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Price multiples (such as PE, PB, PEG, PS, PCF ratios) are among the most widely used tools for valuation of equities. Comparing stocks price multiples can help an investor judge whether a particular stock is overvalued, undervalued, or properly valued in terms of measures such as earnings, book value, sales, or cash flow per share. Enterprise value multiples (such as EVEBIDTA ratio) relate the total value of a company, as reflected in the market value of its capital from all sources, to a measure of operating earnings generated, such as earnings before interest, taxes, depreciation, and amortizaton. Momentum indicators compare a stocks price or a companys earnings to their values in earlier periods.
Market-Based Valuation: Price and Enterprise Value Multiples 기업가치분석: 중앙대학교 경영학부 박창헌 교수 Warm-Up: MULTIPLES Price multiples (such as P/E, P/B, PEG, P/S, P/CF ratios) are among the most widely used tools for valuation of equities Comparing stocks' price multiples can help an investor judge whether a particular stock is overvalued, undervalued, or properly valued in terms of measures such as earnings, book value, sales, or cash flow per share Enterprise value multiples (such as EV/EBIDTA ratio) relate the total value of a company, as reflected in the market value of its capital from all sources, to a measure of operating earnings generated, such as earnings before interest, taxes, depreciation, and amortizaton Momentum indicators compare a stock's price or a company's earnings to their values in earlier periods Approaches to Using Multiples in Valuation You should distinguish between the method of comparables and the method of forecasted fundamentals as approaches to using multiples in valuation Example: Method of Comparables Example: Method of Forecasted Fundamentals Example: Method of Forecasted Fundamentals PRICE MULTIPLES Price multiples are ratios of a common stock's market price to some fundamental variable The most common example is the price-to-earnings (P/E) ratio A justified price multiple is what the multiple should be if the stock is fairly valued If the actual multiple is greater than the justified price multiple, the stock is overvalued; if the actual multiple is less than the justified multiple, the stock is undervalued (all else equal) P/E (Price-to-Earnings) Ratio P/E Ratio P/E Ratio Definitions of Cash Flow Used in Multiples (4) EBITDA 66 Example: Calculating P/CF 67 Enterprise Value and EV/EBITDA 68 EV/EBITDA Ratio 69 EV/EBITDA: Advantages and Drawbacks 70 Example: Calculating EV/EBITDA 71 Example: Calculating EV/EBITDA 72 Alternative Measures 73 Cross-Border Valuation Comparisons 74 Momentum Indicators 75 Momentum Indicators 76 Central Tendency of a Group of Multiples 77 Central Tendency of a Group of Multiples 78 Central Tendency of a Group of Multiples 79 This work is protected by copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted The work and materials from it should never be made available to students except by instructors using the accompanying texts published by Kaplan, Wiley, McGraw-Hill, etc in their classes All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials ! 80 [...]...P/B (Price- to-Book) Ratio 10 P/B Ratio 11 P/B Ratio 12 P/B Ratio 13 P/B Ratio 14 P/B Ratio 15 P/S (Price- to-Sales) Ratio 16 P/S Ratio 17 P/S Ratio 18 P/S Ratio 19 P/S Ratio 20 P/CF (Price- to-Cash Flow) Ratio 21 Dividend Yield (D/P) 22 Dividend Yield 23 Dividend Yield 24 Underlying Earnings 25