Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
Variable Ignored Companies That Will Look Cheap Companies That Will Look Expensive Expected growth rate during high-growth perio ...
The key question, then, becomes how best to control for differencesinthesevariableswhendoingrelativevaluation. That is the quest ...
multipleinTable8.12.Notethatthecompanionvariablefor eachmultipleisitalicizedinthetable.Attheminimum,we would expect analysts to ...
mostrecentfourquartersforeachfirm,andthestockpriceis as of December 29, 2005. Company Name P/E Expected Growth Rate Accenture Lt ...
Company Name P/E Expected Growth Rate Keane Inc. 19.46 19.00 Manhattan Assoc. 27.42 11.50 ManTech Int’l A 39.24 17.50 McAfee Inc ...
Regressing theP/Eratio ofeachfirm againsttheexpected growthrate yieldsthefollowingresults(with t-statisticsin brackets below eac ...
RSASecurityisthemostundervaluedcompanyinthesample (with a 59.86% undervaluation) and Ceridian is the most overvalued company in ...
ManyanalystsusethePEGratiotocomparethepricingof firms with different expectationsof growth. Thefollowing table summarizes theP/E ...
FIGURE 8.9 PEG Ratios versus Expected Growth: Semiconductor Firms Toallowforthenonlinearrelationship,weregressthePEG ratio again ...
Intel,givenitsexpectedgrowthrate,isundervaluedbyalmost 33% on a PEG ratio basis, at least based on this regression. As a final n ...
Firms falling in the upper left-hand quadrant (with high price-to-book ratios and low returns on equity) would be overvalued, wh ...
Regressingtheprice-to-bookratioagainstreturnonequityfor U.S. banks, we obtain the following: This regression can be used to esti ...
ILLUSTRATION 8.5: Comparing Price-to-Sales Ratios across Specialty Retailers Price-to-salesratiosareusedwidelytoanalyzeretailfir ...
againstnetprofitmarginsforspecialtyretailersbacksupthis conclusion. This regressionhas 63 observations,andthet-statisticsare rep ...
formingtheindependentvariables.Inthissection,wepresent the results of market regressions for each of the equity multiples. P/E R ...
This regression has a low R-squared, but it is more a reflectionofthenoiseinP/Eratiosthanitisontheregression methodology. As we ...
werepresentedfortheP/Eregressioncontinuetoapply.The independent variables continue to be correlated with each other,andtherelati ...
FIGURE 8.13PEG Ratios versus ln(Expected Growth Rate) The results of the regression of PEG ratios against ln(expectedgrowth),bet ...
Price-to-Book Ratios Intheearliersection,wenotedthatprice-to-bookratiosare heavilyinfluencedbyreturnsonequity.InJanuary2006,we r ...
Price-to-Sales Ratios To examine differences in price-to-sales ratios across companies in the market, we use the variables that ...
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