CFA一級權益投資真題解析P/E,P/CF,P/S

發布時間：2025-07-03 14:59編輯：融躍教育CFA

CFA一級權益投資真題解析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.

關聯考點：Equity Valuation

易錯點分析：

判斷公司資產是否合理定價通常需要采用比較法。如果提供了不同公司的乘數，可以選擇可比公司或行業平均乘數作為基準。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的平均值作為基準。在這個情景中，均值分別為7.1、7.3和1.7，而2018年的數值都高于平均值，因此說明公司的資產在該年份被高估了。

【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.

關聯考點：Equity Valuation

易錯點分析：

C也是一個合理的選擇，如果債務的市場價值無法獲取，確實可以使用賬面價值代替。然而，在這道題中，A是最沒有爭議的選擇，因為它強調了"most likely correct"，這意味著在沒有其他信息的情況下，應該優先考慮使用賬面價值。如果是計算題，并且只提供了債務的賬面價值，那么就使用賬面價值是一個合理的選擇。