Izilinganiso zesitoko: izibalo ezibaluleke kakhulu zokuhlaziya okuyisisekelo
Izilinganiso ekuhwebeni zikunikeza izinkomba ezibalulekile zazo Amasheya abanamandla nabangenakho. Zisetshenziswa ngaphezu kwakho konke ku ukuhlaziywa okuyisisekelo. Kule ndlela, ubheka ukubaluleka kwangaphakathi kwezinkampani bese uzama ukuthola ukuthi zenza inzuzo ezinzile futhi zinesimo sezulu esihle.
Bese uqhathanisa izilinganiso zamasheya nemakethe yamasheya. Liyini inani labatshalizimali futhi ingabe lilungile noma liyafaneleka uma liqhathaniswa namandla angempela? Phakathi kwezinye izinto, ungaqhathanisa inzuzo, inani lencwadi kanye nenzuzo nenani lamanje. Ngale ndlela, ufinyelela ekungalinganisweni okungahle kube khona noma ekulinganisweni ngokweqile. Ikakhulukazi inani kanye nokukhula abatshalizimali abasebenzisa lolu hlobo lokuhlaziya isitoko ngokwabo.
Izilinganiso ezibaluleke kakhulu zamasheya okufanele uzazi yilezi:
- Inzuzo yenkampani kanye nenzuzo ngesheya ngalinye
- Inani lebhuku ngesheya ngalinye
- Imali engenayo ngesheya ngalinye
- Ukungena kwemali
- Inzuzo
- Isilinganiso sentengo (isilinganiso se-P/E)
- Isilinganiso senani nencwadi (isilinganiso se-P/B)
- Isilinganiso sentengo nokuthengisa
- Isilinganiso sentengo-kuya-ukugeleza kwemali
- Isilinganiso sentengo-yemali engenayo-sokukhula
- Inani Lebhizinisi
- Inzuzo ye-dividend/dividend
- Veza
- Isici se-Beta
Inani langaphakathi: inzuzo yenkampani, inani lencwadi, inzuzo kanye nokugeleza kwemali ngesheya ngalinye
Inani langaphakathi lezinkampani, ngomqondo ongokomfanekiso, idatha yezezimali evela emsebenzini wezomnotho phakathi nonyaka owodwa. Ngoba traders, okugxilwe kakhulu enzuzweni. Lokhu kushicilelwa ngekota futhi kufinyezwe ekupheleni konyaka. Lokhu kube sekuphumela emalini ebalulekile etholwayo ngesheya ngalinye, esetshenziselwa ukubala ezinye izibalo ezibalulekile. Nokho, inzuzo yenkampani akuyona ukuphela kwepharamitha ehambisana nenani elingaphakathi lenkampani. Ngakho-ke kufanele futhi unake inzuzo emsulwa kanye nokugeleza kwemali ekuhlaziyweni kwesabelo sakho. Lesi sakamuva sichaza ukuhamba kwemali okuwuketshezi, okungukuthi imali engenayo nephumayo ngaphandle kwamanani aqanjiwe.
Okungelona uketshezi kuvame ukuphonswa ngokuqinile ezimpahleni ezibonakalayo nasezindaweni ezithengiswayo. Yiqiniso, lezi nazo zinenani okungafanele lishaywe indiva. Inani lencwadi lirekhoda zonke lezi ziguquko ngaphandle kwekhephithali ebolekiwe. Ikunikeza inkomba yokuthi zingaki izimpahla inkampani eseziphakamisile.
Inzuzo/amaholo ngesheya ngalinye
Ukuze ubale amaholo enkampani ngesheya ngalinye, thatha umphumela osemthethweni wokuphela konyaka ku- ishidi lokulinganisa futhi uwahlukanise ngenani lamasheya. Ngale ndlela uhlukanisa inzuzo yonyaka esemthethweni kusabelo ngasinye futhi wazi kahle ukuthi leli phepha liyimalini ngempela. Kamuva, ungakwazi ukuqhathanisa inzuzo yangaphakathi yesheya nenani layo futhi ngaleyo ndlela uphethe amandla ayo angakatholwa.
Inzuzo/Ukuthengiswa ngesheya ngalinye
I-turnover iyimali engenayo emsulwa yenkampani. Njengoba izindleko zokusebenza zingafakiwe lapha, lesi silinganiso siphezulu kakhulu kunenzuzo. Ukubheka leli nani kuyathakazelisa ikakhulukazi ezinkampanini ezisencane futhi ezizimisele kakhulu ukutshala imali.
Ngenxa yezindleko eziphezulu zokuthengwa okusha kanye nokuthuthukiswa kwemibono emisha, inzuzo ngokwayo ngokuvamile iphansi kakhulu. Isilinganiso semali etholwayo singabonisa ukweqa okukhulu lapha. Inzuzo, ngakolunye uhlangothi, ikhombisa ukuthi inkampani idayisa ngempumelelo kangakanani emakethe. Kungenzeka ukuthi imikhiqizo noma amasevisi adume kakhulu futhi abe namathemba esikhathi esizayo angakabonakali enzuzweni ngokwayo.
Ukugeleza kwemali/ukugeleza kwemali ngesheya ngalinye
Igama elithi cash flow noma cash flow lingahunyushwa kalula nje ngokuthi cash flow. Umuntu ufuna ukusebenzisa lesi silinganiso ukuze athole ukuthi iqembu liwuketshezi kangakanani. Ingabe imali ingenziwa ibe uketshezi futhi isetshenziswe ngokushesha okukhulu noma ukwenza imali egciniwe, izimpahla ezibonakalayo kanye nezindlu ezithengiswayo kuqala kufanele kuqedwe isikhathi eside?
