Last June I wrote a column with the headline “An entry-level guide to valuing stocks”. I also provided a link to a simple valuation tool that even my children’s new hamster (go early on pets and go small) could use.
But discounted cash flow models require the cash moving in and out of a business to be net positive in order to calculate what a company is worth. Unless you want a negative number for some reason. Like in divorce court.
Hence, a few years after I began as a portfolio manager in the mid-1990s, equity analysts trying to flog dotcom stocks began to use price-to-sales ratios. When these looked silly too, they invented price-to-clicks or price-to-eyeballs.
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