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An analyst could appropriately use P B in relative valuation except which of the following situations? a ) The company is composed mainly of liquid

An analyst could appropriately use PB in relative valuation except which of the following situations?
a) The company is composed mainly of liquid assets such as financial institutions.
b) The company's EPS is highly variable and negative.
c) The company is not expected to continue as a going concern.
d) The company's book value of equity is negative.
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