Ngokuphambene nenzuzo, ukuhamba kwemali kubonisa kangcono iqiniso. Angeke ihlanganise izindleko ezingelona iqiniso ezifana nezinhlinzeko noma ukwehla kwenani. Ngakho-ke ubheka amandla angempela okuhola enkampani. Lokhu kungaba kuhle futhi kusetshenziselwe ukutshalwa kwezimali noma kube kushoda.
Inani lebhuku/inani lencwadi ngesheya ngalinye
Inani lebhuku lihlanganisa yonke into etholwa yimali ye-equity. Lokhu kusho ukuthi akubandakanyi inzuzo kuphela, kodwa zonke izimpahla ezibonakalayo kanye nezakhiwo zenkampani. Ungabona amafa aphelele kulokhu futhi ukusebenzise ukuze ulinganisele ukuthi yimaphi amanani aseqenjini ngempela. Ikakhulukazi endabeni yezinkampani ezikhulayo, lezi zinzima ukuzibona enzuzweni.
Inani lebhuku elihlukaniselwe isabelo liyisikhangisovantageous, hhayi okungenani ekuhlolweni kwezimakethe ezithuthukile. Ingabe inani lesheya eliphezulu kakhulu naphezu kwenzuzo ephansi liyibhamuza lesitoko esingaba khona noma izitoko zokukhula? Phakathi nebhamuza le-dotcom, ngokuvamile kwakucaca kumanani aphansi ezincwadi kanye nokutshalwa kwezimali okuncane lapho izinkampani ezithile zaziphokophele khona.
Kodwa-ke, abatshalizimali abaningi ngaleso sikhathi bayengwe ukukhuphuka kwezilinganiso ze-equity emakethe kangangokuthi balahlekelwa umbono wezezimali zangempela futhi bawela ogibeni lwebhamuza le-equity. Ukulinganisa okuphelele okunazo zonke izibalo ezibalulekile ezibalulekile kanye nedatha ngakho-ke kuwukuphela kokuhlaziya okuphelele.
Kufanele lihlolwe kanjani inani lebhizinisi?
Kwezomnotho, umuntu uthanda ukusebenza nenani lebhizinisi ukuze ahlole kahle impilo kanye namathuba esikhathi esizayo ezinkampani. Umehluko oyisisekelo wenziwa phakathi kwevelu yebhizinisi/inani lenkampani ehlanganisa yonke imithombo yemali kanye nenani elilinganayo lemali elungisiwe ngaphandle kwemali yesikweletu.
Inani lenkampani emakethe ngesisekelo sezilinganiso zangaphakathi lisuselwa ezimpahleni ezidingekayo ekusebenzeni kanye nezimpahla ezingadingeki ekusebenzeni. Lezi zinto zihlangene ziphumela enanini lenkampani noma lebhizinisi.
Ngokuvamile, inani lebhizinisi libalwa ngokuhlanganisa ukulingana nemali yesikweletu, lapho izimpahla ezingasebenzi bese zidonswa khona. Lesi sibalo esibalulekile ekugcineni sisetshenziselwa ukuqhathanisa amanani okusebenza kanye nemiphumela ezimakethe zamasheya ukuze kutholakale ukulinganisa okungaba ngaphansi nangaphezulu.
Ukuqhathanisa nenani lemakethe yamasheya: isilinganiso se-P/E, isilinganiso se-P/B
Okokuqala nje, amanani angaphakathi ezinkampani akunikeza ulwazi olubalulekile mayelana nezezimali ngokwazo. Nokho, ekuhwebeni kwamasheya, uyafuna futhi ukuthola ukuthi ingabe lolu lwazi luyahambisana yini nenani lesheya emakethe yesitoko. Ngokuvamile, ngenxa yezizathu ezihlukahlukene, kunomehluko osobala phakathi kwamanani entengo. Ukwehluka okunjalo kunikeza abatshalizimali abahlakaniphile amathuba angcono kakhulu okungena kumathrendi ahlukahlukene - ngisho nangaphambi kokuba babonwe abanye abanikazi bamasheya.
Isilinganiso semali engenayo
Kubanikazi bamasheya benani nabahlaziyi abayisisekelo, isilinganiso sentengo nenzuzo (isilinganiso se-P/E) siyisilinganiso esibaluleke kakhulu. Ngalesi silinganiso, ngamafuphi, uqhathanisa inani elingaphakathi ngendlela yenzuzo yonyaka kanye nenani lesheya emakethe. Ukwenza lokhu, kufanele uqale uhlukanise inzuzo yenkampani ibe isabelo ngokuyihlukanisa ngenani lamasheya asele.
Okulandelayo, hlukanisa inani lesheya lamanje ngenzuzo ngesheya ngalinye. Ngakho ifomula yokubala ithi:
P/E = inani lesheya / imali etholwayo ngesheya ngalinye.
Manje kufanele uhumushe isilinganiso somphumela ngendlela efanele. Ngokuvamile, ungasho ukuthi isilinganiso esincane se-P/E esingamaphoyinti angu-15 nangaphansi sibonisa ukungahlolisiswa. Nokho, kweminye imikhakha inzuzo ingase ibe phezulu ngokuvamile ngenxa yokuthi inzuzo ngokwayo ingase ingakabi namandla kangako kulesi sigaba.
