{"id":19856,"date":"2021-08-18T20:22:17","date_gmt":"2021-08-18T20:22:17","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=19856"},"modified":"2024-04-05T06:49:41","modified_gmt":"2024-04-05T06:49:41","slug":"calculating-and-interpreting-alternative-price-multiples","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/calculating-and-interpreting-alternative-price-multiples\/","title":{"rendered":"Calculating and Interpreting Alternative Price Multiples"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/0kMmbenpFuo\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\r\n\r\n<h2>P\/E Ratios<\/h2>\r\n<p>Trailing P\/E is calculated using the last period\u2019s earnings as:<\/p>\r\n<p>$$\\text{Trailing P\u2044E}= \\frac{\\text{Market price per share}}{\\text{EPS over previous 12 months}}$$<\/p>\r\n<p>This is preferred when future earnings are unavailable.<\/p>\r\n<p>Leading P\/E is calculated using the next period\u2019s expected earnings as:<\/p>\r\n<p>$$\\text{Leading P\u2044E}= \\frac{\\text{Market price per share}}{\\text{Forecasted EPS over next 12 months}}$$<\/p>\r\n<p>This is preferred when trailing earnings do not reflect the future.<\/p>\r\n<h4>Example: Calculating P\/E Ratio<\/h4>\r\n<p>Consider the following information<\/p>\r\n<ul>\r\n\t<li>Earnings = $50 million<\/li>\r\n\t<li>Forecasted EPS over the next 12 months = $1.2<\/li>\r\n\t<li>Number of outstanding shares = 80 million<\/li>\r\n\t<li>Market price = $20.00 per share<\/li>\r\n<\/ul>\r\n<p>Trailing and leading P\/E ratios are closest to:<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\begin{align*}\\text{Current year EPS} &amp;= \\frac{50}{80} = \\$0.625\\\\\\text{Trailing P\/E} &amp;= \\frac{\\$20}{\\$0.625} =32\\\\ \\text{Leading P\/E}&amp;=\\frac{\\$20}{\\$1.2}=16.67\\end{align*}$$<\/p>\r\n<h2>Price to Book Value Ratios<\/h2>\r\n<p>Price to book value is calculated as:<\/p>\r\n<p>$$\\text{P\u2044B ratio}=\\frac{\\text{Market value of common shareholders&#8217; equity}}{\\text{Book value of common shareholdes&#8217; equity}}$$<\/p>\r\n<p>$$\\begin{align*}\\text{Book value of common shareholders&#8217; equity}&amp;=\\text{Shareholders&#8217; equity}-\\text{Total value of equity claims senior to common stock}\\\\ \\\\ \\text{Book value per share}&amp;= \\frac{\\text{Common shareholders&#8217; equity}}{\\text{Number of common stock shares outstanding}}\\\\ \\\\ \\text{Market value of common shareholders&#8217; equity}&amp;=\\text{Share price}\\times\\text{Shares outstanding}\\end{align*}$$<\/p>\r\n<p>This ratio can also be calculated on a per-share basis by dividing both the numerator and denominator by the number of shares outstanding.<\/p>\r\n<h4>Example: P\/B Ratio<\/h4>\r\n<p>Consider the following information:<\/p>\r\n<ul>\r\n\t<li>Current share market price = $15<\/li>\r\n\t<li>Shares outstanding = 100,000<\/li>\r\n\t<li>Common equity book value = $800,000<\/li>\r\n<\/ul>\r\n<p>P\/B can be calculated as:<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\begin{align*}\\text{P\u2044B ratio}&amp;=\\frac{\\text{Market value of common shareholders&#8217; equity}}{\\text{Book value of common shareholdes&#8217; equity}}\\\\&amp;=\\frac{(15\\times100,000)}{800,000}=1.88\\end{align*}$$<\/p>\r\n<p>A P\/B ratio of 1.88 means that an investor is paying 1.88 times the book value for one share. If a comparable company is trading at a lower P\/B ratio, then the comparable company is relatively undervalued, assuming the company at the 1.88 P\/B ratio is correctly valued.<\/p>\r\n<h2>Price to Sales Ratios<\/h2>\r\n<p>Computing price to sales (P\/S) involves the following calculation:<\/p>\r\n<p>$$\\begin{align*}\\text{P\u2044S ratio}&amp;= \\frac{\\text{Market price per share}}{\\text{Annual net sales per share}}\\\\ \\text{Annual net sales}&amp;=\\text{Total sales}-(\\text{Returns}+\\text{Customer discounts})<br \/>\r\n\\end{align*}$$<\/p>\r\n<p>An analyst should evaluate a company\u2019s revenue recognition practices before relying on the P\/S multiple.<\/p>\r\n<h4>Example: Price to Sales Ratio<\/h4>\r\n<p>Consider the following information:<\/p>\r\n<ul>\r\n\t<li>Current share market price = $15<\/li>\r\n\t<li>Recently reported net sales = $1,200,000<\/li>\r\n\t<li>Shares outstanding = 100,000<\/li>\r\n\t<li>Benchmark P\/S multiple = 6.5<\/li>\r\n<\/ul>\r\n<p>P\/S can be calculated as:<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\begin{align*}\\text{Annual net sales per share}&amp;=\\frac{\\$1,200,000}{100,000}=12\\\\ \\text{P\u2044S ratio}&amp;=\\frac{15}{12}=1.25\\end{align*}$$<\/p>\r\n<p>Since the benchmark P\/S multiple (6.5) is higher than the subject\u2019s P\/S multiple (1.25), the stock appears to be relatively undervalued.