C选项

问题如下：

John Jones, CFA, is head of the research department at Peninsular Research. Peninsular has a client who has inquired about the valuation method best suited for comparing companies in an industry with the following characteristics:

• Principal competitors within the industry are located in the United States, France, Japan, and Brazil.

• The industry is currently operating at a cyclical low, with many companies reporting losses.

Determine which one of the three valuation ratios is most appropriate for comparing companies in this industry.

选项：

A.

P/E

B.

P/B

C.

EV/S

解释：

For companies in the industry described, EV/S would be superior to either of the other two ratios. Among other considerations, EV/S is:

more useful than P/E in valuing companies with negative earnings;

better than either P/E or P/B for comparing companies in different countries that are likely to use different accounting standards (a consequence of the multinational nature of the industry);

less subject to manipulation than earnings (i.e., through aggressive accounting decisions by management, who may be more motivated to manage earnings when a company is in a cyclical low, rather than in a high, and thus likely to report losses).