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发表于 2011-3-17 14:40 | 只看该作者

Reading 38: Equity: Concepts and Techniques-LOS b 习题精选

likely, including, following, discounted, 2011
Session 11: Equity Valuation: Industry and Company Analysis in a Global Context
Reading 38: Equity: Concepts and Techniques

LOS b: Discuss approaches to equity analysis (ratio analysis and discounted cash flow models, including the franchise value model).

 

 

Which of the following is least likely to be characteristic of a firm earning excess risk-adjusted return and its industry?

A)
 A full flow-through firm.
B)
 A franchise factor equal to zero.
C)
 ROE in excess of the required rate of return.

 

The higher the franchise factor, the higher the firm valuation. A zero franchise factor is not likely to be associated with a firm earning excess returns. Full flow-through and ROE greater than the required rate of return both raise valuation, other things equal.

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土豆妮

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2#
发表于 2011-3-17 14:41 | 只看该作者

If a firm’s return on equity (ROE) is greater than the rate of return demanded by investors (r), which of the following statements is CORRECT? There is:

A)
 a high franchise P/E value.
B)
 potential franchise value.
C)
 negative franchise value.

If ROE is greater than r, then there is some benefit in reinvesting the earnings within the firm, therefore, there is potential franchise value.

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土豆妮

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3#
发表于 2011-3-17 14:41 | 只看该作者

Which of the following variables is least likely to be applicable in analyzing the price-to-earnings (P/E) values for a firm?

A)
 Return on equity.
B)
 Rate of return demanded by investors.
C)
 Tax rate.

The tax rate is not generally applicable in an analysis of P/E values. Presumably, the earnings are already taxed at the firm level. Both remaining variables are important components in the analysis and calculation of P/E values.

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土豆妮

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4#
发表于 2011-3-17 14:41 | 只看该作者

Which of the following statements about the franchise value method is CORRECT?

A)
 The franchise factor accounts for the required returns from new investments.
B)
 The firm’s tangible price-to-earnings (P/E) value is the sum of the firm’s intrinsic P/E value and franchise P/E value.
C)
 The franchise factor accounts for the present value of the excess returns from new investments.

The intrinsic P/E value is the sum of the tangible P/E value and the franchise P/E value. The franchise P/E can be analyzed as two components: a franchise factor that accounts for the required return from new investments, and a growth factor that accounts for the present value of excess returns from new investments.

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