标题: Reading 44: Market-Based Valuation: Price and Enterprise Val [打印本页]
作者: 土豆妮 时间: 2011-3-18 15:49 标题: [2011]Session 12-Reading 44: Market-Based Valuation: Price and Enterprise Val
Session 12: Equity Investments: Valuation Models
Reading 44: Market-Based Valuation: Price and Enterprise Value Multiples
LOS k: Evaluate a stock by the method of comparables, and explain the importance of fundamentals in using the method of comparables.
Enhanced Systems, Inc., (ESI) has a leading price to book value (P/B) of four while the median P/B of a peer group of companies within the industry is six. Based on the method of comparables, an analyst would most likely conclude that ESI should be:
|
A) |
viewed as a properly valued stock. | |
|
B) |
sold as an overvalued stock. | |
|
C) |
bought as an undervalued stock. | |
The price per dollar of book value is considerably lower than that for the median of the peer group, which implies that it may well be undervalued.
[此贴子已经被作者于2011-3-21 11:34:33编辑过]
作者: 土豆妮 时间: 2011-3-18 15:49
Enhanced Systems, Inc., (ESI) has a leading price to sales (P/S) of 0.18 while the median leading P/S of a peer group of companies within the industry is 0.10. Based on the method of comparables, an analyst would most likely conclude that ESI should be:
|
A) |
bought on margin as an undervalued stock. | |
|
B) |
bought as an undervalued stock. | |
|
C) |
sold or sold short as an overvalued stock. | |
The price per dollar of sales is considerably higher than that for the median of the peer group, which implies that it may well be overvalued.
作者: 土豆妮 时间: 2011-3-18 15:49
Enhanced Systems, Inc., has a price to book value (P/B) of five while the median P/B of a peer group of companies within the industry is five. Based on the method of comparables, an analyst would most likely conclude that ESI should be:
|
A) |
bought as an undervalued stock. | |
|
B) |
sold or sold short as an overvalued stock. | |
|
C) |
viewed as a properly valued stock. | |
The price per dollar of book value is the same as that for the median of the peer group, which implies that it is likely properly valued.
作者: 土豆妮 时间: 2011-3-18 15:49
Proprietary Technologies, Inc., (PTI) has a leading price-to-earnings (P/E) ratio of 28 while the median leading P/E of a peer group of companies within the industry is 38. Based on the method of comparables, an analyst would most likely conclude that PTI should be:
|
A) |
sold as an overvalued stock. | |
|
B) |
sold short as an overvalued stock. | |
|
C) |
bought as an undervalued stock. | |
The price per dollar of earnings is considerably lower than that for the median of the peer group, which implies that it may well be undervalued.
作者: 土豆妮 时间: 2011-3-18 15:49
Proprietary Technologies, Inc., (PTI) has a leading price-to-earnings (P/E) ratio of 28 while the median leading P/E of a peer group of companies within the industry is 28. Based on the method of comparables, an analyst would most likely conclude that PTI should be:
|
A) |
sold or sold short as an overvalued stock. | |
|
B) |
viewed as a properly valued stock. | |
|
C) |
bought as an undervalued stock. | |
The price per dollar of earnings is the same as that for the median of the peer group, which implies that it is likely properly valued.
作者: 土豆妮 时间: 2011-3-18 15:50
Proprietary Technologies, Inc., (PTI) has a leading price-to-earnings (P/E) ratio of 38 while the median leading P/E of a peer group of companies within the industry is 28. Based on the method of comparables, an analyst would most likely conclude that PTI should be:
|
A) |
sold or sold short as an overvalued stock. | |
|
B) |
viewed as a properly valued stock. | |
|
C) |
bought as an undervalued stock. | |
The price per dollar of earnings is considerably higher than that for the median of the peer group, which implies that it may well be overvalued.
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