BBS1990-1994

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P/E RATIO

P/E ratio = price

earningscena akcie

ročný zisk na akciu=

PRÍKLAD

2008 2009 2010

Dividenda na akciu

1 € 1,1 € 1,21 €

Cena akcie k 31.12.

10 €

Vypočítajte P/E ratio a rastúcu perpetuitu. Je akcia nadhodnotená alebo podhodnotená?

•P/E ratio k 31.12.2010 je 10/1,21 = 8,26

CENA FIRMY

•História ziskov

•Výhľad na zisky

•Výhľad na cenu akcie do budúcnosti

TRHOVÁ KAPITALIZÁCIA

Počet akcií krát cena akcie

Burzový index

•Dow Jones Industrial Average DJIA nie je váhovaný kapitalizáciou

•Hang Seng je váhovaný

Burzy

•NYSE, NASDAQ, COMEX

•Londýn, Tokyo, Franfurkt, Singapúr, Hong Kong

Pasívne a aktívne spravované fondy

• Indexové fondy

•ETF - Exchange Traded funds

Burton Malkiel - 1973

“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.”

Rob Arnott, CEO of Research Affiliates

•randomly selected 100 portfolios containing 30 stocks from a 1,000 stock universe. They repeated this processes every year, from 1964 to 2010

•From 1964 to 2011, the annualized return for the 1,000 stocks used by Research Affiliates was 9.7 percent. The 30 largest companies in the 1000 made up about 40 percent of the capitalization weight, but their return was only 8.6 percent annually. The other 970 stocks made up 60 percent by capitalization weight and their return was 10.5 percent annually. That’s a 0.8 percent per year premium return for smaller stocks over the 1,000 stock universe and a 1.9 percent premium return over the largest stocks.

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