NO.PZ2025012207000014
问题如下:
An analyst assesses a company as below average on ESG metrics. All other matters being equal, the analyst should most likely:
选项:
A.assign a P/E premium to the stock. B.increase the company’s cost of capital. C.reduce the company’s cash flows in the forecast model.解释:
C is correct. Reducing the company’s cash flow forecast appropriately reflects the analyst’s concern over increased risk associated with the company-specific below-average ESG performance. The lower cash flows will ultimately reduce the company’s valuation. Also, a company with this ESG profile might reasonably realize a discount to peers’ P/Es.
注意!本题答案存疑!
此题题干描述的是一个ESG指标低于平均的公司,分析师应调低其估值。B和C选项均能降低估值,且题干信息无法判断公司所面临的ESG风险是公司自身特定风险还是行业风险,因此无法判断具体调整growth rate(会影响分子现金流)或者discount rate。由此判断题目答案B和C均正确。此题待协会发布勘误,我们将第一时间通知各位同学。
B选项不太确定