问题如下:
Sara, a junior equity research in a small securities company, is comparing a company’s value with its peer group. The company, named HomeWithLove, operates in the real estate industry. The information about the company is shown below:
The current stock price as of Jan 2018 is $35
The information about earnings per share of the company is:
The forward P/E of the company’s peers:
Based on the information above, and using the harmonic mean of the peer group forward P/E as the benchmark, which of the following is correct?
选项:
A. Compared with the benchmark, HomeWithLove is undervalued.
B. Compared with the benchmark, HomeWithLove is overvalued.
C. Compared with the benchmark, HomeWithLove is fairly valued.
解释:
A is correct.
考点:考察Forward P/E相对估值法,考察Harmonic mean的计算。
解析:
Harmonic mean的计算公式为:
则比较的Benchmark为6.51
而当前Homewithlove的股票价格为35,其2018(E)年的EPS为7.0,所以其Forward P/E为35/7=5.
当前由于HomeWithLove的Forward P/E小于行业的平均Forward P/E所以公司相对被低估。
我可以去掉一个最大的,一个最小的,估算么?