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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.
1
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.
2
Example: Method of Comparables