{"id":5978,"date":"2023-08-14T17:08:19","date_gmt":"2023-08-14T15:08:19","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=5978"},"modified":"2023-08-16T13:16:03","modified_gmt":"2023-08-16T11:16:03","slug":"ukazatel-price-to-sales-ps-pomer-aktualni-ceny-a-trzeb-na-akcii","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/ukazatel-price-to-sales-ps-pomer-aktualni-ceny-a-trzeb-na-akcii\/","title":{"rendered":"Ukazatel Price to Sales (PS): Pom\u011br aktu\u00e1ln\u00ed ceny a tr\u017eeb na akcii"},"content":{"rendered":"

Ukazatel Price to Sales (ozna\u010dov\u00e1n tak\u00e9 jako PS nebo PSR, zkratkou pro P\/S) je spole\u010dn\u011b s pom\u011brem (P\/E) a pom\u011brem (P\/B) jedn\u00edm z ukazatel\u016f pou\u017e\u00edvan\u00fdch k ohodnocen\u00ed akci\u00ed. Tyto ukazatele n\u00e1m poskytuj\u00ed p\u0159ehled o cen\u011b akci\u00ed spole\u010dnost\u00ed a umo\u017e\u0148uj\u00ed n\u00e1m prov\u00e1d\u011bt srovn\u00e1n\u00ed mezi akciemi r\u016fzn\u00fdch spole\u010dnost\u00ed, kter\u00e9 p\u016fsob\u00ed ve stejn\u00e9m odv\u011btv\u00ed. Tyto ukazatele se spole\u010dn\u011b pou\u017e\u00edvaj\u00ed v hodnotov\u00e9 anal\u00fdze.<\/p>\n

Pom\u011br Price to Sales ud\u00e1v\u00e1, kolik investor zaplat\u00ed za ka\u017ed\u00fd dolar tr\u017eeb<\/strong>, kter\u00e9 spole\u010dnost generovala b\u011bhem posledn\u00edch 12 m\u011bs\u00edc\u016f. Tento ukazatel n\u00e1m poskytuje informaci o tom, jak\u00fdm zp\u016fsobem jsou tr\u017eby spole\u010dnosti propojeny s cenou jejich akci\u00ed. Price to Sales n\u00e1m tak\u00e9 poskytuje indikaci o v\u00fdkonnosti spole\u010dnosti na trhu. Na rozd\u00edl P\/E nen\u00ed tento ukazatel ovlivn\u011bn da\u0148ov\u00fdmi p\u0159edpisy, kter\u00e9 se li\u0161\u00ed v jednotliv\u00fdch zem\u00edch. D\u00edky tomu je mo\u017en\u00e9 prov\u00e1d\u011bt srovn\u00e1n\u00ed mezi akciemi r\u016fzn\u00fdch spole\u010dnost\u00ed i v jin\u00fdch zem\u00edch.<\/p>\n

Jak ch\u00e1pat ukazatel Price to Sales<\/h2>\n

N\u011bkter\u00e9 firmy nevykazuj\u00ed zisk ka\u017ed\u00fd rok<\/span>, co\u017e je \u010dasto p\u0159\u00edpad spole\u010dnost\u00ed p\u016fsob\u00edc\u00edch nap\u0159\u00edklad v oblasti technologi\u00ed,\u00a0 farmacie nebo u r\u016fstov\u00fdch akci\u00ed. V takov\u00fdch p\u0159\u00edpadech je v\u00fdhodn\u00e9 m\u00edsto ukazatele P\/E (kter\u00fd nen\u00ed relevantn\u00ed pro firmy bez pravideln\u00e9ho zisku) pou\u017e\u00edt ukazatel P\/S. Ten n\u00e1m poskytuje p\u0159ehled o tom, jak jsou akcie firmy cenov\u011b ohodnoceny. Ukazatel P\/S je tak\u00e9 vhodn\u00fd pro mlad\u00e9 firmy, kter\u00e9 zat\u00edm neprodukuj\u00ed zisk a nemaj\u00ed tedy relevantn\u00ed P\/E<\/a>. Tady m\u016f\u017eeme za\u0159adit r\u016fstov\u00e9 spole\u010dnosti, kter\u00e9 sice generuj\u00ed tr\u017eby, ale zisk se o\u010dek\u00e1v\u00e1 a\u017e za n\u011bkolik let.<\/p>\n

