标题: Price to EBITDA? [打印本页] 作者: Elliotbay 时间: 2011-10-2 07:48 标题: Price to EBITDA?
I've always thought that Price and Enterprise Value metrics should have the numerator and denominator on the same basis to make apples-to-apples comparisons (i.e., price to earnings, EV/EBITDA, EV/Sales, etc). However in a few sell side reports I was looking at they included a Price to EBITDA metric in their summary info. Does anybody have any insight as to why they would use P/EBITDA or how often this is used?作者: Zestt 时间: 2011-10-2 07:53
Did the analyst's name end in ", CFA" ?作者: Sunshine4ever 时间: 2011-10-2 07:59
maybe they had no debt, or were just clueless作者: Zestt 时间: 2011-10-2 08:10
EBITDA is a stupid proxy for CF if you are leveraged. P/CF is fine作者: noel 时间: 2011-10-2 08:15
They shouldn't be using P/EBITDA. My guess is that they just don't know any better. You certainly don't want to compare companies based on this ratio.作者: iteracom 时间: 2011-10-2 08:20
Sounds like a cool ratio! No one else is using it!
As for P/CF, really you need to do P/FCFE. P/CF and P/FCFF are not comparable across different leverage ratios.
Edited 1 time(s). Last edit at Tuesday, March 22, 2011 at 02:12PM by bchadwick.作者: pimpineasy 时间: 2011-10-2 08:26
sometimes they say price but they assume you know its EV, not market value of equity作者: neil1234 时间: 2011-10-2 08:31
Thanks for the input. @starbuk, it was definitely price because the multiples they had were in the 3-4x range.
