NO.PZ2023040402000032
问题如下：
The second company is Saturn Corp., a publicly traded US energy company. Chang has been asked to assess the valuation of a potential spin off for this company. Saturn operates and reports three segments: Upstream, Midstream, and Downstream. In the last 12 months, the company reported the financial results shown in Exhibit 1.
Saturn is currently trading at an enterprise value of USD408,000 million, or an EV/EBITDA multiple of 17. A spin off of the Downstream segment has long been rumored because it has been under-invested in by the current management team, resulting in slower revenue growth than its peers. Chang finds that the median Upstream, Midstream, and Downstream peers are trading at enterprise value-to-EBITDA multiples of 19, 17, and 13, respectively.
Based on Exhibit 1 and the peer median EV/EBITDA multiples, Saturn’s estimated enterprise value is closest to:
选项：
A.
USD392,000 million.
B.
USD408,000 million.
C.
USD421,440 million.
解释：
C is correct. USD421,440 million is calculated as follows:
Upstream: USD14,400 × 19 = USD273,600.
Midstream: USD5,760 × 17 = USD97,920.
Downstream: USD3,840 × 13 = USD49,920.
Consolidated: USD421,440 million
A is incorrect because USD392,000 million is incorrectly calculated by using the average of the peer segment multiples [(19 + 17 + 13)/3 = 16.33] to estimate the consolidated enterprise value.
Upstream: USD14,400 × 16.33 = USD234,720.
Midstream: USD5,760 × 16.33 = USD93.888.
Downstream: USD3,840 × 16.33 = USD62,592.
Consolidated: USD392,000 million
B is incorrect because USD408,000 million is Saturn’s current enterprise value, not the estimated enterprise value based on median peer multiples for all three segments.
既然downstream被undervalued，那么乘数13应该是被低估的，这里为什么不upward adjust downstream multiple呢？
