Is PayPal's Stock Overvalued Or Undervalued?
Is PayPal's Stock Overvalued Or Undervalued?
PayPal Holdings Inc (NASDAQ:PYPL) shares have lagged the S&P 500 in 2021, generating a year-to-date total return loss of -21.1%.
PayPal納斯達克(Sequoia Capital：PYPL)的股價在2021年落後於標準普爾500指數，今年迄今的總回報損失為-21.1%。
PayPal stock has had a wild ride in recent years, but investors may be wondering whether there’s any value in PayPal shares after the recent pullback.
貝寶(PayPal)的股票最近幾年一直在瘋狂上漲，但投資者可能想知道，在最近的回調之後，貝寶的股票是否有任何價值。
Earnings: A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value.
收益：市盈率(PE)是衡量股票價值的最基本指標之一。PE越低，值越高。
For comparison, the S&P 500’s PE is currently at about 29.6, nearly double its long-term average of 15.9. PayPal’s PE is 46.6, about 57% higher than the S&P 500 average as a whole.
相比之下，標普500指數的市盈率目前約為29.6，幾乎是長期均值15.9的兩倍。PayPal的PE為46.6，較整體標普500指數平均水平高出約57%。
Growth: Looking ahead to the next four quarters, the S&P 500's forward PE ratio looks much more reasonable at just 21.4. PayPal’s forward earnings multiple of 36.5 is also much higher than the S&P 500’s, making PayPal look overvalued.
增長：展望未來四個季度，標準普爾500指數的預期市盈率看起來要合理得多，僅為21.4倍。貝寶的預期市盈率為36.5倍，也遠高於標準普爾500指數，這讓貝寶看起來被高估了。
PayPal’s forward PE ratio is also more than double the average multiple of its financial sector peers, which are averaging a 15.0 forward earnings multiple.
貝寶的預期市盈率也是其金融板塊同行平均預期市盈率的兩倍多，後者的平均預期市盈率為15.0倍。
Yet when it comes to evaluating a stock, earnings aren't everything.
然而，在評估一隻股票時，收益並不代表一切。
The growth rate is also critical for companies that are rapidly building their bottom lines. The price-to-earnings-to-growth ratio (PEG) is a good way to incorporate growth rates into the evaluation process. The S&P 500’s overall PEG is currently about 1.0; PayPal’s PEG is 2.28, suggesting PayPal is still overvalued after accounting for its growth.
對於那些正在迅速建立利潤的公司來説，增長率也是至關重要的。市盈率(PEG)是將增長率納入評估過程的好方法。標普500指數的整體PEG目前約為1.0；PayPal的PEG為2.28，這表明在計入PayPal的增長後，PayPal的估值仍然過高。
Price-to-sales ratio is another important valuation metric, particularly for unprofitable companies and growth stocks. The S&P 500’s PS ratio is currently 3.22, well above its long-term average of 1.63. PayPal’s PS ratio is 9.5, nearly three times the S&P 500 average as a whole. PayPal's PS ratio is also up 88% over the past five years, suggesting the stock is priced at the high end of its historical valuation range.
市銷率是另一個重要的估值指標，尤其是對無利可圖的公司和成長型股票。標普500指數的市盈率目前為3.22，遠高於1.63的長期均值。貝寶的市盈率為9.5倍，幾乎是整體標準普爾500指數平均水平的三倍。過去五年，貝寶的市盈率也上升了88%，表明該股定價處於歷史估值區間的高端。
Finally, Wall Street analysts see value in PayPal stock over the next 12 months. The average analyst price target among the 40 analysts covering PayPal is $276, suggesting 48.6% upside from current levels.
最後，華爾街分析師認為貝寶(PayPal)股票在未來12個月內具有價值。在追蹤貝寶(PayPal)的40位分析師中，分析師的平均目標價為276美元，表明較當前水平上漲了48.6%。
The Verdict: At its current price, PayPal stock appears to be overvalued based on a sampling of common fundamental valuation metrics.
判決結果是：按照目前的價格，根據一系列常見的基本面估值指標，貝寶的股票似乎被高估了。