Uqingqo-maxabiso ligama elithethwayo kule nkcubeko yokuqalisa. Abaqalayo babaleka ukujoyina iklabhu ye-elite ye-1 yeebhiliyoni zeedola kwaye bafumane iwonga le-Unicorns.
Nangona kunjalo, uqingqo-maxabiso yinto ekhohlisayo kwaye kukho iindlela ezininzi zokumisela ixabiso lenkampani, kunye ne-P/E yeyona idumileyo.
Umlinganiselo wexabiso lokuya kumvuzo (P/E) yenye yeemetrics ezisetyenziswa ngokuqhelekileyo ukuxabisa isitokhwe senkampani. Ungabala umlinganiselo we-P/E ngokwahlula intengo yesitokhwe yangoku ngengeniso yayo ngesabelo ngasinye (EPS).
Umlinganiselo we-P/E udla ngokusetyenziswa ngabatyali-mali ukufumanisa ukuba a Isitokhwe asixabisekanga okanye kuxatyiswe kakhulu. Nangona kunjalo, kwiimeko ezininzi, umlinganiselo we-P/E awonelanga njenge-metric ezimeleyo yokuxabisa isitokhwe.
Apha, ndibonelele ngeengxoxo ezineenkcukacha zokuphonononga ukuba kutheni umlinganiso we-P / E unesiphako kwaye kutheni abatyali-mali akufanele bathembele kuphela kule metric.
Iziphene kuMyinge weP/E njengeMetrikhi yoQingqo
Njengomlinganiselo ofanelekileyo woqingqo-maxabiso, umlinganiselo we-P/E uneziphene ezininzi.
Ukuqonda ezi ntsilelo kubalulekile ukuphepha iimpazamo ekwenziweni kwezigqibo zemali. Ezinye zezi ntsilelo ziquka oku kulandelayo:
1. Iingqikelelo ezilinganiselweyo
Okokuqala, kubalulekile ukuqonda ukuba umlinganiselo we-P/E yimetric enye phakathi kwabaninzi abatyali-mali abanokusebenzisa ukuvavanya isitokhwe. Umlinganiselo we-P/E ubonisa ukuba bangakanani abatyali-mali abazimisele ukuhlawula i-rupee nganye yomvuzo.
Nangona kunjalo, ayithatheli ngqalelo ithemba lokukhula kwenkampani okanye ishishini layo, iphepha lomncono, ukuhamba kwemali, okanye naziphi na ezinye izinto ezinokuchaphazela imivuzo yayo yexesha elizayo.
Ngokomzekelo, umlinganiselo ophezulu we-P / E unokubonisa ukuba abatyali-mali banokulindela okuphezulu kokukhula kwexesha elizayo. Nangona kunjalo, kunokuthetha ukuba isitokhwe sixatyiswe kakhulu kwaye abatyali-mali bahlawula kakhulu kwi-rupee nganye yengeniso.
Ngakolunye uhlangothi, umlinganiselo ophantsi we-P / E unokubonisa ukuba isitokhwe asibalulekanga, kodwa sinokuthetha ukuba inkampani ijongene neentloko ezicinezela umvuzo wayo.
2. Uyalahlekisa
Umlinganiselo we-P/E unokulahlekisa kwiimeko ezithile. Umzekelo, iinkampani ezinemivuzo embi zinokuba nomlinganiselo we-P/E ongachazwanga ngenxa yokuba idinomineyitha ayilunganga.
Oku kunokwenza kube nzima ukuthelekisa amaxabiso eenkampani ezahlukeneyo. Ukongeza, umlinganiselo we-P/E unokulawulwa ziinkampani ezibandakanyeka kumaqhinga ogcino-mali okanye iziganeko zexesha elinye ukunyusa ingeniso kwixesha elifutshane.
Eli shumi leminyaka, ukuba asiyiyo inkulungwane, yeyokuqala. Uninzi lweenkampani zokuqalisa zinelahleko kumanqanaba okuqala. Ekufuneni ukufumana abathengi, iindleko zokuthengisa zinyuka kwaye zingakhokelela kwinzuzo engalunganga.
