Een andere veelgebruikte ratio in deze context is de koers/winst-verhouding (“price/earnings ratio”) gegeven door [math]\frac{P_0}{E_1}[/math] . [br]Onder bovenstaande voorwaarden geldt [math]\frac{P_0}{E_1}=\frac{1-b}{r-bR}[/math] , wat in het speciale geval van [math]r=R[/math] leidt tot [math]\frac{P_0}{E_1}=\frac{1}{r}[/math], de gebruikelijke interpretatie van koers/winst-verhouding als een omgekeerd rendement. [br][br]We beschouwen een [b]voorbeeld[/b] met [math]E_1=4,r=16\%[/math] waarbij 60% van de winst geherinvesteerd wordt in projecten met een rendement [math]R=20\%[/math]. [br]Dan is b = 0,6 zodat g = bR = 0,12 en [math]P_0=40[/math] waardoor [math]\frac{P_0}{E_1}=10[/math]. [br][br]Wanneer er geen mogelijkheid was voor deze onderneming om te investeren in projecten met een rendement [math]R[/math] > 16%, dan bevonden we ons in het speciale geval [math]r=R[/math] en zou de prijs nu gelijk zijn aan [math]\frac{E_1}{r}=\frac{4}{0.16}=25[/math]. [br][br]Wegens de mogelijkheid tot investeren in projecten met rendement 20%, kent deze onderneming groeimogelijkheden. Men spreekt hierbij over een [i]huidige waarde van de groeimogelijkheden[/i] gelijk aan 15 (= 40 – 25) [“Present Value of Growth Opportunities”]. ●[br]

We wijzen tenslotte op het feit dat een aantal gepubliceerde koers/winst-verhoudingen gebruik maken van de formule [math]\frac{P_0}{E_0}[/math] en dus eerder een retrospectieve ratio geven dan een prospectieve. [br][br][size=85]The price-to-earnings ratio (P/E) is a valuation method used to compare a company’s current share price to its per-share earnings.The market value per share is the current trading price for one share in a company, a relatively straightforward definition. However, earnings per share (EPS) may not be as intuitive for most investors. The more traditional and widely used version of the EPS calculation comes from the previous four quarters of the price-to-earnings ratio, called a [i]trailing P/E[/i]. Another variation of the EPS can be calculated using a [i]forward P/E[/i], estimating the earnings for the upcoming four quarters. Both sides have their advantages, with the trailing P/E approach using actual data and the forward P/E predicting possible outcomes for the stock.Forward P/E uses the future earnings guidance instead of trailing figures and is useful for comparing current earnings to future earnings, as well as gaining a clearer picture of what earnings will look like without charges and other accounting adjustments.[br] There are problems with forward P/E, however. A company's stated estimate could have any number of motivations behind it. Most companies could underestimate earnings so they are set up to beat the estimate P/E when the next quarter's earnings are announced. Others may overstate the estimate and later adjust it going into their next earnings announcement. Also, not only do companies provide estimates, but analysts do as well, and these estimates can be different.[br] If you're using forward P/E as a central basis of your investment thesis, research the companies regularly. If the company updates its guidance, this will affect the forward P/E in a way that might make you reconsider your opinion.[br] Trailing P/E relies on what is already done. It uses the current share price and divides by the total EPS earnings over the past 12 months: "P/E (ttm)" where ttm is a Wall Street acronym for [i]trailing [/i][i]twelf[/i][i] months[/i].[br] It's the most popular P/E metric because it's the most objective. Since it uses what already happened, there's little room for debate, assuming the company reported earnings accurately. Some investors prefer to look at the trailing P/E because they don't trust somebody else's earnings estimates.[br] Trailing P/E is not without problems, however. What a company did in the past is not necessarily an indicator of what it will do in the future. Most investors have horror stories of losing big after believing that a company would return to its former glory. Investors should commit money based on future earnings power, not the past. The fact that the EPS number remains constant while the stock prices fluctuate is a problem as well. If a major company event drives the stock price significantly higher or lower, the trailing P/E will be less able to reflect those changes.(see [url=http://www.investopedia.com/articles/investing/041013/differences-between-forward-pe-and-trailing-pe.asp]https://www.investopedia.com/articles/investing/041013/differences-between-forward-pe-and-trailing-pe.asp[/url] and [url=https://www.investopedia.com/terms/p/price-earningsratio.asp]Price-to-Earnings (P/E) Ratio: Definition, Formula, and Examples[/url]).[/size]