How many times a company’s earnings (or cash flow) investors will pay for it. A 30x multiple means you pay $30 for every $1 of annual profit.
估值倍数
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The AI trade splits in two 估值倍数 · 第 5 张术语卡 | If the profit arrives two years later, the same $1 is worth less today, so the multiple it supports falls — with no forecast cut. 倍数的高低于是一套「久期」：利润越靠后，倍数对折现率越敏感。同样是 30 倍，一家利润在明年的公司，和一家利润在 2030 年的公司，对利率的敏感度差好几倍。所以「延期两年」这种看似温和的消息，打在长期增长股上会放大成两位数跌幅。 |
| — | AI's bill is now paid with borrowed money 估值倍数 · 第 7 张术语卡 | Bank of America cut the multiple it will pay for Alphabet's earnings to 24 times, from 27. 倍数不是估值本身，而是市场对未来的折现。利率上升、风险上升、增长预期下降，任何一个都会压低倍数。同一份盈利，倍数从 27 倍降到 24 倍，市值就少约 11%。 |
“If the profit arrives two years later, the same $1 is worth less today, so the multiple it supports falls — w…”
“Bank of America cut the multiple it will pay for Alphabet's earnings to 24 times, from 27.”