单选题 An analyst does research about market multiple models and gathers the following information about three companies in the same industry:
Company Operating Income Enterprise Value
A $95000 $829000
B $29000 $327000
C $41000 $452000
Based on this information, which of the following corupanies is likely the most overvalued?
A. Company A.
B. Company B.
C. Company C.

【正确答案】 B
【答案解析】[解析] 该乘数模型是基于公司价值与利息、税收、折旧和摊销前利润或者收入等之间的比例来判断公司价值是否被高估或低估。3个公司的公司价值除以经营性利润(EV/operating income)的乘数分别为:
公司A:829000/95000=8.726
公司B:327000/29000=11.276
公司C:452000/41000=11.024
显然,公司B的EV/operating income乘数在平均值之上,该乘数最高,所以公司B的价值最有可能被高估。