Imilinganiselo yohlalutyo lwesitokhwe & namanani

Imilinganiselo yesitokhwe: awona manani abalulekileyo kuhlalutyo olusisiseko

Ireyishini kurhwebo ikunika izalathisi ezibalulekileyo esitokisini abanamandla kwaye abangenakho. Zisetyenziswa ngaphezu kwayo yonke into uhlalutyo oluphambili. Kule ndlela, ujonga ixabiso langaphakathi leenkampani kwaye uzame ukufumanisa ukuba zenza inzuzo ezinzileyo kwaye zinoqikelelo oluhle.

Emva koko uthelekisa izabelo zezabelo kunye ne-stock market. Luthini uqingqo-maxabiso ngabatyali-mali kwaye ngaba lufanelekile okanye lufanelekile xa kuthelekiswa neyona nto inokwenzeka? Phakathi kwezinye izinto, unokuthelekisa inzuzo, ixabiso lencwadi kunye nenzuzo kunye nexabiso langoku. Ngale ndlela, ufikelela ekungaxabiseni okunokwenzeka okanye ukuxabiseka okungaphezulu. Ingakumbi ixabiso kunye nokukhula abatyali-mali abasebenzisa olu hlobo uhlalutyo stock ngokwabo.

Eyona milinganiselo ibalulekileyo yezabelo omele uzazi zezi:

• Inzuzo yenkampani kunye nengeniso ngesabelo ngasinye
• Ixabiso lencwadi ngesabelo ngasinye
• Ingeniso ngesabelo ngasinye
• Ukuhamba KWEMALI
• Inzuzo
• Umlinganiselo wexabiso lemivuzo (P/E ratio)
• Umlinganiselo wexabiso-kwincwadi (umlinganiselo weP/B)
• Ixabiso-kuya-intengiso ratio
• Ixabiso-to-cash-flow ratio
• Ixabiso-umvuzo-ukukhula ratio
• Ixabiso leShishini
• Ukwahlulwa-hlulwa kwemveliso
• Yima kancinci
• Beta factor

Ixabiso elingaphakathi: inzuzo yenkampani, ixabiso lencwadi, ingeniso kunye nokuhamba kwemali ngesabelo ngasinye

Ixabiso langaphakathi leenkampani, ngoko kuthetha, idatha yezemali evela kumsebenzi wezoqoqosho kunyaka omnye. Kuba traders, eyona nto kugxilwe kuyo kwingeniso. Oku kupapashwa ngekota kwaye kushwankathelwe ekupheleni konyaka. Oku ke kubangela ingeniso ebalulekileyo ngesabelo ngasinye, ezisetyenziselwa ukubala amanye amanani abalulekileyo. Nangona kunjalo, inzuzo yenkampani ayisiyiyo kuphela ipharamitha efanelekileyo kwixabiso langaphakathi lenkampani. Ke kufuneka ubeke ingqalelo kwimbuyekezo esulungekileyo kunye nokuhamba kwemali kuhlalutyo lwesabelo sakho. Le yokugqibela ichaza ukuhamba kwemali engamanzi, okt ukungena nokuphuma ngaphandle kwamaxabiso angeyonyani.

Into engeyiyo i-liquid idla ngokufakwa ngokuqinileyo kwii-asethi ezibonakalayo kunye ne-real estate. Kakade ke, ezi nazo zinexabiso elingafanele lityeshelwe. Ixabiso lencwadi libhala zonke ezi ziguquguqukayo ngaphandle kwenkunzi ebolekiweyo. Ikunika isalathiso sokuba zingaphi ii-asethi inkampani esenayo.

Ingeniso/ingeniso ngesabelo ngasinye

Ukubala ingeniso yenkampani ngesabelo ngasinye, thatha iziphumo ezisemthethweni zokuphela konyaka kwi ishiti yokudibanisa izibalo wahlule ngenani lezabelo. Ngale ndlela uchitha inzuzo yonyaka esemthethweni kwisabelo somntu ngamnye kwaye wazi kakuhle ukuba eli phepha lixabisa kangakanani. Kamva, unokuthelekisa inzuzo engaphakathi kwisabelo kunye nexabiso laso kwaye ngaloo ndlela ugqibezele amandla aso angekafunyaniswa.

Ingeniso/Intengiso ngesabelo ngasinye

Ingeniso yingeniso emsulwa yenkampani. Ekubeni iindleko zokusebenza zingabandakanywanga apha, lo mlinganiselo uphezulu kakhulu kunenzuzo. Ukujongwa kweli xabiso kunomdla ngakumbi kwiinkampani ezisencinci kwaye zizimisele kakhulu ukutyala imali.

Ngenxa yenkcitho ephezulu yokufunyanwa kwezinto ezintsha kunye nophuhliso lweengcinga ezintsha, inzuzo ngokwayo ihlala iphantsi kakhulu. Umyinge wengeniso yexabiso ungabonisa uqikelelo olukhulu apha. I-turnover, kwelinye icala, ibonisa ukuba inkampani ithengisa ngempumelelo kangakanani kwimarike. Kungenzeka ukuba iimveliso okanye iinkonzo zithandwa kakhulu kwaye zibe nethemba lekamva elingekabonakali kwinzuzo ngokwayo.

