Pane zvinhu zvakawanda zvekufunga nezvazvo kana uchikoshesa kambani. Vazhinji vanoisa mari vanosarudza kutevedzera zano re kukoshesa kuisa mari, inozivikanwawo sekukosha kwekudyara. Kune izvi, zvakakosha kuti uzive nzira yekuziva kana masheya ari pazasi kana pamusoro pekukosha kwavo chaiko, kana kuti kuziva maverengero avo padanho re accounting. Nokuda kweizvi pane kukosha kwe theoretical yemugove, iyo yatichataura nezvayo muchinyorwa chino.
Kutanga isu tichatsanangura kuti chii chaizvo iyo theoretical kukosha kwegove uye tozokuratidza kuti chimiro chayo chii, tichitsanangura kuverenga nemuenzaniso. Mukuwedzera, isu tichataura zvishoma pane kukosha kwekudyara. Kana iwe uri kufunga nezvekudyara, aya mazano akakosha, Saka ndinokurudzira kuti urambe uchiverenga.
Chii chinonzi theoretical value yemugove?
Iyo inozivikanwawo sekukosha kwebhuku, kukosha kweiyo theoretical yestock Ndiko kukosha ikoko kunofanirwa kuve nekambani padanho reakaunzi. Inowanikwa kuburikidza nekuverenga kunoitwa nedata rakatorwa kubva pachiyero chekambani iri mubvunzo.
Rimwe zita remutengo uyu kukosha kwebhuku. Kuti ndizive kuti chii, Iwe unofanirwa kuverenga mutsauko pakati pemidziyo iyo kambani inayo nekubvisa kubva mairi zvisungo zvekubhadhara kana zvikwereti. Mhedzisiro yacho yakakamurwa nehuwandu hwehuwandu hwemasheya akapihwa nekambani yakataurwa.
Asi chii chinonzi kukosha kweiyo mugove? Kukosha uku kunotiudza kukosha kwekambani, nguva dzose kutaura padanho reakaunzi. Inoratidza kukosha ikoko sezvo, kuiverenga, huwandu hwezvinhu zvese kana zvinhu zvekambani iri kutaurwa zvichishandiswa, sezvivakwa, michina, nezvimwe, kubvisa kubva mumhedzisiro zvikwereti izvo kambani inazvo.
Zvinofanira kucherechedzwa kuti theoretical bhuku kukosha haina kufanana nekukosha kwechiso. Pfungwa mbiri idzi dzinowanzovhiringika kazhinji. Musiyano ndewekuti, kuti uwane kukosha kwezita, chiyero pakati peiyo share capital (kwete iyo assets) uye iyo yakazara nhamba yemasheya akapihwa nekambani inoverengerwa.
Kokoshi yetioretical yemugove inoverengerwa sei?
Zvino zvatave kuziva kuti kukosha kweiyo mugove chii, ngationei kuti inoverengwa sei. Kuti tiite basa iri, Izvo zvakakosha kuti tizive zvese midziyo uye zvikwereti zvekambani iri mubvunzo. Nzira yekuverenga kukosha kwebhuku iri pasi ndeyotevera:
VTC (Theoretical Accounting Value) = Assets - Zvikwereti
Sezvo vazhinji venyu munotoziva, Mhedzisiro yakawanikwa nekubvisa zvikwereti kubva kumidziyo yekambani inozivikanwa se net net worth. Naizvozvo, iyo fomula yakazara yekuwana iyo theoretical bhuku kukosha kwemasheya ekambani ndeiyi inotevera:
VTCa = Mambure akakosha / nhamba yemasheya akapihwa
Mhedzisiro yekushanda uku ndeye theoretical accounting kukosha pachikamu chimwe nechimwe, icho chinotitaurira kuti chikamu chekambani chingakosheswa sei mumatemu eakaunzi. Iyi pfungwa inobatsira zvikuru kune vanoisa mari pavanenge vachifunga kuisa mari mune imwe kambani. Sarudzo yakanaka ndeyekuishandisa sereferensi kana zvasvika pakuona mutengo wemasheya ekambani mukati me market market.
