P/E ratio[市盈率]

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总结

P/E ratio[市盈率] Price to Earnings ratio

什么是市盈率? 释义

市盈率(Price to Earnings ratio, P/E ratio)是指公司当时股价与每股盈利的比率。 Discounted Cash Flow[贴现现金流]衡量公司绩效的一个较高级的方法, 但有时候投资者比较喜欢用一些简单的方法。


市盈率计算。 公式

P/E ratio[市盈率]是用来衡量市场绩效表现的,它可以通过如下计算公式求得。


市盈率公式: 每股市价/ Earnings Per Share[每股盈利](每股盈利一般根据过去12个月的盈利计算)。

 

在现实当中,由于计算方便,市盈率被用得很多。 如果你在市盈率为10的时候购进一支股票,这就意味着这家公司要花10年的时间才能为你赚回投资。


市盈率计算范例

假设某公司去年盈利1000万美元,同时这家公司计有100万股, 每股盈利则为10美元。 如果该公司每股市价为100美元,它的市盈率则为10。 换句话说,这一价格意味着投资者愿意为去年每1美元的盈利投资10美元。
 

市盈率的局限

市盈率的前提假设是公司将会于未来获取更多利润。 这一方法至少有两个缺点:

  1. 它基于报告的盈利,也就是会计利润,但这并不是股东实际价值的一个理想指标。
  2. 分子也有问题,即用每股市价也不妥。 那么用行业平均水平吗? 对此所作的修改和调整经常基于: 公司的期望增长、新增投资的回报率、以及资金成本(WACC[加权平均资本成本])。

参考书: Steven M. Bragg - Business Ratios and Formulas: A Comprehensive Guide

参考书: Ciaran Walsh - Key Management Ratios [中译本《关键管理指标:掌握驱动和控制企业的管理工具》,北京经济管理出版社,2005]


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比较: PEG Ratio[市盈率与增长比率]  |  Market Value Added[市场增值]  |  EBIT[息税前利润]  |  EBITDA[息税、折旧及摊销前利润]  |  Economic Margin[经济利润]  |  Return on Equity[股本回报率]  |  TSR[股东总回报]  |  PRVit[PRVit公式]


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