Ukuhamba kwemali/imali ekhoyo ngesabelo ngasinye

Igama elithi cash flow okanye cash flow linokuguqulelwa ngokulula njengokuqukuqela kwemali. Umntu ufuna ukusebenzisa lo mlinganiselo ukufumanisa ukuba iqela lilulwelo kangakanani na. Ngaba imali inokwenziwa ulwelo kwaye isetyenziswe ngokukhawuleza kakhulu okanye ukwenza oovimba, ii-asethi ezibonakalayo kunye nezindlu ezithengiswayo kuqala kufuneka zipheliswe ixesha elide?

Ngokuchaseneyo nenzuzo, ukuhamba kwemali bhetele kubonisa inyaniso. Ayinakubandakanya iindleko ezingeyonyani ezifana nezibonelelo okanye ukuhla kwexabiso. Ngoko ke ujonge awona mandla omvuzo wenkampani. Oku kunokuba kuhle kwaye kusetyenziswe kutyalo-mali okanye kubonakale ngathi yintsilelo.

Ixabiso lencwadi/ixabiso lencwadi ngesabelo ngasinye

Ixabiso lencwadi libandakanya yonke into ekhutshwa yi-equity capital. Oku kuthetha ukuba akubandakanyi kuphela inzuzo, kodwa zonke ii-asethi ezibonakalayo kunye ne-real estate yenkampani. Uyakwazi ukuqaphela ii-asethi ezipheleleyo koku kwaye uyisebenzise ukuqikelela ukuba yeyiphi na amaxabiso akwiqela. Ngokukodwa kwimeko yeenkampani zokukhula, ezi zinzima ukuzibona kwinzuzo.

Ixabiso lencwadi lihlehliselwe kwisabelo yintengisovantageous, hayi kancinci kuvavanyo lweemarike ze-boom. Ngaba ixabiso lesabelo liphezulu kakhulu nangona kukho inzuzo ephantsi enokubakho kwi-bubble stock okanye ukukhula kwesitokhwe? Ngexesha le-dotcom bubble, kwakusoloko kucaca kumaxabiso eencwadi aphantsi kunye notyalo-mali olumxinwa apho iinkampani ezithile zisingise khona.

Nangona kunjalo, abatyali-mali abaninzi ngelo xesha babetsalwe kukunyuka kwamaxabiso eequity kwimarike kangangokuba baphulukana nombono wemali yokwenyani kwaye bawela kwi-equity bubble trap. Uqingqo-maxabiso olupheleleyo olunawo onke amanani abalulekileyo kunye neenkcukacha ke ngoko luyiyo yonke into kunye nesiphelo sohlalutyo olucokisekileyo.

Ixabiso leshishini kufuneka livavanywe njani?

Kwizoqoqosho, umntu uthanda ukusebenza kunye nexabiso leshishini ukwenzela ukuvavanya ngokuchanekileyo impilo kunye namathuba exesha elizayo kwiinkampani. Ulwahlulo olusisiseko lwenziwa phakathi kwexabiso leshishini/ixabiso leshishini eliquka yonke imithombo yemali eyinkunzi kunye nexabiso elilungelelanisiweyo lobulungisa ngaphandle kwetyala eliyinkunzi.

Yintoni inkampani exabisa ngayo kwimarike ngokwesiseko semilinganiselo yangaphakathi ithathwe kwii-asethi ezifunekayo ekusebenzeni kunye neempahla ezingafunekiyo ekusebenzeni. Ezi zinto xa zidibene zikhokelela kwixabiso lefem okanye lequmrhu.

Ngokubanzi, ixabiso leshishini libalwa ngokudibanisa i-equity kunye ne-capital capital, apho ii-asethi ezingasebenziyo zitsalwa. Eli nani eliphambili ekugqibeleni lisetyenziselwa ukuthelekisa amaxabiso okusebenza kunye neziphumo kwiimarike zemasheya ukwenzela ukuchonga kunokwenzeka ngaphantsi kunye nokugqithisa.

Ukuthelekiswa nokulinganisa kwe-stock market: umlinganiselo we-P / E, umlinganiselo we-P / B

Okokuqala, iinqobo ezisemgangathweni zeenkampani zibonelela ngolwazi olubalulekileyo malunga nezimali ngokwazo. Kurhwebo lwesabelo, nangona kunjalo, uyafuna kwakhona ukufumanisa ukuba olu lwazi luyahambelana noqikelelo lwezabelo kwi-stock exchange. Amaxesha amaninzi, ngenxa yezizathu ezahlukeneyo, kukho umahluko omkhulu phakathi kwamaxabiso. Loo mahluko unika abatyali-zimali abakrelekrele awona mathuba alungileyo okungena kwiintsingiselo ezahlukeneyo – nangaphambi kokuba bamkelwe ngabanye abaninizabelo.

Umlinganiselo wexabiso lemivuzo

Kubanikazi bezabelo zexabiso kunye nabahlalutyi abasisiseko, umlinganiselo wexabiso-yemivuzo (i-P / E ratio) ngowona mlinganiselo ubaluleke kakhulu. Ngolu luhlu, ngokufutshane, uthelekisa ixabiso elingaphakathi ngendlela yenzuzo yonyaka kunye nokuqikelelwa kwesabelo kwimarike. Ukwenza oku, kufuneka kuqala wahlule inzuzo yenkampani ibe kwisabelo ngokuyahlulahlula ngenani lezabelo ezingekahlawulwa.

Okulandelayo, yahlula ixabiso lesabelo sangoku ngengeniso ngesabelo ngasinye. Ngoko ke ifomula yokubala yile:

P/E = ixabiso lesabelo / umvuzo ngesabelo ngasinye.

