"Equity Investments":Forward price-earnings ratio method
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Questions 1:
Which of the following statements concerning different valuation approaches is most accurate?
A 、One advantage of the three-stage dividend discount model (DDM) model is that it is equally appropriate to young companies entering the growth phase and those entering the maturity phase.
B 、It is advantageous to use asset-based valuation approaches rather than forward-looking cash flow models in the case of companies that have significant intangibles.
C、 The justified forward price-to-earnings ratio (P/E) approach offers the advantage of incorporating fundamentals and presenting intrinsic value estimations.
Questions 2:
An industry experiencing intense competitive rivalry among incumbent companies is best characterized by:
A 、differentiated products and low exit barriers.
B 、a small number of competitors and low fixed costs.
C 、customers basing purchase decisions largely on price.
C is correct. The justified forward P/E approach offers the advantage of incorporating fundamentals and presenting intrinsic value estimations.
A is incorrect. The three-stage DDM model is appropriate to young companies entering the growth phase but not those entering the maturity phase. For such companies, the two-stage DDM model is appropriate.
B is incorrect. In the case of companies that carry significant intangibles, the use of forward looking cash flow models is more advantageous than the asset-based valuation models.
C is correct. The factor that most influences customer purchase decisions is likely to also be the focus of competitive rivalry in the industry. In general, industries in which price is a large factor in customer purchase decisions tend to be more competitive than industries in which customers value other attributes more highly.
A is incorrect. Industries experiencing more intense rivalry among incumbent companies are characterized by undifferentiated products and high exit barriers.
B is incorrect. Industries experiencing more intense rivalry among incumbent companies are fragmented among many small competitors and they tend to have high fixed costs.
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