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 |
6.4
|
11.3
|
1.1
|
Murapol S.A. |
3.5
|
6.4
|
2.4
|
Mediana / Murapol S.A. |
1.8
|
1.8
|
0.4
|
Pozostałe spółki z branży Residential Construction
Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
Asante Incorporated |
6073.T |
106 |
15.7 |
23.0 |
1.6 |
Tokyo |
Tri Pointe Homes, Inc. |
TPH |
2,992 |
4.8 |
7.1 |
0.9 |
New York Stock Exchange |
Cavco Industries, Inc. |
CVCO |
3,403 |
19.2 |
25.6 |
0.0 |
NASDAQ Global Select |
Cyrela Brazil Realty S.A. Empreendimentos e Participações |
CYRE3.SA |
1,749 |
1.6 |
5.7 |
1.0 |
São Paulo |
Meritage Homes Corporation |
MTH |
5,025 |
4.4 |
7.0 |
1.0 |
New York Stock Exchange |
Tama Home Co., Ltd. |
1419.T |
660 |
11.7 |
24.5 |
3.4 |
Tokyo |
Skyline Champion Corporation |
SKY |
3,679 |
13.5 |
18.6 |
2.4 |
New York Stock Exchange |
PulteGroup, Inc. |
PHM |
21,774 |
5.3 |
7.5 |
1.8 |
New York Stock Exchange |
Century Communities, Inc. |
CCS |
1,804 |
0.8 |
5.9 |
0.7 |
New York Stock Exchange |
NVR, Inc. |
NVR |
21,718 |
11.0 |
14.0 |
5.6 |
New York Stock Exchange |
KB Home |
KBH |
3,667 |
3.2 |
6.7 |
1.0 |
New York Stock Exchange |
Persimmon Plc |
PSN.L |
5,050 |
9.1 |
14.1 |
1.1 |
London Stock Exchange |
JM AB (publ) |
JM.ST |
934 |
13.5 |
26.6 |
1.1 |
Stockholm Stock Exchange |
Atal S.A. |
1AT.WA |
693 |
4.7 |
11.7 |
1.4 |
Warsaw Stock Exchange |
Sumitomo Forestry Co., Ltd. |
1911.T |
5,824 |
1.7 |
2.5 |
0.3 |
Tokyo |
Legacy Housing Corporation |
LEGH |
530 |
8.0 |
9.3 |
1.1 |
NASDAQ Global Select |
Hoosiers Holdings Co., Ltd. |
3284.T |
311 |
-2.8 |
8.5 |
1.1 |
Tokyo |
HASEKO Corporation |
1808.T |
4,029 |
4.4 |
17.4 |
1.1 |
Tokyo |
Fujian Oriental Silver Star Investment Co., Ltd. |
600753.SS |
240 |
-9.4 |
-7.5 |
-329.1 |
Shanghai |
Orascom Development Holding AG |
ODHN.SW |
400 |
0.4 |
-52.5 |
1.0 |
Swiss Exchange |
D.R. Horton, Inc. |
DHI |
40,490 |
6.6 |
9.6 |
1.7 |
New York Stock Exchange |
First Juken Co., Ltd. |
8917.T |
94 |
5.2 |
5.6 |
0.4 |
Tokyo |
ES-CON JAPAN Ltd. |
8892.T |
645 |
-8.3 |
8.6 |
1.2 |
Tokyo |
Sekisui House, Ltd. |
1928.T |
13,595 |
1.0 |
10.1 |
1.1 |
Tokyo |
Beazer Homes USA, Inc. |
BZH |
706 |
6.5 |
7.4 |
0.6 |
New York Stock Exchange |
LGI Homes, Inc. |
LGIH |
1,189 |
-1.9 |
6.5 |
0.6 |
NASDAQ Global Select |
Toll Brothers, Inc. |
TOL |
11,481 |
5.0 |
8.5 |
1.5 |
New York Stock Exchange |
Metrovacesa S.A. |
MVC.MC |
1,824 |
43.5 |
142.3 |
1.0 |
Madrid Stock Exchange |
Kaufman & Broad S.A. |
KOF.PA |
760 |
12.2 |
13.5 |
2.6 |
Paris |
Lennar Corporation |
LEN |
28,729 |
6.6 |
7.3 |
1.3 |
New York Stock Exchange |
M/I Homes, Inc. |
MHO |
3,056 |
4.1 |
5.8 |
1.0 |
New York Stock Exchange |
Taylor Morrison Home Corporation |
TMHC |
6,287 |
3.5 |
7.0 |
1.1 |
New York Stock Exchange |
Glenveagh Properties PLC |
GVR.IR |
1,112 |
6.1 |
11.4 |
1.5 |
Irish |
The Berkeley Group Holdings plc |
BKG.L |
4,760 |
7.5 |
10.0 |
1.1 |
London Stock Exchange |
HusCompagniet A/S |
HUSCO.CO |
155 |
7.9 |
