Acquire Corp. has a business model based on making accretive acquisitions each and every year. The company has historically been successful in implementing its strategy. In fact, Acquire Corp’s earnings per share have grown each of the last five years at a 15 percent compounded rate. During the past year, Acquire Corp. acquired a services company with large net operating losses, representing a third leg to its business model. The other two business segments are engineering construction and mining. The purchase price was one-half the company’s current market value. Which of the following measures is the most appropriate technique to value Acquire Corp.
A．
| A. Price-to-trailing earnings ratio. |
B．
| B. Price-to-forward earnings ratio. |
C．
| C. Trailing sales-to-price ratio. |
参考答案：B
解析：A company with major acquisitions may change the nature of its business so that historical information is not as relevant to the investment decision-making process. The only ratio to adjust for the impact of the major acquisition, which changed the nature of the business, is the price-to-forward earnings ratio. The other ratios could provide information if the appropriate adjustments are made.