We look first below a piece of graph, the apparent earnings that sees illicit collect equity invests comes from two respects: One is price of excessive of enterprise growing sex, one is price of excessive of 2 class market, namely fluidity excessive price.
For example: Illicit collect equity invests fund to invested 4 years to achieve fourfold earnings, 10 yuan become a shareholder, 40 yuan are exited, so accrual comes from two respects:
"1 " → " 2 " : Every accrual when becoming a shareholder 1 yuan, the outstanding achievement when exiting turns over times, every accrual turns into 2 yuan;
"10 " → " 20 " : Before appearing on the market, be filled with according to 10 times city rate become a shareholder, after appearing on the market, be filled with according to 20 times city rate exit.
That is to say, every a money is cast, through 3 years two, every accrual when exiting becomes 2 fund; 10 times city is filled with rate cast, value of the appraise after 2 class market appears on the market becomes 20 times city to be filled with rate.
If be cost of 10 cash investment, turn 2 money into every accrual × 20 times city is filled with rate, become 40 fund finally, among them the growing excessive price that 10 money are a company, additionally 20 money come from appraise to be worth excessive price, this is the profitable logic of PE.
[Price of growing sex excessive]
Say first most the price of growing sex excessive of core, this is the cornerstone of PE accrual, this includes the growing sex of the industry already, also include an enterprise to transcend the growing gender of trade performance, reflect the growth that is enterprise EPS finally. Everybody thinks, want to become 2, the net gain of one yuan becomes two fund, how to change?
This asks the company that you invest must grow, if it cannot turn one yuan into two money, and turn 5 wool into money however in the future, so this company cannot be joined. So this asks you invest the industry that must have cast, good business, his profit is growth, the money that gives him wants to be able to produce value.
[Fluidity excessive price]
The 2nd is fluidity excessive price, he did not come to this enterprise must be willing to move toward opener capital market, ask his stock liquidity is better namely. Because of an asset his fluidity is price having excessive, that is to say the liquidity of asset is better, costlier, the price is higher also.
Cite a case, be just like is same the apple trades in different market, one is the apple in the supermarket in the city, another is the apple in rural free market of agricultural products, can the price that you say the apple in the city sell so that mix is the rural area same?
It is different for certain, because appear on the market in different market, participator is different, trade cost is different, but price difference appears between them most prime cause or market are active the gender is different. Rural apple sells cheaply, but breed is little, person morale is low; Although the apple of the supermarket sells expensively, but breed is much, the person enrages flourishing, imperial daughter not anxious is married.
So I cast the equity of a company, after be being cast, he is willing to move toward capital market stage by stage, no matter be division achieve board, new 3 board, do poineering work board, in platelet or advocate board the market, so the liquidity of this stock will be better and better, and produce fluidity excessive price, it is the estimate that we say the value can increase.
The appraise value that in one class market we give a company is in on average decuple left and right sides, arrived 2 class market is average now it is 20 times, platelet is 339 times probably in, and do poineering work board it is 60 times.
It is the excessive price that is worth as a result of this appraise, so after 34 years, two fund that the net gain of one yuan becomes, so once appear on the market, your whole share price can become 40, 80, even 100, that is to say 10 money became 40, 60, 80, earned fourfold, sixfold, eightfold, and this is equity investment industry most an investment of core is logistic.
Invest in this industry so must this is both have both. Should emphasize this again finally at 2 o'clock, the first, the enterprise is located the growing sex of the industry is close friends, this industry may want it each years to grow 15% on average only, 20% first-rate.
The 2nd, the company is willing to move toward capital the market and must satisfy a few requirements: Homemaking plan urges the nation this industry; The company does not have hard injury, without evade taxes evade taxation, without nasty place; Father breadth of mind wants broad, be willing to be shared with everybody, not be to gain bit of penny, the company that allows oneself attentively however base course of study is evergreen.
The company that allows oneself attentively however base course of study is evergreen..
Small make up summary
Small make up summary
The profit that illicit collect equity invests comes from two respects: Price of price of excessive of enterprise growing sex, excessive of 2 class market, namely fluidity excessive price.
In China traditional without any industry can earn 30% one year, of 40% , and equity investment can be accomplished.
