令牌公司（TSE：1766）的市盈率為11.4倍，可能會忽略機會

在日本的中位價（或“ P/E”）比率接近13倍，您可能會因為對代幣公司的漠不關心（TSE：1766）的p/e比率為11.4倍而被原諒。

Token Corporation (TSE:1766) shares are trading at a median price-to-earnings (or "P/E") ratio of 13x in Japan, so you could be forgiven for feeling indifferent about the P/E. But investors might be overlooking a clear opportunity or potential setback if there is no rational basis for the P/E.

Token Corporation（TSE：1766）的股票在日本的13倍的市盈率（或“ p/e”）比率的中位數，因此您可以原諒您對P/E感到漠不關心。但是，如果沒有P/E的合理依據，投資者可能會忽略明顯的機會或潛在的挫折。

While a P/E ratio of 11.4x isn't exactly high or low, it's worth examining to see if it reflects the growth opportunities or potential setbacks that lie ahead for Token.

雖然11.4倍的市盈率並不是很高或不足，但值得研究的是它是否反映了代幣的增長機會或潛在的挫折。

Certainly, Token has been doing a good job lately as it's been growing earnings more than most other companies.

當然，最近代幣比大多數其他公司的收入更多，因為它的收入越來越多。

One possibility is that the P/E is moderate because investors think this strong earnings performance might be about to tail off. If not, then existing shareholders have reason to be feeling optimistic about the future direction of the share price.

一種可能性是P/E是中等的，因為投資者認為這種強大的收入表現可能會削弱。如果沒有，那麼現有股東有理由對股價的未來方向感到樂觀。

To get a better idea of what investors are thinking about the P/E, it's useful to compare it to the company's growth and the market P/E.

為了更好地了解投資者對市盈率的看法，將其與公司的增長和市場P/E進行比較是有用的。

Is There Some Growth For Token?

令牌有增長嗎？

Token's P/E ratio would be typical for a company that's only expected to deliver moderate growth, and importantly, perform in line with the market.

對於只有預期能帶來適度增長的公司，且重要的是，與市場相符的公司，Token的市盈率將是典型的。

If the company fails to perform to expectations, then the P/E might fall to levels more in keeping with the growth outlook.

如果該公司未能達到預期，那麼與增長前景相符，P/E可能會降至更多水平。

Retrospectively, the last year delivered an exceptional 168% gain to the company's bottom line.

回顧性地，去年為公司的底線帶來了168％的收益。

Pleasingly, EPS has also lifted 46% in aggregate from three years ago, thanks to the last 12 months of growth. Therefore, it's fair to say the earnings growth recently has been superb for the company.

令人愉快的是，由於過去12個月的增長，EPS也從三年前開始提高了46％的總計。因此，可以說，最近的收益增長對公司來說是一流的。

Shifting to the future, estimates from the only analyst covering the company suggest earnings should grow by 5.8% over the next year. With the market predicted to deliver 10% growth , the company is positioned for a weaker earnings result.

轉移到未來的情況下，唯一涵蓋該公司的分析師的估計表明，明年收益應增長5.8％。由於市場預計將帶來10％的增長，因此該公司的收入結果較弱。

In light of this, it's curious that Token's P/E sits in line with the majority of other companies. Apparently many investors in the company are less bearish than analysts indicate and aren't willing to let go of their stock right now. These shareholders may be setting themselves up for future disappointment if the P/E falls to levels more in line with the growth outlook.

鑑於此，奇怪的是，令牌的P/E與大多數其他公司保持一致。顯然，該公司的許多投資者比分析師所指出的比看跌更少，現在不願意放棄他們的股票。如果P/E更符合增長前景，這些股東可能會使將來失望的失望。

The Key Takeaway

關鍵要點

We'd say the price-to-earnings ratio's power isn't primarily as a valuation instrument but rather to gauge current investor sentiment and future expectations.

我們可能會說，市盈率的權力不是主要作為估值工具，而是要評估當前的投資者的情緒和未來的期望。

We've established that Token currently trades on a higher than expected P/E since its forecast growth is lower than the wider market. Right now we are uncomfortable with the P/E as the predicted future earnings aren't likely to support a more positive sentiment for long. Unless these conditions improve, it's challenging to accept these prices as being reasonable.

我們已經確定，由於其預測增長低於更廣泛的市場，因此令牌目前以高於預期的市盈率進行交易。目前，我們對P/E感到不舒服，因為預測的未來收益不太可能長期支持更積極的情緒。除非這些條件有所改善，否則接受這些價格是合理的。

The company's balance sheet is another key area for risk analysis. Take a look at our free balance sheet analysis for Token with six simple checks on some of these key factors.

公司的資產負債表是風險分析的另一個關鍵領域。請查看我們的免費資產負債表分析，以對這些關鍵因素進行六次簡單檢查。

If P/E ratios interest you, you may wish to see this free collection of other companies with strong earnings growth and low P/E ratios.

如果您的P/E比率感興趣，您可能希望看到這些免費的收入增長且P/E比率低的公司。

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如果您想交易互動經紀人。 IBKR擁有200多個國家和地區的客戶，並進入160個市場，可讓您從一個綜合帳戶中交易股票，期權，期貨，外匯，債券和資金。沒有隱藏的費用，最低帳戶和FX轉換率低至0.03％，遠遠超過大多數經紀人提供的費用。

Valuation is complex, but we're here to simplify it. Discover if Token might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.

估值很複雜，但是我們在這裡簡化了它。發現令牌是否可能被我們的詳細分析被低估或高估，以公允價值估計，潛在風險，股息，內部交易及其財務狀況為特徵。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對這篇文章有反饋嗎？關心內容？直接與我們聯繫。另外，電子郵件社論團隊（at）簡單wallst.com.Simply Wall ST本質上是一般性的。我們根據歷史數據提供評論，分析師僅使用無偏見的方法進行預測，而我們的文章並不是要成為財務建議。它不構成購買或出售任何股票的建議，也不構成您的目標或財務狀況。我們旨在為您帶來以基本數據為驅動的長期關注分析。請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡單的Wall ST在提到的任何股票中都沒有位置。