Részvényértékelés

Részvényértékelés, or stock valuation, is the process of determining the intrinsic value of a company's stock. This intrinsic value is an estimate of what the stock should be worth, independent of its current market price. Investors and analysts use various methods to arrive at this valuation, aiming to identify undervalued or overvalued stocks.

One common approach is the discounted cash flow (DCF) model. This method projects a company's future free cash flows and then discounts them back to the present value using a required rate of return. The sum of these present values represents the estimated intrinsic value of the stock.

Another widely used method is the comparative company analysis, also known as trading multiples or relative valuation. This involves comparing key financial ratios of the target company, such as the price-to-earnings (P/E) ratio, price-to-sales (P/S) ratio, or enterprise value-to-EBITDA (EV/EBITDA), to those of similar publicly traded companies in the same industry. The assumption is that similar companies should trade at similar multiples.

Dividend discount models (DDM) are suitable for companies that pay regular dividends. These models value a stock based on the present value of its expected future dividends. Different variations exist, such as the Gordon Growth Model for stocks with a constant dividend growth rate.

Ultimately, részvényértékelés is not an exact science. It involves making assumptions about future performance, economic conditions, and market sentiment. Therefore, analysts often use multiple valuation methods and consider a range of potential outcomes to arrive at a more robust valuation. The goal is to make informed investment decisions based on a thorough understanding of a company's worth.