STOCK VALUATION



20 (x times earnings) / 12 (n % anticipated earnings growth) = 20/12 = 1.66
The PEG Ratio is essentially a way to value a stock.
PEG ratio results greater than one suggest one of the following:

• Market expectation of growth is higher than consensus estimates.
• Stock is currently overvalued due to heightened demand for shares.
PEG ratio results of less than one suggest one of the following:

• Markets are underestimating growth and the stock is undervalued.
• Analysts' consensus estimates are currently set too low.
A great feature of the PEG ratio is that by bringing future growth expectations into the mix, we can compare the relative valuations of different industries that may have very different prevailing P/E ratios. This makes it easier to compare different industries, which tend to each have their own historical P/E ranges. For example, let's compare the relative valuation of a biotech stock to an integrated oil company:

 

PEG Ratio Nails Down Value Stocks

Ryan Barnes
Contact | Author Bio

A stock's price/earnings to growth (PEG) ratio may not be the first metrics that jump to mind when due diligence or stock analysis is discussed, but most would agree that the PEG ratio gives a more complete picture of stock valuation than simply viewing the price-earnings (P/E) ratio in isolation. (For related reading, see Move Over P/E, Make Way For The PEG.)

The PEG ratio is calculated easily and represents the ratio of the P/E to the expected future earnings growth rate of the company. This article will discuss the positive attributes of the metric, how to best use it in your research and what to watch out for when using it.

Determining a Stock's Value
Common stocks represent a claim to future earnings. The rate at which a company will grow its earnings going forward is one of the largest factors in determining a stock's intrinsic value. That future growth rate represents everyday market prices in stock markets around the world.

The P/E ratio shows us how much shares are worth compared to past earnings. Most will use 12-month trailing earnings to calculate the bottom part of the P/E ratio. Inferences may be made by looking at the P/E ratio; for instance, high P/E ratios represent growth stocks, while low ones highlight value oriented stocks. (For more insight, read Understanding The P/E Ratio.)

Example - Calculating the PEG

Let's look at two hypothetical stocks to see how the PEG ratio is calculated:

ABC Industries has a P/E of 20 times earnings. The consensus of all the analysts covering the stock is that ABC has an anticipated earnings growth of 12% over the next five years.

20 (x times earnings) / 12 (n % anticipated earnings growth) = 20/12 = 1.66

XYZ Micro is a young company with a P/E of 30 times earnings. Analysts conclude that the company has an anticipated earnings growth of 40% over the next five years.

30 (x times earnings) / 40 (n % anticipated earnings growth) = 30/40 = 0.75

What the PEG Ratio Tells Us
Using the examples above, the PEG ratio tells us that ABC Industries stock price is higher than its earnings growth. This means that if the company doesn't grow at a faster rate, the stock price will decrease. XYZ Micro's PEG ratio of 0.75 tells us that the company's stock is undervalued, which means it's trading in line with the growth rate and the stock price will increase.

Stock theory suggests that the stock market should assign a PEG ratio of one to every stock. This would represent theoretical equilibrium between the market value of a stock and anticipated earnings growth. For example, a stock with an earnings multiple of 20 and 20% anticipated earnings growth would have a PEG ratio of one. (To learn more, see Introduction To Fundamental Analysis.)

 

Biotech Stock ABC
-Current P/E: 35 times earnings
-Five-year projected growth rate: 25%
-PEG: 35/25, or 1.40 Oil Stock XYZ
-Current P/E: 16 times earnings
-Five-year projected growth rate: 15%
-PEG: 16/15, or 1.07

Even though these two fictional companies have very different valuations and growth rates, the PEG ratio allows us to make an apples-to-apples comparison of the relative valuations. What is meant by relative valuation? It is a mathematical way of asking whether a specific stock or a broad industry is more or less expensive than a broad market index, such as the S&P 500 or the Nasdaq.

So, if the S&P 500 has a current P/E ratio of 16 times trailing earnings and the average analyst estimate for future earnings growth in the S&P 500 is 12% over the next five years, the PEG ratio of the S&P 500 would be (16/12), or 1.25.

The Risk of Estimating Future Earnings
Any data point or metric that uses underlying assumptions can be open to interpretation. This makes the PEG ratio more of a fluid variable and one that is best used in ranges as opposed to absolutes. The reason why five-year growth rate estimates are the norm rather than one-year forward estimates is to help smooth out the volatility that is commonly found in corporate earnings due to the business cycle and other macroeconomic factors. Also, if a company has little analyst coverage, good forward estimates may be hard to find. The enterprising investor may want to experiment with calculating PEG ratios across a range of earnings scenarios based on the available data and his or her own conclusions. (For more, see Great Expectations: Forecasting Sales Growth.)

Best Uses for the PEG
The PEG ratio is best suited to stocks with little or no dividend yield. Because the PEG ratio doesn't incorporate income received by the investor in its presentation of valuation, the metric may give unfairly inaccurate results for a stock that pays a high dividend.

Consider the scenario of an energy utility that has little potential for earnings growth. Analyst estimates may be five percent growth at best, but there is solid cash flow coming from years of consistent revenue. The company is now mainly in the business of returning cash to shareholders. The dividend yield is five percent. If the company has a P/E ratio of 12, the low growth forecasts would put the PEG ratio of the stock at 12/5, or 2.50. An investor taking just a cursory glance could easily conclude that this is an overvalued stock. The high yield and low P/E make for an attractive stock to a conservative investor focused on generating income. Be sure to incorporate dividend yields into your overall analysis. One trick is to modify the PEG ratio by adding the dividend yield to the estimated growth rate during calculations. To give us a meaningful interpretation of the company's valuation, take a look a look at the following example.