Kufuneka ngoku utolike umlinganiselo wesiphumo ngokuchanekileyo. Ngokubanzi, unokuthi umlinganiselo omncinci we-P / E malunga neengongoma ezili-15 nangaphantsi ubonisa ukulinganiselwa. Nangona kunjalo, kwamanye amacandelo umvuzo unokuba phezulu kuba inzuzo ngokwayo isenokungabi namandla kangako kweli candelo.

Ngokufanelekileyo, kufuneka uhlale ujonge umlinganiso we-P / E kwimeko kunye nezinye iinkampani. Ngokubanzi, ungasebenzisa umlinganiselo we-P / E ukuchonga, phakathi kwezinye izinto, i-stocks yexabiso, oko kukuthi izibambiso apho ixabiso le-stock market lingaphantsi kakhulu kwamandla abo kunye namandla okufumana umvuzo. Ukongeza, unokwazi kwangethuba ukuba kukho uvavanyo olunokwenzeka nge ingozi yeqamza lesitokhwe. Kule meko, kuya kufuneka uyeke ukutyalomali kwishishini lempahla.

Ixabiso-to-ncwadi ratio

Kwimeko yenzuzo, kuqala ujonga kuphela ingeniso yenkampani enyiniweyo yoluntu ebekwe ngokuchasene neendleko. Oku akubonisi ukuba yimalini eye yangena kwi-inventory kunye ne-real estate, umzekelo. Ngenxa yotyalo-mali, ulwazi olusuka kumlinganiselo we-P/E lunokukukhohlisa kwaye amaxabiso emali enkampani angcono kunokuba umntu ebeya kucinga ekuqaleni.

Ngoko ke, abatyali-mali abahlakaniphile bahlala bejongana nomlinganiselo wexabiso-kwincwadi (i-P / B ratio) xa uxabisa izabelo. Bajonga ixabiso lencwadi kwaye bahlule ixabiso ngolu hlobo. Ngale ndlela unxulumanisa ixabiso langoku lee-securities kwimarike kunye ne-equity iyonke.

P / B = Ixabiso lesabelo / ixabiso lencwadi

I-equity okanye ixabiso lencwadi lihlala liphezulu kunenzuzo. Ibandakanya, phakathi kwezinye izinto, zonke ii-asethi eziphathekayo kunye nezindlu. Ngoko ke, umlinganiselo we-P/B womnatha ungaphantsi komlinganiselo we-P/E. Oku kwenza ukuba uqingqo-maxabiso novavanyo lube lula ukusa kumlinganiselo othile. Uqwalasela kuphela ukuba umlinganiselo ungaphezulu okanye ungaphantsi kwe-1.

Ukuba umlinganiselo wexabiso-kwincwadi (P / B) ungaphantsi kwe-1, oku kuphakamisa ukulinganiselwa. Ukuba iphezulu, unokucinga ukuba uqikelelo olungaphezulu. Umlinganiselo we-P/B uyasebenza kakhulu kwiinkampani ezikwimarike ye-boom ezixabiso lazo alinakugutyungelwa ziingeniso zangoku. Iinkampani ezininzi kula macandelo ke ngoko azinalo naluphi na uluhlu lwempahla kunye nezindlu, kodwa zinembono yeshishini elirhabaxa. Ixabiso lencwadi liphantsi ngokuhambelanayo kwaye umlinganiselo weP / B uphezulu kakhulu.

Ukuba amanye amanani abalulekileyo anjengomlinganiselo we-P/E kunye ne-KCV abonisa iziphumo ezifanayo, abatyali-mali kufuneka bayeke ukuthenga kwaye mhlawumbi baphume trade ngexesha elifanelekileyo.

Umlinganiselo wexabiso lentengo

Ixabiso elingafane lisetyenziswe, elinokuthi, nangona kunjalo, linike uncedo kwimbono epheleleyo xa kuthathwa isigqibo malunga nokuthengiwayo okanye ngokuchasene nokuthenga, ngumlinganiselo wexabiso lenguqu. Kule meko, awuzihoyi iindleko zenkampani. Ujonga kuphela umvuzo, okt ingeniso yonyaka ophelileyo.

Oku kukubonisa ukuba iimveliso okanye iinkonzo zenkampani zithengisa kakuhle kangakanani. Oku kunokuba ngumqondiso obalaseleyo wokukhula okunokwenzeka. Mhlawumbi inkampani ikwisigaba sokuqala, yenze umnikelo odumileyo, kodwa kwangaxeshanye kufuneka itsale imali ukuze iqhubele phambili. Olu tyalo-mali lunciphisa inzuzo ngokuzenzekelayo kwaye ixabiso lesabelo lisenokubonakala lixatyiswa ngokungafanelekanga.

I-turnover kunye nexabiso / i-turnover ratio (i-P / S ratio) ngaloo ndlela izisa ingcaciso kwaye idala ingqiqo engcono kuphuhliso lwangempela lwenkampani. Unokujonga kwakhona kumanani kwiminyaka edlulileyo ukuze ubone ukuba i-turnover iyakhula, ukuba sithandwa kangakanani isabelo kubatyali-mali kunye noluphi utyalo-mali olutshanje.

Ngokufana nexabiso lencwadi, i-turnover iphezulu kakhulu kunenzuzo. Ngoko ke, umlinganiselo wecandelo ungaphantsi ngokuhambelanayo kunomlinganiselo weP/E kwaye unokutolikwa ngokucacileyo ngakumbi. Ngokubanzi, umntu unokuthi umlinganiselo we-P / E ongaphantsi kwe-1 ubonisa isabelo esincinci kakhulu. Kuya kufuneka ukuba kuninzi okunokwenzeka apha. Ixabiso elijikeleze u-1 ukuya ku-1.5 likwi-classical mean, ngelixa nayiphi na into engentla ithathwa njengebiza kakhulu.

