股票市場(chǎng)基礎(chǔ)知識(shí)_stock_market_basics(編輯修改稿)
2025-02-16 11:13 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 siness has grown rapidly. The couple has managed to pay off the pany’s debt, and profits are over $500,000 per year. ? Convinced that NW Furniture could do as well in several larger, neighboring cities, the couple decides they want to open two new branches. ? They research their options and find out it is going to cost over $4 million dollars to expand. Not wanting to borrow money and be strapped with interest payments again, they decide to sell stock in the pany. NW Furniture’s Value ? The pany approaches an “underwriter”, such as Goldman Sachs or JP Man, who determines the value of the business. As mentioned before, NW Furniture earns $500,000 aftertax profit each year. ? It also has a book value of $3 million [the value of the land, building, inventory, etc. subtracted by the pany’s debt] The underwriter researches and discovers the average furniture stock is trading at 20 times earnings. NW Furniture’s “Book Value” ? What does this mean? Simply, you would multiply the earnings of $500,000 by 20. In NW Furniture’s case, the answer is $10 million. ? Add book value, and you arrive at $13 million. ? This means, in the underwriter’s opinion, NW Furniture, is
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