问题如下：
1. Based on Pinho’s directive and the data from the last four quarters presented in Exhibit 1, the valuation metric that Silveira should use is the:
选项：
A.price-to-earnings ratio (P/E).
B.production-to-demand ratio (P/D).
C.earnings-to-price ratio (E/P).
解释：
C is correct. The E/P based on trailing earnings would offer the most meaningful ranking of the shares. Using E/P places Gesticular’s negative EPS in the numerator rather than the denominator, leading to a more meaningful ranking
老师，请问这是基础/强化班讲义中的哪页？
