{"id":16798,"date":"2021-07-05T09:35:47","date_gmt":"2021-07-05T08:35:47","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=16798"},"modified":"2023-02-10T11:55:26","modified_gmt":"2023-02-10T10:55:26","slug":"how-can-you-tell-if-a-stock-is-expensive-or-cheap","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/how-can-you-tell-if-a-stock-is-expensive-or-cheap\/","title":{"rendered":"How can you tell if a stock is \u201cexpensive\u201d or \u201ccheap\u201d?"},"content":{"rendered":"

Question of the week<\/h2>\n

It is often said that tech companies are \u201cexpensive\u201d on the stock market, while those in other sectors are \u201ccheap.\u201d This concept can be seen in the expression \u201cvalue stock\u201d which is used to characterize companies whose stock valuations are affordable. But what are the criteria that this assessment is based on?<\/p>\n

There are several valuation methods. The most well-known consists in comparing a company\u2019s annual profits to its market capitalization. This is reflected in the \u201cP\/E\u201d or \u201cPER\u201d (Price-to-Earnings Ratio). A company whose stock market valuation corresponds to only five years of profits is considered to be very cheap. Meanwhile, a company whose value on the stock market is equivalent to 50 years of profits is undeniably expensive. In the long term, the average P\/E of quoted companies is between 10 and 15 times their annual profits.<\/p>\n

Other valuation ratios can be used, depending on the case. For example, the P\/BV ratio allows you to compare a company\u2019s market capitalization to its assets (book value). The EV\/R (Enterprise Value-to-Revenue Multiple) has the advantage of being less volatile than the others. These two metrics can be applied to companies that are not yet profitable.<\/p>\n

Still, using these ratios without putting them in context could turn out to be misleading. The revenue, profit, and assets of a company experience variations that investors constantly seek to anticipate. A fast-growing company will logically have high ratios, this \u201cpriciness\u201d being justified by the quality of its future prospects. Meanwhile, a shrinking company could have low ratios, especially if its future is in doubt.<\/p>\n

In short, judging a company\u2019s price on the stock market requires both analyzing its current valuation and its dynamics. This is one of many criteria used to construct an investment portfolio capable of outperforming in the long term.<\/p>\n

See also:\u00a0https:\/\/latribune.lazardfreresgestion.fr\/en\/growth-versus-value-what-does-that-mean\/<\/a><\/p>\n

The opinion expressed above is dated\u00a0 13th May 2021, and liable to change.<\/span><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 – Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES – 75008 PARIS, FRANCE<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Question of the week It is often said that tech companies are \u201cexpensive\u201d on the stock market, while those in… <\/p>\n","protected":false},"author":101016,"featured_media":16319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1806],"tags":[2366,2365,2262],"class_list":["post-16798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-weekly-question","tag-market-capitalization","tag-stock","tag-stock-market"],"yoast_head":"\nHow can you tell if a stock is \u201cexpensive\u201d or \u201ccheap\u201d?<\/title>\n<meta name=\"description\" content=\"Although the long-term growth potential in emerging markets remains attractive, it has lessened since the 2008 crisis. 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