答案和详解如下： 1.A justified price multiple is the: A) multiple implied by the market price. B) multiple implied by historical growth. C) warranted or intrinsic price multiple. D) unfair multiple implied by misvaluation. The correct answer was C) A justified price multiple is the warranted or intrinsic price multiple. It is the estimated fair value of that multiple. 2.The warranted or intrinsic price multiple is called the: A) multiple implied by the market price. B) multiple implied by historical growth. C) justified price multiple. D) unfair multiple implied by misvaluation. The correct answer was C) A justified price multiple is the warranted or intrinsic price multiple. It is the estimated fair value of that multiple. 3.The multiple indicated by applying the discounted cash flow (DCF) model to a firm’s fundamentals is necessarily the: A) same as the average industry multiple. B) signal of misvaluation. C) justified price multiple. D) result of calculating retention/(required rate of return - growth) for the overall market. The correct answer was C) A justified price multiple is the warranted or intrinsic price multiple. It is the estimated fair value of that multiple. The question is limited to an individual firm and does not necessarily apply to the market or an industry. Further, it does not necessarily imply misvaluation. | 
发表于 2008-5-20 17:43
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