这题是考b比a差，所以选小于4x吗？

问题如下：

Company X currently trades at a P/E of 4×, and an ESG rating agency rated the company with an ESG score of A (best in class). Company Y, a peer of Company X, is rated with an ESG score of B by the same ESG rating agency. Which of the following is the most likely fair-value P/E assigned by an analyst to Company Y?

选项：

A.3×

B.4×

C.5×

解释：

A is correct. Company Y was rated with a lower ESG score (B) than Company X (A), showing that Company Y has weaker ESG performance. An analyst considering the ESG rating of the two companies would most likely assign a lower fair-value P/E to Company Y—that is, one of 3× compared to Company X’s 4×. Consequentially, an investor might only invest in a company with poor ESG practices or greater risks at a multiple that is lower than its peer average to compensate.