Price Earning Ratio

 fin  en  donnant  quelques  recommandations       3      Approche  par  les  comparables       L’approche  par  les  comparables  consiste  à  choisir  des  ratios  ou  multiples  capables  de   donner  un  point  de  vue  convenable  sur  la  situation  de  l’entreprise  une  fois  comparée  à   d’autres  entreprises  du  même  secteur

Probability 0.1 0.3 0.4 0.2 Return on Equity 3% 8 20 15 Return on Debt 8% 8 10 10 Return on the Market 5% 10 15 20 a. What is the beta of Compton Technology debt? b. What is the beta of Compton Technology stock? c. If the debt-to-equity ratio of Compton Technology is 0.5, what is the asset beta of the company? 2. (RWJ, exercise 12.10) Is the discount rate for the projects of a levered firm higher or lower than the cost of equity computed using the security market line? Why? (Consider only

d’exploitation Evolution de l’endettement : Gearing (taux d’endettement financier net) =dette fi / fond propre Les ratios :  L’EBIT (Earnings before interest and tax) correspond au résultat brut d’exploitation  L’EBITDA (Earnings before interest tax depressiation and amortissement) correspond au résultat avant impôt, intérêt, provision et amortissement.  PEG : Price earnings growth = PER / taux de croissance moyen des bénéfices attendus sur les bénéfices futurs.  Rendement net : dividende

bidder makes the offer directly after having announced its firm intention to make an offer. A hostile takeover can be conducted in several ways. A tender offer can be made where the acquiring company makes a public offer at a fixed price above the current market price. Tender offers in the United States are regulated by the Williams Act. An acquiring company can also engage in a proxy fight, whereby it tries to persuade enough shareholders, usually a simple majority, to replace the management with

generating high and sustainable profit margins? If the company's share price is trading below expectations for its future growth, then it's a stock Buffett may want to own. Buffett never buys anything unless he can write down his reasons why he'll pay a specific price per share for a particular company. Do you do the same? "It's Far Better To Buy A Wonderful Company At A Fair Price Than A Fair Company At A Wonderful Price." Buffett is a value investor who likes to buy quality stocks at rock-bottom

modèle de Bates est qu’il est plus réaliste puisqu’il tient compte des bénéfices futurs et du « pay-out-ratio », et pas simplement du dividende. Cette méthode tient compte des réalités du marché et permet de diviser la période totale d’observation en sous-périodes. On se situe à l’année n et l’on regarde à l’année n+x. Les données nécessaires au calcul de sa valeur sont : * Le Price Earning Ratio (PER) actuel du secteur (celui de l’année n). * Le Pay-out (le taux de distribution sur la période)

calcul de ratios). Remarque : il correspond à l’EBITDA des anglo-saxons (Earnings Before Tax, Depreciation and Amortization). Résultat net comptable : permet de calculer la rentabilité financière de l’entreprise. LES PRINCIPAUX RATIOS Notion de ratio : Ratio = rapport entre deux grandeurs caractéristiques. Exemple : le solde de la balance commerciale = X - M indique seulement que les exportations couvrent les importations. Le rapport X/M exprimé en % indique un taux de couverture : le ratio permet

NASDAQ Sector: Automotive Net sales in 2009 (Million): $104,589 Current Stock Price: $0.61 Since 2005, General Motors went through significant losses from its operations and from restructuring its activities. However, the global credit market crisis had a dramatic effect on General Motors and the automotive industry. In 2008, the increase in mortgage and overall credit market, the volatile in the price of oil, the recession in the United States and Europe slowdown the economic growth and

rédacteur publicitaire cost price prix de revient costs, operating les coûts d'exploitation costs, production coûts de production counterfoil un talon crate une caisse à claire-voie credit, to grant accorder du crédit creditor un créancier Custom House le bureau de douane customer, prospective un client éventuel customs duties droits de douane customs entry déclaration en douane customs officer un douanier customs tariffs tarifs douaniers customs unions unions douanières cut price/rate à des prix réduits

BOEING Boeing (million $) | | | | | | |   | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | Sales volume | 50 485 | 52 457 | 54 845 | 61 530 | 66 387 | 60 909 | Operating result (EBIT) | 2 263 | 2 648 | 3 384 | 3 641 | 6 421 | 4 179 | Net earnings (excluding minority interests) | 718 | 1 872 | 2 572 | 2 215 | 4 074 | 2 672 | | | | | | | | Equity (excluding minority interests) | 8 139 | 11 286 | 11 059 | 4 739 | 9 004 | -1 294 | Financial liabilities | 14 443 | 12 200 | 10 727