24周年

财税实务 高薪就业 学历教育
APP下载
APP下载新用户扫码下载
立享专属优惠

安卓版本:8.7.31 苹果版本:8.7.31

开发者:北京正保会计科技有限公司

应用涉及权限:查看权限>

APP隐私政策:查看政策>

HD版本上线:点击下载>

"Equity Investments": Financial Analysis Techniques

来源: 正保会计网校 编辑:小鞠橘桔 2020/11/23 09:54:11 字体:

学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!

Questions 1:

A firm reports negative earnings for the year just ended. The price multiple of the firm’s stock that is least likely to be meaningful is:

A 、trailing price to earnings.

B、 price to cash flow.

C、 leading price to earnings.

Questions 2:

A fund manager compiles the following data on two companies:

Equity Investments: Financial Analysis Techniques

The best conclusion the fund manager can make is that Company A’s stock is more attractive than Company B’s stock because of its:

A 、smaller price-to-earnings ratio (P/E).

B、 greater financial leverage.

C、 higher dividend growth rate.

View answer resolution
【Answer to question 1】A

【analysis】

A is correct. Negative earnings in the last year result in a negative ratio of trailing price to earnings and are not meaningful. Practitioners may use the ratio of (1) current price to cash flow or (2) leading price to earnings by replacing last year’s loss with forecasted earnings. 

B is incorrect. Alternative to negative trailing price-to-earnings ratio, practitioners may use price-to-cash-flow ratio because it is possible cash flow would be positive in spite of a small loss. 

C is incorrect. Alternative to negative trailing price-to-earnings ratio, practitioners may use leading price-to-earnings ratio by replacing last year’s loss with forecasted earnings which may be positive.

【Answer to question 2】A

【analysis】

A is correct. From the following computations, Company A’s stock is more attractive than Company B’s stock because of its smaller P/E.

Equity Investments: Financial Analysis Techniques

B is incorrect. Company A’s financial leverage is lower than that of Company B. 

C is incorrect. The dividend growth rate is the same for both firms.

成功=时间+方法,自制力是这个等式的保障。世上无天才,高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩,其成绩背后无比寂寞的勤奋。小编相信,每天都在勤奋练习,即使是一点点的进步,大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯,点击了解>

免费试听

特许金融分析师限时免费资料

  • CFA报考指南

    CFA报考指南

  • CFA考试大纲

    CFA考试大纲

  • CFA历年

    CFA历年

  • CFA学习计划

    CFA学习计划

  • CFA思维导图

    CFA思维导图

  • CFA备考建议

    CFA备考建议

回到顶部
折叠
网站地图

Copyright © 2000 - www.chinaacc.com All Rights Reserved. 北京正保会计科技有限公司 版权所有

京B2-20200959 京ICP备20012371号-7 出版物经营许可证 京公网安备 11010802044457号

报考小助理

备考问题
扫码问老师