Ubuthathaka be-KUV ngokuqinisekileyo kukuba ayihoyi ngokupheleleyo umvuzo. Oku kusenokungabi yingxaki kwiminyaka yokuqala, etyebileyo yotyalo-mali lwenkampani. Ekuhambeni kwexesha, nangona kunjalo, inkampani yoluntu kufuneka ibonakalise inzuzo. Isalathiso esilungileyo sokuba ngaba kukho ukukhula ngokwenyani sibonelelwa luphononongo lonyaka nonyaka lwamanani engeniso.

Ixabiso lokuhamba kwemali

Ukuhamba kwemali kunokuchazwa ngokubanzi njengamandla okufumana iinkampani. Igama lesiNgesi linokuguqulelwa njengokuhamba kwemali, nto leyo eyenza kucace ukuba lo mlinganiselo uphelela phi. Kungaphezulu okanye ngaphantsi malunga nokungena kunye nokuphuma kweemali ze-liquid - oko kukuthi izixa-mali ezinokuthi zisetyenziswe ngokuthe ngqo.

Izibonelelo ezingeyonyani, ukuhla kwexabiso kunye nee-asethi eziphathekayo azibandakanywanga. Ngale ndlela, ngaphezu kwayo yonke into, inzuzo ilungelelaniswe kwiimali ezingenamsebenzi wokwenene kwishishini lemihla ngemihla.

Ukumisela ukuhamba kwemali, umntu kuqala uthatha yonke ingeniso yexesha elithile (ngokuqhelekileyo unyaka weshishini). Uninzi lwala maxabiso ziingeniso zentengiso, ingeniso yotyalo-mali efana nenzala, iinkxaso-mali kunye notyalomali. Kwezi ke uya kuthabatha iindleko ezimsulwa eziyimfuneko ekuqhubeni ishishini – umz. iindleko zezinto, imivuzo, iindleko zenzala kunye neerhafu.

Ngaphambi kweerhafu, ufika kwimali ekhoyo. Uthabatha irhafu kunye nomvuzo wabucala kunye nokuhlawula oovimba, ufumana inani elilungisiweyo lesambuku. Ukongeza, utyalo-mali lunokutsalwa kwaye utyalo-mali longezwe ukufikelela kwimali ekhoyo simahla.

Ukuze kufikelelwe kwixabiso / umlinganiselo wemali, ukuhamba kwemali kwahlulwe ngenani lezabelo ezijikelezayo. Esi sixa-mali sisetyenziselwa ukwahlula ixabiso lesabelo sangoku senkampani. Ubalo ke ngoko lulolu hlobo lulandelayo:

I-KCV isetyenziswa ngaphezu kwazo zonke ngenxa yokuba kukho inkululeko engakumbi yokumisela iingeniso, umz. ngeemali ezingeyonyani. I-KCV inika umfanekiso ongcono weyona mpahla ithengiswayo. Ngaphezu koko, ingasetyenziswa ngokuqhelekileyo nokuba inzuzo ngokwayo imbi.

Njengomlinganiselo we-P / E, ixabiso eliphantsi lokuhamba kwemali, ixabiso elincinci kwisitokhwe. Kungcono ukusebenzisa ixabiso kwi-cash flow njenge-supplement kumlinganiselo wexabiso-yemivuzo kwaye ngoko ujonge izibambiso ngokupheleleyo. Intengisovantages kunye ne-disadvantages ze KCV xa kuthelekiswa nomlinganiselo we P/E zezi:

Advantages Ukuhamba kwexabiso-kuya-imali VS. Umlinganiselo weP/E

• Inokusetyenziswa kwakhona kwimeko yelahleko
• Ukusetyenziswa kwe-Balance sheet akuyongxaki kangako kunomlinganiselo we-P/E.
• Kwimeko yeendlela ezahlukeneyo zokubala, i-KCV ibonelela ngokuthelekisa okungcono.

Yazisavantages Ukuhamba kwexabiso-kuya-imali VS. Umlinganiselo weP/E

• I-KCV okanye ukuhamba kwemali kuguquguquka ngaphezu komlinganiselo we-P/E ngenxa yemijikelo yotyalo-mali
• Ngenxa yotyalo-mali / ukuhla kwexabiso, i-KCV igqwethekile kwiinkampani ezikhula ngamandla kunye nezicuthayo.
• Kukho iindlela ezahlukeneyo zokubala ukungena nokuphuma kwemali (imali epheleleyo, intsalela, imali ephumayo simahla)
• Ukuqukuqela kwemali kwixa elizayo phantse akunakwenzeka ukuba kuqikelelwe

Ndenza ntoni ngomlinganiselo?

Iingcali zisebenzisa le ratios ikhankanywe apha ngasentla ngokuyintloko ukumisela ukuxatyiswa kunye nokungaxabiseki kwezabelo. Oku kwenziwa ngokwesiqhelo ngomlinganiselo we-P/E. Nangona kunjalo, ekubeni ingeniso ingenziwa lula kulawulo lwenkampani kwaye, ngakolunye uhlangothi, utyalo-mali oluthile alubandakanyi ekubaleni njengophuhliso oluhle, abatyali-mali abaninzi abanamava basebenzisa ezinye izilinganiso. Ezi zikunika umfanekiso obanzi ngakumbi wophuhliso lwangempela lwenkampani.

