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분야
pptx1.Alphas of the stocks
2.Applying to Treynor-Black Model
3.Conclusion
Yahoo’s growth rate is quite lower than growth rate of the industry (-20%)
but OP margin is higher (+10%)
Target price: 15.83=0.77*20.56
0.77=Current EPS
20.56=Target P/E
20.56=22.85*(1-20%+10%)
Alpha: 15.83/16.33-1= -0.0305
We use EV/EBITDA also for Toyota for the same reason
Peer company: GM
GM is better than Toyota in growth rate (-10%)
Toyota is better than GM in OP margin (+5%)
Thus we think currently Toyota is undervalued,and 5% discount of EV/EBITDA is proper.
Target EV/EBITDA: 5.4=(1-5%)*5.68
5.68= Current EV/EBITDA
of GM
Alpha=5.4/5.33 -1= 0.0125