<\/p>\r\n<h2>Price to Cash Flow Ratios<\/h2>\r\n<p>The P\/CF ratio is calculated as:<\/p>\r\n<p>$$\\text{P\u2044CF}= \\frac{\\text{Market price per share}}{\\text{Free cash flow per share}}$$<\/p>\r\n<h3>Example: Price to Cash Flow<\/h3>\r\n<p>Consider the following information:<\/p>\r\n<ul>\r\n\t<li>Current share market price = $15<\/li>\r\n\t<li>Cash flow from operations = $600,000<\/li>\r\n\t<li>Shares outstanding = 100,000<\/li>\r\n<\/ul>\r\n<p>P\/CF ratio can be calculated as:<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\begin{align*}\\text{P\u2044CF}&amp;= \\frac{\\text{Market price per share}}{\\text{Free cash flow per share}}\\\\ \\\\ \\text{Free cash flow per share}&amp;= \\frac{\\$600,000}{100,000}=\\$6.00\\\\ \\\\ \\text{P\u2044CF}&amp;= \\frac{\\$15}{\\$6}=2.5\\end{align*}$$<\/p>\r\n<p>When comparing the P\/CF ratios of different companies, the company with the lower P\/CF ratio is relatively undervalued.\u00a0<\/p>\r\n<h2>Dividend Yield<\/h2>\r\n<p>The dividend yield is computed as dividend per share divided by the stock price.<\/p>\r\n<p>There are two types:<\/p>\r\n<p>i. Trailing dividend yield, calculated as:<\/p>\r\n<p>$$\\text{Trailing dividend yield}= \\frac{\\text{Most recent yearly dividend}}{\\text{Current market share price}}$$<\/p>\r\n<p>ii. Leading dividend yield, calculated as:<\/p>\r\n<p>$$\\text{Leading dividend yield}=\\frac{\\text{Next year&#8217;s forecasted dividend}}{\\text{Current market price}}$$<\/p>\r\n<h4>Example: Dividend Yield<\/h4>\r\n<p>Consider the following information:<\/p>\r\n<ul>\r\n\t<li>Current market price = $29.00<\/li>\r\n\t<li>Dividends paid in the last four quarters:\r\n\r\n<ul>\r\n\t<li>Q2: 2020 = $0.52<\/li>\r\n\t<li>Q3: 2020 = $0.55<\/li>\r\n\t<li>Q4: 2020 = $0.56<\/li>\r\n\t<li>Q1: 2021 = $0.56<\/li>\r\n<\/ul>\r\n<\/li>\r\n\t<li>Next year\u2019s dividend is forecasted to be $2.28.<\/li>\r\n<\/ul>\r\n<p>The trailing dividend yield can be calculated as:<\/p>\r\n<h4>Solution<\/h4>\r\n<p>$$\\begin{align*}\\text{Trailing dividend yield}&amp;=\\frac{\\text{Most recent yearly dividend}}{\\text{Current market share price}}\\\\&amp;=\\frac{(0.52+0.55+0.56+0.56)}{29}\\\\&amp;=0.07552\u22457.55\\%\\end{align*}$$<\/p>\r\n<p>The leading dividend yield can be calculated as:<\/p>\r\n<p>$$\\begin{align*}\\text{Leading dividend yield}&amp;=\\frac{\\text{Next year&#8217;s forecasted dividend}}{\\text{Current market price}}\\\\&amp;=\\frac{2.28}{29}\\\\&amp;=0.0786\u22457.86\\%\\end{align*}$$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>Consider the following information:<\/p>\r\n<ul>\r\n\t<li>Expected EPS in the first quarter = 0.30<\/li>\r\n\t<li>Expected EPS in the second quarter = 0.37<\/li>\r\n\t<li>Expected EPS in the third quarter = 0.43<\/li>\r\n\t<li>Expected EPS in the fourth quarter = 0.48<\/li>\r\n\t<li>Current price = $28.00<\/li>\r\n<\/ul>\r\n<p>The forward P\/E ratio is <em>closest to:<\/em><\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>14.58.<\/li>\r\n\t<li>17.72.<\/li>\r\n\t<li>23. 33.<\/li>\r\n<\/ol>\r\n<h3>Solution<\/h3>\r\n<p><strong>The correct answer is B.<\/strong><\/p>\r\n<p>$$\\text{Forward P\u2044E ratio}= \\frac{28.00}{(0.30+0.37+0.43+0.48)}=17.72$$<\/p>\r\n<\/blockquote>\r\n<p>Reading 25: Market-Based Valuation: Price and Enterprise Value Multiples<\/p>\r\n<p><em>LOS 25 (d) Calculate and interpret alternative price multiples and dividend yield.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>\ufeff\ufeff P\/E Ratios Trailing P\/E is calculated using the last period\u2019s earnings as: $$\\text{Trailing P\u2044E}= \\frac{\\text{Market price per share}}{\\text{EPS over previous 12 months}}$$ This is preferred when future earnings are unavailable. Leading P\/E is calculated using the next period\u2019s expected&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,401],"tags":[478,216,402,474],"class_list":["post-19856","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-equity-valuation","tag-calculating-and-interpreting-alternative-price-multiples","tag-cfa-level-2","tag-equity-valuation","tag-reading-29-market-based-valuation","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Calculating and Interpreting Alternative Price Multiples - CFA, FRM, and Actuarial Exams Study Notes<\/title>\n<meta name=\"description\" content=\"Learn how to calculate and interpret key stock valuation metrics including P\/E ratios, price to book value ratios, and dividend yield.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/calculating-and-interpreting-alternative-price-multiples\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calculating and Interpreting Alternative Price Multiples - 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