Ezi nkampani zichitha iminyaka zifumana isiseko semarike ngaphambi kokuba ziqalise ukwenza imali kubathengi bazo. Ungathatha naziphi na ii-10 zokuqalisa okungahleliwe kwaye uya kufumanisa ukuba uninzi lwazo lujongene nelahleko.
Umzekelo, iCred ichaze ilahleko ye ₹I-1279 yezigidi kuNyaka-mali ka-2021-22, kunye nengeniso ye ₹442 yezigidi. Nangona kunjalo, ixabisa i-6.4 yeebhiliyoni zeedola kwiimarike zamazwe ngamazwe. Ngokobuchwephesha, umlinganiselo we-P/E akufuneki uvumele uqikelelo lomlinganiselo ₹I-1 enemivuzo engalunganga!
Ukubala ixabiso leenkampani ezinjalo usebenzisa umlinganiselo we-P / E akunakwenzeka. Ingeniso iba licandelo elibalulekileyo kuqingqo-maxabiso olunjalo kodwa ngelishwa, umlinganiselo we-P/E awuyithatheli ngqalelo ingeniso yoqingqo-maxabiso.
Kwiimeko ezinjalo, ezinye iimetrics ziyadlala ukumisela ukuxatyiswa kweenkampani ezinjalo.
3. Iluncedo kuphela kwiiNkampani ezikuShishino olufanayo
Umlinganiselo weP/E uluncedo kuphela xa uthelekisa iinkampani ezisebenza kushishino olufanayo. Ngokomzekelo, umlinganiselo we-P/E we-15 kwinkampani esetyenziswayo unokuqwalaselwa uphakamileyo, kodwa umlinganiselo we-P/E we-15 kwinkampani ye-tech unokuqwalaselwa uphantsi.
Oku kungenxa yokuba amathemba okukhula kula mashishini mabini ahluke kakhulu, kwaye abatyali-mali bazimisele ukuhlawula ngaphezulu kwiinkampani ezinokukhula okuphezulu. Ke ngoko, i-P / E ayisebenzi kangako xa kuthelekiswa neenkampani ezivela kumashishini ahlukeneyo.
4. Isiphumo sangaphandle
Umlinganiselo we-P/E unokuchatshazelwa zizinto zangaphandle ezinganxulumananga ngokupheleleyo neziseko ezisisiseko zenkampani. Ngokomzekelo, utshintsho kwimilinganiselo yenzala, uvakalelo lwemarike, okanye iimeko zoqoqosho olukhulu zinokuchaphazela umlinganiselo we-P/E wesitokhwe, nokuba umvuzo wenkampani uzinzile.
Oku kubonisa ukuba umlinganiselo we-P/E usesichengeni kwaye uhlala usilela ukubonisa umfanekiso wokwenyani wenkampani ngokweziseko zayo kunye nemivuzo.
Iindlela eziNgcono zoVavanyo kuneReyishini yePE
Ukunikezelwa kweziphene zomlinganiselo we-P / E, ngabatyali-mali kufuneka bathembele kwintoni? Ezinye zeemetrics abatyali-mali abanokufuna ukuziqwalasela ziquka umlinganiselo wexabiso-kwintengiso, umlinganiselo wexabiso ukuya kwincwadi, kunye ukuhamba kwemali ngesaphulelo hlalutyo.
Ezi metrics zinokunceda abatyali-zimali baqonde iziseko ezisisiseko zenkampani kwaye benze izigqibo zotyalo-mali ezingcono nezinolwazi ngakumbi.
Umlinganiselo wexabiso ukuya kwingeniso (PE) yindlela enye yokumisela ixabiso lenkampani. Ezinye iindlela ezahlukeneyo zinokusetyenziswa ngokuxhomekeke kushishino, ubungakanani, kunye nenqanaba lenkampani. Nazi ezinye iindlela zokuxabisa inkampani ngaphandle komlinganiselo weP/E:
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Uhlalutyo lwemali ethotyiweyo (DCF): Le ndlela ibandakanya ukuqikelela ukuhamba kwemali kwixa elizayo yenkampani kunye nokuyithoba ibuyele kwixabiso layo langoku. Uhlalutyo lwe-DCF luqhele ukusetyenziselwa ukuxabisa iinkampani ezinemijelo yemali engaguqukiyo neqikelelwayo.
