问题如下：
3. Based on Exhibit 1 and White’s notes, which of the following is least consistent with White’s conclusion regarding Bema’s announcement?
选项：
A.Bema’s bonding costs will be higher than Aquarius’s.
B.Bema will have a lower degree of operating leverage than does Aquarius.
C.Bema will have a lower percentage of tangible assets to total assets than does Aquarius.
解释：
B is correct.
If Bema’s degree of operating leverage declines relative to that of Aquarius, Bema’s business risk will also decline relative to Aquarius. All else being equal, this decline would be expected to increase Bema’s market value relative to Aquarius; e.g., by decreasing Bema’s cost of equity.
老师， C选项， 折旧小，那一开始EBITDA- Dep 的这个Dep也小呀，虽然之后会加回来Dep。
折旧小，一开始减去的小， 加回来的也小，不能就说估值就小呀？
