Ukulinganisa igama elidumile kulesi siko lokuqalisa. Abaqalayo bajaha ukujoyina i-elite club ye- $ 1 billion futhi bathole isimo sama-Unicorns.
Kodwa-ke, ukulinganisa kuyisimo esikhohlisayo futhi kunezindlela eziningi zokunquma inani lenkampani, kanti i-P/E iyona edume kakhulu.
Isilinganiso sentengo ukuya kumaholo (P/E) singesinye sezimethrikhi ezisetshenziswa kakhulu zokulinganisa izitoko zenkampani. Ungakwazi ukubala isilinganiso se-P/E ngokuhlukanisa inani lamanje lesitoko ngenzuzo yalo ngesheya ngalinye (EPS).
Isilinganiso se-P/E sivame ukusetshenziswa ngabatshalizimali ukuze banqume ukuthi a isitoko sibukelwa phansi noma kubekwe inani ngokweqile. Nokho, ezimweni eziningi, isilinganiso se-P/E azanele njengemethrikhi ezimele yokulinganisa isitoko.
Lapha, nginikeze izingxoxo ezinemininingwane yokuhlola ukuthi kungani isilinganiso se-P/E sinephutha nokuthi kungani abatshalizimali kungafanele bathembele kuphela kule methrikhi.
Ukushiyeka Kwesilinganiso se-P/E njenge-Valuation Metric
Njengemethrikhi yokulinganisa ekahle, isilinganiso se-P/E sinokushiyeka okuningana.
Ukuqonda lezi zihibe kubalulekile ukugwema amaphutha ekuthathweni kwezinqumo zezezimali. Okunye kwalokhu kushiyeka kubandakanya okulandelayo:
1. Imibono Elinganiselwe
Okokuqala, kubalulekile ukuqonda ukuthi isilinganiso se-P/E siyimethrikhi eyodwa phakathi kwamaningi abatshalizimali abangawasebenzisa ukuhlola isitoko. Isilinganiso se-P/E sibonisa ukuthi bangakanani abatshalizimali abazimisele ukukhokhela i-rupee ngayinye yenzuzo.
Kodwa-ke, ayibheki amathemba okukhula enkampani noma imboni yayo, ishidi lebhalansi, ukungena nokuphuma kwemali, nanoma yiziphi ezinye izici ezingase zibe nomthelela enzuzweni yayo yesikhathi esizayo.
Isibonelo, isilinganiso esiphezulu se-P/E singase sibonise ukuthi abatshalizimali balindele kakhulu ukukhula kwesikhathi esizayo. Kodwa-ke, kungase futhi kusho ukuthi isitoko senziwe inani eliningi kakhulu nokuthi abatshalizimali bakhokha kakhulu nge-rupee ngayinye yenzuzo.
Ngakolunye uhlangothi, isilinganiso esiphansi se-P/E singase sibonise ukuthi isitoko asilinganiswanga kangako, kodwa kungase kusho nokuthi inkampani ibhekene nezivunguvungu ezicindezela umholo wayo.
2. Iyadukisa
Isilinganiso se-P/E singadukisa ezimweni ezithile. Isibonelo, izinkampani ezinenzuzo engeyinhle zingase zibe nesilinganiso se-P/E esingachazwanga ngoba idinominayitha inegethivu.
Lokhu kungenza kube nzima ukuqhathanisa amanani ezinkampani ezahlukene. Ukwengeza, isilinganiso se-P/E singakhohliswa izinkampani ezenza imigilingwane ye-accounting noma imicimbi yesikhathi esisodwa ukuze kukhuliswe umholo esikhathini esifushane.
Le minyaka eyishumi, uma kungeyona ikhulu, ingeyokuqala. Izinkampani eziningi eziqalayo zisekulahlekelweni ezigabeni zokuqala. Ekuphishekeleni ukutholwa kwamakhasimende, izindleko zokumaketha ziyakhuphuka futhi zingaholela enzuzweni embi.
