Ukulinganiswa kweP / E, ukulungiswa kwe-PEG, kunye ne-Divid-Adjusted PEG Ratio
Amasheya njengobuNini boMnini
UPeter Lynch uxoxe ngengcamango yeempahla ezinokubaluleka kobunini bomsebenzi kumashishini asebenzayo, kwaye ukuba imarike yemasheya iyintengiso.
Ugxininise ukubaluleka kwenkxaso yamashishini osisiseko, ekukholelwa ukuba ekugqibeleni uyazifaka kwixabiso lentengo yenkampani xa ebambe isitishi ixesha elide, kwaye ehlawula intlawulo ehambelana nexabiso lentengiso yenkampani.
Ukutolika i-Stock-Price-to-Revenue Ratio
UPeter Lynch wabhala iincwadi ezininzi ezithandwayo zotyalo-mali, ezibandakanya One Up Wall Street. Phakathi kwezifundo ezinikezwa kwi- One Up kwiWall Street, uLynch unikezela ngengcaciso elula, ecacileyo ngokuphathelele enye yamatriki akhethwayo ukwenzela ukuba enze uhlalutyo oluphezulu lwendlela yokutshala imali. Wabalula umlinganiselo wenani-mali-mali-mali, okanye i-P / E isilinganiso, kwaye isichaza iziphumo ngale ndlela, ngokucatshulwe ngokucacileyo kwincwadi yakhe:
Umlinganiselo weP / E kwanaliphi na inkampani elithengisa ixabiso liya kulingana nenqanaba lokukhula ... Ukuba iP / E yeCoca-Cola i-15, ungalindela ukuba inkampani ikhule malunga neepesenti ezili-15 ngonyaka, njl. Kodwa ukuba umlinganiselo we-P / E ungaphantsi kwezinga lokukhula, usenokuba ufumene ingxaki. Inkampani ethile, ithi, ngokukhula kwepesenti ezili-12 ngonyaka ... kunye ne-P / E isilinganiso se-6 Ngakolunye uhlangothi, inkampani enezinga lokukhula kweepesenti ezingama-6 ngonyaka kunye ne-P / E isilinganiso se-12 yinto engathandekiyo kwaye iya kwi-comedown ... Ngokubanzi, isiqingatha seP / E esiqingatha izinga lokukhula lihle kakhulu, kwaye elinye eliphindwe kabini izinga lokukhula libi kakhulu. "
Kamva, uLynch uqhubekeka ukubeka umgca kwiimpawu ezimbalwa kwiifom ye-P / E eqhelekileyo ukwenzela ukuba unikele ngenqanaba elongezelelweyo lokuhlaziywa komsebenzi wenkampani:
I-formula encinci ngakumbi iyanceda ukuba siqhathanise amazinga okukhula kwimali, nangona i- dividends account account. ), kwaye ulwahlukane ne-P / E isilinganiso (Inkampani ye-X ngu-10). 12 kunye ne-3 ehlulwe yi-10 yi-1.5 ... Ngaphantsi kwe-1 ihluphekile kwaye i-1.5 ilungile, kodwa yintoni oyifunayo ngokwenene eli-2 okanye elingcono. Inkampani enezinga lokukhula kweepesenti ezili-15, i-dividend ye-3 yepesenti, kunye ne-P / E ye-6 yayiza kubakho 3. "
Kuthetha ukuthini konke oku kuthetha? Enyanisweni, uPeter Lynch uzisa umfundi kwiingcamango ezimbini zokuhlaziywa kwamasheya awakhulisile, umlinganiselo we-PEG kunye nomlinganiselo we-PEG we-Dividend-Adjusted, eziphambili kakhulu, iinguqu ezongezelelweyo zokwenza umlinganiselo wenani lemali.
Isingeniso kwi-Price-to-Revenue Ratio
Umlinganiselo wemali, okanye umlinganiselo we-P / E, uquka ukuthabatha intengo ye-stock current yenkampani kunye nokwahlula ngemali ephantsi okanye ehlaziyiweyo isabelo ngasinye . Inombolo ephumayo ikuxelela ngokuqinisekileyo ukuba unokulindela kangakanani ukufaka kwinkampani ukubuyisela i-$ 1 yemali yayo. Ngokomzekelo, ukuba isixa se-P / E yenkampani sineminyaka engama-20, uyayichaza oku njengoko abatyala-mali bethetha ukuba baya kuhlawula i-$ 20 ngesabelo nge-$ 1 yemali yenkampani. Echazwe ngokwahlukileyo, ukuthengiswa kwempahla kwipropati ye-P / E ye-20 ithengisa kwi-20x yayo yemali yonyaka. Abanye bathi umnxeba we-P / E uninzi lwamanani okanye amaninzi amanzuzo.