Ngomlinganiselo we-P/E kunye ne-KCV, umzekelo, unokufika kuqala kumaxabiso aphezulu. Ngokuqinisekileyo kuya kufuneka utolike oku kumxholo weshishini. Amacandelo okukhula afana ne-e-commerce, i-e-mobility, i-hydrogen kunye nezinye zihlala zineendleko eziphezulu kakhulu. Ngenxa yoko, umlinganiselo wexabiso-womvuzo uphezulu kakhulu. Ekuboneni kokuqala, umntu unokuthatha i-overvaluation.

Bobabini umlinganiselo we-P / E kunye ne-KCV ibonisa ukugqithiswa kwexabiso eliphezulu kumaxabiso aphezulu ngokucacileyo ngaphezu kwe-30. Nangona kunjalo, eli xabiso libekwe kwimbono xa kuthelekiswa nexabiso / ukuhamba kwemali - i-KCV isondela kwisiqingatha se-Tesla P / E ratio.

Nangona kunjalo, ukuba ngoku songeza umlinganiselo we-PEG, oko kukuthi umlinganiselo wexabiso-yengeniso-yokukhula, sifumana umphumo ongaphantsi kwexabiso leTesla. Isizathu soku kukuba ukukhula kwexesha elizayo kuqwalaselwa ngokwesiseko soqikelelo. Ndiza kubuya kule ngongoma kamva.

Kuqikelelo lwangoku ngaphandle koqikelelo lwexesha elizayo, ezinye iireyishini ezininzi ziyabuza. Ngokukodwa, uyaxhamla kwixabiso lencwadi kunye neentengiso ukuvavanya ngcono amaxabiso ezabelo ngokwexabiso langaphakathi.

Kwisakhelo socazululo olusisiseko, i-KBV ne-KUV zibonisa, ngokusekelwe kumanani angentla okanye angaphantsi ko-1, nokuba ngaba isabelo sixatyiswe ngokugqithisileyo okanye asixabisekanga ngokumalunga ne-equity nengeniso. Oku kudlala indima ebalulekileyo ngokukodwa kwiinkampani eziselula - apha iindleko zihlala ziphezulu kwaye ngaloo ndlela zigqwetha ingxelo malunga neyona nto inokubakho kwingeniso kunye nokuhamba kwemali.

Advantageous kwiXabiso kunye noTyalo-mali lokuKhula

Okokuqala nokuphambili, umntu usebenzisa umlinganiselo wokuvavanya amaxabiso ezabelo njengaphezulu kakhulu okanye aphantsi kakhulu. Ukulindela oku: Zombini ezi meko zinika ithuba lokutyala imali enengeniso. Njengomthetho, nangona kunjalo, abatyali-mali baya kukhawuleza baxabise izitokhwe, ezibonakaliswe ngokungaqini kakuhle. Kungenjalo, ukukhula kwesitokhwe esinexabiso eliphezulu kakhulu lemarike kunokuba ngabagqatswa abathembisayo kutyalo-mali lwexesha elide.

Yintoni iValue Investment?

Utyalo-mali lwexabiso yenye yezona zidumileyo qhinga phakathi kwabatyali-mali abaxhomekeke kuhlalutyo olusisiseko ngokusebenzisa amanani abalulekileyo. Yenziwa yaduma ngaphezu kwayo yonke incwadi kaBenjamin Graham ethi “The Intelligent Investor” kunye nomlandeli wakhe uWarren Buffett, owenza ubutyebi ngenkampani yakhe yokutyala imali iBerkshire Hathaway.
Umgaqo osisiseko wotyalo-mali kukufumana ixabiso lempahla ephantsi kakhulu kwinkampani enesakhono esiphezulu. Ke ngoku ujonga umlinganiselo we-P/E kunye ne-KCV. Ezi zinika umkhondo wokuqala wokuba ingaba inokuba kukungaxabiseki.

Ngoku kufuneka kucace ngakumbi ukuba oku akubangelwa kukunqongophala kotyalo-mali. Kufanelekile ke ngoko ukubonisana nolunye ulungelelwaniso, umlinganiselo weP/B kunye nomlinganiselo weP/E. Kodwa ukuba inkampani inamandla angaka, kutheni le nto ingabonakaliswa ngohlobo lwamaxabiso ezabelo?

Lo ngumbuzo abatyali-mali kwicandelo lexabiso kufuneka baphendule kuqala. Izizathu ezinokubakho zokungabi naxabiso zingaba:

• Iindaba ezimbi malunga nenkampani
• Amahlazo exeshana kunye neendaba ezimbi ezihamba nazo
• Iingxaki zamazwe ngamazwe (ukunyuka kwamaxabiso, imfazwe, ubhubhane) kunye nesiphumo soloyiko phakathi kwabatyali-zimali
• Abatyali-mali abakayifumani into enokwenzeka yotyalo-mali kubo okanye basathandabuza
• Ukunikezelwa kwezizathu ezikhankanywe ngasentla, utyalo-mali lwexabiso kufuneka lufaneleke kuyo nayiphi na imeko. Kwanamaxabiso eenkampani ezinengeniso kakhulu njengeAmazon, iApple & Co. inokwehla kwintlekele okwangoku. Kodwa ukuba amanani aphambili abonisa a
• imodeli yoshishino oluzinzileyo, uqingqo-maxabiso mhlawumbi aluthethelelekanga. Okwangoku kufuneka ubeke imali yakho kwisabelo esifanelekileyo.

