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 |
6.3
|
10.8
|
1.0
|
| Iida Group Holdings Co., Ltd. |
4.1
|
10.9
|
0.6
|
| Mediana / Iida Group Holdings Co., Ltd. |
1.5
|
1.0
|
1.8
|
Pozostałe spółki z branży Residential Construction
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| Beazer Homes USA, Inc. |
0HMG.L |
666 |
-2.1 |
5.7 |
0.6 |
London Stock Exchange |
| Teladan Group Berhad |
0230.KL |
177 |
9.9 |
25.8 |
1.4 |
Kuala Lumpur |
| Atal S.A. |
1AT.WA |
750 |
5.3 |
9.3 |
1.6 |
Warsaw Stock Exchange |
| Iida Group Holdings Co., Ltd. |
3291.T |
3,843 |
4.2 |
11.1 |
0.6 |
Tokyo |
| Tama Home Co., Ltd. |
1419.T |
647 |
11.2 |
23.5 |
3.3 |
Tokyo |
| Nihon House Holdings Co., Ltd. |
1873.T |
80 |
2.2 |
9.1 |
0.5 |
Tokyo |
| Sumitomo Forestry Co., Ltd. |
1911.T |
6,176 |
1.8 |
7.8 |
1.0 |
Tokyo |
| Road King Infrastructure Limited |
1098.HK |
79 |
4.3 |
-0.2 |
0.0 |
HKSE |
| First-corporation Inc. |
1430.T |
70 |
0.8 |
7.9 |
1.1 |
Tokyo |
| Hoosiers Holdings Co., Ltd. |
3284.T |
302 |
-3.1 |
8.0 |
1.0 |
Tokyo |
| HASEKO Corporation |
1808.T |
4,102 |
4.3 |
17.1 |
1.1 |
Tokyo |
| Sekisui House, Ltd. |
1928.T |
13,685 |
1.3 |
9.2 |
1.0 |
Tokyo |
| Sanyo Homes Corporation |
1420.T |
54 |
-0.1 |
11.7 |
0.5 |
Tokyo |
| Asante Incorporated |
6073.T |
108 |
15.6 |
22.8 |
1.6 |
Tokyo |
| Fujian Oriental Silver Star Investment Co., Ltd. |
600753.SS |
224 |
-8.7 |
-7.0 |
-305.8 |
Shanghai |
| First Juken Co., Ltd. |
8917.T |
97 |
5.2 |
5.6 |
0.4 |
Tokyo |
| ES-CON JAPAN Ltd. |
8892.T |
653 |
-8.3 |
8.5 |
1.2 |
Tokyo |
| Lagenda Properties Berhad |
7179.KL |
235 |
1.8 |
5.4 |
0.8 |
Kuala Lumpur |
| Avantia Co.,Ltd. |
8904.T |
79 |
-9.9 |
48.0 |
0.4 |
Tokyo |
| Hexaom S.A. |
ALHEX.PA |
234 |
12.0 |
17.7 |
1.1 |
Paris |
| Aedas Homes, S.A. |
AEDAS.MC |
1,231 |
2.8 |
8.3 |
1.2 |
Madrid Stock Exchange |
| Consorcio ARA, S. A. B. de C. V. |
ARA.MX |
210 |
3.2 |
5.5 |
0.3 |
Mexico |
| Bonava AB (publ) |
BONAV-B.ST |
425 |
3.8 |
-7.9 |
0.6 |
Stockholm Stock Exchange |
| Bellway p.l.c. |
BWY.L |
4,677 |
14.0 |
23.3 |
1.0 |
London Stock Exchange |
| The Berkeley Group Holdings plc |
BKG.L |
5,238 |
8.0 |
10.8 |
1.2 |
London Stock Exchange |
| Bonava AB (publ) |
BONAV-A.ST |
426 |
3.8 |
-7.9 |
0.6 |
Stockholm Stock Exchange |
| Cairn Homes plc |
C5H.IR |
1,655 |
7.8 |
12.1 |
1.8 |
Irish |
| Century Communities, Inc. |
CCS |
1,726 |
0.6 |
5.6 |
0.7 |
New York Stock Exchange |
| Beazer Homes USA, Inc. |
BZH |
685 |
6.3 |
7.1 |
0.6 |
New York Stock Exchange |
| Cavco Industries, Inc. |
CVCO |
3,452 |
19.5 |
26.1 |
0.0 |
NASDAQ Global Select |
| Crest Nicholson Holdings plc |
CRST.L |
670 |
-3.8 |
-4.7 |
0.7 |
London Stock Exchange |
| Dream Finders Homes, Inc. |
DFH |
2,387 |
2.4 |
7.0 |
1.6 |
New York Stock Exchange |
| Cairn Homes plc |
CRN.L |
1,572 |
8.2 |
12.7 |
1.9 |
London Stock Exchange |
| Cyrela Brazil Realty S.A. Empreendimentos e Participações |
CYRE3.SA |
1,719 |
1.9 |
5.8 |
1.1 |
São Paulo |
| D.R. Horton, Inc. |
DHI |
39,992 |
6.4 |
9.4 |
1.7 |
New York Stock Exchange |
| MJ Gleeson plc |
GLE.L |
