Kuwerengera ndiye mawu omveka pachikhalidwe choyambira ichi. Oyambitsa akuthamangira kulowa nawo kalabu yosankhika ya $ 1 biliyoni ndikupeza mawonekedwe a Unicorns.
Komabe, kuwerengera ndi chinthu chovuta kwambiri ndipo pali njira zingapo zodziwira mtengo wa kampani, ndipo P/E ndiyomwe imadziwika kwambiri.
Chiyerekezo cha mtengo ndi phindu (P/E) ndi chimodzi mwazinthu zomwe zimagwiritsidwa ntchito kwambiri poyesa masheya akampani. Mutha kuwerengera chiyerekezo cha P/E pogawa mtengo wamasheya ndi zomwe amapeza pagawo lililonse (EPS).
Chiŵerengero cha P/E nthawi zambiri chimagwiritsidwa ntchito ndi osunga ndalama kuti adziwe ngati a katundu ndi wotsika mtengo kapena kukwera mtengo. Komabe, nthawi zambiri, chiŵerengero cha P/E sichikwanira ngati metric yoyima yokha yowerengera mtengo.
Apa, ndapereka zokambirana zatsatanetsatane kuti ndifufuze chifukwa chake chiŵerengero cha P/E chili cholakwika komanso chifukwa chake osunga ndalama sayenera kudalira miyeso iyi.
Zofooka za P/E Ratio monga Valuation Metric
Monga metric yabwino yowerengera, chiŵerengero cha P/E chili ndi zolakwika zingapo.
Kumvetsetsa zovuta izi ndikofunikira kuti tipewe zolakwika popanga zisankho zachuma. Zina mwa zolakwikazi ndi izi:
1. Malingaliro Ochepa
Choyamba, ndikofunikira kumvetsetsa kuti chiŵerengero cha P / E ndi metric imodzi yokha pakati pa ambiri omwe amalonda angagwiritse ntchito poyesa katundu. Chiyerekezo cha P/E chikuwonetsa kuchuluka kwa omwe amagulitsa ndalama omwe ali okonzeka kulipirira rupee iliyonse yomwe amapeza.
Komabe, sizimaganizira za kukula kwa kampaniyo kapena makampani ake, ma sheet, mayendedwe andalama, kapena zinthu zina zilizonse zomwe zingakhudze phindu lake lamtsogolo.
Mwachitsanzo, chiŵerengero chapamwamba cha P/E chingasonyeze kuti osunga ndalama ali ndi ziyembekezo zazikulu za kukula kwamtsogolo. Komabe, zingatanthauzenso kuti katunduyo ndi wamtengo wapatali komanso kuti osunga ndalama akulipira ndalama zambiri pa rupee iliyonse ya ndalama.
Mosiyana ndi zimenezi, chiŵerengero chochepa cha P / E chingasonyeze kuti katunduyo ndi wochepa, koma zingatanthauzenso kuti kampaniyo ikukumana ndi mphepo yamkuntho yomwe ikufooketsa phindu lake.
2. Zosocheretsa
Chiŵerengero cha P/E chikhoza kusokeretsa nthawi zina. Mwachitsanzo, makampani omwe amapeza ndalama zochepa akhoza kukhala ndi chiŵerengero cha P/E chosadziwika chifukwa chiwerengerocho ndi cholakwika.
Izi zingapangitse kuti zikhale zovuta kuyerekeza kuwerengera kwamakampani osiyanasiyana. Kuphatikiza apo, chiŵerengero cha P/E chitha kusinthidwa ndi makampani omwe amachita zachinyengo zowerengera ndalama kapena zochitika zanthawi imodzi kuti apititse patsogolo phindu pakanthawi kochepa.
Zaka khumi izi, ngati si zana, ndi zoyambira. Makampani ambiri oyambira amakhala otayika m'magawo oyamba. Pofuna kupeza makasitomala, ndalama zamalonda zimakwera kwambiri ndipo zimatha kubweretsa phindu loyipa.
