[学习疑问] 关于二级中Intrinsic P/E，求解答 二级, Intrinsic, Equity

豺狼虎暴

按照NOTES中
Intrinsic P/E=Tangible P/E + Franchise P/E
= 1/r + FF * G

FF = Franchise Factor= (1/R - 1/ROE) = (ROE-R)/(R.ROE)
G = Growth Factor=g/(r-g)

Tangible P/E = 1/r -> P/E for a No profitable projects (No positive NPV projects firm).

但是做Mock exam 时，好多道题都是直接用

Intrinsic P/E=(1-b)/(r-g)

同时
Leading P/E= (1-b)/(r-g)

难道 Intrinsic P/E=Leading P/E

李斯克老师

Intrinsic leading P/E=(1-b)/(r-g)
Intrinsic trailing P/E=(1-b)(1+g)/(r-g)
intrinsic P/E分为trailing与leading。
另外 Franchise Factor今年考纲不作要求了