2008 CFA Level 1 － Sample 样题(3)－Q53 price, 题, multiple, common, reported

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53、For an analyst evaluating the common stock of a financial institution that reported a small loss for the year just ended, the price multiple that is least likely to be meaningful is:

A. price to cash flow.

B. price to book value.

C. leading price to earnings.

D. trailing price to earnings.

 

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答案和详解如下：

53、Correct answer is D

"Introduction to Price Multiples," John D. Stowe, Thomas R. Robinson, Jerald E. Pinto, and Dennis W. McLeavey

2008 Modular Level I, Vol. 5, pp. 204-210

Study Session 14-61-a, b

discuss the rationales for, and the possible drawbacks to, the use of price to earnings (P/E), price to book value (P/BV), price to sales (P/S), and price to cash flow (P/CF) in equity valuation;

calculate and interpret P/E, P/BV, P/S, and P/CF

The trailing P/E would be negative.

 

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