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PEG(Price/Earnings to Growth Ratio)

又叫本益成长比(Price/Earnings to Growth Ratio,PEG),又称动态股价收益比,最早是由英国投资大师吉姆·史莱特(Jim Slater)提出,经由美国证券投资家彼得·林奇(Peter Lynch)发扬彰显,史莱特因而被称为PEG选股法的创始人。PEG指标最先应用于英国证券市场,然当时英国证券市场的影响力较小,该指标并未引起国际间较大的关注。1992年,史莱特的著作《祖鲁法则》(The Zule Principle)出版,始将PEG应用在投资和选股的方法推广到美国。而后,在美国投资大师彼得·林奇的用心推广下,终于获得世人的看重,后人甚至将PEG方法的功绩归功于彼得·林奇。



PEG的选股指标,结合考虑了目标企业的市盈率(本益比)水平和未来盈利的成长性。一般认为当PEG为 1 时估值合理,数值越低则意味着股价越被低估。史莱特甚至认为要找PEG低于0.75的股票,最好是能低于0.66。

 计算方法

PEG=市盈率/净利润增长率

※分母为预估盈余成长率或一段时间的盈余成长率平均值皆可。
例如:一家公司的市盈率是100倍,未来3至5年年度净利润复合增长率是 50%,该公司的PEG即为 100/50,即PEG为 2。

价格/收益对增长率(PEG)的比率是多少?

市盈率(PEG)是股票的市盈率(P / E)除以指定时间段内其收益的增长率。PEG比率用于确定股票的价格,同时还考虑公司的预期收益增长,并且与更标准的P / E比率相比,它提供了更完整的信息。
重要要点
PEG比率通过将预期收益增长添加到计算中来提高P / E比率。
PEG比率被认为是股票真实价值的指标,并且与P / E比率相似,较低的PEG可能表明股票被低估了。
给定公司的PEG可能会从一个报告来源到另一个报告来源有很大不同,这取决于在计算中使用的是哪种增长估计,例如一年或三年的预计增长。
如何计算PEG比率

PEG比率= (每股收益增长/股价)/每股盈利
EPS =每股收益

要计算PEG比率,投资者或分析师需要查找或计算所涉及公司的市盈率。市盈率的计算方法是:公司的每股价格除以每股收益(EPS)或每股价格/ EPS。
计算市盈率后,使用跟在该股票后面的金融网站上可用的分析师估计值,找到该股票的预期增长率。将数字插入等式,并求解PEG比率数。
准确性
与任何比率一样,PEG比率的精度取决于所使用的输入。从公开来源考虑公司的PEG比率时,重要的是找出计算中使用的增长率。雅虎!例如,财务部门根据本年度数据和5年预期增长率,使用市盈率计算PEG。1个

例如,如果预期未来的增长率会偏离公司的历史增长率,则使用历史增长率可能会提供不正确的PEG比率。例如,可以使用一年,三年或五年的预期增长率来计算该比率。
为了区分使用未来增长和历史增长的计算方法,有时会使用术语“正向PEG”和“尾随PEG”。
市盈率对您的影响是什么?
低的市盈率可能会使股票看起来像是一个不错的选择,但考虑到公司的增长率来获得该股票的PEG比率,则可能会得出不同的结论。PEG比率越低,鉴于其未来的盈利预期,该股可能会被低估。将公司的预期增长添加到该比率中有助于调整那些可能具有高增长率和高市盈率的公司的结果。
PEG比率结果表明库存过高或过低的程度因行业和公司类型而异。根据一般经验,一些投资者认为PEG比率低于1是可取的。

根据著名投资者彼得·林奇(Peter Lynch)的说法,公司的市盈率和预期增长应相等,这表示公司估值合理,并支持PEG比率为1.0。当公司的PEG超过1.0时,就被认为是高估了,而PEG小于1.0的股票就被认为是低估了。2
如何使用PEG比例的示例
PEG比率提供了有用的信息来比较公司,并查看哪种股票可能是满足投资者需求的更好选择,如下所示。
假设以下两个假设公司A和B的数据:
公司A:
每股价格= 46美元
今年每股收益= $ 2.09
去年每股收益= 1.74美元
公司B
每股价格= $ 80
今年每股收益= 2.67美元
去年每股收益= 1.78美元
有了这些信息,就可以为每个公司计算以下数据。

公司A
市盈率= $ 46 / $ 2.09 = 22
收入增长率=($ 2.09 / $ 1.74)-1 = 20%
PEG比= 22/20 = 1.1
公司B
市盈率= $ 80 / $ 2.67 = 30
收入增长率=($ 2.67 / $ 1.78)-1 = 50%
PEG比= 30/50 = 0.6
许多投资者可能会看一下A公司,因为它在两家公司之间的市盈率较低,因此更具吸引力。但是与B公司相比,它的增长率不足以证明其P / E是合理的。B公司的交易价格低于其增长率,购买该公司的投资者支付的每单位收益增长率却更低。

美捷财智是一家全球商业和金融新闻股票行情以及市场数据和分析探索交易方法的社交平台,提供证券交易数据、股票数据分析、市场行情分析、智能选股软件、量化交易以及区块链资讯等内容服务。  

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