NO.PZ201512300100000108
问题如下：
8. Which valuation model would the director of research most likely recommend Lee use to estimate the value of VEGA?
选项：
A.Free cash flow
B.Dividend discount
C.P/E relative valuation
解释：
A is correct.
The broad criteria for model selection are that a valuation model be consistent with the characteristics of the company being valued,appropriate given the availability and quality of the data and consistent with the purpose of the valuation. VEGA currently has negative earnings,making the use of P/E relative valuation difficult if not impossible. As VEGA does not pay a dividend and is not expected to for the foreseeablefuture; this would make the application of a dividend discount model problematic. However, the lack of a dividend would not be an obstacle tofree cash flow valuation. Furthermore, the director of research has advised that the possibility that competitors may seek to acquire VEGA betaken in to account in valuing VEGA. The reading states that free cash flow valuation can be appropriate in such circumstances. Thus, the directorof research would be most likely to recommend free cash flow valuation.
Lee also notes that she expects that certain larger competitors will become interested in acquiring VEGA because of its excellent growth prospects. Thedirector of research advises Lee to consider that in her valuation.这个意思不是说要把对手考虑进去，考虑对手不久relative？
可是利益为负又不能用p/e？
。。。。。我不是很懂了