Ngokunjalo, kufanele ngaso sonke isikhathi ubheke isilinganiso se-P/E kumongo nezinye izinkampani. Sekukonke, ungasebenzisa isilinganiso se-P/E ukuhlonza, phakathi kwezinye izinto, inani lamasheya, okungukuthi izibambiso lapho ukulinganisa ezimakethe zamasheya kungaphansi kakhulu kwamandla azo kanye namandla okuzuza. Ngaphezu kwalokho, ungakwazi ukuqaphela kusengaphambili ukuthi kukhona overvaluation okungenzeka nge ingozi webhamuza lesitoko. Kulokhu, kufanele uyeke ukutshala imali enkampanini yesitoko.
Isilinganiso senani nencwadi
Endabeni yenzuzo, ekuqaleni ubheka kuphela imali engenayo yenkampani elinganiselwe yomphakathi eqala ngokumelene nezindleko. Lokhu akubonisi ukuthi ingakanani imali eye yangena ku-inventory kanye nezakhiwo, isibonelo. Ngenxa yokutshalwa kwezimali, ulwazi olusuka esilinganisweni se-P/E lungakukhohlisa futhi amanani ezezimali enkampani angcono kunalokho obekucatshangwa umuntu ekuqaleni.
Ngakho-ke, abatshalizimali abahlakaniphile bahlale bebheka isilinganiso senani nencwadi (isilinganiso se-P/B) lapho belinganisa amasheya. Babheka inani lencwadi futhi bahlukanise intengo ngalesi silinganiso. Ngale ndlela uhlobanisa intengo yamanje yezibambiso emakethe nenani eliphelele.
P/B = Intengo yokwabelana / Inani lencwadi
Inani elilinganayo noma lebhuku ngokuvamile liphakeme kunenzuzo. Ngakho-ke ihlanganisa, phakathi kwezinye izinto, zonke izimpahla ezibonakalayo kanye nezakhiwo. Ngakho-ke, isilinganiso senetha se-P/B naso siphansi kunesilinganiso se-P/E. Lokhu kwenza ukulinganisa nokuhlola kube lula ngezinga elithile. Unaka kuphela ukuthi isilinganiso singaphezulu noma singaphansi kuka-1.
Uma isilinganiso senani nencwadi (P/B) singaphansi kuka-1, lokhu kuphakamisa ukungahlolisiswa. Uma iphezulu, ungase ucabangele ukuhlola okungaphezu kwalokho. Isilinganiso se-P/B sisebenza ikakhulukazi ezinkampanini ezisemakethe ye-boom okulinganisa kwazo okungambozwanga yinzuzo yamanje. Ngakho-ke izinkampani eziningi kule mikhakha azinalo nhlobo i-inventory kanye nezindlu ezithengiswayo, kodwa zinombono webhizinisi onzima kuphela. Inani lencwadi liphansi ngokufanayo futhi isilinganiso se-P/B siphezulu kakhulu.
Uma ezinye izibalo ezibalulekile njengesilinganiso se-P/E kanye ne-KCV zibonisa imiphumela efanayo, abatshalizimali kufanele bagweme ukuthenga futhi mhlawumbe baphume trade ngesikhathi esihle.
Isilinganiso sentengo-yenzuzo
Inani elingavamile ukusetshenziswa, nokho, elinganikeza usizo ngombono ophelele lapho kunquma noma ngokumelene nokuthenga, isilinganiso sentengo nenzuzo. Kulokhu, ungazinaki izindleko zenkampani. Ubheka imali engenayo kuphela, okungukuthi inzuzo yonyaka odlule.
Lokhu kukubonisa ukuthi imikhiqizo noma amasevisi enkampani athengisa kahle kangakanani. Lokhu kungaba inkomba enhle kakhulu yokukhula okungenzeka. Mhlawumbe inkampani isesigabeni sokuqala, idale isipho esithandwayo, kodwa ngesikhathi esifanayo idinga ukutshala izimali ukuze iqhubekele phambili. Lezi zimali ezitshaliwe zinciphisa ngokuzenzakalelayo inzuzo futhi inani lesheya lingase libonakale libaluleke kakhulu ngokungafanele.
Inzuzo kanye nenani lentengo / inzuzo (isilinganiso se-P/S) ngaleyo ndlela iletha ukucaciswa okuthile futhi idale ukuqonda okungcono ekuthuthukisweni kwangempela kwenkampani. Ungabheka nezibalo zeminyaka edlule ukuze ubone ukuthi inzuzo iyakhula, idume kangakanani isabelo kubatshalizimali nokuthi yiziphi izimali ezitshaliwe muva nje.
Ngokufanayo nenani lencwadi, inzuzo iphezulu kakhulu kunenzuzo. Ngakho-ke, izilinganiso zesigaba ziphansi ngokuhambisanayo kunezinga le-P/E futhi zingahunyushwa ngokucace kakhudlwana. Ngokuvamile, umuntu angasho ukuthi isilinganiso se-P/E esingaphansi kuka-1 sibonisa isabelo esishibhile kakhulu. Kufanele kube namandla amaningi aphezulu lapha. Inani elicishe libe ngu-1 kuye ku-1.5 lingencazelo yakudala, kuyilapho noma yini engaphezulu ebhekwa njengebizayo.
