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MarketBased Valuation: Price and Enterprise Value Multiples

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.

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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.

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Example: Method of Comparables

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Example: Method of Forecasted Fundamentals

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Example: Method of Forecasted Fundamentals

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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).

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P/E (Price-to-Earnings) Ratio

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P/E Ratio

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P/E Ratio

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P/B (Price-to-Book) Ratio

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P/B Ratio

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P/B Ratio

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P/B Ratio

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P/B Ratio

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P/B Ratio

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P/S (Price-to-Sales) Ratio

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P/S Ratio

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P/S Ratio

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P/S Ratio

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P/S Ratio

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P/CF (Price-to-Cash Flow) Ratio

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Dividend Yield (D/P)

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Dividend Yield

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Dividend Yield

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