CFA一级权益投资真题解析P/E,P/CF,P/S

发布时间：2025-07-03 14:59编辑：融跃教育CFA

CFA一级权益投资真题解析P/E,P/CF,P/S

【题目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.

关联考点：Equity Valuation

易错点分析：

判断公司资产是否合理定价通常需要采用比较法。如果提供了不同公司的乘数，可以选择可比公司或行业平均乘数作为基准。另一种情况是如果给出了某公司不同年份的信息，可以采用所给年份乘数的平均值作为基准。在这个情景中，均值分别为7.1、7.3和1.7，而2018年的数值都高于平均值，因此说明公司的资产在该年份被高估了。

【题目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.

关联考点：Equity Valuation

易错点分析：

C也是一个合理的选择，如果债务的市场价值无法获取，确实可以使用账面价值代替。然而，在这道题中，A是最没有争议的选择，因为它强调了"most likely correct"，这意味着在没有其他信息的情况下，应该优先考虑使用账面价值。如果是计算题，并且只提供了债务的账面价值，那么就使用账面价值是一个合理的选择。