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NO.PZ202209270100000205 问题如下 Nigel French, analyst Taurus Investment Management, is analyzing ArchwTechnologies, a manufacturer of luxury electronic auto equipment, the request of his supervisor, LukWright. Frenis asketo evaluate Archway’s profitability over the past five years relative to its two main competitors, whiare locatein fferent countries with significantly fferent tstructures. Frenbegins assessing Archway’s competitive position within the luxury electronic auto equipment instry using Porter’s five forces framework. A summary of French’s instry analysis is presentein Exhibit 1.Frennotes thfor the yejust en(2019), Archway’s COGS w30% of sales. To forecast Archway’s income statement for 2020, Frenassumes thall companies in the instry will experieninflation rate of 8% on the COGS. Exhibit 2 shows French’s forecasts relating to Archway’s prianvolume changes.After putting together income statement projections for Archway, Frenforecasts Archway’s balansheet items. He uses Archway’s historicefficienratios to forecast the company’s working capitaccounts. Baseon his financiforecast for Archway, Frenestimates a terminvalue using a valuation multiple baseon the company’s average price-to-earnings multiple (P/E) over the past five years. Wright scusses with Frenhow the terminvalue estimate is sensitive to key assumptions about the company’s future prospects. Wright asks French: “Whchange in the calculation of the terminvalue woulyou make if a technologicvelopment thwoulaersely affeArchwwforecast to occur sometime beyonyour financiforecast horizon?” French’s approato forecasting Archway’s working capitaccounts woulbemost likely classifie A.hybriapproach. B.top-wn approa C.bottom-up approach. C is correct. Frenis using a bottom-up approato forecast Archway’s working capitaccounts using the company’s historicefficienratios to projectfuture performance. Frenassumes thall companies in the instry will experieninflation rate of 8% on the COGS