{"id":2123,"date":"2024-08-26T09:01:07","date_gmt":"2024-08-26T05:01:07","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=2123"},"modified":"2026-04-15T20:44:03","modified_gmt":"2026-04-15T16:44:03","slug":"pitfalls-of-p-e-multiple","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/08\/26\/pitfalls-of-p-e-multiple\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">P\/E-\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d8\u10e1 \u10e9\u10d0\u10d5\u10d0\u10e0\u10d3\u10dc\u10d4\u10d1\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">On official websites and trading platforms, you will often find the P\/E ratio, which typically refers to the ratio of a stock&#8217;s price to its earnings over the past 12 months (per share). Many people invest based on this metric, but in the modern investment world, this approach is no longer viable&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The P\/E ratio does not take into account non-operating income and expenses on one hand and financial leverage on the other. Therefore, to compare apples to apples, metrics like EV\/NOPAT or EV\/EBITA are used. The table shows how financial leverage distorts the P\/E multiple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is a comparison of two companies, A and B. Because the fact that EV\/EBITA is lower than the DEBT\/Interest ratio, financial leverage results in a lower P\/E. In contrast, the opposite scenario is observed when comparing organizations B and C.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<br \/><a href=\"https:\/\/www.linkedin.com\/feed\/hashtag\/?keywords=valuation&#038;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7200389638392279041\">#VALUATION<\/a> \u2013 Measuring and Managing the Value of Companies, 7th Edition<br \/>McKinsey &#038; Company,<br \/>Tim Koller, Marc Goedhart, David Wessels<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"915\" height=\"533\" data-attachment-id=\"2130\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/08\/26\/pitfalls-of-p-e-multiple\/p-e\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/p-e.png?fit=915%2C533&amp;ssl=1\" data-orig-size=\"915,533\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"P-E\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/p-e.png?fit=915%2C533&amp;ssl=1\" class=\"wp-image-2130\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/p-e.png?resize=915%2C533&#038;ssl=1\" alt=\"\"\/><\/p>","protected":false},"excerpt":{"rendered":"<p>\u10dd\u10e4\u10d8\u10ea\u10d8\u10d0\u10da\u10e3\u10e0 \u10d5\u10d4\u10d1 \u10d2\u10d5\u10d4\u10e0\u10d3\u10d4\u10d1\u10d6\u10d4 \u10d3\u10d0 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10de\u10da\u10d0\u10e2\u10e4\u10dd\u10e0\u10db\u10d4\u10d1\u10d6\u10d4 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10dc\u10d0\u10ee\u10d0\u10d5\u10d7 P\/E \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10ec\u10d4\u10e1\u10d8 \u10d2\u10e3\u10da\u10d8\u10e1\u10ee\u10db\u10dd\u10d1\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e0\u10d3\u10d4\u10d1\u10d0\u10e1 \u10d2\u10d0\u10e1\u10e3\u10da\u10d8 12 \u10d7\u10d5\u10d8\u10e1 \u10db\u10dd\u10db\u10d2\u10d4\u10d1\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0\u10e1\u10d7\u10d0\u10dc (\u10d4\u10e0\u10d7 \u10d0\u10e5\u10ea\u10d8\u10d0\u10d6\u10d4). \u10d1\u10d4\u10e0\u10d5\u10d8 \u10d0\u10d3\u10d0\u10db\u10d8\u10d0\u10dc\u10d8 \u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1 \u10d0\u10db \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10db\u10d0\u10d2\u10e0\u10d0\u10db [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":2130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675935,326945227],"tags":[4269,6635,123039],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445727],"eon_content_type":[],"eon_source":[784445709],"eon_idea":[784445695],"eon_framework":[],"class_list":["post-2123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","category-market-multiples","tag-finance","tag-investing","tag-multiples","eon_level-intermediate","eon_source-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","eon_idea-market-multiples"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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