I P / E Ratio, PEG Ratio, uye Gwaro-Rakashandurwa PEG Ratio
Nhamba seProportional Ownership
Peter Lynch akakurukura pfungwa yematokari ari kunyanya kuenzana nehuwandu hwehupfumi hunoshandiswa mumabhizimisi ekushanda, uye kuti mari yekutengesa inonyanya kushandiswa.
Akasimbisa kukosha kwesimba rebhizimisi rezvebhizimisi, iro raakatenda pakupedzisira rinowedzera mumakambani ekutengeswa kwematengo ekuchengetwa kwekambani pakachengetedza sengo kwenguva refu, uye kubhadhara mutengo wakakodzera maererano nekambani yemari yemari.
Kududzira Shanduko yeZvitsa-ku-Kuwana Mubayiro
Peter Lynch akanyora mabhuku akawanda anozivikanwa ekuisa mari, kusanganisira One Up paWall Street. Pakati pezvidzidzo zvakapiwa muAne Up paWall Street, Lynch akapa tsanangudzo yakajeka, yakananga pamusoro peimwe yaaida kushandiswa kwemasvomisiti yekuita zvakakosha zvekutsvaga kwekutsvaga kwemari. Akaverenga nhamba yemugove wekutengesa-ku-kuwanikwa, kana kuti P / E chiyero, uye akadudzira zvitsva sezvinotevera, zvakanyatsotsanangurwa kubva mubhuku rake:
"Chikamu cheP / E chekambani chero ipi zvayo yakatengwa zvakakwana ichaenzana nekukura kwayo ... Kana P / E yeCoca-Cola ine makore 15, unotarisira kuti kambani iri kukura anenge 15 muzana gore, nezvimwewo. Asi kana huwandu hweP / E huri pasi pehuwandu hwekuwedzera, iwe ungangodaro wakazviwana wakabatanidzwa.Ikambani, inoti, nekukura kwezvikamu gumi nezviviri zvegore ... uye nhamba yeP / E yechitanhatu ndeye kune imwe nzvimbo, kune imwe kambani ine kukura kwema 6% pagore uye p / E chikwata chegumi 12 isingatarisirwi uye inoenda kune komuguta ... Kazhinji, chiyero cheP / E chiri hafu ye kuwedzera kwekuwedzera kunofadza kwazvo, uye imwe inowedzera kaviri kukura kwekuwedzera haina kunaka. "
Gare gare, Lynch anoenderera mberi kuiswa mumasikirwe mashomanana kusvika muhutano hweP / E wehuwandu hwehuwandu hwekupa humwe huwandu hwepamusoro hwekambani yekuongorora tsananguro:
"Zvishoma nezvishoma zvakaoma kunzwisisa zvinoita kuti tienzanise nekukura kwezvibereko kune mari, uyewo kutora zvikamu zvekuwedzera." Tsvaga kuwedzera kwekuwedzera kwekuwedzera (iti, Company X ndeyegumi nezviviri), wedzera mugove wekugoverwa (Company X inokwana 3 muzana ), uye kugoverwa nehuwandu hweP / E (Company X ndeyegumi) 12 pamwe chete 3 akaparadzaniswa ne10 ndeye 1.5 ... Pasi pane 1 inoshaya, uye 1.5 yakanaka, asi izvo zvauri kutsvaga ndezvekuti 2 kana kuti zviri nani.kambani ine 15% yekukura kwemazana, chikamu chemazana kubva muzana, uye P / E ye6 ingadai yakave yakakosha 3. "
Zvose izvi zvinorevei? Mukutaura, Peter Lynch ari kuisa muverengi kune mazano maviri ekuongorora mashomanana aakagadzira, peji yePGG uye Dividend-Adjusted PEG ratio, iyo yakafambira mberi, yakawanda inoshandura shanduro yemutengo-kusvika-mibairo yehuwandu.
Nhanganyaya kuNhare-ku-Kuwana Mubayiro
Mutengo-kune-kubhadhara, kana kuti P / E chiyero, zvinosanganisira kutora kambani yematengo ekozvino uye kuigadzirisa nemari yakakosha kana inoderedzwa mari imwe neimwe . Nhamba inoburitswa inokuudza zvakanaka kuti unogona kutarisira sei kuisa kambani kuti udzorere $ 1 yemari yayo. Somuenzaniso, kana purogiramu yeP / E yekambani iri 20, iwe unogona kududzira izvi sevatengesi vachiti vachabhadhara $ 20 muga imwe ye $ 1 yemari yekambani. Yakatsanangurwa zvakasiyana, inotengeswa pabasa pachikamu cheP / E che20 inotengesa pa20x yaro yegore negore. Vamwe vanoshevedza P / E yehuwandu hwehuwandu hwemutengo kana huwandu hwemari yakawanda.
