Inani langaphakathi liyisilinganiso sokuthi impahla inenani. Lesi silinganiso sifinyelelwa ngokubala okuhlosiwe noma imodeli yezezimali eyinkimbinkimbi. Abahlaziyi bezezimali bazama ukunquma inani langempela lempahla besebenzisa ukuhlaziya okuyisisekelo nobuchwepheshe ukuze balinganise ukusebenza kwayo kwezimali kwangempela. Ake sibone ukuthi singabala kanjani inani langaphakathi lempahla nokuthi singalisebenzisa kanjani
Liyini inani langaphakathi
Inani langaphakathi liyisilinganiso sokuthi impahla inenani. Lesi silinganiso sifinyelelwa ngokubala okuhlosiwe noma imodeli yezezimali eyinkimbinkimbi. Inani langaphakathi lihlukile enanini lemakethe lamanje lempahla. Kodwa-ke, ukuyiqhathanisa nenani lamanje kunganikeza abatshalizimali umbono wokuthi ingabe impahla ibhekwa njengengaphansi kwenani elikhulu noma ibaluleke kakhulu. Ukuhlaziywa kwezezimali kusebenzisa ukungena kwemali ukuze kutholwe inani langaphakathi noma eliyisisekelo lenkampani noma isitoko. Ezintengo zokukhetha, inani langaphakathi liwumehluko phakathi kwentengo yesiteleka yenketho kanye nenani lemakethe lamanje lempahla eyisisekelo.
Ishadi elibonisa inani langaphakathi lempahla. Umthombo: Investment Academy.
Ingakanani inani langaphakathi?
Abahlaziyi bezezimali bazama ukunquma inani langempela lempahla besebenzisa ukuhlaziya okuyisisekelo nobuchwepheshe ukuze balinganise ukusebenza kwayo kwezimali kwangempela. Nakuba bekwazi ukwakha amamodeli okulinganisa besebenzisa izici zebhizinisi ezisezingeni eliphezulu, zobuningi, nezombono, imethrikhi evame ukusetshenziswa ekubalweni kwenani elingaphakathi ukugeleza kwemali okunesaphulelo. Ngokuvamile abatshalizimali bazama ukusebenzisa kokubili izici zekhwalithi nenani ukuze balinganise inani langaphakathi lenkampani, kodwa abatshalizimali kufanele bakhumbule ukuthi umphumela usewukulinganisa kuphela. Ngokuvamile, inani langaphakathi lingabhekwa njengenani lebhizinisi, okunqunywa ukuthengiswa kwebhizinisi lonke kanye nempahla yalo.
Libalwa kanjani inani langaphakathi lempahla
Kusetshenziswa ukuhlaziywa kwe-cash flow (DCF) enesaphulelo, ukugeleza kwemali kulinganiselwa ngokusekelwe endleleni ibhizinisi elingenza ngayo esikhathini esizayo. Lokho kugeleza kwemali kube sekwehliselwa ukwethula inani ukuze kutholwe inani elingaphakathi lenkampani. Isilinganiso sesaphulelo esisetshenziswayo ngokuvamile siyisilinganiso sembuyiselo engenabungozi, njengaleso sebhondi ye-Treasury yeminyaka engu-30. Kungaba futhi izindleko ezimaphakathi zenkampani ezinesisindo (WAAC).
Ifomula yokubala ukuhamba kwemali okunesaphulelo (i-DCF).
Isibonelo sokubala inani langaphakathi lempahla
Njengesibonelo, sizosebenzisa inzuzo etholakala kubatshalizimali benkampani njengokugeleza kwemali. Ake sithi leli nani lingama-$200 (ngemuva kokwengeza ukwehla kwenani kanye nokukhipha izindleko ezinkulu) onyakeni odlule. Uma unesilinganiso sokucatshangelwa se-P/E se-S&P 500 kwezingu-15, inani lemakethe ngesheya ngalinye lingu-$3,000 (15 x $200). Sizosebenzisa leso sibalo ukuze siqhathanise nevelu yangaphakathi.
- Ngokusebenzisa isilinganiso sokukhula esilinganiselwe esingu-7%, ukugeleza kwemali okulinganiselwe konyaka ngamunye kweyi-10 yile:
Unyaka 1: $214,00 (200 x 1,07)
Unyaka 2: $228,98 (200 x 1,072)
Unyaka wesi-3: $245,00 (200 x 1,073 njalonjalo)
Unyaka ka-4: $262.16
Unyaka ka-5: $280.51
Unyaka ka-6: $300.15
Unyaka ka-7: $321.16
Unyaka ka-8: $343.64
Unyaka ka-9: $367.70
Unyaka ka-10: $393.43
- Bese sehlisa lokhu kugeleza kwemali sisebenzisa isilinganiso sebhondi yeminyaka engu-30 yoMgcinimafa engu-3,3%. Siyisebenzisa sisebenzisa ifomula yokugeleza kwemali enesaphulelo (eboniswe ngenhla) unyaka ngamunye. Isibonelo, ifomula yonyaka wokuqala ithi CF/1 + r. Ukugeleza kwemali okunesaphulelo unyaka ngamunye kweyi-10 yile:
Unyaka 1: $207,16 (214/1,033)
Unyaka 2: $214,58 (228,98/1,0332)
Unyaka wesi-3: $222,26 (245/1,0333 njalonjalo)
Unyaka ka-4: $230.23
Unyaka ka-5: $238.48
Unyaka ka-6: $247.02
Unyaka ka-7: $255.87
Unyaka ka-8: $265.03
Unyaka ka-9: $274.53
Unyaka 10: 284,35 Isamba sokugeleza kwemali okunesaphulelo singu-$2439.51.
- Bese, indlela esheshayo nevamile yokulinganisa inani letheminali iwukuphindaphinda amaholo onyakeni wokugcina wenkathi yokuqagela ngokuphindaphinda okungu-15. Lokho kungu-$393.43 X 15 = $5897.10. Lelo nani elehlisiwe ngu-$4262.21 (5897.10/1.03310).
- Okokugcina, sihlanganisa iminyaka eyi-10 yokuqala yokugeleza kwemali enesaphulelo kanye nokugeleza kwemali kwetheminali yenani elingaphakathi: $2439,51 + $4262,21 = $6703,72 Uma kuqhathaniswa nenani lesitoko lenkampani lamanje elingu-$3000, inani elingaphakathi le-$6701,72 libonisa ukuthi isitoko singaphansi kwenani lentengo yenkampani. kucatshangelwa njengokutshalwa kwezimali.