In order to be able to meaningfully compare a large number of different shares with each other, meaningful ratios are required for the valuation of companies by the market. Essentially, these balance sheet ratios and multiplier models put certain fundamental variables in relation to the stock market value of the company or the share price.
Earnings per share
Earnings per share for the next few years is one of the most important valuation ratios for companies. For example thai traders state that: กระแสเงินสดหมายถึงกระแสเงินสดสุทธิที่เกิดจากกิจกรรมดําเนินงานในช่วงเวลาหนึ่ง. วิธีลดกระแสเงินสดหลายวิธีที่ใช้กันทั่วไปในการปฏิบัติส่วนลดใน รีวิว Exness เงินสดไหลเข้าจนถึงปัจจุบัน. วิธีการแตกต่างกันในรายละเอียดบางอย่างที่มีความสําคัญเล็กน้อยสําหรับนักลงทุนเอกชน.
Permanently rising share prices are only fundamentally covered by an equally rising profit trend. In the fundamental analysis, the result according to commercial law is not used for the valuation, since the balance sheet profit according to HGB can be distorted by various factors.
Despite the trend towards international accounting, net income is still calculated for this purpose in Europe according to the DVFA/SG scheme. The DVFA ( Association for Financial Analysis and Asset Management) and have developed an industry standard with the scheme. According to the statements on the DVFA homepage, the aim is "The determination of the result according to DVFA/SG and the result per share derived from it primarily serves the purpose of a comparative price assessment. The aim is to achieve as comparable a basis as possible.
One of the world's most important earnings ratios is EBITDA. The abbreviation stands for "Earnings before Interest, Tax, Depreciation and Amortisation" and refers to a company's profit before interest, taxes, depreciation and amortisation. It is therefore the operating business result adjusted for non-operating influences in the broadest sense. Most larger listed companies explicitly report EBITDA and EBIT (earnings before interest and taxes) in their annual reports.
The price-earnings ratio (P/E ratio)
The price-earnings ratio is the best-known comparative ratio for shares. It indicates the relationship between the share price and the earnings per share. Both the profit according to the result according to DVFA/SG or the EBITDA can be used as profit. The most important thing: the higher the P/E ratio, the more expensive a share is generally valued. However, each P/E ratio must be considered in a broader context.
First, the P/E ratio of a share or the entire stock market can be viewed in a historical comparison. Very high P/E ratios suggest overvaluation, while very low ones suggest undervaluation. Looking at price-earnings ratios provides much better results for this purpose than looking at prices alone.
Second, the P/E ratios of different stocks in a sector can be compared. If a share is valued significantly higher or lower than its peer group and no plausible explanations can be found for this, it may be a good idea to get in and out of the share in question. Important: Since earnings per share are required for the P/E ratio and this can only be determined with certainty for the past, this multiplier is also based on estimates.