Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np.
EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń
oraz jest prostsza w zastosowaniu.
Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór
porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np.
przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).
|
EV/EBITDA TTM |
P/E TTM |
P/B TTM |
Mediana dla branży |
11.5
|
22.0
|
3.1
|
Costco Wholesale Corporation |
40.4
|
59.1
|
17.6
|
Mediana / Costco Wholesale Corporation |
0.3
|
0.4
|
0.2
|
Pozostałe spółki z branży Discount Stores
Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
Zhongbai Holdings Group Co.,Ltd |
000759.SZ |
707 |
-10.3 |
-8.5 |
3.0 |
Shenzhen |
Costco Wholesale Corporation |
0I47.L |
436,173 |
38.9 |
56.7 |
16.4 |
London Stock Exchange |
E-MART Inc. |
139480.KS |
1,860 |
-5.9 |
-3.9 |
0.2 |
KSE |
Seria Co., Ltd. |
2782.T |
1,480 |
13.0 |
12.3 |
1.9 |
Tokyo |
TRIAL HOLDINGS INC |
141A.T |
2,007 |
14.0 |
25.6 |
2.2 |
Tokyo |
Best Mart 360 Holdings Limited |
2360.HK |
243 |
3.2 |
7.5 |
3.5 |
HKSE |
Jason Co., Ltd. |
3080.T |
62 |
16.9 |
25.8 |
1.4 |
Tokyo |
Mr Max Holdings Ltd. |
8203.T |
151 |
0.6 |
8.7 |
0.6 |
Tokyo |
Pan Pacific International Holdings Corporation |
7532.T |
20,478 |
13.0 |
30.8 |
4.8 |
Tokyo |
PLANT Co.,Ltd. |
7646.T |
72 |
4.4 |
50.5 |
0.7 |
Tokyo |
B&M European Value Retail S.A. |
BME.L |
3,828 |
-0.1 |
6.6 |
2.8 |
London Stock Exchange |
BJ's Wholesale Club Holdings, Inc. |
BJ |
14,416 |
11.5 |
26.2 |
7.6 |
New York Stock Exchange |
Costco Wholesale Corporation |
COST |
435,810 |
38.9 |
56.7 |
16.4 |
NASDAQ Global Select |
Costco Wholesale Corporation |
COST.BA |
436,261 |
35.6 |
0.3 |
0.1 |
Buenos Aires |
Costco Wholesale Corporation |
COST.NE |
452,853 |
37.0 |
57.3 |
17.1 |
NEO |
Europris ASA |
EPR.OL |
1,425 |
4.1 |
19.0 |
3.4 |
Oslo Stock Exchange |
Distribuidora Internacional de Alimentación, S.A. |
DIA.MC |
1,880 |
1.8 |
-37.4 |
-41.4 |
Madrid Stock Exchange |
Costco Wholesale Corporation |
CTO.DE |
435,207 |
35.8 |
58.1 |
17.3 |
Frankfurt Stock Exchange |
Avenue Supermarts Limited |
DMART.BO |
33,417 |
60.9 |
103.1 |
13.0 |
Bombay Stock Exchange |
Dollarama Inc. |
DOL.TO |
38,661 |
24.1 |
46.5 |
45.7 |
Toronto Stock Exchange |
Dollar Tree, Inc. |
DLTR |
21,457 |
10.2 |
-7.1 |
5.4 |
NASDAQ Global Select |
Dollar Tree, Inc. |
DT3.DE |
17,636 |
258.1 |
-16.7 |
2.3 |
Frankfurt Stock Exchange |
Avenue Supermarts Limited |
DMART.NS |
33,414 |
60.9 |
103.1 |
13.0 |
National Stock Exchange of India |
Target Corporation |
DYH.DE |
47,662 |
3.4 |
11.1 |
3.1 |
Frankfurt Stock Exchange |
Dollar General Corporation |
DG |
25,417 |
3.2 |
21.6 |
3.2 |
New York Stock Exchange |
Fix Price Group PLC |
FIXP.ME |
1,479 |
1.8 |
3.8 |
2.4 |
Moscow Stock Exchange |
Public Joint Stock Company Magnit |
MGNT.ME |
4,732 |
-0.9 |
4.6 |
1.3 |
Moscow Stock Exchange |
PT Midi Utama Indonesia Tbk |
MIDI.JK |
865 |
7.7 |
23.4 |
3.1 |
Jakarta Stock Exchange |
Pepco Group N.V. |
PCO.WA |
3,484 |
3.8 |
17.8 |
2.7 |
Warsaw Stock Exchange |
PriceSmart, Inc. |
PSMT |
3,263 |
10.4 |
22.0 |
2.7 |
NASDAQ Global Select |
Ollie's Bargain Outlet Holdings, Inc. |
OLLI |
7,994 |
24.4 |
39.5 |
4.6 |
NASDAQ Global Market |
Tokmanni Group Oyj |
TOKMAN.HE |
746 |
-0.8 |
12.8 |
2.4 |
Helsinki |
Target Corporation |
TGT.BA |
48,018 |
4.6 |
9.3 |
2.6 |
Buenos Aires |
BBB Foods Inc. |
TBBB |
3,197 |
15.5 |
120.5 |
13.9 |
New York Stock Exchange |
Target Corporation |
TGT |
47,922 |
5.2 |
10.6 |
3.0 |
New York Stock Exchange |
Wal-Mart de México, S.A.B. de C.V. |
WALMEX.MX |
58,253 |
11.1 |
20.8 |
4.5 |
Mexico |
The Reject Shop Limited |
TRS.AX |
164 |
1.2 |
40.6 |
1.3 |
Australian Securities Exchange |
Walmart Inc. |
WMT.NE |
794,117 |
17.7 |
12.7 |
2.7 |
NEO |
Walmart Inc. |
WMT |
778,889 |
18.6 |
41.7 |
9.4 |
New York Stock Exchange |
Walmart Inc. |
WMT.DE |
779,111 |
17.8 |
40.6 |
8.7 |
Frankfurt Stock Exchange |