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)
明白为什么用required rate of return，但突然不明白为什么不用wacc了
