Google Valuation
Posted in Google, Investment on Oct 18th, 2009
P/E to normalized growth analysis yields $635 price target At $635, Google would trade at 23X 2010E EPS of $27.66, a PEG of 1.5X our 16% 2010 - 2013E EPS CAGR, 13X 2010E EBITDA, and a 4% 2010E FCF yield.
– James Mitchell, Goldman Sachs
最近 GOOG 的表現算是令投資人滿意。我也一路看 James Mittchell 從 $400, $470 喊到現在的 $635。其實 GOOG 營收、獲利能力的確是令人驚喜，但我總覺得相較於獲利成長預期，本益比給得似乎太高了。往下一看，支撐步步高升 valuation 的 magic 就在於這句話：
Based on an after-market price of around $547, Google trades at a 2010E P/E of 20X and a PEG multiple of 1.3X, compared to the group medians of 23X and 1.2X, respectively.
其他不用看了，因為類股的本益比都提高了，所以我追蹤的也跟著提高。這就是投資的世界。
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