Isikhokelo soTyalo-mali esitsha sokuqonda ukulingana kweP / E
Kwiphepha elifanayo, njengoko ufunda le ngqungquthela yenkcazo kwaye ufumanisa ukuba luncedo kangakanani umlinganiselo we-P / E, gcinani engqondweni awukwazi ukuhlala uncike kwiimilinganiselo zentengo-kuya-wonke-wonke-yardstick ukugqiba ukuba isitokisi senkampani ibiza. Kukho ukukhawuleka okuphawulekayo, ngokwengxenye ngenxa yemithetho yolawulo kunye nenye ngenxa yeengcamango ezingenakulungelelanisi abaninzi abatyali-mali abaxhamla emoyeni ococekileyo xa becinga ukukhula kwexesha elizayo. Kungakhathaliseki ukuba ezi mpazamo, yinto enifanele ukwazi ngayo ukuba uchaze njani nendlela yokubala ngentliziyo.
Ukulinganiswa kwe-P / E - Yintoni kunye Nokuba kutheni abaTyalo-mali babakhathalela
Ngaphambi kokuba usebenzise inzuzo ye-p / e umlinganiselo kwimisebenzi yakho yokutyalomali, kufuneka uqonde ukuba yintoni. Ukubeka nje, umlinganiselo we-p / e yintengo umtyalomali uhlawula i-$ 1 yenzuzo yeenkampani okanye inzuzo. Ngamanye amazwi, ukuba inkampani ibika ingxelo engundoqo okanye i-earnings share share ngayinye ye-$ 2 kwaye isitokhe sithengisa i-$ 20 ngesabelo ngasinye, isilinganiselo se-p / e ngu-10 (i-20 yeesabelo ngasinye isahlulo se-$ 2 ngenzuzo = 10 p / e) .
Qaphela ukuba ngenxa ye-conservatism, kufuneka uhlale ukhetha inzuzo ye-earnings ngayinye xa ubala isilinganiso se-P / E ukwenzela ukuba ulandele ukuhlawulelwa okunokwenzeka okanye okulindelekileyo okunokwenzeka okanye kuya kwenzeka ngenxa yezinto ezifana nokukhethwa kwezinto okanye i- stock preferred stock .
Oku kubaluleke ngakumbi kuba, ukuba uguqula umlinganiselo we-p / e ngokuwuthabatha ulwahlulo ngo-1, unako ukubala i-stock yield earnings.
Oku kunokukuvumela ukuba uqhathanise ngokulula ukubuyisela ngokwenene ufumana imali evela kwishishini lenkampani eliphantsi kwamanye amatyalomali anjengeengxowa-mali ze-Nondyebo, amabhondi, kunye namanqaku, izatifikethi zokupaka kunye neemarike zemali , i-real estate, kunye nokunye. Ngethuba nje ukwenza ukunyamekela kwakho, ukhangele iimeko ezinjengeempawu , ukhangele zonke iifowuni ozibambayo kwipotfoliyo yakho, kunye nepotfoliyo yakho ngokubanzi, ngokusebenzisa le lens kunokukunceda ukuba ugweme ukukhutshwa kwiibhola, ii-manias , kunye neengxaki. Inokunyanzela ukuba " ukhangele " kwimakethi yempahla kwaye ugxininise kwizinto ezibonakalayo kwezoqoqosho.
Iindaba ezilungileyo ukuba ungenamava onotyalo-mali kukuba ezininzi iingxelo zeemali kunye neziza zokuphangela iimakethi zamasitoreji ziza kubonakalisa ngokulinganisela umlinganiselo wexabiso lentlawulo kuwe. Emva kokuba unenombolo yemilingo, ixesha liqala ukusebenzisa amandla alo. Ingakunceda ukuba uhlukanise phakathi kwesitothi esingaphantsi-esipheleleyo esithengisayo ngentengo ephakamileyo kuba yindlela yokugqibela phakathi kwabahlalutyi bamatshini, kunye nenkampani enkulu enokuthi ayifumaneke kwaye iyathengisa ingqutyana yento kunene.
Okokuqala, kufuneka uqonde ukuba amashishini ahlukeneyo ahlukeneyo e-p / e amanqanaba okubaluleka athiwa "aqhelekileyo".