Enye indlela yokujonga umlinganiselo we-P / E kukuba kukuxelela, ukunikezwa kwe-investment yakho yangoku okanye oyifunayo, ukuba inkampani ayinakho ukukhula kunye nemali engenayo yayigcinwe ngokufanayo, kungakanani iminyaka eya kuthatha ukubuyisela ukutshalwa kwetyala lwakho lwangoku kwisiseko inzuzo yedwa, ukungahoywa nayiphi na irhafu enokufuneka uyihlawule kwizabelo ezifunyenweyo.
Umlinganiselo we-P / E ungabalwa usebenzisa i-income earnings, eyaziwa njenge-P / E elandelwayo, okanye umvuzo oqikelelwe kwiP / E eprojekthi.
Lynch's PEG Ratio
UPeter Lynch wavelisa umlinganiselo we-PEG njengomzamo wokusombulula ukungaphumeleli komlinganiselo we-P / E ngokufaka ubungakanani bezinga lokukhula elixeliweyo. Ngale ndlela, ukuba iinkampani ezimbini zithengisa ngemali eyi-15x, kwaye enye yazo ikhula ngamaphesenti ama-3 kodwa enye inama-9 ekhulwini, unokukuchonga okokugqibela njengento engcono yokubuyisela phezulu. Ifom ye-PEG yile:
I-PEG Ratio = I-P / E Ireyithi yokukhula kwe-Ratio / inkampani
Ukutolika umyinge, umphumo we-1 okanye wezantsi uthi isitokthi sinokuthi singasetyenziswanga okanye singabalulekanga ngokusekelwe kwinqanaba lokukhula. Ukuba umlinganiselo ubangele kwinombolo engaphezu kwe-1, ubulumko obuqhelekileyo uthi isitokisi sithandwa kakhulu ngokumalunga nokukhula kwayo.
Abanini-mali abaninzi banomuvo we-PEG unikeza umfanekiso opheleleyo ngakumbi wexabiso lenkampani kunomlinganiselo we-P / E.
Ulungiso lwe-PEG oluHlanganisiweyo
Ukuthatha uhlalutyo lwesinyathelo esingaphambili, umlinganiselo we-PEG olungelelaniso-mali uyingcali ekhethiweyo ethatha umlinganiselo we-PEG kwaye uzama ukuphucula kuyo ngokufaka imali kwizahlulo, ezenza inxalenye enkulu yokubuya kweempahla ezininzi. Oku kubaluleke ngakumbi xa utyalo-mali kwi-stock chips kunye neendawo ezithile zoshishino ezizodwa ezifana nezitokisi ezinkulu ze-oilcompany. Ukubuyiswa kwezibonelelo, ngokukodwa ngexesha lokuphazamiseka kwemakethe, ukudala ukuba ngubani ohloniphekileyo umfundiso obizwa ngokuba yi-"accelerator", ekufutshane ngokukhawuleza ixesha elithathayo ukubuyisela ilahleko . Ukuba uthengela isitya kwi-19x yokufumana imali ekhulayo kuma-6 eepesenti kuphela, iyakubonakala ibiza. Nangona kunjalo, ukuba isasaza isahlulo se-8 soluhlu oluzinzileyo, oko kucacileyo kuluhlu olungcono. Bala le metriki ngokulandelayo:
Isilinganiselo se-PEG ratio = I-P / E isilinganiso / (ukukhula kokufumana umvuzo)
Ngokomzekelo, sitsho utyalomali kwi-XYZ nkampani, kwaye ngoku ihweba kwi-100 yenxenye nganye. Imali ezuzwayo yayingama-$ 8.99 ngesabelo ngasinye ngonyaka odlulileyo. Okokuqala, balala umlinganiselo we-P / E wayo:
XYZ P / E isilinganiso = $ 100 / $ 8.99 = 11.1
Okulandelayo, tshela ufumana uphando lwakho ukuba i-XYZ ilindele ukukhulisa umvuzo ngamaphesenti angama-9 kwiminyaka emithathu ezayo. Ngoku balala i-PEG ratio:
I-XYZ PEG ratio = 11.1 / 9 = 1.23
Nangona kunjalo, oku akubalulekanga kwisivuno se-XYZ se-2.3 ekhulwini. Ukufakela olu lwazi kumphumo we-PEG uhlawulelwano lwezabelo ezi zilandelayo:
I-XYZ i-PEG ratio = 11.1 / (9 + 2.3) = .98
Xa uthelekisa iziphumo, ubona ukuba, emva kokulungiswa kweegalelo, isitokisiso se-XYZ sincinci kunokuba ungacinga xa uthembele kuphela kwisiphumo somlinganiselo we-PEG.
I-Balance ayinikezeli irhafu, utyalo-mali, iinkonzo zemali kunye neengcebiso. Ulwazi lwenziwa ngaphandle kokuqwalasela iinjongo zotyalo-mali, ukunyamezela ngengozi okanye imeko zezimali kwanoma yimuphi umtyalo-mali othile kwaye angenakufaneleka kubo bonke abatyalo-mali. Ukusebenza kwangaphambili akubonakali kweziphumo ezizayo. Utyalo-mali luquka ubungozi kubandakanya ukulahlekelwa kwinqununu.