NO.PZ2023032701000086
问题如下：
Smirnoff suggests that Rivera should adjust BTP's multiples to reflect a 25% discount for additional risks because of its small size and thin trading. Rivera agrees with Smirnoff and collects the data needed, which is shown in Exhibit 2.
Using the data in Exhibit 2 and the adjustment suggested by Smirnoff, BTP's justified P/B is closest to:
选项：
A.3.3
B.1.98
C.3.11
解释：
P/B=(ROE-g) / (r-g)
对于更多的risk，需要对价格做一个折价，这个可以通过风险更高，折现率越高，价格越低来理解。但是如果来通过P/B和P/E来推理我就有点想不明白，P/B和P/E按理说越低越好，但是这两个乘数越低的话，说明风险越高。难道是说风险越高越好吗？
