Svondo Valuation Books: Maitiro Okukoshesa Dhaka Rekushandisa: Chikamu 2

Iyo PEG, P / S, Pamberi P / E, uye chikwata cheP / B chinoshanda nekutengesa mabhuku

Muchikamu chekutanga chezvikamu zviviri-chikamu, takafukidza P / E chiyero; chinhu chinoshandiswa zvakanyanya kushandiswa chinenge chichigadzikana pazvinosvika pakutengesa zvigadzirwa. Muchikamu chechipiri tichavhara mamwe matanho ekugadzirisa anotangira vatengesi vanofanira kuziva, uye kurukura kuti vanobatsira zvakadini pakukoshesa zvigadzirwa zvekutengesa.

Kuita zvinhu mukukura

Kunyange zvazvo purogiramu yeP / E inobatsira, inongotitaurira kuti kutengesa kwemaoko kunorevei kune mari yegore rapera.

Mukutengesa, iyo inotungamirirwa nehushanduri huri kuchinja yevatengi, zvigumisiro zvegore rapera zvingave zvisingatiudze zvakawanda. Chimwe chinogadziriswa gadzirisa dambudziko iri ndechokuti kuwedzera kukura muy equation.

Nzira yakajeka yekuita izvi iri kuburikidza ne "Pamberi P / E," iyo inonzi P / E iyo inoshandisa mari inofungidzirwa pamusoro pemwedzi 12 inotevera (panzvimbo peyakarenda yegore rapfuura). Nzvimbo dzakawanda dzekutsvaga masayiti dzinonyora Pamberi P / E mune peji peji peji peji; iyo inoratidzirwa nekuparadzanisa mutengo wemotokari neyo inorongwa EPS.

Chimwe chigadzirwa chinokosha chinozivikanwa chinowedzera mukukura ndicho Mutengo kune Mitsva Kukura kwehuwandu kana peG ratio. Nhengo yePGG yakakurumbira nemushambadzi wezvinyorwa Peter Lynch , zvinhu zvinotarisirwa kuti chikwata chiwedzere. Kazhinji inotarirwa nekuparadzanisa chikwata cheP / E chezviyo nehuwandu hwekuwedzera kwehuwandu, pamusoro pegore rinouya (kunyange dzimwe nguva makore anosvika mashanu anoshandiswa anoshandiswa).

Ne PEG, yakakwirira yeP / E inogona kuva yakaderera kupfuura yepasi.

Kana sendi ine P / E ye20, ine 20% yekukura kwechikwata, iyo yekutengesa inenge iine peg yePG 1. Rimwe shamba rekutengesa paP / E ye10, ne 5% yekurasira, inenge iine PEG ye 2. Saka, nhumbi nechezasi P / E (10) yaizova yakadhura.

Nepo peg nePamberi P / E zvose zviri zviviri mukukura, izvo zvose zvinonetsa.

Vose vanovimba nemuongorori wekubvumirana kunofanirwa nezvekuwana mari uye kuwedzera kwemazuva anouya, izvo zvisiri izvo zvisina kururama uye zvakakwana zvezvinyengeri zvinoenderana nekushanda kwekare. Saka vashandise sevatungamiri, kwete sevanokundikana vakachengeteka, uye funga nezvekukura kwezvirwere kusina kusimba, kwete chivimbiso.

Chikamu cheP / S

Chimwe chekupedzisira chiyero chekuenzanisira chekukosha ndiyo Mutengo Wokutengesa Maitiro, kana chikamu cheP / S. Iyo P / S, yakafanana neP / E, haina kutora kukura mukutora, asi ichiri chinhu chinokosha chekutengesa zvikwata. Purogiramu yeP / S inotarisa kuongororwa kwebasa nemutambo wayo wepamusoro uye kwete mari. Kuti uwane kambani P / S, igovana mutengo wayo wekutengesa nekutengesa kwayo pamusoro pemwedzi gumi nematanhatu (TTM). Kufanana nemidziyo yakawanda yekuenzanisa, pasi pacho nhamba, zviri nani.

Vatsigiri veP / S vakaita sekuti haina kubhadhara mari, iyo inogona kuchinja kubva kune imwe nguva mhosva uye zviri nyore kushandisa pane kutengesa. Purogiramu yeP / S inogonawo kuva yakakosha mune zvekutengesa kupfuura mune dzimwe nzvimbo, zvikurukuru yekuwedzera kwekutengesa mashizha.

Somuenzaniso, tarisa Amazon.com. Uyu mutengesi wepaIndaneti akazvipira nemaune mari yaanowana mumakore achangopfuura, nekushungurudza matengo ayo achiita mari zvikuru mubhizinesi reyo, kuti aparadze chikamu kubva kumakwikwi akasiyana-siyana emakwikwi.

Amazon inenge ichiri kukura mode, saka inofanirwa kugoverana pamusika pamusoro pekuwana mari. Zvapiwa izvi, Amazon yakatarisa mari yakawanda yeP / E yayo kupfuura P / S yayo.

Chii chinoshaikwa?

Chimwe chigadzirwa chinozivikanwa chinozivikanwa chave chisina kubviswa kubva munyaya dzino ndeye kukosha kwebhuku. Book value, yakagadzirwa naBen Graham, baba vekukosha kwekutsvaga mari, inokosha yebhizimisi mari. Nhamba yakakurumbira yeBhuku rinonzi Price to Book inoparadzanisa mutengo wematengo nehuwandu hwebhuku rayo. Kufanana neP / E, PEG, uye P / S, iyo yakaderera nhamba ndiyo, zviri nani.

Asi kukosha kwebhuku uye chikwata cheP / B chinoshandiswa zvishoma kana zvasvika pakutsvaga mabhii, nokuda kwezvikonzero zvakawanda.

1. Havasi vese vatengesi vanotakura zvinhu zvinooneka, zvakadai semakranes uye maimba. Kunyange zvazvo "zvinhu" izvi zvingaita sezvakakosha kupfuura zvisizvo zvisingaoneki pane bhiriji, inowanzova mutoro mukuru. Netflix, somuenzaniso, akakwanisa kuisa Blockbuster kunze kwebhizimisi nokuti yakange isina mari yepamusoro yebazi reBlockbuster "assets." Izvo zvekuchengetedza, sezvazvakazoitika, zvaiva nechinangwa chakafukidzirwa senhaka. Til mugumo uri pedyo, Blockbuster yakaratidza kuwedzerwa kunakidza mubhuku rinokosha pane Netflix.

1. Mamwe mabhizimisi ekutengesa akaita saNike anotakura kukosha kwavo mumutambo wavo. Chiratidzo chakasimba hachienzaniswi mubhuku rinokosha, uye zvakaoma kukoshesa zvachose, asi chinonzi Nike chinonyanya kukosha kudarika chero chezvinhu zvayo zvinooneka.

Uine izvozvo mupfungwa, iwe ungada kudarika bhuku rinokosha mukutsvaga kwako kwekutengesa zvikwata. Mimwe midziyo yatakakurukura ndeyezvikamu zvepikicha yakaenzana yekuenzanisa; hapana chimwe chazvo chakakwana zvakakwana, uye iwe ungaguma usingashandisa zvose, kana zvigadzirwa zvakanyanya, mukuongorora kwako. Kuyera, kufanana nezvinhu zvose kuisa mari, zvakaenzana zvikamu zvezvesa uye sayenzi. Izvo zvinyorwa zvinokuratidza iwe nenzira yakarurama, asi pakupedzisira iwe unofanira kuita kudanwa pane (kana kuti kwete) mutengo wakakwana wechitengo.