Principles of Finance · 免费预览
股票估值方法
估值方法可分为倍数法与贴现现金流法：前者参照可比公司为股票定价，后者依据股票自身预期的现金流为其定价；两者各自回答不同的问题，并依据不同的证据。
1. Two great approaches
Two great approaches
2. The leading multiples
The leading multiples
3. When multiples mislead
When multiples mislead
4. Connecting to discounted cash flow
Connecting to discounted cash flow
5. The two approaches
Which pairing correctly describes the two great stock valuation approaches?
6. What the price-earnings multiple prices
What does a price-earnings ratio of 15 mean for a stock?
7. Choosing the peer set
Why do disciplined analysts insist on peer similarity when applying valuation multiples?
8. When the P/E breaks
In which situation does the price-earnings multiple fail to work at all?
9. The importation problem
What is the deepest limitation of valuing a stock with comparable multiples?
10. When the two approaches disagree
A discounted cash flow value sits well above the multiple-implied range for the same stock. What is the professional response?
11. The peer-pricing ratio
What two-letter ratio of price to earnings per share is the flagship valuation multiple? Write the letters.
12. The whole-firm numerator
What two-word term names the market value of a firm's equity plus its net debt, the numerator of whole-firm multiples? Answer in lowercase.
13. The no-anchor critique
What one-word term describes valuation that has no reference outside the market's own current pricing? Answer in lowercase.
14. The forward variant's base
Forward multiples divide price by which kind of earnings, expected future or realized past? Answer with one word.