Imeko yahlukile kwimeko yophuhliso olunganqwenelekiyo oluye lwabonakala kutshanje. Kungenzeka ukuba inkampani ekhuphisana nayo isanda kuqalisa imveliso yoguquko ukuba inkokeli yangaphambili yemarike ayiyi kukwazi ukuqhubeka nayo kwixesha elide. Abatyali-mali baxabisa olu phuhliso kwixabiso lesabelo sabo kwixesha elizayo.

Ngoko ke nokuba inzuzo yonyaka ophelileyo yayiphezulu kwaye umlinganiselo we-P/E ubonisa ukungabalulekanga ngenxa yokuhla kwamaxabiso, oku kunokuba kulungelelaniswe ngokupheleleyo. Ixabiso ke ngoko linokuwela kude kwi-pennystock range, yiyo loo nto utyalo-mali apha luya kuba lungekho. Umzekelo wophuhliso olunjalo yimeko yeNokia kunye ne-Apple.

Yintoni uTyalo-mali lokuKhula?

Utyalo-mali lokukhula yindlela eyahlukileyo ngokupheleleyo. Abatyali-mali bacinga ukuba inkampani kunye neshishini lonke basebancinci. Ngoko ke, utyalo-mali luphezulu kwaye inzuzo iphantsi. Ukuza kuthi ga ngoku, iimveliso zisenokuba azikazimiselanga ngokwazo emarikeni. Nangona kunjalo, umbono sele ulungile kwaye uyathembisa ukuba uninzi lwabaninizabelo bazimisele ukutyala imali eqikelelwayo kwinkampani.

Ingaba kufanelekile okanye akunjalo - ixabiso lesabelo ekuqaleni liyenyuka. Abatyali-zimali abakhulayo bafuna ukuthatha intengisovantage kolu hlumo kwaye kukhethwa inzuzo kulo kwixesha elide. Ngexesha le-dotcom bubble, umntu bekuya kufuneka abheje kwiinkampani ezinjengeAmazon, Google kunye neApple ukuze akwazi ukuthatha intengiso.vantage yoqingqo-maxabiso oluphezulu kakhulu emva kweminyaka ephantse ibe ngama-20. Xa zisetyenziswa ngobulumko, ezo zabelo ke ngoko zinokuba sisiseko esihle sokuqokelela ubutyebi ebudaleni.

Kwelinye icala, izitokhwe ezixabisa ngaphezulu (i-P/E ne-KCV ngaphezulu kwe-30 nangaphezulu; i-KBV ne-KUV ngaphezulu kwe-1) zinomkhuba wokwanda zibe ngamaqamza estokhwe. Apha, utyalo-mali olufakwe kwinkampani ngabatyali-mali aluphantse lugutyungelwe ngamandla okwenene. Ngoko ke imarike iqhubeka nokunyuka kwamaxabiso de abantu baqonde ukuba ayinakuqhubeka ngoluhlobo.

Ngokukhawuleza ukuba abatyali-mali baqonde ukuba inkampani ayiyi kukwazi ukuhlangabezana nokulindela kwimarike yemasheya, imarike iyawa kwaye amaxabiso ezabelo ayancipha.

Nangona kule meko, ngokuqinisekileyo, kunokwenzeka ukwenza inzuzo ehlakaniphile. Ngakolunye uhlangothi, ukubuyisela kunokuthatyathwa kwincopho. Kodwa ukuba utyalomali kwangaphambili, kungcono ukuba uphume ngokukhawuleza kunokuba ushiywe lixesha - ngokutsho kwesiqubulo: utyalomali xa imipu idubula, thengisa xa i-violin idlala.

Ukuthengisa okufutshane kwakhona kuyindlela enomdla. Kule meko, uboleka isabelo ngexabiso eliphezulu kwaye uthengise ngokukhawuleza. Kamva uyithenga kwakhona ngexabiso eliphantsi kwaye uyinike umboneleli ochaphazelekayo kunye nemali-mboleko. Ngaloo ndlela wenze ingeniso ngomahluko ngenxa yokuhla kwamaxabiso.

Ukuthengisa okufutshane, ngendlela, kulula kakhulu nge CFD trade kweyakho broker. Uvele uye kwiwebhusayithi ehambelanayo, bhalisa ngegama lakho kunye nedilesi ye-imeyile kwaye unako trade ngokuchasayo ngekontrakthi zenyani. Unga fumana ilungelo broker ngokulula kunye wethu isixhobo sokuthelekisa.

Iingxaki ngohlalutyo lwezabelo kusetyenziswa imilinganiselo yexabiso

Eyona ngxaki inkulu ngokutolika umlinganiselo wexabiso ngokwemivuzo, ixabiso lencwadi, intengiso kunye nokuhamba kwemali kukuba bamane bakunika umbono wexesha elidlulileyo. Nangona kunjalo, ixabiso lesabelo kwi-stock market lihlala lisabela kuphuhliso lwangoku kunye nokulindela kwikamva. Oku kudala iiyantlukwano ezinokuthetheleleka okanye zingathetheleleki.

Iingcali zokwenyani zisanda kuqonda ukuba ukujonga kwixesha elidlulileyo akwanelanga kwamanye amashishini. Ubani ke ngoko kufuneka ajonge uqikelelo lwekamva, phakathi kwezinye izinto, kwaye azibandakanye kuvavanyo.