Example - Adding Dividend Yield to the Estimated Growth Rate

This energy utility has an estimated growth rate of about five percent, a five percent dividend yield and a P/E ratio of 12. In order to take the dividend yield into account, you could calculate the PEG like this:

P/E / (Growth Estimates + Yield) = (12 / (5 +5)) = 1.2

Final Thoughts on Using the PEG
Thorough and thoughtful stock research should involve a solid understanding of the business operations and financials of the underlying company. This includes knowing what factors the analysts are using to come up with their growth rate estimates, and what risks exist regarding future growth and the company's own forecasts for long-term shareholder returns.

Investors must always keep in mind that the market can, in the short-term, be anything but rational and efficient. While in the long run stocks may be constantly heading toward their natural PEGs of one, short-term fears or greed in the markets may put fundamental concerns on the backburner.

When used consistently and uniformly, the PEG ratio is an essential tool that adds dimension to the P/E ratio, allows comparisons across diverse industries and is always on the lookout for value.
by Ryan Barnes
Ryan Barnes has over 10 years experience in portfolio management and investment research, covering equities, fixed income and derivative products. Barnes has worked with Merrill Lynch, Charles Schwab, Morgan Stanley and many others as an institutional trader, and maintained AIMR compliant performance for a diverse set of high-net-worth investors.

Barnes is currently working as a writer and financial modeling consultant specializing in capital appreciation and hedging strategies, and is the editor of EpiphanyInvesting, a website devoted to finding long-term success in the stock market.

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  33. Khi có bè bạn hoặc đồng sự đến nhà chơi , chúng ta có khả năng chế biến những món ngon đãi
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    7 món ngon đãi khách bạn có xác xuất làm
    Tiếp đãi khách với món gà rang muối
    Với thịt gà chúng tôi có khả năng
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    Món ngon đãi khách – gà rang muối So với nhiều món gà
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    Sả 4 cây.
    Lá chanh.
    1 quả trứng gà.
    Bột năng.
    Cách thực hiện:

    Thịt gà làm sạch , sau thời gian ấy chen vào
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    , lòng đỏ trứng gà và 1 thìa cà phê nước nắm.

    Ướp thịt trong vòng 15 phút.
    Sả đập dập và cắt khúc , thái sợi.

    Cho muối , sả và lá chanh vào rang qua.
    Sau đó trút ra đĩa để riêng.
    Thịt gà sau khi ướp chúng tôi sẽ mang ra lăn đều với bột năng , rồi từ
    từ chiên lên , khi phần thịt thăn lại hãy cho muối
    , sả và lá chanh đã rang sẵn vào sóc đều.

    Như vậy chúng tôi có xác xuất mang
    món gà rang muối ra tiết đãi khách rồi.

    Tiếp đãi khách với món ngon vịt om sấu
    Nếu ai đã từng thưởng thức vịt om sấu sẽ không thể quên được vị thanh chua của
    nước dùng , cùng với phần thịt thăn béo.
    Người dùng có thẻ thưởng thức nhiều mà không bị ngấy hay ngán.
    Đặc biệt Vịt om sấu là một món ăn ngon rất thích
    hợp cho việc tiếp đãi khách. Để tang biến được món ăn này chúng ta cần chuẩn bị như
    sau:

    Món ngon đãi khách – Vịt om sấu
    Món ngon đãi khách – Vịt om sấu nguyên liệu cần:

    1 con vịt.
    10 quả sấu tươi.
    Gừng tươi.
    ớt , tỏi , tiêu , rau ngổ , mùi tàu.
    Cách thực hiện:

    Vịt sau khi rửa với nước hãy ngâm trong rượu đế
    để khử mùi hôi , sau đó nối tiếp rửa lại
    với nước sạch.
    Thái thịt thành từng miếng vừa ăn , nêm các gia vị như muối ,
    hạt tiêu , tỏi băm , ớt băm , họt nêm sau
    thời gian ấy trộn đều và ướp trong 30 phút.

    Sấu cạo sạch vỏ cho vào nước lạnh ngâm.

    Rau mùi và rau ngổ làm sạch thái khúc.
    Cho sả và tỏi tao lên , sau đó cho thịt vịt đã ướp vào
    và đảo đều tay. Khi thịt thăn lại chúng ta sẽ cho nửa bát
    nước chín vào.
    nối cho sấu vào , đồng thời vặn lửa nhỏ vừa.

    Nêm thêm gia vị để vừa miệng , sau đó cho mùi tàu và
    rau ngổ vào tắt bếp.
    Tôm chiên khoai tây
    Tôm chiên khoai tây cũng là một trong nhiều
    món ngon đãi khách bạn có xác xuất làm. Vì tôm
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    Để làm món này đã khách bạn cần Dự bị những vật liệu như
    sau:

    Món ngon đãi khách – Tôm chiên khoai tây
    Món ngon đãi khách – Tôm chiên khoai tây 10 con tôm sú.

    2 củ khoai tây.
    Bột chiên xù
    Cách thực hiện:

    Tôm sau khi mua về làm sạch.
    Khoai tây bào thành sợi nhỏ.
    Quấn khoai tây vào tôm , sau đó tẩm
    vào bột chiên.
    Cho tôm và khoai tây đã cuộn vào chảo chiên giòn. Sau thời gian ấy mang ra để ráo dầu.

    Món ăn này có thể làm trong thời kì rất nhanh.
    Vì vậy bạn có nhiều thời kì để làm
    thêm một số món ăn khác. Để món ăn trở nên quyến rũ ,
    hãy bày trên đĩa có đựng rau xà lách và ớt hoa.
    Chú ý với món tôm chiên khoai tây chúng tôi có khả năng ăn cùng với
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