NO.PZ2015122802000173
问题如下：
The primary difference between P/E multiples based on comparables and P/E multiples based on fundamentals is that fundamentals-based P/Es take into account:
选项：
A.future expectations.
B.the law of one price.
C.historical information.
解释：
A is correct.
Multiples based on comparables are grounded in the law of one price and take into account historical multiple values. In contrast, P/E multiples based on fundamentals can be based on the Gordon growth model, which takes into account future expected dividends.
考点：Price Multiple Approach
这道题考察的是两种乘数法的区别：
1、基于可比公司的乘数，这个乘数用的是可比公司实际已经发生的财务数据（历史数据）计算得到的。
2、基于自己公司估值的乘数，以PE为例，分母P是基于GGM的预测数据计算得到的
因此两个乘数相比，只有第二个基于基本面的乘数考虑到了公司未来的预期。
comparable multiple是基于历史数据吗
