估值算法

NO.PZ2023040301000153

问题如下：

An analyst has prepared a table of the average trailing twelve-month price-to-earning (P/E), price-to-cash flow (P/CF), and price-to-sales (P/S) for the Tanaka Corporation for the years 2005 to 2008.

As of the date of the valuation in 2009, the trailing twelve-month P/E, P/CF, and P/S are, respectively, 9.2, 8.0, and 2.5. Based on the information provided, the analyst may reasonably conclude that Tanaka shares are most likely:

选项：

overvalued.

undervalued.

fairly valued.

解释：

Tanaka shares are most likely overvalued. As the table below shows: all the 2009 multiples are currently above their 2005-2008 averages.

为什么是对比平均值呢？

我的算法是计算出每一年的增速，然后做一个平均，再用2008的✖增速，得出2009的。因此算出来是undervalue.

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1 个答案

王园圆_品职助教 · 2025年01月11日

同学你好，

P/E P/CF P/S这类的乘数，我们讲义上是没有教过计算乘数的增长率然后计算公司估值的这种方法的哦

这道题考察的知识点是：评判股票是被高估还是被低估，需要用自己的历史数据和自己的现在进行比较才行。我们认为公司的估值一直在围绕某个内在价值波动，即便历史上某年是高估或低估的，我们将历史的表现一做平均就可以平滑它的影响，最后用这个平均的历史数据作为公司内在价值的一个近似替代，和当前的乘数值进行比较。如果历史更高，说明现在公司价格过低了即公司被低估；反之则说明公司现在是被高估的

做题的时候我们必须知道对应的知识点和考点是什么，才能更准确的做对题目哦

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