Iincwadi zeValuation Valuation: Indlela yokuThengisa iSitoreji sokuThengisa: Icandelo 2

I-PEG, iP / S, Phambili P / E, kunye nomlinganiselo we-P / B usebenza ngeevenkile zokuthengisa

Ukwenza izinto ngokukhula

Nangona umlinganiselo we-P / E uyayiluncedo, usitshela nje ukuba isitishi esincinci sinxulumene nokufumana umvuzo wonyaka odlulileyo.

Kwivenkile, ephantsi kohlengahlengiso lwabathengi, iziphumo zonyaka odlulileyo asinakusixelela ezininzi. Isisombululo esinye esicacileyo kule ngxaki kukunyusa ukukhula kwi-equation.

Indlela elula yokwenza oku kuhamba nge "Phambili P / E," i-P / E esebenzisa iiprojekthi ezixhaswe kwiinyanga ezili-12 ezizayo (kunokuba ingeniso yonyaka enyakeni yangaphambili). Uninzi lwamasayithi otyalo-mali luza kuluhlu lwePhambili P / E kwi-stocks yephepha lekhayibhile; ibalwa ngokuhlula intengo ye-stock nge-EPS yayo eprojekthi.

Esinye isixhobo sokulinganisela esithandwayo esichaza ekukhuleni yixabiso kwi-Growth ratio ratio okanye isilinganiso se-PEG. I-PEG yenziwe ithandwa ngumtyalo-mali oqhelekileyo uPeter Lynch , kubangelwa ukukhula kwexabiso lesitokisini. Ngokuqhelekileyo kubalwa ngokuhlula isilinganiso se-P / E yesitokethi ngokwezinga lokukhula okucetywayo, kunyaka ozayo (nangona ngezinye iinkqubo kusetyenziswe iminyaka emihlanu).

Nge-PEG, isitokisi esiphakamileyo seP / E sinokuhlawuleka kunexabiso eliphantsi.

Ukuba isitokthi sinomsebenzi we-P / E we-20, ngezinga lokukhula kwe-20%, eso sitshixo sibe ne-PEG ye-1. Okunye ukuthengiswa kwempahla kwi-P / E ye-10, ngo-5% wokukhula kwezinga, kuya kuba ne-PEG 2. Ngoko ke, isitokethi ngeP / E ephantsi (10) iya kuba yindleko.

Ngoxa i-PEG nePhambili P / E zombini inqaku ekukhuleni, nazo zombini ziyingxaki.

Bobabini bathembela ekuqikelelweni kwemilinganiselo yokuhlalutya kwemali kunye nokukhula kwexesha elizayo, ezihlala zingalunganga kwaye zizalisekile izinto ezixhomekeke ekusebenzeni kwangaphambili. Ngoko sebenzisa njengesikhokelo, kungekhona ukusilela ukukhuseleka, kwaye uqwalasele ukukhula kwezinto ezibonakalayo, ngaphandle kwesiqinisekiso.

Umlinganiselo weP / S

Esinye isisombululo sokugqibela esisisiseko sexabiso lixabiso kwi-Sales Ratio, okanye umlinganiselo weP / S. I-P / S, njengeP / E, ayithathi ukukhula kwi-akhawunti, kodwa isisityebi esibalulekileyo kwiimpahla zokuthengisa. Umlinganiselo we-P / S ulinganisa ukulinganiswa kwesitokhwe ngemali yayo engenayo engenayo kwaye ingenayo imali. Ukufumana iinkampani zeP / S, ukwahlula intengo ye-stock yayo ngokuthengisa kwayo kwiinyanga ezilishumi elinambini (TTM). Njengamathuluzi amanani amaninzi, ixabiso elisezantsi libhetele.

Abaxhasi beP / S bafana nenyaniso yokuba ayifaki i-earnings, enokuthi iguquke ngenxa yerhafu yexesha elilodwa kwaye kulula ukuyisebenzisa kunokuthengisa. Umlinganiselo we-P / S unokuba luncedo ngakumbi ekuthengiseni kunamanye amacandelo, ngokukodwa ukuthengiswa kweempahla.

Ngokomzekelo, jonga kwi-Amazon.com. Umthengisi we-intanethi uye wanikela ngenjongo yokufumana umvuzo wakhe kwiminyaka yamuva nje, ngokubetha amaxabiso ayo atyale kakhulu kwi shishini layo, ukuba athathe isabelo semarike kwiinkalo ezahlukeneyo zokhuphiswano.

I-Amazon isasemoyeni wokukhula, ngoko ixabisa isabelo semarike ngaphezu kwemali. Ngenxa yoko, i-Amazon ibone umcebisi ngeP / E yayo kuneP / S yayo.

Yintoni ekhoyo?

Esinye isixhobo sokulinganisela esithandwayo esiye sashiywa kulolu chungechunge lixabiso lencwadi. Inani leNcwadi, edumiweyo nguBen Graham, uyise wexabiso lokutyalomali, lixabiso lamashishini asethi. Umlinganiselo obizwa ngokuba yiNtengo kwiNcwadi uhlula intengo yesitoko ngokuxabisa kwincwadi. NjengoP / E, i-PEG, kunye ne-P / S, inqaku elisezantsi libhetele.

Kodwa inani lexabiso kunye ne-P / B isilinganiso sinokusetyenziswa ngokukhawuleza xa kuziwa kwimpahla yokuthengisa, ngenxa yezizathu ezininzi.

1. Akunabo bonke abathengisi abanempahla ebonakalayo, njengama-cranes kunye ne-estate. Ngethuba le "i-asethi" ibonakala ibaluleke ngaphezu kweempahla ezingabonakaliyo kwi-balance sheet, zihlala ziwumthwalo omkhulu. U-Netflix, umzekelo, wakwazi ukubeka iBlockbuster ngaphandle kweshishini ngenxa yokuba ayinayo iindleko ezongezelelekileyo ze-Blockbuster "i-asethi". Ivenkile, njengoko yavela, yayingumthwalo ongeke uguqulwe njengempahla. Ngesiphelo esiseduze, iBlockbuster ibonakala ikhangele ngakumbi kwixabiso lentengo kuneNetflix.

1. Amanye amashishini athengisa njenge-Nike athatha ixabiso lawo kwinqaku lawo. Uphawu olunamandla alunakulinganiswa kwixabiso lencwadi, kwaye kunzima ukulixabisa ngokubanzi, kodwa uphawu lwe-Nike luxabiseke kakhulu kunanoma yimaphi amatye ebonakalayo.

Ngaloo nto ingqondweni, unokufuna ukunqumla ukubaluleka kwencwadi kuhlalutyo lwakho lweevenkile zokuthengisa. Ezinye izixhobo esiye sathetha ngazo ziinqununu ze-puzzle-valuation puzzle; akukho nanye kubo echanekileyo ngokupheleleyo, kwaye unokugqiba usebenzisa zonke izixhobo, okanye izixhobo eziyinkimbinkimbi, kuhlalutyo lwakho. Uhlalutyo, njengazo zonke izinto ezityalo-mali, zizinto ezilinganayo zobugcisa kunye nesayensi. Izinto ezisemgangathweni ziya kukukhomba kwindlela elungileyo, kodwa ekugqibeleni uya kufuneka wenze umnxeba kwizinto (okanye azinjalo) intengo efanelekileyo kwisitokisi.