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- salaliaosalaliao
  ·2021-04-21
  Hmm
  Is Apple Stock Overvalued? A Look At 3 Key Multiples<blockquote>苹果股票被高估了吗？看看 3 个关键倍数</blockquote>
  Apple stock continues to push forward ahead of earnings – but have valuations gone too far, too fast
  Is Apple Stock Overvalued? A Look At 3 Key Multiples<blockquote>苹果股票被高估了吗？看看 3 个关键倍数</blockquote>
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- salaliaosalaliao
  ·2021-04-18
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A Look At 3 Key Multiples<blockquote>苹果股票被高估了吗？看看 3 个关键倍数</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148947471","media":"TheStreet","summary":"Apple stock continues to push forward ahead of earnings – but have valuations gone too far, too fast","content":"<p>Apple stock continues to push forward ahead of earnings – but have valuations gone too far, too fast? The Apple Maven looks at three key ratios to determine if shares might be overstretched.</p><p><blockquote>苹果股票继续领先于盈利——但估值是否走得太远、太快了？这位苹果专家着眼于三个关键比率，以确定股价是否可能过度膨胀。</blockquote></p><p> In a matter of less than six weeks, Apple stock climbed from a 2021 low of about $116 per share to nearly $135. A similar spike of at least 15% within the same short period happened last in January,ahead of fiscal first quarter earnings, when Apple reached its all-time high of $143 apiece.</p><p><blockquote>在不到六周的时间里，苹果股价从 2021 年每股约 116 美元的低点攀升至近 135 美元。去年 1 月，在第一财季财报公布之前，苹果在同一短时间内也出现了至少 15% 的类似飙升，当时每股 143 美元的历史新高。</blockquote></p><p> But since getting to that early 2021 peak, Apple stock corrected as much as 19%, and remains underwater today. Therefore, the recent rally must have Apple investors wondering if the stock might have rushed too fast and too far from the business fundamentals.</p><p><blockquote>但自 2021 年初达到峰值以来，苹果股价已修正多达 19%，至今仍处于水下。因此，最近的反弹肯定让苹果投资者怀疑该股是否涨得太快、离商业基本面太远。</blockquote></p><p> <b>Apple stock: a look at relative valuation</b></p><p><blockquote><b>苹果股票：相对估值一览</b></blockquote></p><p> One way to address this concern is to look at relative valuations. These are ratios that link stock price (numerator) with certain financial metrics, including earnings and cash flow (denominator). The higher the valuation multiple, the more investors are willing to pay for a company’s fundamentals.</p><p><blockquote>解决这一问题的一个方法是查看相对估值。这些比率将股票价格（分子）与某些财务指标联系起来，包括收益和现金流（分母）。估值倍数越高，投资者就越愿意为公司的基本面买单。</blockquote></p><p> Today, I look at three popular relative valuation metrics on Apple stock:</p><p><blockquote>今天，我来看看苹果股票的三个流行相对估值指标：</blockquote></p><p> <ul>  <li><b>Price-to-earnings</b>: probably the most well-known of them, P/E compares the price of a share of equity to the company’s net earnings per share. Here, I use the trailing metric based on historical earnings figures.</li>  <li><b>Price-to-book</b>: this is another multiple that focuses on equity value. P/B is the ratio between the market price and the book value of the stockholder’s ownership in the company.</li>  <li><b>Enterprise value-to-earnings before interest and taxes</b>: this is a total firm, rather than an equity-only, valuation multiple. EV/EBIT measures the market value of debt and equity combined, relative to the company’s pre-tax and pre-interest income.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2159db2e22f9c952fae20fb5f91e71ac\" tg-width=\"1240\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><span>Figure 1: AAPL's historical valuation multiples.</span></p><p><blockquote><ul><li><b>市盈率</b>: 市盈率可能是其中最著名的一种，它将每股股票价格与公司的每股净利润进行比较。在这里，我使用基于历史收益数据的跟踪指标。</li><li><b>市净率</b>：这是另一个关注股权价值的倍数。市净率是指市场价格与股东在公司所有权的账面价值之间的比率。</li><li><b>息税前企业净值</b>：这是一个总公司的估值倍数，而不仅仅是股权。EV/EBIT 衡量的是债务和股权相对于公司税前和利息前收入的市场价值。</li></ul><p class=\"t-img-caption\"><span>图 1：AAPL 的历史估值倍数。</span></p></blockquote></p><p> The graph above depicts the three different valuation metrics described, but generally tells the same story. At least over the past three years, likely much longer, Apple stock has been trading at sky-high multiples this year, even if they seem to have moderated a bit since September 2020.</p><p><blockquote>上图描述了所描述的三种不同的估值指标，但通常讲述的是相同的故事。至少在过去三年（可能更长的时间）中，苹果股票今年的交易倍数一直高得多，尽管自 2020 年 9 月以来似乎有所放缓。