从五朵金花看公司估值（From five golden flower company valuation）.docVIP

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从五朵金花看公司估值（From five golden flower company valuation）.doc

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从五朵金花看公司估值（From five golden flower company valuation）

从五朵金花看公司估值（From five golden flower company valuation） The company valuation methods are mainly divided into two categories, one is the relative valuation method, is characterized mainly by multiplier method, relatively simple, such as PE (price/eps) PB (PB) valuation method, valuation method, PEG (PEG index (earnings / earnings growth rate), EV/EBITDA (EV/EBITDA) valuation method: Enterprise value and interest, taxes, depreciation and amortization earnings ratio valuation method). Another is the absolute valuation method, characterized by the main discount method, more complex, such as DCF (Discounted, Cash, Flow) cash flow discount method, options pricing methods. Relative valuation method and five golden flowers The relative valuation method is widely used because of its simplicity and ease of calculation. But in fact, each relative valuation method has its certain scope of application, and is not applicable to all types of listed companies. At present, a wide range of relative valuations are misused and abused, and the situation is shallow. Here are one or two examples of the most commonly used PE method. General understanding, the lower the P/E value, the more investment value the company has. Therefore, when the P/E value is low, the intervention is more consistent with the logic of investment when it is thrown. But in fact, because at the end of 2004, the Five Golden Flower P/E value is low, the company has investment value and investors involved, the current loss of money is inevitable. On the contrary, the anti P/E method of operation of investors average income is quite good, that is, at the end of 2001, when the P/E value is higher, involved in Five Golden Flower investors, at the end of 2004, P/E value is low before throwing. So, whats the reason? In fact, very simple, the reason is that PE law does not apply to the Five Golden Flower category of a strong industry cyclical listed companies. On the other hand, most investors are concerned only with the cha