P/S的计算

问题如下：

Aratatech is a multinational distributor of semiconductor chips and related products to businesses. Its leading competitor around the world isTrymye Electronics. Aratatech has a current market price of $10.00, 20 million shares outstanding, annual sales of $1 billion, and a 5 percent profit margin. Trymye has a market price of $20.00, 30 million shares outstanding, annual sales of $1.6 billion, and a profit margin of 4.9 percent.

Which of the two companies has a more attractive valuation based on P/S?

选项：

A.

Aratatech

B.

Trymye

C.

No difference

解释：

Aratatech: P/S = ($10 price per share)/[($1 billion sales)/(20 million shares)] = $10/($1,000,000,000/20,000,000) = 0.2

Trymye: P/S = ($20 price per share)/[($1.6 billion sales)/(30 million shares)] =$20/($1,600,000,000/30,000,000) = 0.375

Aratatech has a more attractive valuation than Trymye based on its lower P/S but comparable profit margin.