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 |
7.7
|
16.9
|
1.7
|
| RLX Technology Inc. |
-255.1
|
36.3
|
1.3
|
| Mediana / RLX Technology Inc. |
-0.0
|
0.5
|
1.4
|
Pozostałe spółki z branży Tobacco
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| KT&G Corporation |
033780.KS |
10,255 |
6.6 |
12.2 |
1.5 |
KSE |
| Japan Tobacco Inc. |
2914.T |
51,844 |
7.2 |
16.2 |
2.0 |
Tokyo |
| British American Tobacco (Malaysia) Berhad |
4162.KL |
321 |
2.9 |
7.7 |
3.5 |
Kuala Lumpur |
| Philip Morris International Inc. |
4I1.DE |
285,087 |
14.7 |
37.5 |
-26.1 |
Frankfurt Stock Exchange |
| Smoore International Holdings Limited |
6969.HK |
13,557 |
79.8 |
75.0 |
4.5 |
HKSE |
| China Tobacco International (HK) Company Limited |
6055.HK |
2,802 |
15.5 |
25.8 |
7.3 |
HKSE |
| British American Tobacco p.l.c. |
BMT.DE |
106,087 |
6.5 |
-5.7 |
1.6 |
Frankfurt Stock Exchange |
| British American Tobacco p.l.c. |
BATS.L |
105,874 |
10.1 |
25.6 |
1.6 |
London Stock Exchange |
| British American Tobacco p.l.c. |
BTI |
105,919 |
5.9 |
25.6 |
1.6 |
New York Stock Exchange |
| Haypp Group AB (publ) |
HAYPP.ST |
423 |
18.1 |
65.1 |
6.1 |
Stockholm Stock Exchange |
| Godfrey Phillips India Limited |
GODFRYPHLP.NS |
5,297 |
33.9 |
40.1 |
8.2 |
National Stock Exchange of India |
| Greenlane Holdings, Inc. |
GNLN |
3,889 |
-368.7 |
-0.0 |
0.0 |
NASDAQ Global Market |
| PT Gudang Garam Tbk |
GGRM.JK |
1,109 |
4.1 |
36.6 |
0.3 |
Jakarta Stock Exchange |
| Godfrey Phillips India Limited |
GODFRYPHLP.BO |
5,297 |
33.9 |
40.1 |
8.2 |
Bombay Stock Exchange |
| Imperial Brands PLC |
ITB.DE |
32,694 |
3.9 |
9.4 |
4.5 |
Frankfurt Stock Exchange |
| Imperial Brands PLC |
IMB.L |
32,678 |
3.8 |
9.4 |
4.5 |
London Stock Exchange |
| ITC Limited |
ITC.BO |
60,460 |
18.3 |
57.8 |
28.7 |
Bombay Stock Exchange |
| PT Hanjaya Mandala Sampoerna Tbk |
HMSP.JK |
4,421 |
8.2 |
11.3 |
2.4 |
Jakarta Stock Exchange |
| Ispire Technology Inc. |
ISPR |
170 |
-1.7 |
-0.0 |
0.0 |
NASDAQ Capital Market |
| ITC Limited |
ITC.NS |
60,460 |
18.3 |
57.8 |
28.7 |
National Stock Exchange of India |
| Karelia Tobacco Company Inc. |
KARE.AT |
1,021 |
9.0 |
9.1 |
1.1 |
Athens |
| Altria Group, Inc. |
MO |
100,477 |
5.6 |
9.9 |
-28.7 |
New York Stock Exchange |
| Altria Group, Inc. |
PHM7.DE |
100,875 |
5.7 |
9.9 |
-28.8 |
Frankfurt Stock Exchange |
| Philip Morris International Inc. |
PM |
278,430 |
14.6 |
36.6 |
-25.5 |
New York Stock Exchange |
| RLX Technology Inc. |
RLX |
2,924 |
762.8 |
32.8 |
1.3 |
New York Stock Exchange |
| Scandinavian Tobacco Group A/S |
STG.CO |
1,015 |
0.7 |
7.1 |
0.7 |
Copenhagen |
| Turning Point Brands, Inc. |
TPB |
1,322 |
12.9 |
31.2 |
6.5 |
New York Stock Exchange |
| PT Wismilak Inti Makmur Tbk |
WIIM.JK |
102 |
3.7 |
5.9 |
0.8 |
Jakarta Stock Exchange |
| Universal Corporation |
UVV |
1,454 |
2.1 |
15.5 |
1.0 |
New York Stock Exchange |
| VST Industries Limited |
VSTIND.NS |
576 |
17.8 |
16.9 |
3.7 |
National Stock Exchange of India |
| VST Industries Limited |
VSTIND.BO |
576 |
17.8 |
16.9 |
3.7 |
Bombay Stock Exchange |