Makampaniwa amatha zaka zambiri akugula msika asanayambe kupangira ndalama makasitomala awo. Mutha kunyamula zoyambira 10 zilizonse mwachisawawa ndipo mupeza kuti ambiri akukumana ndi zotayika.
Mwachitsanzo, Cred inanena kuti zatayika ₹1279 crores mu Chaka Chachuma 2021-22, ndi ndalama za ₹442 miliyoni. Komabe, yakhala yamtengo wapatali pa $ 6.4 biliyoni pamsika wapadziko lonse lapansi. Mwaukadaulo, chiŵerengero cha P/E sichiyenera kulola kuwerengera ngakhale ₹1 yokhala ndi mapindu olakwika!
Kuwerengera kuwerengera kwa makampani oterowo pogwiritsa ntchito chiŵerengero cha P/E sikutheka. Ndalama zimakhala gawo lofunikira pakuwerengera koyambira kotereku koma zachisoni, chiŵerengero cha P/E sichiganizira ndalama zowerengera.
Zikatero, ma metric ena amabwera kuti adziwe mtengo wamakampani oterowo.
3. Zothandiza Kwa Makampani Omwe Ali M'makampani Omwewo
Chiŵerengero cha P/E chimangothandiza pamene mukufanizira makampani omwe amagwira ntchito m'makampani omwewo. Mwachitsanzo, chiŵerengero cha P/E cha 15 cha kampani yogwiritsira ntchito chikhoza kuonedwa kuti ndi chapamwamba, koma chiwerengero cha P/E cha 15 cha kampani yaukadaulo chikhoza kuonedwa kuti ndi chochepa.
Izi ndichifukwa choti chiyembekezo chakukula kwa mafakitale awiriwa ndi osiyana kwambiri, ndipo osunga ndalama ali okonzeka kulipira zambiri kumakampani omwe ali ndi kuthekera kokulirapo. Chifukwa chake, P / E sizothandiza kwambiri pofananiza makampani ochokera kumafakitale osiyanasiyana.
4. Zotsatira Zakunja
Chiŵerengero cha P/E chikhoza kukhudzidwa ndi zinthu zakunja zomwe sizikugwirizana kwenikweni ndi zofunikira za kampani. Mwachitsanzo, kusintha kwa chiwongola dzanja, malingaliro amsika, kapena kukula kwachuma kungakhudze chiŵerengero cha P/E cha katundu, ngakhale phindu la kampani litakhala lokhazikika.
Izi zikuwonetsa kuti chiŵerengero cha P/E chili pachiwopsezo ndipo nthawi zambiri chimalephera kuwonetsa chithunzi chenicheni cha kampaniyo malinga ndi zofunikira zake komanso zomwe amapeza.
Njira Zabwino Zowerengera Kuposa Kuwerengera kwa PE
Poganizira zolakwika za chiŵerengero cha P/E, kodi osunga ndalama ayenera kudalira chiyani m'malo mwake? Zina mwazinthu zomwe osunga ndalama angafune kuziganizira ndi monga chiŵerengero cha mtengo ndi malonda, chiŵerengero cha mtengo ndi buku, ndi kutsika kwa ndalama kusanthula.
Ma metric awa atha kuthandiza osunga ndalama kuti amvetsetse zoyambira za kampani ndikupanga zisankho zabwinoko komanso zodziwitsa zambiri zazachuma.
Chiŵerengero cha mtengo ndi phindu (PE) ndi njira imodzi yokha yodziwira mtengo wa kampani. Njira zina zosiyanasiyana zitha kugwiritsidwa ntchito kutengera momwe kampani ikugwirira ntchito, kukula kwake, komanso gawo la kampaniyo. Nazi njira zina zopezera mtengo wa kampani popanda chiŵerengero cha P/E:
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Kusanthula kwa Discounted Cash flow (DCF): Njira imeneyi imaphatikizapo kuonetsa mmene ndalama zidzakhalire m'tsogolo mwa kampani ndikuzichotsera ku mtengo wake umene ulipo. Kusanthula kwa DCF nthawi zambiri kumagwiritsidwa ntchito kuyamikira makampani omwe ali ndi ndalama zokhazikika komanso zodziwikiratu.