Ngokomzekelo, iinkampani zeteknoloji zingathengisa umyinge we-p / e wama-20, ngelixa abavelisi beempahla bangathengisa kuphela umyinge we-p / e we-8. Kukho okunye, zonke izinto ezicatshangelwayo, le mihluko phakathi kwamacandelo kunye namashishini amkeleke ngokupheleleyo . Zivela, ngokwengxenye, ngaphandle kwezinto ezilindelekileyo kumashishini ahlukeneyo. Iinkampani zeSoftware zivame ukuthengisa kuma-p / e amaninzi amakhulu ngenxa yokuba zinamazinga aphezulu okukhula kwaye zifumana imbuyekezo ephezulu kwi-equity , ngelixa i-textile mill, ngokuxhomekeka kwiimigca zengxowankulu kunye nezindleko zokukhula eziphantsi, zingathengisa amaninzi amaninzi. Ngexesha elide, imeko iphendulelwe entloko yayo. Emva kokubuyisana okukhulu kwe-2008-2009, i-teknoloji igcinwe ngokuthengiswa kwixabiso elingaphantsi kwexabiso-kuya-inzuzo kunezinye iindidi zamashishini, njengabathengi bokutya, kuba abatyali-zimali babesoyika.
Bafuna ukuba neenkampani ezenziwayo iimveliso abantu abaza kuqhubeka nokuthenga kungakhathaliseki ukuba bazincitshiswa njani iimali zabo; iinkampani ezinjengeProtter & Gamble, ezenza zonke izinto zisuka kwisambisi yokuhlamba i-shampoo, i-Colgate-Palmolive, eyenza inambuzane yokugcoba kunye nesitya, i-Coca-Cola, i-PepsiCo ne-Hershey Inkampani. Kukho ilizwi kwiimarike ezityalwe ngamazwe ngamazwe kwiintsapho ezizityebi ezibalela le mvakalelo kunye nokunyamekela ngokukhawuleza: "Xa uhamba uya kuba nzima, unzima ukuthenga iNestle." (Ngokubhekiselele ku-Nestle, i-giant food giant enye yeenkampani ezinkulu kwihlabathi kwaye inezinzileyo zeemveliso ezivelisa izigidigidi zeedola phantse kuzo zonke ihlabathi, kungakhathaliseki ukuba izinto zibuhlungu kangakanani. Ukutya komntwana kwi-ice cream, iimpahla zezilwanyana kunye nemikhiqizo yobuhle, akunakwenzeka ukuba ilungu eliqhelekileyo leMiplaphu eNtshonalanga lihambe unyaka ngaphandle kwendlela ethile, ngokuthe ngqo, ngokuthe ngqo okanye ngokungathanga ngqo ukubeka imali kwi-coffers ye-Nestle, ichaza enye yezizathu enye yezona zityalo-mali ezide ziphumelele kakhulu.)
Enye indlela enokukwazi ngayo xa icandelo okanye ishishini liye lagqithiswa xa umlinganiselo we-p / e we-onse weenkampani zecandelo okanye ishishini likhupha phezulu ngaphaya kweyona mveli yesiganeko. Ngokomlando, oku kukhankanya ingxaki. Sazibona iziphumo zexabiso elibi kakhulu kwi-crash ye-teknoloji emva kwe-dot-com ephazamisayo ekupheleni kwee-1990 kwaye, kamva, kwiimpahla zenkampani ezinxulumene ne- real estate . Abatyalomali abaqonda ukunyaniseka kwemilinganiselo epheleleyo babesazi ukuba kubekho imathematika esondeleyo yokuba amanyathelo avelise ukubuyisela okuza kuyenzayo kuze kube yilapho ukulinganisela okwedlulele kweso sitshitshisiweyo okanye kuthengiswa kwamanani e-stock ukuwabuyisela ngokuhambelana nemigaqo-siseko. Amadoda afana nomsunguli weVanguard uJohn Bogle aye kude ukuthengisa yonke into kodwa isahlulo sesitokisini sazo, ukuhambisa inkunzi kwiingxowa-mali ezingenakunjengo-mali ezifana nezibophelelo. Iimeko ezinjalo zithatha kuphela emva kwamashumi ambalwa eminyaka kodwa xa zenza, zinyathela ngokucophelela kwaye niqiniseke ukuba uyazi into oyenzayo. UBenjamin Graham wayemthanda inzuzo yesabelo ngasinye kwiiminyaka ezisixhenxe ezedlulileyo ukulungelelanisa ukuphakama kwaye uphononongo lwezoqoqosho ngenxa yokuba, ukuba uzama ukulinganisa i-p / e ngaphandle kwayo, uya kufumana imeko apho iingeniso ziwa kakhulu ngokukhawuleza kunexabiso lentengo eyenza umlinganiselo wexabiso-kuya-umvuzo ubonakala uphakamileyo xa, ngokwenene, wawuphantsi. Umzekeliso ogqithisileyo ufika ngo-2009 xa i-market market yahlukana. Enyanisekileyo, andiqinisekanga ukuba umtyalo-mali ongenamava makayiqwalasele, endaweni yokukhetha indlela echanekileyo, okanye ye-formulaic.
