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Books > Business & Economics > Finance & accounting > Finance > Investment & securities > Stocks & shares
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The Essential P/E (Paperback)
Loot Price: R440
Discovery Miles 4 400
You Save: R44
(9%)
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The Essential P/E (Paperback)
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List price R484
Loot Price R440
Discovery Miles 4 400
You Save R44 (9%)
Expected to ship within 10 - 15 working days
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The price-earnings ratio, or P/E, is the most commonly quoted
investment statistic, but have you ever considered what it actually
means? For most people it's a shorthand way of deciding how highly
the market regards a company, with investors prepared to overpay
for earnings from a high-P/E 'glamour' stock as opposed to a
low-P/E 'value' stock. However, academics have known since 1960
that the opposite is true: value stocks outperform glamour stocks
consistently over decades. A company with a low P/E may have been
marked down for no readily apparent reason and thus could represent
an attractive value investment for those with the patience to wait
while the market re-values it. However, the P/E is a
backward-looking measure and just because the company earned GBP1
per share last year it doesn't necessarily mean it will earn
anything like that in the foreseeable future. Or, a low P/E can
mean a company is deservedly cheap because it is in financial
difficulty - in this case the company is likely to become cheaper
yet or even go into administration. This book is a practical guide
to how you can adjust and improve the price-earnings ratio and use
it, alongside other financial ratios, to run against the crowd and
boost your stock returns.
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