Ubuthakathaka be-KUV ngokuqinisekile ukuthi iyiziba ngokuphelele imali etholwayo. Lokhu kungase kungabi inkinga ekuqaleni, iminyaka ecebile yokutshala imali yenkampani. Nokho, ngokuhamba kwesikhathi, inkampani yomphakathi kufanele ibonise inzuzo. Inkomba enhle yokuthi kukhona ngempela ukukhula okulinganiselwe inikezwa ukubuyekezwa konyaka nonyaka kwezibalo zenzuzo.
Inani lokugeleza kwemali
Ukugeleza kwemali ngokuvamile kungachazwa njengamandla okuhola ezinkampani. Itemu lesiNgisi lingahunyushwa ngokuthi ukugeleza kwemali, okwenza kucace ukuthi lesi silinganiso ekugcineni sifinyelela kuphi. Kumayelana nokungena nokuphuma kwezimali eziwuketshezi - okungukuthi amanani emali angasetshenziswa ngokuqondile.
Ngakho-ke izinhlinzeko eziqanjiwe, ukwehla kwenani kanye nezimpahla ezibonakalayo azifakiwe. Ngale ndlela, ngaphezu kwakho konke, inzuzo ilungiselelwa amanani angenakho ukuhambisana kwangempela ebhizinisini lansuku zonke.
Ukuze kunqunywe ukuhamba kwemali, umuntu uqala ngokuthatha yonke imali etholwayo yenkathi ethile (ngokuvamile unyaka webhizinisi). Iningi lalawa manani liyimali engenayo yokuthengisa, imali engenayo yokutshalwa kwezimali njengenzalo, uxhaso kanye nokungatshali-zimali. Kulokhu ususa zonke izindleko ezidingekayo ukuze kuqhutshekwe nebhizinisi - isibonelo, izindleko zempahla, amaholo, izindleko zenzalo nezintela.
Ngaphambi kwezintela, ufika ekungeneni kwemali iyonke. Uma ususa izintela nemali engenayo yangasese kanye nokulinganisa ngemali ebekiwe, uthola inani elilungisiwe lengqikithi. Ukwengeza, ukutshalwa kwezimali kungadonswa futhi kufakwe nokungatshalwa kwezimali ukuze kufike ekungeneni kwemali kwamahhala.
Ukuze ufike esilinganisweni sentengo/ sokugeleza kwemali, ukuhamba kwemali kuhlukaniswa ngenani lamasheya asakazwayo. Leli nani lisetshenziselwa kuphela ukuhlukanisa inani lamasheya lamanje lenkampani. Ngakho-ke isibalo simi kanje:
I-KCV isetshenziswa ngaphezu kwakho konke ngoba kukhona inkululeko eyengeziwe ekunqumeni inzuzo, isb ngamanani aqanjiwe. I-KCV inikeza isithombe esingcono sempahla yangempela esakazwayo. Ngaphezu kwalokho, ngokuvamile ingasetshenziswa ngisho noma inzuzo ngokwayo ingeyinhle.
Njengesilinganiso se-P/E, intengo ephansi yokugeleza kwemali, isitoko sishibhe. Kungcono ukusebenzisa intengo ekungeneni kwemali njengesengezo esilinganisweni sentengo yemali etholwayo futhi ngaleyo ndlela ubheke izibambiso ngokuphelele. Isikhangisovantages futhi disadvantageama-KCV uma kuqhathaniswa nesilinganiso se-P/E yilawa:
Advantages Ukugeleza kwentengo kuya kukheshi VS. Isilinganiso se-P/E
- Ingasetshenziswa futhi esimweni sokulahlekelwa
- Ukukhohlisa kweshidi lebhalansi akuyona inkinga kunesilinganiso se-P/E.
- Endabeni yezindlela ezahlukene zokubala, i-KCV inikeza ukuqhathanisa okungcono.
Khubazavantages Ukugeleza kwentengo kuya kukheshi VS. Isilinganiso se-P/E
- I-KCV noma ukugeleza kwemali kushintsha ngaphezu kwesilinganiso se-P/E ngenxa yemijikelezo yokutshala imali
- Ngenxa yokutshalwa kwezimali/ukwehla, i-KCV ihlanekezelwe ezinkampanini ezikhula kakhulu nezinciphayo.
- Kunezindlela ezahlukene zokubala ukuhamba kwemali (ingqikithi, inetha, ukugeleza kwemali kwamahhala)
- Ukugeleza kwemali kwesikhathi esizayo cishe akunakwenzeka ukubikezela
Ngenzenjani ngezilinganiso?
Ochwepheshe basebenzisa izilinganiso ezishiwo ngenhla ngokuyinhloko ukuze banqume ukucutshungulwa okungaphezulu kanye nokubukelwa phansi kwamasheya. Lokhu kwenziwa ngokwesilinganiso ngokwesilinganiso se-P/E. Kodwa-ke, njengoba imali etholwayo ingasetshenziswa kalula ngabaphathi benkampani futhi, ngakolunye uhlangothi, ukutshalwa kwezimali okuthile akufakiwe esibalweni njengokuthuthuka okuhle, abatshalizimali abaningi abanolwazi basebenzisa ezinye izilinganiso. Lokhu kukunikeza isithombe esibanzi sokuthuthukiswa kwangempela kwenkampani.
