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10:14 Dec 3, 2003
English to English translations [PRO] Bus/Financial / Equity funds
English term or phrase:longer-term multiple discount
I'm not sure whether to interpret this as "longer-term discount based on the multiples" or "discount based on the longer-term multiples".
"Whilst Financials continue to trade at a discount to the
broader equity market this has closed in the last 6 months, and the sector is trading close to its longer-term multiple discount."
Explanation: I forgot to add- multiples refers to the price:earnings ratio. If historically the broad based index has an average, say of 25:1 price to earnings ratio, and financials had an average of 15:1, they trade at a discount compared to the broad market. If, now thea are tarding at 20:1 P/E then they are trading closer to the market as a whole than they were before.