CFA一級(jí)權(quán)益投資真題解析P/E,P/CF,P/S

發(fā)布時(shí)間：2025-07-03 14:59編輯：融躍教育CFA

CFA一級(jí)權(quán)益投資真題解析P/E,P/CF,P/S

【題目1】

An analyst has prepared a table of the average trailing twelve-month price-to-earning (P/E), price-to-cash flow (P/CF), and price-to-sales (P/S) for the Tanaka Corporation for the years 2014 to 2017.

As of the date of the valuation in 2018, the trailing twelve-month P/E, P/CF, and P/S are, respectively, 9.2, 8.0, and 2.5. Based on the information provided, the analyst may reasonably conclude that Tanaka shares are most likely:

A. overvalued.

B. undervalued.

C. fairly valued.

答案：A

解析：A is correct. Tanaka shares are most likely overvalued. As the table below shows, all the 2018 multiples are currently above their 2014–2017 averages.

關(guān)聯(lián)考點(diǎn)：Equity Valuation

易錯(cuò)點(diǎn)分析：

判斷公司資產(chǎn)是否合理定價(jià)通常需要采用比較法。如果提供了不同公司的乘數(shù)，可以選擇可比公司或行業(yè)平均乘數(shù)作為基準(zhǔn)。另一種情況是如果給出了某公司不同年份的信息，可以采用所給年份乘數(shù)的平均值作為基準(zhǔn)。在這個(gè)情景中，均值分別為7.1、7.3和1.7，而2018年的數(shù)值都高于平均值，因此說明公司的資產(chǎn)在該年份被高估了。

【題目2】

Which of the following statements regarding the calculation of the enterprise value multiple is most likely correct?

A. Operating income may be used instead of EBITDA.

B. EBITDA may not be used if company earnings are negative.

C. Book value of debt may be used instead of market value of debt.

答案：A

解析：Ais correct. Operating income may be used in place of EBITDA when calculating the enterprise value multiple. EBITDA may be used when company earnings are negative because EBITDA is usually positive.The book value of debt cannot be used in place of market value of debt.

關(guān)聯(lián)考點(diǎn)：Equity Valuation

易錯(cuò)點(diǎn)分析：

C也是一個(gè)合理的選擇，如果債務(wù)的市場(chǎng)價(jià)值無法獲取，確實(shí)可以使用賬面價(jià)值代替。然而，在這道題中，A是最沒有爭(zhēng)議的選擇，因?yàn)樗鼜?qiáng)調(diào)了"most likely correct"，這意味著在沒有其他信息的情況下，應(yīng)該優(yōu)先考慮使用賬面價(jià)值。如果是計(jì)算題，并且只提供了債務(wù)的賬面價(jià)值，那么就使用賬面價(jià)值是一個(gè)合理的選擇。