If we divide 1/Yardeni model, that should be the intrinsic P/E of the market.
Correct?作者: Analyze_This 时间: 2011-7-13 15:30
Yep. I also think you may need to discount the Current PE by 1+ LTEG to adequately compare them作者: Windjam 时间: 2011-7-13 15:30
yeah I think so too, with all those models around this one作者: bkballa 时间: 2011-7-13 15:30
1/Yardeni = FORWARD P/E... right? So if you were trying to value the market TODAY t=0 using this metric you would need to discount by 1+LTEG as CFABlackBelt said... right?作者: Roflnadal 时间: 2011-7-13 15:30
Why are you discounting current P/E? And by current, you mean current Forward, correct?作者: mar350 时间: 2011-7-13 15:31
jdane416 Wrote:
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> Why are you discounting current P/E? And by
> current, you mean current Forward, correct?
Ya. I don't have my notes in front of me. But I remember seeing a problem where you had to discount the forward to compare to the intrinsic.作者: cityboy 时间: 2011-7-13 15:31
Yardeni is beyond worthless.作者: aidebaobao 时间: 2011-7-13 15:31
So if we had the Forward P/E, Yardeni would be intrinsic Forward P/E or intrinsic P/E?作者: justin88 时间: 2011-7-13 15:31
Yardeni is forward
should be comped to fwd marker P/E so if they give you historical or current market P/E, adjust it to a forward P/E so you are comping apples to apples.作者: infinitybenzo 时间: 2011-7-13 15:31
I'm trying to think it through. Yardeni uses a forward expectations- But I can't imagine we'd have to discount it back to get intrinsic, I just can't recall ever seeing this anywhere.作者: PalacioHill 时间: 2011-7-13 15:31
Yup P/E = Po/E1作者: Darien 时间: 2011-7-13 15:31
FinNinja Wrote:
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> 1/yardeni is the forward P/E, though you don't
> need to discount to compare.
>
> if that were the case you would also need a
> discount to compare fwd earnings yield to current
> which we don't.
>
> I usually change the yardeni to a P/E and compare
> to the current P/E b/c it's much easier for mee to
> see that a market is under priced if the P/E will
> be higher in the future rather than thinking about
> the earnings yield. the earnings yield is just
> backwards to me and I think it opens myself up to
> errors on the test.
This is exactly what I was confused about.
Thanks everyone. I thought it was P0/E1, but was not 100%.作者: NakedPuts2011 时间: 2011-7-13 15:31
june2009 Wrote:
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> idreesz Wrote:
> --------------------------------------------------
> -----
> > Yup P/E = Po/E1
>
>
> Thats right, but there have been questions where
> they will give you current market price and most
> recent actual earnings on the market (P0/E0). So
> to compare yardeni to the market you need to get a
> forward market number - use 1+ltg for the MARKET
> to get P0/E1
Thanks. Will keep that in mind.作者: cityboy 时间: 2011-7-13 15:31
Sorry so you mean that you need to multiply the Eo by 1+LTEG to get E1 to compare it with the Yardeni Model? Am I correct to say that?