Izisombululo ezinokubakho: Ukukhula, uqikelelo, ukuhamba kwemali okuthotyiweyo kunye nezixhobo

Ukunciphisa iingxaki zohlalutyo olusisiseko olujonge ngasemva, inye kuphela into encedayo: kufuneka ujonge kwikamva. Kukho ngokwenene ezinye izixhobo kwi-toolbox yomtyali-mali ezinokusetyenziselwa le njongo. Ngokukodwa, uqikelelo kunye nothelekiso lokukhula lunokukunceda ukukunika umfanekiso ocacileyo wentengiso.

Ixabiso-umvuzo-ukukhula ratio

Isixhobo esisebenza kakuhle kakhulu kulo mba yi-PEG ratio (ixabiso/imivuzo yokukhula). Ibalwa ngokwahlulahlula i-KVG ngepesenti yokukhula okulindelweyo. Ngoko ifomyula yile:

I-PEG Retio = P/E ratio / elindelekileyo yepesenti yokukhula kwemivuzo.

Ngenxa yoko uhlala ufumana ixabiso elingentla okanye elingaphantsi kwe-1. Ngaphezulu kwe-1 ungaqikelele uqikelelo olungaphezulu, ngaphantsi kwe-1 ixabiso elingaphantsi. Ngokomzekelo, isabelo sinokuba ne-P / E ye-15 kunye ne-forecast ye-30 ekhulwini. I-PEG yayiza kuba yi-0.5, ngoko umntu unokulindela ukuba ixabiso lesabelo liphindwe kabini kunyaka ozayo.

Nangona kunjalo, ingxaki nge-PEG kukuba uqikelelo ngokuqinisekileyo aluyi kuzalisekiswa 1 ukuya ku-1. Iingcali zifumana nje kuphuhliso lweminyaka edlulileyo kunye nemeko yezoqoqosho kwicandelo elithile. Ukuba kukho ukudodobala koqoqosho ngesiquphe okanye intlekele, umkhwa unokujika ngokungalindelekanga ube kokuchaseneyo. Ngaphaya koko, izinga lenzala yemalike alihoywa, nto leyo ekwaphembelela uphuhliso lwezabelo.

Phambili umlinganiselo we-P/E

Abatyali-mali abaninzi baqhubeka nokusebenzisa umlinganiselo we-P / E wangaphambili njengenxalenye yohlalutyo lwabo. Ikwabizwa ngokuba yi-Forward PE Ratio. Ngokuchasene nomlinganiselo we-PE oqhelekileyo, awusekelwe kwinzuzo yonyaka kwixesha elidlulileyo, kodwa kukulindela inzuzo. Ngokukodwa xa kuthelekiswa neenyanga ezidlulileyo, kulula kakhulu ukufikelela kwizigqibo malunga noqikelelo olungaphezulu okanye ukungaxabiseki.

Phambili umlinganiselo we-PE = ixabiso lesabelo sangoku / ingeniso yoqikelelo lwengeniso ngesabelo ngasinye

Kungcono ukujonga umlinganiselo we-PE wangaphambili kunye neziphumo zeminyaka embalwa edlulileyo. Ukuba ingaphezulu koko, ulindelo lwemivuzo luyehla. Njengomlinganiselo we-P / E, ukulindela kwenkampani kwi-stock market kuyahluka ngokuxhomekeka kwishishini. Ukuvandlakanywa okungaphezulu kunye nokungaphantsi koxabiso ngoko ke zihlala zimiselwa kwimeko yemarike.

Nangona kunjalo, kufuneka uhlale usazi ukuba inzuzo yentelekelelo lixabiso lethiyori. Nokuba ngaba abahlalutyi abaninzi bacinga ukukhula, oku akufuneki ukuba kwenzeke ekugqibeleni. Ngaphezu koko, ii-arhente zoqingqo-maxabiso zikhokelwa ngamaxwebhu asemthethweni ebhalansi, athi, nangona kunjalo, anokuqhutywa ngabaphathi benkampani.

Enye impazamovantage ye-PE yangaphambili lixesha loqikelelo olulinganiselweyo. Umlinganiselo onjalo we-PE unokuba nentsingiselo yokwenene kuphela xa ujonge iminyaka eliqela kwixesha elizayo. Nangona kunjalo, abo banethamsanqa kwaye bajonge nzulu kwezinye izilinganiso bahlala bexhamla kutyalo-mali ubuncinci kwixesha elifutshane.

Ukuhamba kwemali okunxaxhileyo

Ukuqukunjelwa kwemali ethotyiweyo (DCF) kunokuguqulelwa njengokuhamba kwemali okuthotyiweyo. Apha, ixabiso leshishini limiselwa ngokubalo oluntsonkothileyo novavanyo. Ngokuchasene nomlinganiselo we-PE wangaphambili, le modeli isebenzisa ukuhamba kwemali njengesiseko, kodwa kunye nokuqikelelwa kwexesha elizayo. Ngaloo ndlela, kusetyenziswa ucingelo lwethiyori kuphela.

Ezi, emva kwayo yonke loo nto, ngokuyinxenye zisekwe kumaphepha ebhalansi okanye kwiakhawunti yenzuzo nelahleko yeminyaka embalwa edlulileyo. Nangona kunjalo, ukuhamba kwemali akudityaniswa nje kuphela, kodwa kuthotywe isaphulelo ngokunxulumene nonyaka evele ngawo. Oku akuthethi nto ngaphandle kokuba inzala kunye nokunyuka kwamaxabiso zongezwa.

Ezi zinto zibangela ukuba imali ilahlekelwe lixabiso ngokuhamba kwexesha. Ke ngoko, njengomtyali-mali, akufuneki ushiye nje ii-asethi kwi-akhawunti yebhanki ngaphandle kwesizathu, kodwa kunoko utyale imali kwamanye amacandelo okhuseleko lokunyuka kwamaxabiso.