Tichifunga zvatichangobva kutsanangura, tinogona kuona kuti kana kukosha kwedzidziso yemugove kwakaderera pane ukoshi hunounzwa nemugove pamusika wemari, inguva yakaipa kuitenga. Muchiitiko ichi, kambani iri mubvunzo yakawandisa uye tarisiro yekukura iripo kwairi yakanyanya. Pane kudaro, kana iyo theoretical value yemugove yakakwira kupfuura kukosha kune iyo mugove pamusika wemasheya, saka inguva yakanaka yekutenga, sezvo zvingangoita kuti tichaita purofiti mune ramangwana.
Kuverengera muenzaniso
Kuti tive nechokwadi chekuti tanzwisisa fomula yekuverenga kukosha kwetioretical yemugove, tichapa muenzaniso mudiki. Ngatitii tine kambani inotengeswa pachena ine midziyo yemadhora mazana maviri emamiriyoni, kuita nhamba dzakatenderedza. Pamusoro pezvo, vane zvikwereti zvakakwana zvemadhora makumi mashanu emamiriyoni.
Tichiziva kuti mambure ake anosvika zana nemakumi mashanu emamiriyoni emadhora, kureva kuti, 150 miriyoni kubvisa 200 miriyoni zvikwereti, isu zvino tinofanira kutarisa huwandu hwemasheya asara. Ngatitii kune huwandu hwemamiriyoni emamiriyoni emasheya akapihwa, fomula yekushandisa ingave inotevera:
TVCa = $150.000.000 / 100.000.000 = $1,5
Izvi zvinotiudza kuti theoretical book value yemugove i$1. Ngatiyeukei kuti kana kukosha uku kuri pamusoro payo pamusika wekutengesa, kutenga kwakashata, asi kana iri pasi payo, kutenga kwakanaka. Mune mamwe mazwi, kana mumusika, nokuda kwechikonzero chipi nechipi, migove inotengeswa pa $ 0, inenge iri mukana unofadza zvikuru. Pano basa raizove rekuona kana ichi chiri chinhu chakaitika nekuda kweimwe dambudziko muchikamu kana chimwe, kana kana kambani yakanyatso kukanganiswa nekuda kwechimwe chikonzero icho musika watodzikisira.
kukosha kuisa mari
Kuti tipedze, isu tichataura zvishoma pane kukosha kwekudyara, inozivikanwawo se kukoshesa kuisa mari. Ihwo huzivi hwekudyara hune vateveri vakanyanya kukosha uye hwave hwakakurumbira kutenda Warren Buffett nomudzidzisi wake Benjamin graham. Uzivi kana zano iri Inobva pakutengwa kwezvivimbiso kana mutengo wavo wemusika uri pasi pemutengo wavo chaiwo.
Zvinoenderana value investment, Nguva yakanakisa yekutenga mashare ndeapo mutengo wemusika uri pasi pemutengo wakakosha wemugove. Izvi ndezvokuti mikana yemutengo wayo unowedzera mune ramangwana yakanyanya kwazvo, sezvo misika inowanzogadzirisa. Kunyangwe chiri chokwadi kuti iri zano rakanaka uye rine musoro, pane matambudziko maviri makuru pakuriita:
- Verenga kana fungidzira kuti kukosha kwemukati kwezita kana mugove kungavei.
- Ziva maitiro ekufanotaura kuti zvichatora nguva yakareba sei kuti kukosha kuonekwe mumusika.
Tingave kana kwete isu tiri vatsigiri ve kukoshesa kuisa mari, kana kukosha kwekudyara, kuziva kuti chii uye maverengero etioretical kukosha kwegova kuchauya kunobatsira pakudzidza kukosha kwekambani uye kuderedza kurasikirwa kunobvira. Ruzivo harutore nzvimbo!