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林波 · 2025年05月07日

PE越低说明其成长性越大,B比A评级差,那么应该分配更高的PE(来表明其成长空间小呀)

NO.PZ2024010507000028

问题如下:

Company X currently trades at a P/E of 4×, and an ESG rating agency rated the company with an ESG score of A (best in class). Company Y, a peer of Company X, is rated with an ESG score of B by the same ESG rating agency. Which of the following is the most likely fair-value P/E assigned by an analyst to Company Y?

选项:

A.B.C.

解释:

A is correct. Company Y was rated with a lower ESG score (B) than Company X (A), showing that Company Y has weaker ESG performance. An analyst considering the ESG rating of the two companies would most likely assign a lower fair-value P/E to Company Y—that is, one of 3× compared to Company X’s 4×. Consequentially, an investor might only invest in a company with poor ESG practices or greater risks at a multiple that is lower than its peer average to compensate.

PE越低说明其成长性越大,B比A评级差,那么应该分配更高的PE(来表明其成长空间小呀),不太明白

1 个答案

净净_品职助教 · 2025年05月07日

嗨,爱思考的PZer你好:


要注意估值是对未来表现的预期,题目中Y公司的ESG评级低于X公司,如果要给Y公司估值,那么一定是预期未来Y公司的估值是低于X公司的,因此要给一个低于4×的市盈率,预测未来Y公司的股价会跌、或者是低于X公司。

此外,通过目前股票价格计算出来的市盈率,数字越小,可能代表股票被低估的可能性比较大,也可能代表大家对它并不看好。成长性大本身跟现在表现差不矛盾,正是现在表现一般,未来才有理论上的成长空间,但实际能不能成长起来是另一回事儿。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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