</blockquote></p><p> The P/E ratio has passed the test&nbsp;that I proposed in late February: the multiple seems to have found a floor of 33 times, below which it has not stayed for long since around August 2020. The bad news is that Apple stock has consistently failed to sustain a P/E of more than 38 times, and the multiple seems range-bound for now.</p><p><blockquote>市盈率已经通过了我在 2 月底提出的测试：该倍数似乎已经找到了 33 倍的底部，自 2020 年 8 月左右以来，它就没有长时间低于该底部。坏消息是，苹果股票一直未能维持超过 38 倍的市盈率，而且目前该倍数似乎处于区间范围内。</blockquote></p><p> The P/B ratio catches my attention for having climbed very sharply since 2018: from a low of only 5 times to a whopping 34 times now. At play here are not only factors like higher growth expectations and lower interest rates, which impact most valuation multiples, but also the fact that&nbsp;Apple has been retiring equity aggressively. The fewer shares outstanding, the higher P/B tends to be.</p><p><blockquote>市净率引起了我的注意，因为它自2018年以来急剧攀升：从只有5倍的低点上升到现在的34倍。这里起作用的不仅是更高的增长预期和较低的利率等因素，这些因素影响了大多数估值倍数，还包括苹果一直在积极退出股票这一事实。流通股越少，市净率往往越高。</blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> The data seems clear: Apple’s key valuation multiples look stretched, certainly relative to their own history. The harder question to answer is: are the ratios overdue for a pullback?</p><p><blockquote>数据似乎很清楚： 苹果的主要估值倍数看起来捉襟见肘，当然相对于它们自己的历史而言也是如此。更难回答的问题是：利率是否早该回调？</blockquote></p><p> Higher valuation multiples can reflect a number of assumptions, including: higher growth expectations, lower interest rates, a perception of decreased risk of ownership, among others. I believe that Apple stock probably deserves to be valued more richly now than, say, three or five years ago.</p><p><blockquote>较高的估值倍数可以反映许多假设，包括：较高的增长预期、较低的利率、所有权风险降低的看法等。我相信苹果股票现在可能应该比三五年前得到更多的估值。</blockquote></p><p> At the same time, I think that Apple’s rich multiples could find upside resistance from here. Should Apple stock price rise, which it very well may, it will likely be the result of growth in financial metrics (sales, earnings, cash flow) rather than valuation expansion.</p><p><blockquote>与此同时，我认为苹果丰富的市盈率可以从这里找到上行阻力。如果苹果股价上涨（很可能会上涨），这很可能是财务指标（销售额、盈利、现金流）增长的结果，而不是估值扩张的结果。</blockquote></p><p> <b>Is the price right?</b></p><p><blockquote><b>价格合适吗？</b></blockquote></p><p> Looking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.</p><p><blockquote>研究一家公司的业务基本面只是找到一只好股票所需工作的一半。一个人为拥有股票支付多少钱是任何投资成功的关键因素。这就是为什么估值分析如此重要。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple Stock Overvalued? A Look At 3 Key Multiples<blockquote>苹果股票被高估了吗？看看 3 个关键倍数</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Apple Stock Overvalued? A Look At 3 Key Multiples<blockquote>苹果股票被高估了吗？看看 3 个关键倍数</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-04-21 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock continues to push forward ahead of earnings – but have valuations gone too far, too fast? The Apple Maven looks at three key ratios to determine if shares might be overstretched.</p><p><blockquote>苹果股票继续领先于盈利——但估值是否走得太远、太快了？这位苹果专家着眼于三个关键比率，以确定股价是否可能过度膨胀。</blockquote></p><p> In a matter of less than six weeks, Apple stock climbed from a 2021 low of about $116 per share to nearly $135. A similar spike of at least 15% within the same short period happened last in January,ahead of fiscal first quarter earnings, when Apple reached its all-time high of $143 apiece.</p><p><blockquote>在不到六周的时间里，苹果股价从 2021 年每股约 116 美元的低点攀升至近 135 美元。去年 1 月，在第一财季财报公布之前，苹果在同一短时间内也出现了至少 15% 的类似飙升，当时每股 143 美元的历史新高。</blockquote></p><p> But since getting to that early 2021 peak, Apple stock corrected as much as 19%, and remains underwater today. Therefore, the recent rally must have Apple investors wondering if the stock might have rushed too fast and too far from the business fundamentals.</p><p><blockquote>但自 2021 年初达到峰值以来，苹果股价已修正多达 19%，至今仍处于水下。因此，最近的反弹肯定让苹果投资者怀疑该股是否涨得太快、离商业基本面太远。</blockquote></p><p> <b>Apple stock: a look at relative valuation</b></p><p><blockquote><b>苹果股票：相对估值一览</b></blockquote></p><p> One way to address this concern is to look at relative valuations. These are ratios that link stock price (numerator) with certain financial metrics, including earnings and cash flow (denominator). The higher the valuation multiple, the more investors are willing to pay for a company’s fundamentals.</p><p><blockquote>解决这一问题的一个方法是查看相对估值。这些比率将股票价格（分子）与某些财务指标联系起来，包括收益和现金流（分母）。估值倍数越高，投资者就越愿意为公司的基本面买单。