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Ixabiso-kuya-intengiso (PS) umlinganiselo: Lo mlinganiselo ufana nomlinganiselo we-PE. Nangona kunjalo, endaweni yokusebenzisa umvuzo, isebenzisa ingeniso yenkampani njengomlinganiselo wesiseko. Lo mlinganiselo udla ngokusetyenziswa kwiinkampani ezingekabinayo ngeniso okanye ezinemivuzo engangqinelaniyo.
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Ixabiso leshishini-ukuya-EBITDA (EV/EBITDA) umlinganiselo: Lo mlinganiselo uthelekisa ixabiso leshishini lenkampani (imali eyinkunzi kwimarike kunye netyala kuthatyathwe imali) kwingeniso yayo phambi kwenzala, iirhafu, ukuhla kwexabiso, kunye nokuhlawula amatyala (EBITDA). Lo mlinganiselo udla ngokusetyenziswa kwiinkampani ezinamatyala amaninzi okanye ezikumashishini afuna imali eninzi.
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Imodeli yesaphulelo sesahlulo (DDM): Le modeli ibala ixabiso langoku lembuyekezo yekamva yenkampani. Ngokuqhelekileyo isetyenziselwa iinkampani ezihlawula izabelo eziqhelekileyo.
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Uhlalutyo lwenkampani oluthelekisekayo (CCA): Le ndlela ithelekisa inkampani kwiinkampani ezifanayo kwishishini layo ukumisela ixabiso layo. Olu hlaziyo lujonge ngokuqhelekileyo ulungelelwaniso lwemali olwahlukeneyo kunye nokuphindaphinda okufana ne-PE ratio, i-PS ratio, kunye ne-EV / EBITDA.
Indlela nganye yoqingqo-maxabiso inamandla kunye nobuthathaka kwaye akukho ndlela igqibeleleyo. Ke ngoko, kubalulekile ukuqwalasela iindlela ezininzi zokuxabisa kwaye uzisebenzise ngokudibeneyo ukufikelela kuqingqo-maxabiso olufanelekileyo lwenkampani.
I-Takeaway
Ngelixa umlinganiselo wexabiso ukuya kwingeniso iyimetric eyaziwayo kakhulu yokuxabisa izitokhwe, isenokungenzeki ukuba ifaneleke kwiimeko ezininzi. Umlinganiselo we-P/E sesinye sezixhobo ezininzi ezisetyenziswa ngabatyali-mali ukuvavanya a imali yenkampani impilo kunye namathemba, kwaye inemida yayo.
Ezinye zezizathu ezibangela ukuba umlinganiselo we-P/E ungabi nangqiqo ziquka into yokuba unokulawulwa lula yinkqubo yogcino-zincwadi, awuthatheli ngqalelo amathuba okukhula kwenkampani, kwaye unokugqwethwa ziziganeko zexesha elinye.
Abatyali-mali kufuneka basebenzise iimetrics ezininzi zokuxabisa ngokudibeneyo ukufumana umfanekiso ochanekileyo wexabiso lenkampani kunye namathemba.
Ukufumana umfanekiso ocacileyo woqingqo-maxabiso lwenkampani kunye nokuququzelela uthelekiso phakathi kweenkampani ezimbini nangaphezulu, kubalulekile ukuthatha imbono epheleleyo kwaye usebenzise iimetriki ezininzi endaweni yokuxhomekeka kwinye.
I-metric nganye ineengqikelelo kunye neentsilelo zayo. Ukuqwalasela iimetriki ezininzi kuya kuqinisekisa ukuba ufumana umfanekiso ocacileyo wemeko yangoku yenkampani.
Shiya iMpendulo