PEG 比率

PEG比率是市盈率与每股盈利增长率比值，且值越小越好。在计算PEG值时，如果股息值很大，那么每股盈利增长率需要加上股息值。

示例

英特尔公司股票在1992年~1995年期间，平均每股的年收益为40%。该公司1996年第一季度市盈率仅仅为10。那么PEG比率为：10/40=0.25
这是一组特殊的数据！因为英特尔公司股价到2000年中期上涨了1000%。

我们如何计算长期增长率？

我们从过往业绩开始，然后再研究分析师的预测：
• 调查过去3~5年中股票的销售情况和每股收益：最近几年的增长率如何？
• 从一个可信赖的分析师处获得收益增长预测，或者利用公众预测：股票销售和收益是否和过去一致？

市盈率

市盈率：当前市价/过去一年每股收益
没有必要自己计算。浏览一张报纸的财经报道，你会在市场行情专栏很容易的找到市盈率值以及股息收益。同时，你也可以从大多数的经纪人网站上找到该数据。

    PEG Ratio

The PEG ratio is a powerful formula which compares earnings growth and the Price Earnings Ratio:
Divide the current Price Earnings Ratio by the expected long-term growth rate (in earnings per share)*
• More than 1.0 is poor;
• Less than 1.0 is good;
• Less than 0.5 is excellent.
If dividends are significant, add the Dividend Yield to the growth rate (when calculating the PEG ratio).
Example
Intel Corporation had grown earnings per share by an average of 40% p.a. over the period 1992 to 1995. Compare this to their Price/Earnings ratio in the first quarter of 1996, a PE of only 10 times earnings.
10 divided by 40 =  a PEG Ratio of 0.25
This is an exceptional reading! And by mid-2000 Intel's price had appreciated close to 1000%.
 
How do we calculate the long-term growth rate?
We start with past performance and then study analysts forecasts:
• Examine sales and earnings per share growth over the past 3 to 5 years:
What growth rates have been achieved in recent years?
• Obtain earnings forecasts from a reliable analyst or use consensus forecasts:
Are sales and earnings forecasts consistent with past performance?
Further details can be found at Value Investing.
Price Earnings Ratio
To calculate the Price Earnings Ratio:
         Divide current market price by the last 4 quarters earnings per share.
There is no need to calculate this yourself, look in the financial section of your newspaper and you should the current find Price Earnings Ratio (PE or PER)  and Dividend Yield quoted along with market prices. The information is also available from most online brokers.

文章翻译由兄弟财经提供

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