{"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":"P\/E-\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d8\u10e1 \u10e9\u10d0\u10d5\u10d0\u10e0\u10d3\u10dc\u10d4\u10d1\u10d8"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\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 \u10d0\u10db\u10d8\u10e1 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10d0 \u10d0\u10e0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\/E \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10d0\u10e0 \u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10e1 \u10d4\u10e0\u10d7\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5 \u10d0\u10e0\u10d0\u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10dd\u10d2\u10d4\u10d1\u10d0-\u10d6\u10d0\u10e0\u10d0\u10da\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10e1 \u10d3\u10d0 \u10db\u10d4\u10dd\u10e0\u10d4\u10e1 \u10db\u10ee\u10e0\u10d8\u10d5 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10e1. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d5\u10d0\u10e8\u10da\u10d8\u10e1 \u10d5\u10d0\u10e8\u10da\u10d7\u10d0\u10dc \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d4\u10d1\u10da\u10d0\u10d3 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc EV\/NOPAT \u10d0\u10dc EV\/EBITA \u10d3\u10d0 \u10db\u10d0\u10d7 \u10db\u10e1\u10d2\u10d0\u10d5\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1. \u10ea\u10ee\u10e0\u10d8\u10da\u10e8\u10d8 \u10dc\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d8\u10d0 \u10d7\u10e3 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10d0\u10db\u10d0\u10ee\u10d8\u10dc\u10ef\u10d4\u10d1\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8 P\/E \u10db\u10d0\u10db\u10e0\u10d0\u10d5\u10da\u10e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10e5 \u10dd\u10e0\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d0\u10d0, A \u10d3\u10d0 B-\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd \u10e0\u10dd\u10db EV\/EBITA \u10e3\u10e4\u10e0\u10dd \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8\u10d0 \u10d5\u10d8\u10d3\u10e0\u10d4 DEBT\/Interest &#8211; \u10d7\u10d0\u10dc\u10d0\u10e4\u10d0\u10e0\u10d3\u10dd\u10d1\u10d0, \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10e3\u10e4\u10e0\u10dd \u10d3\u10d0\u10d1\u10d0\u10da P\/E-\u10e1&#8230; \u10e1\u10d0\u10de\u10d8\u10e0\u10d8\u10e1\u10de\u10d8\u10e0\u10dd \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0 \u10d2\u10d5\u10d0\u10e5\u10d5\u10e1 B \u10d3\u10d0 C \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8&#8230;<\/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>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><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","protected":false},"excerpt":{"rendered":"<p>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).<\/p>\n","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":"","_crdt_document":"{\"document\":\"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\",\"updateId\":132625938}","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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],"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"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/p-e.png?fit=915%2C533&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-yf","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/2123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=2123"}],"version-history":[{"count":17,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/2123\/revisions"}],"predecessor-version":[{"id":11092,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/2123\/revisions\/11092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/2130"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=2123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=2123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=2123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}