Ngesilinganiso se-P/E kanye ne-KCV, isibonelo, ungase uqale ufike kumanani aphezulu uma kuqhathaniswa. Kufanele nakanjani uhumushe lokhu ngokwengqikithi yemboni. Izingxenye zokukhula ezifana ne-e-commerce, i-e-mobility, i-hydrogen nokunye okunjalo kuvame ukuba nezindleko eziphezulu kakhulu. Ngenxa yalokho, isilinganiso sentengo-amaholo ikakhulukazi siphezulu kakhulu. Uma uthi nhlá, umuntu angathatha i-overvaluation.
Kokubili isilinganiso se-P/E kanye ne-KCV sibonisa ukulinganisa ngokweqile ngamanani aphezulu ngokusobala angaphezu kuka-30. Ngakho-ke isilinganiso sikaTesla sika-P/E sibe ngaphezu kwamaphoyinti ayi-100 iminyaka eminingi. Kodwa-ke, leli nani lifakwa ekubukeni uma liqhathaniswa nenani / isilinganiso sokugeleza kwemali - i-KCV isondela eduze nengxenye yesilinganiso se-Tesla P/E.
Kodwa-ke, uma manje sengeza isilinganiso se-PEG, okungukuthi isilinganiso sentengo-yemali etholwayo-sokukhula, sithola umphumela ongaqalwanga ngokuphelele we-Tesla. Isizathu salokhu ukuthi ukukhula kwesikhathi esizayo kubhekwa ngesisekelo sezibikezelo. Ngizobuyela kuleli phuzu kamuva.
Ngokulinganisa kwamanje ngaphandle kwezibikezelo zesikhathi esizayo, ezinye izilinganiso eziningi ziyangabazeka. Ikakhulukazi, uyazuza enanini lebhuku nasekuthengisweni ukuze uhlole kangcono izintengo zamasheya ngokwenani langaphakathi.
Ngaphakathi kohlaka lokuhlaziya okuyisisekelo, i-KBV ne-KUV ibonisa, ngesisekelo sezibalo ezingaphezulu noma ezingaphansi kuka-1, noma ngabe isheya likhulu kakhulu noma alinakwanga kangako ngokuphathelene nokulingana nemali engenayo. Lokhu kudlala indima ebalulekile ikakhulukazi ezinkampanini ezisencane - lapha izindleko zivame ukuba phezulu futhi ngaleyo ndlela zihlanekezele isitatimende mayelana namandla angempela enzuzo nokuphuma kwemali.
Advantageous for Value and Growth Investment
Okokuqala nokubalulekile, umuntu usebenzisa izilinganiso ukuze ahlole amanani entengo yamasheya njengeziphezulu kakhulu noma eziphansi kakhulu. Ukulindela lokhu: Zombili lezi zimo zinikeza ithuba lokutshala imali ngendlela enenzuzo. Njengomthetho, noma kunjalo, abatshalizimali bazogijimela ukwazisa amasheya, abonakala ngokungahlolisisi okuqinile. Okunye, ukukhula kwamasheya anenani eliphezulu kakhulu lemakethe kungase kuthembise abantu abazotshalwa yizimali isikhathi eside.
Iyini iValue Investment?
Utshalomali lwenani lungenye edume kakhulu amasu phakathi kwabatshalizimali abathembele ekuhlaziyeni okuyisisekelo ngezibalo ezibalulekile. Yenziwa yaduma ngaphezu kwakho konke incwadi kaBenjamin Graham ethi “The Intelligent Investor” kanye nomlandeli wakhe uWarren Buffett, owazuza ingcebo ngenkampani yakhe yokutshala imali iBerkshire Hathaway.
Umgomo oyisisekelo wokutshala imali ukuthola inani eliphansi kakhulu lesitoko senkampani enamandla amakhulu. Ngakho kulokhu ubheka isilinganiso se-P/E kanye ne-KCV. Lokhu kunikeza izinkomba zokuqala zokuthi kungaba ukubukelwa phansi.
Manje kufanele kucace kakhudlwana ukuthi lokhu akubangelwa nje ukuntuleka kokutshalwa kwezimali. Ngakho-ke kuyafaneleka ukubonisana nezinye izilinganiso, isilinganiso se-P/B kanye nesilinganiso se-P/E. Kodwa uma inkampani inamandla angaka, kungani lokhu kungaboniswa ngendlela yamanani amasheya?
Lona ngumbuzo abatshalizimali emkhakheni wenani okufanele bawuphendule kuqala. Izizathu ezingenzeka zokungalinganisi kahle kungaba:
- Izindaba ezingezinhle mayelana nenkampani
- Amahlazo esikhashana kanye nezindaba ezingezinhle ezihambisana nawo
- Izinhlekelele zamazwe ngamazwe (ukwehla kwamandla emali aqondene, impi, ubhubhane) kanye nokwethuka okuba khona phakathi kwabatshalizimali
- Abatshalizimali abakawatholi amandla okutshala izimali zabo noma basangabaza
- Njengoba kunikezwe izizathu ezishiwo ngenhla, ukutshala imali kwenani kufanele kube nenzuzo kunoma yikuphi. Ngisho nezintengo zezinkampani ezinenzuzo kakhulu njenge-Amazon, Apple & Co. zingaphahlazeka enkingeni okwamanje. Kodwa uma izibalo ezibalulekile zibonisa a
- imodeli yebhizinisi ezinzile, izilinganiso cishe azinasisekelo. Njengamanje kufanele ubeke imali yakho esabelweni esifanele.