Imwe nzira yekutarisa purogiramu yeP / E ndeyokuti inokuudza, yakapiwa mari yako yemazuva ano kana inoda, kana kambani isina kukura uye mari yakazogara yakanyatsofanana, ingaive makore mangani kuti uwanezve mari yako ikozvino kubva pasi pfuma chete, kusazvidza chero mitero yaunofanira kubhadhara pane zvikamu zvakagamuchirwa.
Purogiramu yeP / E inogona kuverengwa kuburikidza nekugadzirwa kwezvakaitika kare, inozivikanwa sekutarisa P / E, kana kuti inofanirwa kuwana mari yeP / E inorongwa.
Lynch's PEG Ratio
Peter Lynch akatanga chikwata chePGG semuedzo wokugadzirisa kukanganisa kwepurogiramu yeP / E kuburikidza nehuwandu hwekuwedzera huwandu hwekuwedzera kwekuwana mari. Nenzira iyo, kana makambani maviri ari kutengesa pamadhora makumi mapfumbamwe nemashanu, uye imwe yadzo iri kukura pa3 muzana asi imwe iri pa9 kubva muzana, unogona kuona kuti yekupedzisira sekunakisisa kune mikana yakakosha yokuita iwe kudzoka kwakakwirira. Chirevo chePGG ndechekuti:
PEG Ratio = P / E Ratio / yekambani yemari inowedzera kuwedzera
Kuti idudzire chiyero chacho, chikonzero che 1 kana chepamusoro chinoreva kuti mari yacho inogona kunge yakatarwa kana kuti isingakoshesi zvichienderana nekukura kwayo. Kana chiyero ichi chikaita nhamba yepamusoro pamusoro pe1, uchenjeri hunowanzotaurwa hunoti chikwata chinodarika zvikuru maererano nekukura kwayo.
Vazhinji vatengesi vanofunga kuti chirongwa chePGG chinopa mufananidzo wakazara wekambani yekambani pane yeP / E chiyero.
The Dividend-Adjusted PEG Ratio
Kuongorora iyo danho rinopfuurira, chikamu chinogadziriswa peGG ratio chikamu chinokosha chinotora chirongwa che PEG uye ichiedza kuvandudza pamusoro payo kuburikidza nekuisa muzvikamu, izvo zvinoumba chikamu chikuru chekudzoka kwematokisi mazhinji. Izvi zvinonyanya kukosha kana kuiswa mubhuruu chip stocks pamwe chete nemamwe mabhizimusi emakambani akadai semafuta makuru ekugovera mafuta. Kuwana zvikwereti, kunyanya panguva yekuputsika kwemusika wekutengesa, zvinogona kusimbisa izvo zvinoremekedzwa mudzidzi anonzi "kudzorera accelerator," kupfupisa nguva iyo inotora kuti iwanezve kurasikirwa . Kana iwe uchitenga chikwata pamatengo 19x ari kukura pa 6% chete, inogona kutarisa inodhura. Zvisinei, kana iri kugovera hupfumi huripo huwandu hwe8%, izvo zvakajeka mutengo uri nani. Verenga iyi metric nenzira inotevera:
Kugoverwa-kwakagadziridzwa PEG ratio = P / E chiyero / ((earnings growth + dividend yield)
Semuenzaniso, taura iwe wakabhadhara mukambani XYZ, uye ikozvino inotengesa pa $ 100 per share. Izvo zvakabhadharwa zvaive $ 8.99 mugove wega wega mugore rapfuura. Chokutanga, kuverenga nhengo yeP / E yayo:
XYZ P / E chikamu = $ 100 / $ 8.99 = 11.1
Zvadaro, taura iwe unowana kuburikidza nekutsvakurudza kwako uko XYZ yakarongedza kukura mahomwe ne 9 muzana pamakore matatu anotevera. Iye zvino kuverenga ye PEG ratio:
XYZ PEG ratio = 11.1 / 9 = 1.23
Zvisinei, izvi hazvirevi mugoverwa weXYZ we 2.3%. Kuisa ruzivo urwu muchikamu chinokonzerwa ne-PEG ratio kune zvinotevera:
XYZ chikamu-chakashandurwa PEG ratio = 11.1 / (9 + 2.3) = .98
Kana uchienzanisa nemigumisiro, iwe unoona izvozvo, mushure mokugadzirisa zvikamu, shanduko yeXYZ inodhura kupfuura iwe unogona kufunga kana ukavimba chete nehuwandu hwehuwandu hwePGG.
Iko Balance haisi kupa mutero, utsvaga, kana mari yemari uye mazano. Mashoko aya ari kuendeswa asina kufunga nezvezvinangwa zvekutsvaga, kubvumira kusangana nematambudziko kana mamiriro emari yemumwe muzvinabhizimisi chaiyo uye angave asina kukodzera kune varairi vese. Basa rekare harisi kuratidza migumisiro yemangwana. Kuisa mari kunosanganisira njodzi dzinosanganisira kurasikirwa kwatinoitwa mukuru.