令牌公司（TSE：1766）的市盈率为11.4倍，可能会忽略机会

在日本的中位价（或“ P/E”）比率接近13倍，您可能会因为对代币公司的漠不关心（TSE：1766）的p/e比率为11.4倍而被原谅。

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”）比率的中位数，因此您可以原谅您对P/E感到漠不关心。但是，如果没有P/E的合理依据，投资者可能会忽略明显的机会或潜在的挫折。

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.

虽然11.4倍的市盈率并不是很高或不足，但值得研究的是它是否反映了代币的增长机会或潜在的挫折。

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

当然，最近代币比大多数其他公司的收入更多，因为它的收入越来越多。

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.

一种可能性是P/E是中等的，因为投资者认为这种强大的收入表现可能会削弱。如果没有，那么现有股东有理由对股价的未来方向感到乐观。

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.

为了更好地了解投资者对市盈率的看法，将其与公司的增长和市场P/E进行比较是有用的。

Is There Some Growth For Token?

令牌有增长吗？

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.

对于只有预期能带来适度增长的公司，且重要的是，与市场相符的公司，Token的市盈率将是典型的。

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

如果该公司未能达到预期，那么与增长前景相符，P/E可能会降至更多水平。

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

回顾性地，去年为公司的底线带来了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，由于过去12个月的增长，EPS也从三年前开始提高了46％的总计。因此，可以说，最近的收益增长对公司来说是一流的。

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.

转移到未来的情况下，唯一涵盖该公司的分析师的估计表明，明年收益应增长5.8％。由于市场预计将带来10％的增长，因此该公司的收入结果较弱。

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.

鉴于此，奇怪的是，令牌的P/E与大多数其他公司保持一致。显然，该公司的许多投资者比分析师所指出的比看跌更少，现在不愿意放弃他们的股票。如果P/E更符合增长前景，这些股东可能会使将来失望的失望。

The Key Takeaway

关键要点

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.

我们可能会说，市盈率的权力不是主要作为估值工具，而是要评估当前的投资者的情绪和未来的期望。

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.

我们已经确定，由于其预测增长低于更广泛的市场，因此令牌目前以高于预期的市盈率进行交易。目前，我们对P/E感到不舒服，因为预测的未来收益不太可能长期支持更积极的情绪。除非这些条件有所改善，否则接受这些价格是合理的。

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.

公司的资产负债表是风险分析的另一个关键领域。请查看我们的免费资产负债表分析，以对这些关键因素进行六次简单检查。

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比率感兴趣，您可能希望看到这些免费的收入增长且P/E比率低的公司。

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如果您想交易互动经纪人。 IBKR拥有200多个国家和地区的客户，并进入160个市场，可让您从一个综合帐户中交易股票，期权，期货，外汇，债券和资金。没有隐藏的费用，最低帐户和FX转换率低至0.03％，远远超过大多数经纪人提供的费用。

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.

估值很复杂，但是我们在这里简化了它。发现令牌是否可能被我们的详细分析被低估或高估，以公允价值估计，潜在风险，股息，内部交易及其财务状况为特征。

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.

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