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 |
8.1
|
17.0
|
1.8
|
| British American Tobacco (Malaysia) Berhad |
3.4
|
8.2
|
3.9
|
| Mediana / British American Tobacco (Malaysia) Berhad |
2.4
|
2.1
|
0.5
|
Pozostałe spółki z branży Tobacco
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| KT&G Corporation |
033780.KS |
9,900 |
8.2 |
11.6 |
1.5 |
KSE |
| Japan Tobacco Inc. |
2914.T |
53,389 |
7.4 |
16.5 |
2.0 |
Tokyo |
| British American Tobacco (Malaysia) Berhad |
4162.KL |
296 |
2.4 |
6.7 |
3.2 |
Kuala Lumpur |
| Philip Morris International Inc. |
4I1.DE |
285,640 |
14.8 |
37.7 |
-26.3 |
Frankfurt Stock Exchange |
| China Tobacco International (HK) Company Limited |
6055.HK |
2,802 |
15.2 |
25.4 |
7.2 |
HKSE |
| Smoore International Holdings Limited |
6969.HK |
14,473 |
84.6 |
79.6 |
4.7 |
HKSE |
| British American Tobacco p.l.c. |
BMT.DE |
106,411 |
6.5 |
-5.8 |
1.6 |
Frankfurt Stock Exchange |
| British American Tobacco p.l.c. |
BATS.L |
106,162 |
10.1 |
25.7 |
1.6 |
London Stock Exchange |
| British American Tobacco p.l.c. |
BTI |
106,566 |
6.0 |
25.7 |
1.6 |
New York Stock Exchange |
| Haypp Group AB (publ) |
HAYPP.ST |
398 |
16.7 |
60.2 |
5.6 |
Stockholm Stock Exchange |
| PT Hanjaya Mandala Sampoerna Tbk |
HMSP.JK |
4,229 |
8.0 |
11.0 |
2.3 |
Jakarta Stock Exchange |
| Godfrey Phillips India Limited |
GODFRYPHLP.NS |
4,996 |
32.1 |
38.0 |
7.8 |
National Stock Exchange of India |
| PT Gudang Garam Tbk |
GGRM.JK |
1,049 |
3.8 |
34.8 |
0.3 |
Jakarta Stock Exchange |
| Godfrey Phillips India Limited |
GODFRYPHLP.BO |
4,993 |
32.1 |
38.0 |
7.8 |
Bombay Stock Exchange |
| Imperial Brands PLC |
ITB.DE |
33,062 |
4.0 |
9.6 |
4.6 |
Frankfurt Stock Exchange |
| Imperial Brands PLC |
IMB.L |
33,044 |
3.9 |
9.5 |
4.6 |
London Stock Exchange |
| Karelia Tobacco Company Inc. |
KARE.AT |
1,014 |
9.0 |
9.2 |
1.1 |
Athens |
| ITC Limited |
ITC.BO |
60,826 |
18.5 |
58.4 |
29.0 |
Bombay Stock Exchange |
| Ispire Technology Inc. |
ISPR |
129 |
-1.7 |
-0.0 |
0.0 |
NASDAQ Capital Market |
| ITC Limited |
ITC.NS |
60,819 |
18.5 |
58.4 |
29.0 |
National Stock Exchange of India |
| Altria Group, Inc. |
PHM7.DE |
101,459 |
5.7 |
9.9 |
-28.8 |
Frankfurt Stock Exchange |
| Altria Group, Inc. |
MO |
101,168 |
5.7 |
9.9 |
-28.8 |
New York Stock Exchange |
| Philip Morris International Inc. |
PM |
286,890 |
15.1 |
37.7 |
-26.3 |
New York Stock Exchange |
| RLX Technology Inc. |
RLX |
2,656 |
-255.5 |
36.4 |
1.3 |
New York Stock Exchange |
| Scandinavian Tobacco Group A/S |
STG.CO |
1,003 |
0.7 |
7.1 |
0.7 |
Copenhagen |
| Universal Corporation |
UVV |
1,473 |
2.2 |
15.6 |
1.0 |
New York Stock Exchange |
| Turning Point Brands, Inc. |
TPB |
1,359 |
13.3 |
31.9 |
6.6 |
New York Stock Exchange |
| 22nd Century Group, Inc. |
XXII |
97 |
-8.7 |
-0.9 |
3.5 |
NASDAQ Capital Market |
| PT Wismilak Inti Makmur Tbk |
WIIM.JK |
95 |
3.5 |
5.5 |
0.8 |
Jakarta Stock Exchange |
| VST Industries Limited |
VSTIND.NS |
574 |
18.0 |
17.0 |
3.7 |
National Stock Exchange of India |
| VST Industries Limited |
VSTIND.BO |
573 |
18.0 |
17.0 |
3.7 |
Bombay Stock Exchange |