Mr. Hem( @pygmy_hem ) 's Commentt on P/E Ratio at X
PERの基本（初級）
PER=株価÷EPS
利益何年分で元が取れるかという概念
数字が高ければ割高、低ければ割安
The Basics of PER (Beginner Level)
PER= Stock Price ÷ EPS (Earnings Per Share)
Concept of how many years of profits it takes to recover the costI
If the number is high, it's considered overvalued; if low, undervalued
PERの基本（中級）
PER=市場の期待成長率
市場にはPER5倍とPER30倍の会社があるが、実際の投資では同じEPSは続かないため、PER30倍の会社が成長期待で高評価される理由は、将来の利益、EPSの成長が予想されるから。PERは企業への成長期待を反映する。
The Basics of P/E Ratio (Intermediate)
P/E Ratio = Market's Expected Growth Rate
In the market, there are companies with a P/E ratio of 5 and those with a ratio of 30. However, in real investments, the same EPS does not continue, which is why companies with a P/E ratio of 30 are highly valued due to growth expectations, as future profit and EPS growth are anticipated. The P/E ratio reflects the growth expectations for a company.
PERの基本(上級)
PER=1/(r - g)
r : 割引率 = 投資家のリターン
g : 利益の成長率
The Basics of P/E Ratio(Advanced)
P/E Ratio = 1 / (r - g)
r: Discount Rate = Investor's Return
g: Growth Rate of Earnings
PERの基本（超上級）
キャッシュニュートラルPER = 資産価値を含めたPER
企業には今まで蓄積した資産があり、これを加味して元本の回収を考える必要がある。
・時価総額が100億円
・ネットキャッシュ30億円
（現金＋投資有価証券 X 70%ー負債）
・当期純利益10億円
・PERは10倍
100億円の会社だが、30億円の現金があると言えるので、70億円で買える。
そのため、キャッシュニュートラルPERは7倍。
The Basics of P/E Ratio (Expert Level)
Cash-Neutral P/E Ratio = P/E Ratio Including Asset Value
Companies have accumulated assets over time, which must be considered when calculating the return of principal.
Market capitalization of 10 billion yen
Net cash of 3 billion yen (Cash + Investment Securities X 70% - Debt)
Net income of 1 billion yen
P/E ratio is 10 times
Although the company is valued at 10 billion yen, it effectively has 3 billion yen in cash, making the purchase price 7 billion yen. Therefore, the cash-neutral P/E ratio is 7 times.