Ityala kwi-equity ratio yenkampani

Kusenokunika umdla ukujonga umlinganiselo wetyala kwi-equity ratio (D/E ratio). Apha wena, njengomtyali-mali, jonga ii-liabilities okanye inkunzi ebolekiweyo ngokunxulumene ne-equity.

Masiqonde into enye: Ityala asiyonto imbi kwiinkampani. Ngokuchasene noko, i-capital capital ibonelela ngempembelelo enkulu kwinguqulelo kunye notyalo-mali. Ngaphezu koko, ngenxa yenzala ephantsi esele ikho iminyaka, umntu uyonwabela iintengiso ezininzivantages phezu kokusebenzisa inkunzi yemali elinganayo.

Nangona kunjalo, kukho umngcipheko othile xa uboleka imali. Inokubuyiselwa ngesaziso esifutshane. Kule meko, umntu kufuneka ahlale enemali ehambelana nayo.

Ukuba ufuna ukubala umlinganiselo we-D/E, uthatha onke amatyala exesha elifutshane kunye nexesha elide kunye, uwahlule ngokulingana kwaye ubale ipesenti ngokuphindaphinda nge-100:

Umlinganiselo we-D/E = amatyala akhoyo nangengawo angoku / i-equity * 100.

Eli xabiso likuxelela ukuba yeyiphi ipesenti yezabelo zamashishini ezingenanzala emisiweyo etyalwe etyaleni. Ukuba eli nani li-10 ekhulwini, oku kuya kuba ngumlinganiselo wamatyala.

Ngokubanzi, kunokuthiwa umthwalo wetyala ngaphezu kweepesenti ze-100 uhlala uhambelana nomngcipheko omkhulu - iinkampani ezinokulingana okulinganayo, ngakolunye uhlangothi, ziqhuba ikhosi ekhuselekileyo.

Kubatyalo-mali, nangona kunjalo, izinga eliphezulu letyala lingabonwa njengomqhubi wembuyekezo kwixesha elifutshane. Abanini zabelo bayaqonda ukuba ababolekisi abaninzi bakulungele ukuboleka ii-asethi zabo kweli qela. Oku kukhokelela kutyalo-mali olongezelelekileyo kunye nengeniso ekunokwenzeka ukuba ikhule. Ngakolunye uhlangothi, ukuba kukho umlinganiselo ophezulu wokulingana, uphuhliso lwexabiso lesabelo luyancipha, kodwa kwelinye icala isahlulo sihlala sizinzile.

Umthombo wesibini wengeniso: izabelo kunye nezivuno zezabelo

Ngaphandle kwesivuno, i-dividend iyaguquguquka ehambelana nezabelo. Ngale ntlawulo, unika iinkampani isabelo kwingeniso yakho. E-USA, izabelo zidla ngokuhlawulwa ngekota, ngelixa eJamani ufumana le ntlawulo kanye ngonyaka.

Isizathu soku kukwenza isabelo sibe nomtsalane ngakumbi kubatyali-mali. Ngokukodwa kwimeko yeetshiphusi eziluhlaza, oko kukuthi iinkampani ezinemali ephezulu kakhulu yemalike kwaye encinci ukungazinzi, ukwanda kwesivuno ngonyaka kunokuba kuncinci. I-dividend ke ibonelela ngembuyekezo ehambelanayo.

Kukwakho nabatyali-mali abaninzi abanomdla kuphela kwizabelo ezinezivuno eziphezulu zezahlulo. Baye bajonge ngaphezulu kwabo bonke ookumkani abahlulwe, okt iinkampani ezihlawula izabelo ezikhulayo zenzuzo kwiminyaka emininzi ngaphandle kokuphazamiseka.

Ukufumana malunga nesabelo esihambelanayo ngokusebenzisa amanani angundoqo, jonga kwi-dividend isivuno. Oku kudla ngokunikezelwa kwisishwankathelo seprofayile brokers ezifana eToro, IG.com kunye Capital.com.

Ingeniso yesahlulo sibonisa umlinganiselo phakathi kwesahlulo sokugqibela kunye nexabiso langoku njengepesenti. Ngoko ke ibalwa kusetyenziswa le fomyula ilandelayo:

Isabelo esihlawulweyo ngesabelo ngasinye / ixabiso lesabelo sangoku * 100.

Undoqo kukuba oku kukuxelela ukuba iphezulu kangakanani imbuyekezo kwisabelo ngasinye kwaye ikunika uqikelelo lokuba ingaba utyalo-mali lunobungqina bokuba lunenzuzo ngokwenene na. Okukhona lisezantsi ixabiso lesabelo kwaye kokukhona unyuka isahlulo, kokukhona uya kufumana isivuno sesahlulo.

Isixa esiphezulu sihlala singcono malunga nemveliso yesahlulo. Iinketho ezilungileyo kakhulu zokuthenga izabelo zokwenyani, ngaphezu kwazo zonke, iinkampani ezifikelela kwixabiso elimalunga neepesenti ezili-15 okanye ngaphezulu. Nokuba oku kunqabile. Imizekelo yezabelo ezinembuyekezo ephezulu yesabelo ukusukela ngo-2022 ziquka iHapag-Lloyd (9.3 pesenti), publity (12.93 pesenti), Digital Realty PDF G (18.18 pesenti) kunye neMacy's (11.44 pesenti).