"Equity Investments":Concepts and Basic Tools
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Questions 1:
Expected future benefits to be received from a common share are most likely an important input for a(n):
A 、asset-based model.
B 、multiplier model.
C、 present value model.
Questions 2:
An analyst gathered the following information about a company:
Which of the following statements best describes the company’s price-toearnings ratio (P/E)?Compared to the company’s trailing P/E ratio, the justified forward P/E ratio based on the Gordon growth dividend discount model is:
A 、the same.
B、 higher.
C、 lower.
C is correct. Present value models estimate a security’s intrinsic value based on the present value of the future benefits expected to be received from the security. A is incorrect. Asset-based valuation models estimate the intrinsic value of a common share from the estimated value of assets of a corporation minus the estimated value of its liabilities and preferred shares. B is incorrect. Multiplier models are based chiefly on share price multiples or enterprise value multiples.
C is correct.
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