得出的这个结论？P/B＝ROE-g/re-g，同样的P/B，那不就是同样的ROE-g/re-g，目标公司ROE更大，只能说明它的re也更大，怎么和value挂上钩的？这里又有被低估和高估什么事？