Isimo sihlukile endabeni yentuthuko engathandeki esanda kubonakala. Kungenzeka ukuthi inkampani encintisana nayo isanda kwethula umkhiqizo woguquko lowo umholi wemakethe wangaphambili angeke akwazi ukuhambisana nawo ngokuhamba kwesikhathi. Abatshalizimali babeka intengo yalokhu kuthuthukiswa esilinganisweni sesabelo sabo esikhathini esizayo.
Ngakho ngisho noma inzuzo yangonyaka odlule yayiphezulu futhi isilinganiso se-P/E sibonisa ukuncishiswa kwamanani ngenxa yokuwa kwamanani, lokhu kungenzeka ukuthi kwakufaneleka ngokuphelele. Ngakho-ke intengo ingase yehlele kude kakhulu ku-pennystock, yingakho ukutshalwa kwezimali lapha bekungeke kube indawo. Isibonelo sentuthuko enjalo yindaba yakwaNokia ne-Apple.
Iyini i-Growth Investment?
Ukukhula kwezimali kuyindlela ehluke ngokuphelele. Abatshalizimali bacabanga ukuthi inkampani nayo yonke imboni isencane. Ngakho-ke, ukutshalwa kwezimali kuphezulu futhi inzuzo iphansi. Kuze kube manje, imikhiqizo kungenzeka ukuthi ayikazinzi ngempumelelo emakethe. Kodwa-ke, umbono usuvele muhle kakhulu futhi uyathembisa ukuthi abanikazi bamasheya abaningi bazimisele ukutshala izimali ezinkulu ngokuqagela enkampanini.
Ukuthi kuyathetheleleka noma cha - intengo yesheya iqala ikhuphuke. Ukukhula abatshalizimali bafuna ukuthatha isikhangisovantage lokhu kukhula futhi mhlawumbe inzuzo kukho esikhathini eside. Ngesikhathi sebhamuza le-dotcom, bekuzodingeka ukuthi umuntu abheje izinkampani ezifana ne-Amazon, Google kanye ne-Apple ukuze akwazi ukuthatha isikhangiso.vantage yenani eliphezulu kakhulu lesabelomali ngemva kweminyaka ecishe ibe ngu-20. Uma isetshenziswa ngokuhlakanipha, amasheya anjalo angaba isisekelo esihle sokuqongelela ingcebo lapho usumdala.
Ngakolunye uhlangothi, izitoko ezinenani eliphakeme kakhulu (i-P/E ne-KCV ngaphezu kuka-30 nangaphezulu; i-KBV ne-KUV ngaphezu kokungu-1) zinokuthambekela kokunwebeka zibe amabhamuza esitoko. Lapha, ukutshalwa kwezimali okufakwa enkampanini ngabatshalizimali akucishe kuhlanganiswe amandla angempela. Ngakho-ke imakethe ilokhu ikhuphuka kuze kube yilapho abantu bebona ukuthi ngeke iqhubeke kanje.
Ngokushesha nje lapho abatshalizimali bebona ukuthi inkampani ngeke ikwazi ukuhlangabezana nokulindelwe yimakethe yamasheya, imakethe iyawa futhi amanani amasheya ehla.
Ngisho nakulesi simo, kunjalo, kungenzeka ukwenza inzuzo ehlakaniphile. Ngakolunye uhlangothi, ukubuya kungathathwa kufinyelele phezulu. Kodwa uma utshale imali kusenesikhathi, kungcono ukuthi uphume ngokushesha kunokuba sekwephuze kakhulu - ngokwesiqubulo esithi: tshala lapho kuqhuma izibhamu, thengisa lapho kudlala amavayolini.
Ukuthengisa okufushane nakho kuyinketho ethokozisayo. Kulesi simo, uboleka isabelo ngentengo ephezulu futhi usithengise ngokushesha. Kamuva uyithenga futhi ngenani eliphansi futhi uyinikeze umhlinzeki ofanele kanye nemali yokubolekwa. Ngaleyo ndlela wenze inzuzo ngomehluko ngenxa yokwehla kwamanani.
Ukuthengisa okufushane, ngendlela, kulula kakhulu nge CFD trade ku- broker. Umane uye kuwebhusayithi ehambisanayo, ubhalise ngegama lakho nekheli le-imeyili futhi unga trade ngokuphambene ngezinkontileka ezibonakalayo. Ungakwazi thola okulungile broker kalula nge yethu ithuluzi lokuqhathanisa.
Izinkinga ngokuhlaziywa kwamasheya kusetshenziswa izilinganiso zamanani
Inkinga enkulu ngokutolika izilinganiso zamanani ngokwemali etholwayo, inani lencwadi, ukuthengiswa nokugeleza kwemali ukuthi zike zikunikeze amazwibela esikhathi esedlule. Kodwa-ke, inani lokwabelana emakethe yamasheya lihlala lisabela entuthukweni yamanje kanye nokulindelwe esikhathini esizayo. Lokhu kudala ukungqubuzana okungathethelelwa noma kungenzeki.
Ochwepheshe bangempela basanda kuqaphela ukuthi ukubheka esikhathini esedlule akwanele kwezinye izimboni. Ngakho-ke umuntu kufanele abheke nezibikezelo zekusasa, phakathi kokunye, futhi azifake ekuhloleni.
