Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
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 ...
To alleviate thesecond problem, the regression wasrerun without an intercept, with the following results: Not only is this regre ...
Anincrease in expected growthin earnings across firms will result in a higher P/E ratio for the market. Anincreaseinthereturnon ...
ThereisastrongpositiverelationshipbetweenE/Pratiosand T-bondrates,asevidencedbythecorrelationof0.69between thetwovariables.Inadd ...
to correspond to lower P/E ratios and upwards sloping yieldcurves to higherP/E ratios.While at firstsightthismayseemsurprising,t ...
increased.InFigure8.15,wereportontheprice-to-bookratio fortheS&P 500 ononeaxisandthereturnonequityforS&P 500 firmsontheo ...
Countrieswithhigherrealinterestratesshouldhave lower P/E ratios than countries with lower real interest rates. Countrieswith hi ...
A naive comparison of P/E ratios suggests that Japanese stocks, with a P/E ratio of 45.01, are overvalued, while RussianandVenez ...
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