Lezi zinkampani zichitha iminyaka zithola isizinda semakethe ngaphambi kokuthi ziqale ukwenza imali ngamakhasimende azo. Ungathatha noma yiziphi iziqalo eziyi-10 ezingahleliwe futhi uzothola ukuthi eziningi zazo zibhekene nokulahlekelwa.
Isibonelo, i-Cred ibike ukulahlekelwa kwe ₹1279 crores onyakeni wezezimali ka-2021-22, ngemali engenayo ₹442 million. Kodwa-ke, ilinganiselwa ku-$6.4 billion emakethe yamazwe ngamazwe. Ngokobuchwepheshe, isilinganiso se-P/E akufanele sivumele ukulinganiswa kokulingana ₹1 enenzuzo engemihle!
Ukubala ukulinganisa kwezinkampani ezinjalo zisebenzisa isilinganiso se-P/E akunakwenzeka. Imali engenayo iba yingxenye ebalulekile yokulinganisa ukuqalisa okunjalo kodwa ngokudabukisayo, isilinganiso se-P/E asicabangi imali engenayo yokulinganisa.
Ezimweni ezinjalo, amanye amamethrikhi ayasebenza ukuze kunqunywe inani lezinkampani ezinjalo.
3. Iwusizo Kuphela Izinkampani Ezisembonini Efanayo
Isilinganiso se-P/E siwusizo kuphela uma uqhathanisa izinkampani ezisebenza embonini efanayo. Isibonelo, isilinganiso se-P/E sika-15 senkampani esiza abantulayo singabhekwa siphezulu, kodwa isilinganiso se-P/E sika-15 senkampani yezobuchwepheshe singabhekwa siphansi.
Lokhu kungenxa yokuthi amathemba okukhula alezi zimboni ezimbili ahluke kakhulu, futhi abatshalizimali bazimisele ukukhokhela izinkampani ezinamandla amakhulu okukhula. Ngakho-ke, i-P/E ayisebenzi kangako uma kukhulunywa ngokuqhathanisa izinkampani ezivela ezimbonini ezahlukahlukene.
4. Umphumela Wangaphandle
Isilinganiso se-P/E singathintwa yizici zangaphandle ezingahlobene ngokuphelele nezisekelo eziyisisekelo zenkampani. Isibonelo, izinguquko kuzilinganiso zenzalo, imizwa yemakethe, noma izimo zomnotho omkhulu zingaba nomthelela esilinganisweni se-P/E sesitoko, ngisho noma imali etholwayo yenkampani izinzile.
Lokhu kubonisa ukuthi isilinganiso se-P/E sisengozini futhi ngokuvamile siyehluleka ukuveza isithombe sangempela senkampani ngokwezisekelo zayo kanye nezinzuzo zayo.
Izindlela Ezingcono Zokulinganisa Kunesilinganiso Se-PE
Uma kubhekwa amaphutha esilinganiso se-P/E, yini okufanele abatshalizimali bathembele kuyo esikhundleni? Amanye amamethrikhi abatshalizimali abangafuna ukuwacabangela ahlanganisa isilinganiso senani lokuthengisa, isilinganiso sentengo nencwadi, kanye ukuhamba kwemali okunesaphulelo ukuhlaziywa.
Lawa mamethrikhi angasiza abatshalizimali baqonde izisekelo eziyisisekelo zenkampani futhi benze izinqumo zokutshala izimali ezingcono nezinolwazi.