Izixazululo ezingenzeka: Ukukhula, izibikezelo, ukuhamba kwemali okunesaphulelo kanye negiya
Ukuze unciphise izinkinga zokuhlaziya okuyisisekelo okubheka emuva, into eyodwa kuphela esiza: udinga ukubheka ikusasa. Akhona ngempela amanye amathuluzi ebhokisini lamathuluzi labatshalizimali angasetshenziselwa le njongo. Ngokuqondile, izibikezelo kanye nokuqhathaniswa kokukhula kungakusiza ukukunikeza isithombe esicacile semakethe.
Isilinganiso sentengo-yemali engenayo-sokukhula
Ithuluzi elisebenza kahle kakhulu kulokhu isilinganiso se-PEG (inani/izinzuzo kuya kusilinganiso sokukhula). Ibalwa ngokuhlukanisa i-KVG ngephesenti lokukhula elilindelekile. Ngakho ifomula ithi:
Isilinganiso se-PEG = isilinganiso se-P/E / ukukhula kwephesenti elilindelekile lokukhula.
Njengomphumela uthola njalo inani elingaphezulu noma elingaphansi kuka-1. Ngaphezulu koku-1 ungakwazi cishe ukucabanga ukuhlola okuningiliziwe, ngaphansi kuka-1 ukulinganisa okuncane. Njengesibonelo, isabelo singaba nesilinganiso se-P/E sika-15 kanye nesibikezelo samaphesenti angu-30. I-PEG izobe isiba ngu-0.5, ngakho-ke umuntu angalindela intengo yezabelo ukuthi iphindeke kabili onyakeni olandelayo.
Kodwa-ke, inkinga nge-PEG ukuthi izibikezelo ngeke zigcwaliseke 1 kuya ku-1. Ochwepheshe bavele bazithole ekuthuthukisweni kweminyaka edlule kanye nesimo somnotho engxenyeni ethile. Uma kuba nokuwohloka komnotho okungazelelwe noma isimo esibucayi, ukuthambekela kungashintsha ngokungalindelekile kube okuphambene. Ngaphezu kwalokho, izinga lenzalo yemakethe alinakwa, okuphinde kube nomthelela ekuthuthukisweni kwamasheya.
Isilinganiso se-P/E sangaphambili
Abatshalizimali abaningi bayaqhubeka nokusebenzisa isilinganiso se-P/E sangaphambili njengengxenye yokuhlaziya kwabo. Kubuye kubizwe ngokuthi yi-Forward PE Ratio. Ngokuphambene nesilinganiso se-PE esivamile, asisekelwe enzuzweni yonyaka kusukela esikhathini esidlule, kodwa ekulindelweni kwenzuzo. Ikakhulukazi uma kuqhathaniswa nezinyanga ezedlule, kulula ukufinyela esiphethweni mayelana nokuhlolwa okungaphezulu noma ukuncisha inani.
Phambili PE isilinganiso = intengo yamanje yamasheya / isibikezelo umholo ngesheya ngalinye
Kungcono ukubheka isilinganiso se-PE yangaphambili kanye nemiphumela yeminyaka embalwa edlule. Uma kungaphezu kwalokho, ukulindelwe kwezinzuzo kuyehla. Njengesilinganiso se-P/E, okulindelwe yinkampani emakethe yamasheya kuyahlukahluka kuye ngemboni. Ngakho-ke, ukulinganisa ngokweqile nokungalinganisi kangako kuhlale kunqunywa kumongo wemakethe.
Kodwa-ke, kufanele uhlale wazi ukuthi inzuzo yesibikezelo iyinani lethiyori. Ngisho noma abahlaziyi abaningi becabanga ukukhula, lokhu akudingekile ukuthi kwenzeke ekugcineni. Ngaphezu kwalokho, ama-ejensi wokulinganisa aqondiswa amaphepha ebhalansi asemthethweni, lawo, nokho, angashintshwa abaphathi benkampani.
Enye i-disadvantage ye-PE yangaphambili isikhathi sokubikezela esilinganiselwe. Isilinganiso esinjalo se-PE empeleni singaba nenjongo ngempela uma sibheka iminyaka eminingana esikhathini esizayo. Kodwa-ke, labo abanenhlanhla futhi babheke ngokujulile kwezinye izilinganiso ngokuvamile bazuza ekutshalweni kwezimali okungenani esikhathini esifushane.
Ukungena kwemali okwehlisiwe
Ukugeleza kwemali okunesaphulelo (i-DCF) kungahunyushwa njengokugeleza kwemali okunesaphulelo. Lapha, inani lebhizinisi linqunywa ngokubala okuyinkimbinkimbi nokuhlola. Ngokuphambene nesilinganiso se-PE yangaphambili, le modeli isebenzisa ukuhamba kwemali njengesisekelo, kodwa futhi izibikezelo zesikhathi esizayo. Ngakho-ke, kusetshenziswa ukuqagela kwethiyori kuphela.
Lokhu, ngemva kwakho konke, ngokwengxenye kusekelwe kumakhasi ebhalansi noma ama-akhawunti enzuzo nokulahlekelwa eminyaka embalwa edlule. Kodwa-ke, ukugeleza kwemali akumane nje kuhlanganiswe, kodwa kwehliswa maqondana nonyaka okuqhamuke ngawo. Lokhu akusho lutho ngaphandle kokuthi inzalo kanye nokwehla kwamandla emali kuhlanganiswa.
