Valuation ndiro izwi guru mune ino yekutanga tsika. Vekutanga vari kumhanya kujoina elite kirabhu yemadhora bhiriyoni uye kuwana chimiro cheUnicorns.
Nekudaro, kukoshesa chinhu chinonyengera uye nzira dzakawanda dziripo dzekutarisa kukosha kwekambani, neP/E iri iyo inonyanya kufarirwa.
Mutengo-kune-mubairo (P/E) chiyero chimwe chezviyero zvinonyanya kushandiswa pakukoshesa masheya ekambani. Iwe unogona kuverenga chiyero cheP / E nekuparadzanisa mutengo wezvino wemari nemari inowanikwa pamugove (EPS).
Chiyero cheP/E chinowanzo shandiswa nevanoita mari pakuona kuti a stock haina kukosheswa kana kuwandisa. Nekudaro, kazhinji, iyo P/E chiyero haina kukwana seyakamira metric yekukoshesa stock.
Pano, ndapa nhaurirano dzakadzama dzekuongorora kuti nei chiyero cheP / E chisina uye nei vanoisa mari vasingafanire kungovimba nemetric iyi.
Kukanganisa kweP/E Ratio seye Valuation Metric
Seyakanaka yekuyeresa metric, iyo P/E reshiyo ine akati wandei zvikanganiso.
Kunzwisisa zvipingamupinyi izvi zvakakosha kudzivirira kukanganisa mukuita sarudzo dzemari. Zvimwe zvezvikanganiso izvi zvinosanganisira zvinotevera:
1. Mafungiro Akaganhurirwa
Chekutanga, zvakakosha kuti unzwisise kuti chiyero cheP / E ingori metric imwe chete pakati pevazhinji vanogona kushandisa vatengesi kuongorora stock. Chiyero cheP/E chinoratidza kuti vangani vemaridzi vanoda kubhadhara kune imwe neimwe rupee yemuhoro.
Nekudaro, hazvitarise tarisiro yekukura kwekambani kana indasitiri yayo, chiyero chemari, kuyerera kwemari, kana chero zvimwe zvinhu zvingakanganisa mari yainowana mune ramangwana.
Semuenzaniso, chiyero chepamusoro cheP / E chinogona kuratidza kuti vatengesi vane tarisiro huru yekukura mune ramangwana. Nekudaro, zvinogona zvakare kureva kuti masheya akawandisa uye kuti vatengesi vari kubhadhara yakawandisa kune imwe neimwe rupee yemuhoro.
Sezvineiwo, chiyero cheP / E chakaderera chinogona kuratidza kuti masheya haakosheswi, asi zvinogona kurevawo kuti kambani iri kutarisana nemhepo inoshungurudza mibairo yayo.
2. Kutsausa
Chiyero cheP/E chinogona kutsausa mune mamwe mamiriro ezvinhu. Semuenzaniso, makambani ane mibairo isina kunaka anogona kunge aine chiyero cheP/E chisina kutsanangurwa nekuti denominator haina kunaka.
Izvi zvinogona kuita kuti zvive zvakaoma kuenzanisa kukosha kwemakambani akasiyana. Pamusoro pezvo, iyo P/E reshiyo inogona kushandiswa nemakambani anoita zve accounting gimmicks kana zviitiko zvenguva imwe chete kuwedzera mihoro munguva pfupi.
Gumi iri, kana risiri iro zana, nderekutanga. Mazhinji makambani ekutanga ari mukurasikirwa mumatanho ekutanga. Mukutsvaga kutora vatengi, kutengesa kunodhura uye kunogona kutungamirira kune purofiti yakaipa.
Aya makambani anopedza makore achitenga hwaro hwemusika vasati vatanga kuita mari vatengi vavo. Iwe unogona kutora chero gumi asina kurongeka ekutanga uye iwe uchaona kuti mazhinji acho ari kutarisana nekurasikirwa.
Semuenzaniso, Cred yakashuma kurasikirwa kwe ₹1279 crores muGore reMari 2021-22, nemari ye ₹442 mamiriyoni. Zvisinei, yakakosheswa madhora mabhiriyoni 6.4 pamusika wepasi rose. Nehunyanzvi, chiyero cheP/E hachifanire kubvumira kuyerwa kwechero ₹1 ine mihoro isina kunaka!
Kuverengera kuyerwa kwemakambani akadaro achishandisa chiyero cheP / E hazvigoneke. Mari inowanikwa inova chinhu chakakosha pakukosheswa kwekutanga kwakadaro asi zvinosiririsa kuti chiyero cheP/E hachitarise mari yekukosheswa.
Mumamiriro ezvinhu akadaro, mamwe ma metrics anopinda mukutarisa kukosha kwemakambani akadaro.
3. Inobatsira Chete Kune Makambani muIndasitiri Yakafanana
Chiyero cheP/E chinobatsira chete kana uchienzanisa makambani anoshanda muindasitiri imwe chete. Semuyenzaniso, chikamu cheP/E chegumi neshanu chekambani inoshanda chinganzi chakakwira, asi chikamu cheP/E chegumi neshanu chekambani yehunyanzvi chinogona kunzi chakaderera.