Ukusebenzisa i-P / E Ratio yokuthelekiswa kweeNkampani kwiShishini elifanayo
Ukongezelela ekuncedeni ukuba yimaphi amashishini kunye namacandelo angaphezulu okanye angaphantsi, ungasebenzisa umlinganiselo we-p / e ukuthelekisa amaxabiso ezinkampani kwindawo efanayo kwezoqoqosho. Ngokomzekelo, ukuba inkampani i-ABC kunye ne-XYZ zithengisa i-$ 50 isabelo, enye inokuba yabiza kakhulu kunomnye kuxhomekeke kwiingeniso eziphantsi kunye nokukhula kweesitoko ngasinye.
Inkampani ye-ABC inokubika ingxelo yokufumana i-$ 10 isabelo ngasinye, ngelixa inkampani i-XYZ ibike ingxelo ye-$ 20 ngesabelo ngasinye. Ngamnye uthengisa kwimarike yemasheya ngama-$ 50. Ithetha ntoni le nto? Inkampani ye-ABC inomlinganiselo wexabiso-kuya-umvuzo we-5, ngelixa i-Inkampani ye-XYZ inomlinganiselo we-2.5. Oku kuthetha ukuba inkampani i-XYZ ixabiso elincinci kwisiseko esithile. Kuzo zonke izabelo ezithengiweyo, utyalomali ufumana imali engama-20 yemali engenayo ngokuchasene ne-10 eyi-10 kwimali evela kwi-ABC. Yonke into elinganayo, utyalo-mali ohlakaniphile kufuneka akhethe ukuthenga izabelo ze-XYZ. Ngomlinganiselo ofanayo, i-$ 50, ufumana kabini amandla okufumana.
Imida yeP / E Ratio
Khumbula, ngenxa yokuba isitishi esincinci asithethi ukuba uthenge. Abanini-zimali abaninzi bathetha iPRG Ratio , endaweni yoko, kuba kubangelwa kwizinga lokukhula. Kulungile ukuba uhlawulelo lwe-PEG olutshintshileyo lube luhle ngenxa yokuba kuthatha isilinganiso esisiseko somvuzo-kuya-umvuzo kwaye silungisa oko kubini izinga lokukhula kunye nesiphumo sokwabiwa kwesitokisi.
Ukuba ulingeka ukuthenga isitokisi kuba umlinganiselo we-p / e ubonakala ukhangeka, yenza uphando lwakho uze ufumene izizathu. Ngaba ulawulo olunyanisekileyo? Ngaba ishishini lilahlekelwa ngabathengi abakhulu? Ingaba yinto nje yokungahoywa, njengokuba kwenzeka ngexesha elide nangamashishini amnandi? Ingaba ubuthathaka kwixabiso lempahla okanye ekusebenzeni kwezemali kubangelwa yimikhosi kulo lonke icandelo, icandelo, okanye uqoqosho, okanye kubangelwa ziindaba ezimbi ezizimeleyo ? Ingaba inkampani iya kwimeko engapheliyo yokunciphisa?
Xa ufumana amava amaninzi, uya kusebenzisa ifom ye-p / e eguqulwayo eguqulwayo eguqula inxalenye ye "e" (imivuzo) ngomlinganiselo wokuhamba kwemali. Ndikhetha into ebizwa ngokuba ngumvuzo womnini. Eyona nto, ndiyisebenzise, ihlengahlengiso lwemiba yecandelo le-accounting, kwaye uzama ukuqonda oko ndihlawulela kwinjini engundoqo yezoqoqosho ezinxulumene neendleko zamathuba. Emva koko, ndiyakha iphothifoliyo evela kumhlaba-phantsi ongekho kuphela izinto ezithandekayo kodwa ukuba, kunye kunye, ukunceda ndinciphisa umngcipheko .