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EmilyZhou · 2024年08月11日

老师可以解释下这道题吗?

NO.PZ2022061307000095

问题如下:

Question


Relative to the industry, which company’s ratios show the most contradictory results?

选项:

A.Company A

B.Company B

C.Company C

解释:

Solution

C is correct. The P/S and P/BV multiples for Company C are above the industry averages, but the P/E and P/CF multiples are below the industry averages. In contrast, all of the price multiples for Company A are above the industry averages, providing for a more uniform level of consistency in Company A’s valuation multiples. Similarly, all of the price multiples for Company B are below the industry averages, showing a more uniform level of consistency in Company B’s valuation multiples. Therefore, Company C’s valuation multiples show the most contradictory results.

A is incorrect because all of the price multiples for Company A are above the industry averages, providing for a more uniform level of consistency in Company A’s valuation multiples than Company A.

B is incorrect because all of the price multiples for Company B are below the industry averages, providing for a more uniform level of consistency in Company B’s valuation multiples than Company A.

老师可以解释下这道题吗?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年08月11日

同学你好,本题的重点就是理解什么是“contradictory”——contradictory是互相矛盾相互冲突的意思

所以题目就是问三个公司哪个公司的这些乘数体现出来的特性是互相矛盾的

以A公司为例,A公司的P/E 17, 行业平均是15.8 ,A公司P/E大于行业平均,说明A公司被高估;再看A公司的P/CF,P/S,还有P/BV都比行业平均高——所以无论用那个乘数看A公司价格都大于行业平均,都说明A被高估——结论非常统一

B公司也是同样的分析方法,就可以看出B的乘数都小于行业评均,B公司就是被低估,结论业很统一

C公司,P/E和P/CF都比行业平均低,说明被低估;但是P/S和P/BV都比行业平均高,由说明被高估——不同乘数的结论出现互相矛盾,所以本题选C

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