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 |
8.0
|
14.8
|
1.9
|
| Universal Corporation |
0.8
|
12.9
|
0.9
|
| Mediana / Universal Corporation |
10.7
|
1.1
|
2.1
|
Pozostałe spółki z branży Tobacco
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| Smoore International Holdings Limited |
6969.HK |
16,159 |
94.7 |
89.4 |
5.3 |
HKSE |
| Philip Morris International Inc. |
PM |
258,697 |
12.9 |
31.5 |
-21.6 |
New York Stock Exchange |
| Turning Point Brands, Inc. |
TPB |
1,782 |
16.9 |
40.5 |
8.1 |
New York Stock Exchange |
| RLX Technology Inc. |
RLX |
2,619 |
697.7 |
29.2 |
1.2 |
New York Stock Exchange |
| Universal Corporation |
UVV |
1,312 |
0.8 |
12.9 |
0.9 |
New York Stock Exchange |
| Japan Tobacco Inc. |
2914.T |
57,364 |
8.2 |
18.2 |
2.2 |
Tokyo |
| ITC Limited |
ITC.BO |
58,920 |
18.2 |
14.8 |
7.4 |
Bombay Stock Exchange |
| Scandinavian Tobacco Group A/S |
STG.CO |
1,113 |
1.1 |
7.7 |
0.7 |
Copenhagen |
| PT Hanjaya Mandala Sampoerna Tbk |
HMSP.JK |
3,851 |
7.4 |
11.4 |
2.6 |
Jakarta Stock Exchange |
| China Tobacco International (HK) Company Limited |
6055.HK |
3,339 |
18.8 |
30.6 |
8.7 |
HKSE |
| VST Industries Limited |
VSTIND.BO |
529 |
16.5 |
15.8 |
3.5 |
Bombay Stock Exchange |
| Imperial Brands PLC |
ITB.DE |
34,775 |
4.3 |
10.1 |
4.8 |
Frankfurt Stock Exchange |
| British American Tobacco (Malaysia) Berhad |
4162.KL |
332 |
2.9 |
7.3 |
3.4 |
Kuala Lumpur |
| Godfrey Phillips India Limited |
GODFRYPHLP.BO |
6,052 |
39.6 |
46.8 |
9.6 |
Bombay Stock Exchange |
| British American Tobacco p.l.c. |
BMT.DE |
124,218 |
16.4 |
0.4 |
0.0 |
Frankfurt Stock Exchange |
| Haypp Group AB (publ) |
HAYPP.ST |
449 |
19.2 |
67.4 |
6.3 |
Stockholm Stock Exchange |
| Imperial Brands PLC |
IMB.L |
34,703 |
2.1 |
5.0 |
4.8 |
London Stock Exchange |
| Philip Morris International Inc. |
4I1.DE |
258,061 |
12.7 |
31.4 |
-21.6 |
Frankfurt Stock Exchange |
| Ispire Technology Inc. |
ISPR |
162 |
-1.7 |
-0.0 |
0.0 |
NASDAQ Capital Market |
| ITC Limited |
ITC.NS |
58,928 |
18.2 |
14.8 |
7.4 |
National Stock Exchange of India |
| Karelia Tobacco Company Inc. |
KARE.AT |
1,015 |
13.1 |
8.3 |
1.1 |
Athens |
| Altria Group, Inc. |
MO |
110,856 |
7.3 |
12.6 |
-34.0 |
New York Stock Exchange |
| VST Industries Limited |
VSTIND.NS |
529 |
16.5 |
15.8 |
3.5 |
National Stock Exchange of India |
| Altria Group, Inc. |
PHM7.DE |
110,665 |
5.9 |
10.8 |
-29.1 |
Frankfurt Stock Exchange |
| Godfrey Phillips India Limited |
GODFRYPHLP.NS |
6,054 |
39.6 |
46.8 |
9.6 |
National Stock Exchange of India |
| PT Wismilak Inti Makmur Tbk |
WIIM.JK |
100 |
3.6 |
5.4 |
0.8 |
Jakarta Stock Exchange |
| British American Tobacco p.l.c. |
BATS.L |
123,971 |
13.2 |
30.3 |
1.9 |
London Stock Exchange |
| PT Gudang Garam Tbk |
GGRM.JK |
1,033 |
6.9 |
96.8 |
0.3 |
Jakarta Stock Exchange |
| KT&G Corporation |
033780.KS |
10,480 |
6.8 |
12.6 |
1.6 |
KSE |
| British American Tobacco p.l.c. |
BTI |
124,611 |
7.8 |
24.2 |
1.8 |
New York Stock Exchange |