Experienced Equity Valuation Interview Question

Hi guys, Ive been interviewing for equity research positions and was wondering if I could get your opinion on how you would answer these valuation questions. Thanks for your help.

1) Stock ABC is currently trading at 50x forward 2010 earnings, it is a $12Bn Market Cap company with $2Bn in annual revenues. However, large cap names in its space average 15x forward earnings. How would you justify the valuation of this stock and how would you exactly arrive at your valuation? Walk me through it.

2) On a DCF and comparable company valuation basis, stock XYZ is frequently valued at $12/share, however, it is currently trading at $8 per share at has for a long time stayed in this range. How would you account for this difference? Why is this so? What factors would you look at to justify this share price?

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