310 |
6.9 |
13.7 |
0.8 |
London Stock Exchange |
| Glenveagh Properties PLC |
GVR.IR |
1,112 |
5.8 |
10.8 |
1.4 |
Irish |
| Neinor Homes, S.A. |
HOME.MC |
1,447 |
24.5 |
23.6 |
1.5 |
Madrid Stock Exchange |
| HusCompagniet A/S |
HUSCO.CO |
157 |
7.9 |
-3,468.3 |
1.5 |
Copenhagen |
| Hovnanian Enterprises, Inc. |
HOV |
687 |
2.4 |
3.1 |
0.8 |
New York Stock Exchange |
| Glenveagh Properties PLC |
GLV.L |
1,093 |
5.8 |
10.8 |
1.4 |
London Stock Exchange |
| Green Brick Partners, Inc. |
GRBK-PA |
1,029 |
5.9 |
7.7 |
1.7 |
New York Stock Exchange |
| Green Brick Partners, Inc. |
GRBK |
2,850 |
5.9 |
7.7 |
1.7 |
New York Stock Exchange |
| Hovnanian Enterprises, Inc. PFD DEP1/1000A |
HOVNP |
524 |
2.4 |
3.1 |
0.8 |
NASDAQ Global Market |
| Kaufman & Broad S.A. |
KOF.PA |
760 |
12.4 |
13.9 |
2.7 |
Paris |
| JM AB (publ) |
JM.ST |
1,024 |
14.6 |
28.8 |
1.2 |
Stockholm Stock Exchange |
| Kaldalón hf. |
KALD.IC |
202 |
-2.1 |
0.0 |
0.0 |
Iceland |
| Lennar Corporation |
LEN |
29,490 |
6.7 |
7.5 |
1.3 |
New York Stock Exchange |
| Lennar Corporation |
LEN-B |
29,263 |
6.7 |
7.5 |
1.3 |
New York Stock Exchange |
| KB Home |
KBH |
3,884 |
2.8 |
6.1 |
0.9 |
New York Stock Exchange |
| Metrovacesa S.A. |
MVC.MC |
1,877 |
44.9 |
146.4 |
1.0 |
Madrid Stock Exchange |
| LGI Homes, Inc. |
LGIH |
1,197 |
-1.9 |
6.5 |
0.6 |
NASDAQ Global Select |
| Legacy Housing Corporation |
LEGH |
552 |
8.3 |
9.6 |
1.1 |
NASDAQ Global Select |
| MRV Engenharia e Participações S.A. |
MRVE3.SA |
617 |
-13.6 |
-4.8 |
0.6 |
São Paulo |
| M/I Homes, Inc. |
MHO |
3,017 |
4.0 |
5.7 |
1.0 |
New York Stock Exchange |
| Meritage Homes Corporation |
MTH |
4,888 |
4.2 |
6.7 |
0.9 |
New York Stock Exchange |
| NVR, Inc. |
NVR |
21,434 |
10.8 |
13.7 |
5.5 |
New York Stock Exchange |
| PulteGroup, Inc. |
PHM |
21,243 |
5.1 |
7.2 |
1.7 |
New York Stock Exchange |
| Orascom Development Holding AG |
ODHN.SW |
399 |
0.4 |
-52.5 |
1.0 |
Swiss Exchange |
| Persimmon Plc |
PSN.L |
5,817 |
10.3 |
15.9 |
1.2 |
London Stock Exchange |
| Springfield Properties Plc |
SPR.L |
158 |
2.3 |
12.8 |
0.7 |
London Stock Exchange |
| Skyline Champion Corporation |
SKY |
3,692 |
15.4 |
16.9 |
2.4 |
New York Stock Exchange |
| Studentbostäder i Norden AB (publ) |
STUDBO.ST |
110 |
-17.4 |
43.8 |
0.4 |
Stockholm Stock Exchange |
| Taylor Wimpey plc |
TW.L |
5,854 |
11.0 |
19.5 |
1.0 |
London Stock Exchange |
| Tri Pointe Homes, Inc. |
TPH |
2,915 |
4.6 |
6.9 |
0.9 |
New York Stock Exchange |
| Tamawood Limited |
TWD.AX |
65 |
12.1 |
17.4 |
3.0 |
Australian Securities Exchange |
| Toll Brothers, Inc. |
TOL |
11,207 |
4.8 |
8.2 |
1.4 |
New York Stock Exchange |
| United Homes Group, Inc. |
UHG |
209 |
40.4 |
5,093.6 |
2,347.8 |
NASDAQ Global Market |
| Taylor Morrison Home Corporation |
TMHC |
6,250 |
3.4 |
6.9 |
1.0 |
New York Stock Exchange |
| Vistry Group PLC |
VTY.L |
2,816 |
6.8 |
28.0 |
0.6 |
London Stock Exchange |
| Watkin Jones Plc |
WJG.L |
100 |
13.0 |
38.9 |
0.6 |
London Stock Exchange |
| Murapol S.A. |
MUR.WA |
431 |
3.5 |
6.3 |
2.4 |
Warsaw Stock Exchange |