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ROE與便宜價格計算的舉例

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假設條件:        若便宜價格=ROE x 每股淨值 x12
若某公司股本=954,739,000元;某年淨利=
497,868,000元;每股盈餘EPS=5.21 ;且該公司之每股淨值=22.7元。

以這樣的條件計算,直接代入公式的話,並不妥當,原因是只用一年的資料,計算的結果可能偏高,不能採用,如果以5年的資料計算,則較為準確,說明如下:

以一年的資料計算的結果:
ROE=EPS÷每股淨值=5.21÷22.7=22.98%
便宜價格=每股淨利*12=5.21*12=62.5元
合理價格=每股淨利×15=78元 

一、但是除了當年EPS高達「5.21」以外,前面四年分別是「1.59、2.4、1.01、2.17」,五年平均2.48,所以用2.48來計算會準確一點。

 便宜價格=每股淨利*12=2.48*12=29.74元。
合理價格=每股淨利×15=2.48×15=37.17元

二、ROE與 EPS不同的原因,是因為分母不同;而且公司的淨值每年增減,而股本除非辦理增資,其股本不變,所以當每年的盈餘相同的時候,ROE的值不同,而EPS的值相同。  

三、如果ROE每年達到15%的水準,表示它的淨值每年按照複利在增加,如果淨值增加太快,ROE就無法達到每年固定的水準,所以每年分配現金股利使得淨值維持苗條,是維持高ROE的策略之一。

 

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