Isilinganiso sentengo ukuya kumaholo (PE) siyindlela eyodwa nje yokunquma ukulinganisa kwenkampani. Izinhlobonhlobo zezinye izindlela zingasetshenziswa kuye ngemboni, usayizi, kanye nesiteji senkampani. Nazi ezinye izindlela zokwazisa inkampani ngaphandle kwesilinganiso se-P/E:
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Ukuhlaziywa kokugeleza kwemali okunesaphulelo (i-DCF): Le ndlela ibandakanya ukuqagela ukungena nokugeleza kwemali kwesikhathi esizayo kwenkampani nokuyehlisela inani layo lamanje. Ukuhlaziywa kwe-DCF kuvame ukusetshenziselwa ukwazisa izinkampani ezinokugeleza kwemali okungaguquki nokubikezelwa.
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Isilinganiso sokuthengiswa kwentengo (PS): Lesi silinganiso siyafana nesilinganiso se-PE. Nokho, esikhundleni sokusebenzisa umholo, isebenzisa imali engenayo yenkampani njengesilinganiso esiyisisekelo. Lesi silinganiso sivame ukusetshenziselwa izinkampani ezingakenzi inzuzo noma ezineholo eliguquguqukayo.
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Isilinganiso senani lebhizinisi ukuya ku-EBITDA (EV/EBITDA): Lesi silinganiso siqhathanisa inani lebhizinisi lenkampani (imali yemakethe kanye nesikweletu kukhishwe ukheshi) nenzuzo yayo ngaphambi kwenzalo, izintela, ukwehla kwenani, kanye nokuncishiswa kwemali (EBITDA). Lesi silinganiso sivame ukusetshenziselwa izinkampani ezinezikweletu eziningi noma ezisezimbonini ezisebenzisa imali enkulu.
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Imodeli yesaphulelo sesabelomali (DDM): Le modeli ibala inani lamanje lezinzuzo zesikhathi esizayo zenkampani. Isetshenziswa kakhulu ezinkampanini ezikhokha izabelo ezijwayelekile.
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I-Comparable company analysis (CCA): Le ndlela iqhathanisa inkampani nezinkampani ezifanayo embonini yayo ukuze kutholwe inani layo. Lokhu kuhlaziya kuvame ukubheka izilinganiso ezihlukene zezimali nokuphindaphinda okufana nesilinganiso se-PE, isilinganiso se-PS, kanye ne-EV/EBITDA.
Indlela yokulinganisa ngayinye inamandla nobuthakathaka bayo futhi ayikho indlela eyodwa engenaphutha. Ngakho-ke, kubalulekile ukucabangela izindlela eziningi zokulinganisa futhi uzisebenzise zihlangene ukuze ufike esilinganisweni esifanelekile senkampani.
I-Takeaway
Nakuba isilinganiso senani ukuya kumholo siyimethrikhi edume kakhulu yokulinganisa izitoko, ingase ingenzi ifaneleke ezimweni eziningi. Isilinganiso se-P/E singelinye lamathuluzi amaningi asetshenziswa abatshalizimali ukuhlola a ezezimali zenkampani impilo namathemba, futhi inokulinganiselwa kwakho.
Ezinye zezizathu zokuthi kungani isilinganiso se-P/E singase singabi nangqondo sihlanganisa iqiniso lokuthi singakhohliswa kalula yizinqubo zokubala, asicabangi amathemba okukhula kwenkampani, futhi singagudluzwa yizenzakalo zesikhathi esisodwa.
Abatshalizimali kufanele basebenzise amamethrikhi amaningi okuhlaziya ngokuhlangene ukuze bathole isithombe esinembe kakhudlwana senani lenkampani kanye namathemba.
Ukuze uthole isithombe esicacile sokulinganisa kwenkampani kanye nokwenza lula ukuqhathanisa phakathi kwezinkampani ezimbili noma ngaphezulu, kubalulekile ukuthatha umbono ophelele futhi usebenzise amamethrikhi amaningi esikhundleni sokuthembela kweyodwa.
Imethrikhi ngayinye inokuqagela kwayo kanye nokushiyeka kwayo. Ukucabangela amamethrikhi amaningi kuzoqinisekisa ukuthi uthola isithombe esicacile sesikhundla samanje senkampani.
shiya impendulo