Lezi zici zenza imali ilahlekelwe inani ngokuhamba kwesikhathi. Ngakho-ke, njengomtshali-zimali, akufanele nje ushiye izimpahla ku-akhawunti yasebhange ngaphandle kwesizathu, kodwa kunalokho ukutshala kwezinye izingxenye zokuvikela ukwehla kwamandla emali.
I-Debt to equity ratio yenkampani
Kungase futhi kuthakazelise ukubheka isilinganiso sesikweletu ku-equity (D/E ratio). Lapha wena, njengomtshali-zimali, ubheka izikweletu noma imali eyinhloko ebolekiwe maqondana nokulingana.
Ake siqonde into eyodwa: Isikweletu asiyona into embi ezinkampanini. Ngokuphambene nalokho, imali yezikweletu inikeza umfutho omkhulu wokusungula izinto ezintsha kanye nokutshalwa kwezimali. Ngaphezu kwalokho, ngenxa yamazinga enzalo aphansi akhona iminyaka, umuntu ujabulela izikhangiso eziningivantages phezu kokusebenzisa imali ye-equity.
Noma kunjalo, kunengozi ethile lapho uboleka imali. Ingabuyiselwa ngesaziso esifushane. Kulokhu, umuntu kufanele ngaso sonke isikhathi abe nemali ehambisanayo etholakalayo.
Uma ufuna ukubala isilinganiso se-D/E, uthatha zonke izikweletu zesikhathi esifushane nezesikhathi eside ndawonye, uzihlukanise ngokulingana futhi ubale iphesenti ngokuphindaphinda ngo-100:
Isilinganiso se-D/E = izikweletu zamanje nezingezona ezamanje / ukulingana * 100.
Leli nani likutshela ukuthi yimaphi amaphesenti okulingana atshalwe esikweletini. Uma lesi sibalo singamaphesenti ayishumi, lokhu kungaba izinga lesikweletu.
Ngokuvamile, kungashiwo ukuthi umthwalo wesikweletu ngaphezu kwamaphesenti angu-100 uhlale uhlotshaniswa nengozi eyengeziwe - izinkampani ezinokulingana okuningi, ngakolunye uhlangothi, ziqhuba inkambo ephephile kakhulu.
Nokho, kubatshalizimali, izinga eliphezulu lesikweletu lingabonakala njengomshayeli wembuyiselo esikhathini esifushane. Abaninimasheya bayaqaphela ukuthi ababolekisi abaningi bazimisele ukuboleka izimpahla zabo kuleli qembu. Lokhu kuholela ekutshalweni kwezimali okwengeziwe kanye nenzuzo ekhulayo. Ngakolunye uhlangothi, uma kunengxenye ephezulu yokulingana, ukuthuthukiswa kwenani lezabelo kuyehliswa, kodwa ngakolunye uhlangothi i-dividend ivame ukuzinza kakhulu.
Umthombo wesibili wemali engenayo: izabelo kanye nenzuzo yezabelo
Ngaphandle kwesivuno, i-dividend iyinhlobonhlobo ehambisana namasheya. Ngale nkokhelo, unikeza izinkampani isabelo enzuzweni yakho. E-USA, izinzuzo ngokuvamile zikhokhwa njalo ngekota, kuyilapho e-Germany uthola le nkokhelo kanye ngonyaka.
Isizathu salokhu ukwenza isabelo sithandeke kakhulu kubatshalizimali. Ikakhulukazi endabeni yama-chips aluhlaza, okungukuthi izinkampani ezinemali emakethe ephezulu kakhulu futhi encane ukungazami, ukwanda kwesivuno ngonyaka kuncane kakhulu. I-dividend ibe isinikeza isinxephezelo esihambisanayo.
Kukhona ngisho abatshalizimali abaningi abathanda kuphela amasheya anenzuzo ephezulu ye-dividend. Bese bebheka ngaphezu kwakho konke ama-dividend kings, okungukuthi izinkampani ezikhokha amasheya akhulayo enzuzo emashumini amaningi eminyaka ngaphandle kokuphazamiseka.
Ukuze uthole ulwazi mayelana nesabelo esihambisanayo ngezibalo ezibalulekile, bheka isivuno se-dividend. Lokhu kuvame ukunikezwa kusifinyezo sephrofayili ku brokernjenge-eToro, IG.com kanye Capital.com.
Isivuno sezabelo sibonisa isilinganiso phakathi kwenzuzo yokugcina nentengo yamanje njengephesenti. Ngakho-ke kubalwa kusetshenziswa ifomula elandelayo:
Isabelo esikhokhiwe ngesheya ngalinye / inani lamanje lesabelo * 100.
Okubalulekile ukuthi lokhu kukutshela ukuthi iphezulu kangakanani imbuyiselo yesheya ngalinye futhi kukunikeza isilinganiso sokuthi utshalomali lungaba nenzuzo ngempela yini. Uma intengo yezabelo iphansi futhi inyuka i-dividend, yilapho uzozuza isivuno esikhulu se-dividend.
Inani eliphakeme lihlala lingcono ngokwenzuzo ye-dividend. Izinketho ezinhle kakhulu zokuthenga amasheya wangempela, ngaphezu kwakho konke, izinkampani ezifinyelela inani elingamaphesenti ayi-15 noma ngaphezulu. Ngisho nalokhu kuyivelakancane. Izibonelo zamasheya anenzuzo ephezulu yenzuzo kusukela ngo-2022 zifaka i-Hapag-Lloyd (9.3%), publity (12.93%), Digital Realty PDF G (18.18%) ne-Macy's (11.44%).