Dal\u0161\u00ed situac\u00ed, kdy je vhodn\u00e9 pou\u017e\u00edt P\/S, jsou tzv. „recovery situace“. Tedy p\u0159\u00edpady, kdy firma vych\u00e1z\u00ed z krize a p\u0159esto\u017ee za posledn\u00edch 12 m\u011bs\u00edc\u016f nevyk\u00e1zala zisk, jej\u00ed tr\u017eby ukazuj\u00ed pozitivn\u00ed trend. Hodnotov\u00ed investo\u0159i obvykle preferuj\u00ed firmy s dlouhodob\u00fdm ziskem. Av\u0161ak investice do spole\u010dnost\u00ed bez zisku nemus\u00ed b\u00fdt nezaj\u00edmav\u00e1. To plat\u00ed zejm\u00e9na pro internetov\u00e9 a technologick\u00e9 spole\u010dnosti, v\u010detn\u011b startup\u016f.<\/p>\n

Pom\u011br P\/S by nem\u011bl b\u00fdt jedin\u00fdm krit\u00e9riem<\/span>, ale m\u011bl by b\u00fdt zkoum\u00e1n spolu s dal\u0161\u00edmi ukazateli. N\u011bkte\u0159\u00ed investo\u0159i dokonce pou\u017e\u00edvaj\u00ed P\/S jako prvn\u00ed filtrovac\u00ed n\u00e1stroj pro v\u00fdb\u011br akci\u00ed, m\u00edsto tradi\u010dn\u00edho P\/E. Pro anal\u00fdzu akci\u00ed je u\u017eite\u010dn\u00e9 sledovat v\u00fdvoj ukazatele P\/S i v minulosti, abychom z\u00edskali komplexn\u00ed pohled na dlouhodob\u00fd v\u00fdkon akci\u00ed.<\/p>\n

\"Price<\/a>

Price to sales jednotliv\u00fdch spole\u010dnost\u00ed najdeme nap\u0159\u00edklad na webu Finviz.com<\/p><\/div>\n

Optim\u00e1ln\u00ed hodnoty Price to Sales (P\/S)<\/h2>\n

Ni\u017e\u0161\u00ed hodnoty ukazatele P\/S nazna\u010duj\u00ed, \u017ee akcie jsou relativn\u011b cenov\u011b dostupn\u00e9<\/strong>, zat\u00edmco vy\u0161\u0161\u00ed hodnoty P\/S signalizuj\u00ed dra\u017e\u0161\u00ed akcie. Nap\u0159\u00edklad Benjamin Graham, ekonom a investor, doporu\u010duje, aby P\/S bylo ni\u017e\u0161\u00ed ne\u017e 1. Pokud P\/S p\u0159es\u00e1hne 3, za\u010d\u00edn\u00e1me hovo\u0159it o relativn\u011b p\u0159edra\u017een\u00fdch akci\u00edch. \u010c\u00edm ni\u017e\u0161\u00ed je hodnota ukazatele P\/S, t\u00edm m\u00e9n\u011b investujeme za ka\u017ed\u00fd dolar tr\u017eeb.<\/p>\n

V n\u00e1stroj\u00edch pro v\u00fdb\u011br akci\u00ed je nejb\u011b\u017en\u011bji uv\u00e1d\u011bn P\/S za posledn\u00edch 12 m\u011bs\u00edc\u016f (ozna\u010dovan\u00fd jako Price to Sales Ratio TTM, tedy souhrnn\u00e1 hodnota za posledn\u00edch dvan\u00e1ct m\u011bs\u00edc\u016f) nebo za posledn\u00ed 4 \u010dtvrtlet\u00ed. M\u016f\u017eeme se rovn\u011b\u017e setkat s P\/S za posledn\u00ed fisk\u00e1ln\u00ed rok nebo s Forward P\/S, kter\u00fd se odv\u00edj\u00ed od odhadovan\u00fdch tr\u017eeb (forecast) na dal\u0161\u00ed kvart\u00e1ly.<\/p>\n

V\u00fdpo\u010det:<\/strong><\/p>\n

\"\"<\/a>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>Aktu\u00e1ln\u00ed cenu akci\u00ed vyd\u011bl\u00edme celkov\u00fdm po\u010dtem tr\u017eeb spole\u010dnosti za posledn\u00edch 12 m\u011bs\u00edc\u016f. Nicm\u00e9n\u011b Price to sales jednotliv\u00fdch spole\u010dnost\u00ed nemus\u00edme po\u010d\u00edtat, najdeme je nap\u0159\u00edklad na webu Finviz.com a to zcela zdarma.<\/p>\n

