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，有人要你单纯根据某家公司在过去一年的销售额增长来投资于这家公司。别管利润：该公司尚未盈利。推销方给出的卖点是，鉴于去年该公司净营收增长大约50%，你支付的价格应当是去年销售额的大约50倍。毕竟，理论上的股价/销售额增长比率大约为一：公平价值！
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