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Chiyerekezo cha Mtengo ndi Kugulitsa (PS): Chiŵerengerochi chikufanana ndi chiŵerengero cha PE. Komabe, m'malo mogwiritsa ntchito zopeza, imagwiritsa ntchito ndalama zomwe kampaniyo imapeza ngati njira yoyambira. Chiŵerengerochi nthawi zambiri chimagwiritsidwa ntchito kwa makampani omwe sanapindulebe kapena omwe amapeza ndalama zosagwirizana.
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Chiyerekezo cha bizinesi mpaka-EBITDA (EV/EBITDA): Chiŵerengerochi chikuyerekeza mtengo wabizinesi (kapitala wamsika kuphatikizira ngongole kuchotsera ndalama) ndi zomwe amapeza chiwongola dzanja chisanachitike, misonkho, kutsika, ndi kubweza ndalama (EBITDA). Chiŵerengerochi nthawi zambiri chimagwiritsidwa ntchito kwa makampani omwe ali ndi ngongole zambiri kapena omwe ali m'mafakitale olemera kwambiri.
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Mtundu wa kuchotsera (DDM): Mtunduwu umawerengera mtengo wapano wa zopindula zamtsogolo zamakampani. Amagwiritsidwa ntchito kawirikawiri kwa makampani omwe amapereka malipiro nthawi zonse.
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Kuyerekeza kwamakampani (CCA): Njirayi imafanizitsa kampani ndi makampani ofanana mumakampani ake kuti adziwe mtengo wake. Kusanthula uku kumayang'ana kuchuluka kwachuma komanso kuchulukira kosiyanasiyana monga chiŵerengero cha PE, chiŵerengero cha PS, ndi EV/EBITDA.
Njira iliyonse yowerengera ili ndi mphamvu ndi zofooka zake ndipo palibe njira imodzi yomwe ili yangwiro. Chifukwa chake, ndikofunikira kulingalira njira zingapo zowerengera ndikuzigwiritsa ntchito mophatikizana kuti mufikire kuwerengera koyenera kwa kampani.
Mtsinje
Ngakhale kuti chiŵerengero cha mtengo ndi phindu ndi njira yodziwika bwino yowerengera masheya, nthawi zambiri sichingakhale yoyenera. Chiŵerengero cha P/E ndi chimodzi mwa zida zambiri zomwe zimagwiritsidwa ntchito ndi osunga ndalama kuti awunikire a ndalama za kampani thanzi ndi ziyembekezo, ndipo zili ndi malire ake.
Zina mwazifukwa zomwe chiŵerengero cha P/E sichingakhale chomveka ndi chakuti chikhoza kusinthidwa mosavuta ndi machitidwe owerengera ndalama, sichiganizira za kukula kwa kampani, ndipo chikhoza kusokonezedwa ndi zochitika za nthawi imodzi.
Otsatsa akuyenera kugwiritsa ntchito ma metric owerengera ambiri kuphatikiza kuti apeze chithunzi cholondola cha mtengo wakampani ndi ziyembekezo.
Kuti mumvetse bwino za mtengo wa kampani komanso kuti muzitha kufananiza makampani awiri kapena kuposerapo, ndikofunikira kuyang'ana mozama ndikugwiritsa ntchito ma metric angapo m'malo modalira imodzi.
Metric iliyonse ili ndi malingaliro ake ndi zofooka zake. Kuganizira ma metric angapo kuwonetsetsa kuti mupeza chithunzi chomveka bwino cha momwe kampaniyo ilili.
Siyani Mumakonda