-3,475.8 |
1.5 |
Copenhagen |
Lennar Corporation |
LEN-B |
28,780 |
6.6 |
7.3 |
1.3 |
New York Stock Exchange |
Road King Infrastructure Limited |
1098.HK |
83 |
4.3 |
-0.2 |
0.0 |
HKSE |
First-corporation Inc. |
1430.T |
72 |
1.1 |
8.4 |
1.2 |
Tokyo |
United Homes Group, Inc. |
UHG |
220 |
43.0 |
5,473.1 |
2,522.7 |
NASDAQ Global Market |
MJ Gleeson plc |
GLE.L |
283 |
6.4 |
12.8 |
0.7 |
London Stock Exchange |
Hovnanian Enterprises, Inc. |
HOV |
608 |
2.2 |
3.2 |
0.8 |
New York Stock Exchange |
Green Brick Partners, Inc. |
GRBK |
2,792 |
5.8 |
7.6 |
1.7 |
New York Stock Exchange |
Studentbostäder i Norden AB (publ) |
STUDBO.ST |
106 |
-10.2 |
4.3 |
0.4 |
Stockholm Stock Exchange |
Vistry Group PLC |
VTY.L |
2,615 |
6.4 |
26.6 |
0.6 |
London Stock Exchange |
Bellway p.l.c. |
BWY.L |
4,040 |
12.3 |
20.5 |
0.9 |
London Stock Exchange |
Watkin Jones Plc |
WJG.L |
85 |
11.8 |
33.5 |
0.5 |
London Stock Exchange |
Nihon House Holdings Co., Ltd. |
1873.T |
78 |
2.2 |
9.1 |
0.5 |
Tokyo |
MRV Engenharia e Participações S.A. |
MRVE3.SA |
596 |
-13.6 |
-4.8 |
0.6 |
São Paulo |
Crest Nicholson Holdings plc |
CRST.L |
642 |
-3.7 |
-4.6 |
0.7 |
London Stock Exchange |
Dream Finders Homes, Inc. |
DFH |
2,381 |
2.6 |
7.1 |
1.7 |
New York Stock Exchange |
Hexaom S.A. |
ALHEX.PA |
234 |
11.6 |
16.9 |
1.1 |
Paris |
Cairn Homes plc |
CRN.L |
1,585 |
8.3 |
12.7 |
1.9 |
London Stock Exchange |
Avantia Co.,Ltd. |
8904.T |
78 |
-9.6 |
49.3 |
0.4 |
Tokyo |
Springfield Properties Plc |
SPR.L |
156 |
2.3 |
12.9 |
0.7 |
London Stock Exchange |
Cairn Homes plc |
C5H.IR |
1,654 |
7.8 |
12.2 |
1.8 |
Irish |
Neinor Homes, S.A. |
HOME.MC |
1,530 |
25.9 |
25.2 |
1.5 |
Madrid Stock Exchange |
Teladan Group Berhad |
0230.KL |
177 |
9.5 |
25.0 |
1.3 |
Kuala Lumpur |
Consorcio ARA, S. A. B. de C. V. |
ARA.MX |
217 |
3.2 |
5.5 |
0.3 |
Mexico |
Tamawood Limited |
TWD.AX |
68 |
12.5 |
17.9 |
3.1 |
Australian Securities Exchange |
Lagenda Properties Berhad |
7179.KL |
239 |
0.9 |
5.4 |
0.8 |
Kuala Lumpur |
Kaldalón hf. |
KALD.IC |
222 |
-1.8 |
0.0 |
0.0 |
Iceland |
Bonava AB (publ) |
BONAV-A.ST |
400 |
-4.1 |
-6.3 |
0.6 |
Stockholm Stock Exchange |
Iida Group Holdings Co., Ltd. |
3291.T |
3,832 |
4.3 |
11.3 |
0.6 |
Tokyo |
Green Brick Partners, Inc. |
GRBK-PA |
1,038 |
5.8 |
7.6 |
1.7 |
New York Stock Exchange |
Bonava AB (publ) |
BONAV-B.ST |
400 |
-4.1 |
-6.3 |
0.6 |
Stockholm Stock Exchange |
Taylor Wimpey plc |
TW.L |
5,241 |
10.1 |
17.8 |
0.9 |
London Stock Exchange |
Aedas Homes, S.A. |
AEDAS.MC |
1,085 |
2.5 |
8.5 |
1.1 |
Madrid Stock Exchange |
Beazer Homes USA, Inc. |
0HMG.L |
683 |
-2.0 |
5.8 |
0.6 |
London Stock Exchange |
Hovnanian Enterprises, Inc. PFD DEP1/1000A |
HOVNP |
700 |
2.2 |
3.2 |
0.8 |
NASDAQ Global Market |
Sanyo Homes Corporation |
1420.T |
51 |
-0.3 |
11.3 |
0.5 |
Tokyo |
Glenveagh Properties PLC |
GLV.L |
1,113 |
6.1 |
11.4 |
1.5 |
London Stock Exchange |
Murapol S.A. |
MUR.WA |
458 |
3.8 |
6.7 |
2.5 |
Warsaw Stock Exchange |