</blockquote></p><p> Today, I look at three popular relative valuation metrics on Apple stock:</p><p><blockquote>今天，我来看看苹果股票的三个流行相对估值指标：</blockquote></p><p> <ul>  <li><b>Price-to-earnings</b>: probably the most well-known of them, P/E compares the price of a share of equity to the company’s net earnings per share. Here, I use the trailing metric based on historical earnings figures.</li>  <li><b>Price-to-book</b>: this is another multiple that focuses on equity value. P/B is the ratio between the market price and the book value of the stockholder’s ownership in the company.</li>  <li><b>Enterprise value-to-earnings before interest and taxes</b>: this is a total firm, rather than an equity-only, valuation multiple. EV/EBIT measures the market value of debt and equity combined, relative to the company’s pre-tax and pre-interest income.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2159db2e22f9c952fae20fb5f91e71ac\" tg-width=\"1240\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><span>Figure 1: AAPL's historical valuation multiples.</span></p><p><blockquote><ul><li><b>市盈率</b>: 市盈率可能是其中最著名的一种，它将每股股票价格与公司的每股净利润进行比较。在这里，我使用基于历史收益数据的跟踪指标。</li><li><b>市净率</b>：这是另一个关注股权价值的倍数。市净率是指市场价格与股东在公司所有权的账面价值之间的比率。</li><li><b>息税前企业净值</b>：这是一个总公司的估值倍数，而不仅仅是股权。EV/EBIT 衡量的是债务和股权相对于公司税前和利息前收入的市场价值。</li></ul><p class=\"t-img-caption\"><span>图 1：AAPL 的历史估值倍数。</span></p></blockquote></p><p> The graph above depicts the three different valuation metrics described, but generally tells the same story. At least over the past three years, likely much longer, Apple stock has been trading at sky-high multiples this year, even if they seem to have moderated a bit since September 2020.</p><p><blockquote>上图描述了所描述的三种不同的估值指标，但通常讲述的是相同的故事。至少在过去三年（可能更长的时间）中，苹果股票今年的交易倍数一直高得多，尽管自 2020 年 9 月以来似乎有所放缓。</blockquote></p><p> The P/E ratio has passed the test&nbsp;that I proposed in late February: the multiple seems to have found a floor of 33 times, below which it has not stayed for long since around August 2020. The bad news is that Apple stock has consistently failed to sustain a P/E of more than 38 times, and the multiple seems range-bound for now.</p><p><blockquote>市盈率已经通过了我在 2 月底提出的测试：该倍数似乎已经找到了 33 倍的底部，自 2020 年 8 月左右以来，它就没有长时间低于该底部。坏消息是，苹果股票一直未能维持超过 38 倍的市盈率，而且目前该倍数似乎处于区间范围内。</blockquote></p><p> The P/B ratio catches my attention for having climbed very sharply since 2018: from a low of only 5 times to a whopping 34 times now. At play here are not only factors like higher growth expectations and lower interest rates, which impact most valuation multiples, but also the fact that&nbsp;Apple has been retiring equity aggressively. The fewer shares outstanding, the higher P/B tends to be.</p><p><blockquote>市净率引起了我的注意，因为它自2018年以来急剧攀升：从只有5倍的低点上升到现在的34倍。这里起作用的不仅是更高的增长预期和较低的利率等因素，这些因素影响了大多数估值倍数，还包括苹果一直在积极退出股票这一事实。流通股越少，市净率往往越高。</blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> The data seems clear: Apple’s key valuation multiples look stretched, certainly relative to their own history. The harder question to answer is: are the ratios overdue for a pullback?</p><p><blockquote>数据似乎很清楚： 苹果的主要估值倍数看起来捉襟见肘，当然相对于它们自己的历史而言也是如此。更难回答的问题是：利率是否早该回调？</blockquote></p><p> Higher valuation multiples can reflect a number of assumptions, including: higher growth expectations, lower interest rates, a perception of decreased risk of ownership, among others. I believe that Apple stock probably deserves to be valued more richly now than, say, three or five years ago.</p><p><blockquote>较高的估值倍数可以反映许多假设，包括：较高的增长预期、较低的利率、所有权风险降低的看法等。我相信苹果股票现在可能应该比三五年前得到更多的估值。</blockquote></p><p> At the same time, I think that Apple’s rich multiples could find upside resistance from here. Should Apple stock price rise, which it very well may, it will likely be the result of growth in financial metrics (sales, earnings, cash flow) rather than valuation expansion.</p><p><blockquote>与此同时，我认为苹果丰富的市盈率可以从这里找到上行阻力。如果苹果股价上涨（很可能会上涨），这很可能是财务指标（销售额、盈利、现金流）增长的结果，而不是估值扩张的结果。</blockquote></p><p> <b>Is the price right?</b></p><p><blockquote><b>价格合适吗？</b></blockquote></p><p> Looking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.</p><p><blockquote>研究一家公司的业务基本面只是找到一只好股票所需工作的一半。一个人为拥有股票支付多少钱是任何投资成功的关键因素。这就是为什么估值分析如此重要。