Realized P/E

วันนี้ได้อ่านบทความ What is Apple’s Realized P/E ratio?

เขียนโดย Horace Dediu

If you bought shares in the first Friday of 2006 you would have paid $76.3/share. At the time the company had $9.36 in cash so you actually paid $66.94 for any future earnings. The P/E ratio at the time was around 35.

The company went on to earn $2.78 in 2006. Another $4.63 in 2007,  $7.47 in 2008 and 10.24 in 2009 and 17.91 in 2010. Then in 2011 it earned $35.11.

If you add these values up you realize that Apple reached your price about two thirds of the way into 2011. So the company earned your purchase price in 5.7 years. That becomes the realized P/E if you bought in early 2006. The following diagram shows the time period as a box encompassing the earnings (and cash) for a share purchase in early 2006.

ทำให้เข้าใจมากขึ้นว่าทำไมนักลงทุน/กองทุน ถึงให้มูลค่าแก่กิจการที่มี Growth สูงๆ มากกว่าที่เราคาดการณ์