"Equity Investments": Industry and Company Analysis

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来源: 正保会计网校编辑：小鞠橘桔 2020/11/23 09:58:57　字体：大小

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Questions 1:

Which of the following firms would be best classified as operating in a consumer discretionary industry?

A 、Tobacco manufacturer

B 、Biotechnology

C 、Hotel

Questions 2:

When constructing a list of peer companies to be used in equity valuation, which of the following would least likely improve the group? Companies in the same peer group should ideally:

A 、be exposed to similar stages in the business cycle.

B 、have similar valuations.

C、 have the effects of finance subsidiaries minimized.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. Consumer discretionary companies derive a majority of revenue from the sale of consumer-related products or services for which demand tends to exhibit a relatively high degree of economic sensitivity. A hotel would be an example of a business activity that falls into this category.

A is incorrect. The consumer staples sector includes consumer-related companies whose business tends to exhibit less economic sensitivity than other companies. Examples of business activities that frequently fall into this category are tobacco manufacturers. Tobacco is an example of a consumer staple name whose business is less economically sensitive.

B is incorrect. Biotechnology fits in the health care sector, which does not tend to exhibit a high degree of economic sensitivity.

【Answer to question 2】B

【analysis】

B is correct. Companies in the same peer group can have different valuations depending on structure and competitiveness.

A is incorrect. Valuations may be of limited value when comparing companies that are exposed to different stages of the business cycle.

C is incorrect. To make a meaningful comparison of companies, analysts should make adjustments to the financial statements to lessen the impact that the finance subsidiaries have on the various financial metrics being compared.

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