Price to Sales a dluh spole\u010dnosti<\/h2>\n

P\u0159i v\u00fdb\u011bru akci\u00ed na z\u00e1klad\u011b ukazatele P\/S je nutn\u00e9 br\u00e1t v \u00favahu jedno z\u00e1sadn\u00ed riziko<\/span>. T\u00edmto faktorem je zadlu\u017een\u00ed spole\u010dnosti. Samotn\u00fd dluh nem\u00e1 p\u0159\u00edm\u00fd vliv na hodnotu ukazatele P\/S. Nicm\u00e9n\u011b p\u0159i prov\u00e1d\u011bn\u00ed v\u00fdb\u011bru akci\u00ed m\u016f\u017ee doj\u00edt k situaci, kdy akcie maj\u00ed n\u00edzk\u00fd P\/S z d\u016fvodu st\u00e1le solidn\u00edch tr\u017eeb spole\u010dnosti, ale vlivem vysok\u00e9ho dluhu do\u0161lo k dramatick\u00e9mu poklesu tr\u017en\u00ed kapitalizace a tedy i ceny akci\u00ed. Tato situace nazna\u010duje, \u017ee spole\u010dnost je ve finan\u010dn\u011b nesnadn\u00e9 situaci.<\/strong><\/p>\n

Dluh je tak dal\u0161\u00edm d\u016fkazem, pro\u010d by nem\u011bl b\u00fdt ukazatel P\/S pou\u017e\u00edv\u00e1n samostatn\u011b, ale m\u011bl by b\u00fdt zohledn\u011bn v kombinaci s dal\u0161\u00edmi ukazateli.<\/p>\n

Akcie spole\u010dnost\u00ed s n\u00edzk\u00fdm nebo minim\u00e1ln\u00edm dluhem a n\u00edzk\u00fdm P\/S jsou z\u0159ejm\u011b l\u00e1kav\u011bj\u0161\u00ed ne\u017e akcie spole\u010dnost\u00ed s vysok\u00fdm dluhem a stejn\u00fdm P\/S. Co se stane, kdy\u017e spole\u010dnost bude cht\u00edt splatit sv\u00e9 dluhy? Pravd\u011bpodobn\u011b bude nucena emitovat dal\u0161\u00ed akcie, co\u017e zv\u00fd\u0161\u00ed celkovou tr\u017en\u00ed kapitalizaci a z\u00e1rove\u0148 i hodnotu ukazatele P\/S.<\/p>\n

Z\u00e1v\u011br<\/h3>\n

Pom\u011br P\/S je velmi u\u017eite\u010dn\u00fdm indik\u00e1torem, kter\u00fd n\u00e1m m\u016f\u017ee pomoci posoudit hodnotu akci\u00ed u firem, kter\u00e9 maj\u00ed kol\u00edsav\u00e9 zisky, nebo porovno r\u016fstov\u00e9 spole\u010dnosti, kter\u00e9 zat\u00edm nemaj\u00ed zisky. Price to Sales Ratio by v\u0161ak nem\u011bl b\u00fdt pou\u017e\u00edv\u00e1na izolovan\u011b, ale m\u011bl by slou\u017eit jako sou\u010d\u00e1st hodnotov\u00e9 anal\u00fdzy akci\u00ed spolu s dal\u0161\u00edmi ukazately.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Ukazatel Price to Sales (ozna\u010dov\u00e1n tak\u00e9 jako PS nebo PSR, zkratkou pro P\/S) je spole\u010dn\u011b s pom\u011brem (P\/E) a pom\u011brem (P\/B) jedn\u00edm z ukazatel\u016f pou\u017e\u00edvan\u00fdch k ohodnocen\u00ed akci\u00ed. Tyto ukazatele n\u00e1m poskytuj\u00ed p\u0159ehled o cen\u011b akci\u00ed spole\u010dnost\u00ed a umo\u017e\u0148uj\u00ed n\u00e1m prov\u00e1d\u011bt srovn\u00e1n\u00ed mezi akciemi r\u016fzn\u00fdch spole\u010dnost\u00ed, kter\u00e9 p\u016fsob\u00ed ve stejn\u00e9m odv\u011btv\u00ed. Tyto ukazatele se spole\u010dn\u011b […]<\/p>\n","protected":false},"author":1,"featured_media":5983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"Ukazatel Price to Sales (P\/S) porovn\u00e1v\u00e1 cenu akci\u00ed spole\u010dnosti s jej\u00edmi tr\u017ebami, co\u017e pom\u00e1h\u00e1 investor\u016fm naj\u00edt podhodnocen\u00e9 i drah\u00e9 akcie.","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[275],"tags":[],"class_list":["post-5978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamentalni-ukazatele"],"modified_by":"Krpensk\u00fd Martin","_links":{"self":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/5978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/comments?post=5978"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/5978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/5983"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=5978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=5978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=5978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}