Imagine that you were asked to invest in a company based purely on its sales growth over the past year. Never mind profits: there aren’t any. The pitch is that, since net revenues grew by about 50 per cent last year, you should, therefore, pay a multiple of about 50 times last year’s sales. The theoretical price/sales growth ratio, after all, would be about one: fair value!
想象一下，有人要你單純根據(jù)某家公司在過去一年的銷售額增長來投資于這家公司。別管利潤：該公司尚未盈利。推銷方給出的賣點是，鑒于去年該公司凈營收增長大約50%，你支付的價格應(yīng)當是去年銷售額的大約50倍。畢竟，理論上的股價/銷售額增長比率大約為一：公平價值！
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