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咖啡巧克力 · 2024年08月16日

可否这样理解

NO.PZ2015122802000178

问题如下:

An analyst gathers the following information about similar companies in the banking sector:

Which of the companies is most likely to be undervalued?

选项:

A.

First Bank.

B.

Prime Bank.

C.

Pioneer Trust.

解释:

C is correct.

Relative to the others, Pioneer Trust has the lowest P/E multiple and the P/B multiple is tied for the lowest with Prime Bank. Given the law of one price, similar companies should trade at similar P/B and P/E levels. Thus, based on the information presented, Pioneer is most likely to be undervalued.

考点:Price Multiple Approach

处在相同行业的三家可比公司即规模、行业、发展情况差不多的三家公司,根据一价定律他们的交易价格应该相似,通过相对估值法我们看到pionner的PE\PB都是最低的,说明他的价格被低估了。

两家相似的银行,PB相同的情况下,PE应该近似,否则PE偏低的一家可能被低估?

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已采纳答案

王园圆_品职助教 · 2024年08月16日

同学你好,你这么理解也没错

但是万一三个银行的P/B和P/E都不同,你要怎么比较呢?

所以最好的方法,建议同学可以先看P/B中哪两个银行偏低

然后再看这两个银行的P/E哪个更低,从而挑选出无论P/E还是P/B都最低的银行,就是最可能被低估的银行了

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