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/is-apple-stock-overvalued-a-look-at-3-key-multiples\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/is-apple-stock-overvalued-a-look-at-3-key-multiples","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148947471","content_text":"Apple stock continues to push forward ahead of earnings – but have valuations gone too far, too fast? The Apple Maven looks at three key ratios to determine if shares might be overstretched.\nIn a matter of less than six weeks, Apple stock climbed from a 2021 low of about $116 per share to nearly $135. A similar spike of at least 15% within the same short period happened last in January,ahead of fiscal first quarter earnings, when Apple reached its all-time high of $143 apiece.\nBut since getting to that early 2021 peak, Apple stock corrected as much as 19%, and remains underwater today. Therefore, the recent rally must have Apple investors wondering if the stock might have rushed too fast and too far from the business fundamentals.\nApple stock: a look at relative valuation\nOne way to address this concern is to look at relative valuations. These are ratios that link stock price (numerator) with certain financial metrics, including earnings and cash flow (denominator). The higher the valuation multiple, the more investors are willing to pay for a company’s fundamentals.\nToday, I look at three popular relative valuation metrics on Apple stock:\n\nPrice-to-earnings: probably the most well-known of them, P/E compares the price of a share of equity to the company’s net earnings per share. Here, I use the trailing metric based on historical earnings figures.\nPrice-to-book: this is another multiple that focuses on equity value. P/B is the ratio between the market price and the book value of the stockholder’s ownership in the company.\nEnterprise value-to-earnings before interest and taxes: this is a total firm, rather than an equity-only, valuation multiple. EV/EBIT measures the market value of debt and equity combined, relative to the company’s pre-tax and pre-interest income.\n\nFigure 1: AAPL's historical valuation multiples.\nThe graph above depicts the three different valuation metrics described, but generally tells the same story. At least over the past three years, likely much longer, Apple stock has been trading at sky-high multiples this year, even if they seem to have moderated a bit since September 2020.\nThe P/E ratio has passed the test that I proposed in late February: the multiple seems to have found a floor of 33 times, below which it has not stayed for long since around August 2020. The bad news is that Apple stock has consistently failed to sustain a P/E of more than 38 times, and the multiple seems range-bound for now.\nThe P/B ratio catches my attention for having climbed very sharply since 2018: from a low of only 5 times to a whopping 34 times now. At play here are not only factors like higher growth expectations and lower interest rates, which impact most valuation multiples, but also the fact that Apple has been retiring equity aggressively. The fewer shares outstanding, the higher P/B tends to be.\nThe Apple Maven’s take\nThe data seems clear: Apple’s key valuation multiples look stretched, certainly relative to their own history. The harder question to answer is: are the ratios overdue for a pullback?\nHigher valuation multiples can reflect a number of assumptions, including: higher growth expectations, lower interest rates, a perception of decreased risk of ownership, among others. I believe that Apple stock probably deserves to be valued more richly now than, say, three or five years ago.\nAt the same time, I think that Apple’s rich multiples could find upside resistance from here. Should Apple stock price rise, which it very well may, it will likely be the result of growth in financial metrics (sales, earnings, cash flow) rather than valuation expansion.\nIs the price right?\nLooking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379838650,"gmtCreate":1618713772770,"gmtModify":1634291311396,"author":{"id":"3581596486149641","authorId":"3581596486149641","name":"salaliao","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581596486149641","idStr":"3581596486149641"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379838650","repostId":"1156411249","repostType":4,"isVote":1,"tweetType":1,"viewCount":2591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":false}