Izvi zvinodaro nekuti tarisiro yekukura kwemaindasitiri maviri aya akasiyana zvakanyanya, uye vanoisa mari vanoda kubhadhara yakawanda kumakambani ane mukana wekukura. Naizvozvo, P/E haina kunyatsoshanda kana zvasvika pakuenzanisa makambani kubva kumaindasitiri akasiyana.
4. External Effect
Chiyero cheP/E chinogona kukanganiswa nezvinhu zvekunze izvo zvisingaenderane zvachose nezviri pasi pekambani zvakakosha. Semuenzaniso, kuchinja kwemari yezvibereko, manzwiro emusika, kana macroeconomic mamiriro ezvinhu anogona kukanganisa chikamu cheP / E chekutengesa, kunyange kana mari yekambani yakagadzikana.
Izvi zvinoratidza kuti chiyero cheP/E chiri panjodzi uye kazhinji chinotadza kuratidza mufananidzo chaiwo wekambani maererano nezvayo zvakakosha uye mihoro.
Zvirinani Nzira dzeKukoshesa Kupfuura PE Ratio
Tichifunga nezvekukanganisa kweiyo P / E reshiyo, chii chinofanira kuisirwa mari panzvimbo? Mamwe ma metrics angangoda kutariswa nevashambadzi anosanganisira mutengo-kune-kutengesa chiyero, mutengo-kune-bhuku reshiyo, uye. yakaderedzwa mari kuyerera analysis.
Aya metrics anogona kubatsira vanoisa mari kuti vanzwisise zviri pasi pekambani uye kuita zvirinani uye zvine ruzivo sarudzo dzekudyara.
Mutengo-kune-muhoro (PE) chiyero ingori imwe nzira yekuona kukosha kwekambani. Yakasiyana dzimwe nzira dzinogona kushandiswa zvichienderana neindasitiri, saizi, uye nhanho yekambani. Hedzino dzimwe nzira dzekukoshesa kambani kunze kwechiyero cheP / E:
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Kuongororwa kwemari yakaderedzwa (DCF): Iyi nzira inosanganisira kufungidzira mafambiro emari emangwana ekambani uye kudzikisira kune yazvino kukosha kwayo. Ongororo yeDCF inowanzo shandiswa kukoshesa makambani ane anowirirana uye anofanotaura kuyerera kwemari.
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Mutengo-kune-kutengesa (PS) chiyero: Chiyero ichi chakafanana nechiyero chePE. Nekudaro, pachinzvimbo chekushandisa mihoro, inoshandisa mari yekambani seyero yekutanga. Chiyero ichi chinowanzo shandiswa kumakambani asati aita purofiti kana kuti ane mihoro isingaenderane.
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Bhizinesi kukosha-ku-EBITDA (EV/EBITDA) reshiyo: Chiyero ichi chinoenzanisa kukosha kwebhizinesi rekambani (market capitalization pamwe nechikwereti minus cash) kune yainotambira isati yawana mubereko, mutero, kudzikira, uye amortization (EBITDA). Chiyero ichi chinowanzo shandiswa kumakambani ane zvikwereti zvakawanda kana ari mumaindasitiri anodya mari.
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Dividend discount model (DDM): Iyi modhi inoverengera kukosha kwazvino kweiyo kambani inogovaniswa. Inowanzo shandiswa kumakambani anogara achibhadhara zvikamu.
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Kuenzaniswa kwekambani kuongororwa (CCA): Iyi nzira inofananidza kambani nemakambani akafanana muindasitiri yayo kuona kukosha kwayo. Ongororo iyi inowanzo tarisa kwakasiyana siyana mari uye kuwanda senge PE ratio, PS reshiyo, uye EV/EBITDA.
Imwe neimwe nzira yekuyeresa ine simba rayo uye kushaya simba uye hapana imwe nzira yakakwana. Naizvozvo, zvakakosha kuti titarise nzira dzakawanda dzekuyeresa uye dzishandise musanganiswa kuti usvike pakukosheswa kwekambani.
The Takeaway
Nepo chiyero chemutengo-kune-mubairo chiri chiyereso chine mukurumbira chekukoshesa masheya, inogona kusaita kuti ive yakakodzera muzviitiko zvakawanda. Chiyero cheP/E chingori chimwe chezvishandiso zvakawanda zvinoshandiswa nevanoita mari kuongorora a mari yekambani utano netarisiro, uye ine ganhuriro dzayo.
Zvimwe zvezvikonzero nei reshiyo yeP/E ingasave nehungwaru zvinosanganisira chokwadi chekuti inogona kushandiswa zviri nyore nemaitiro eakaundendi, haitarise tarisiro yekukura kwekambani, uye inogona kukanganiswa nezviitiko zvenguva imwe chete.
Kuti uwane mufananidzo wakajeka wekukosheswa kwekambani uye kufambisa kuenzanisa pakati pemakambani maviri kana anopfuura, zvakakosha kuti utore maonero akazara uye kushandisa akawanda metric pane kuvimba neimwe chete.
Imwe neimwe metric ine yayo fungidziro uye zvikanganiso. Kufunga akawanda metrics kunovimbisa kuti iwe unowana yakajeka mufananidzo wechinzvimbo chazvino chekambani.
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