Colin2018-03-21 11:18:45
贴一下课后题目的答案。没有看懂。请老师解释。谢谢。B is correct. If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple is used to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development may have an adverse impact on Archway beyond the forecast horizon.
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金程教育Alfred2018-03-21 13:13:15
同学你好,题目里说他预计technology的发展会adversely affect Archway,也就是说对于公司的盈利会有一个负面的影响,因此给他的估值就要低一些,所以是decrease the PE
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