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纳斯达克(Sequoia Capital：PYPL)的股价在2021年落后于标准普尔500指数，今年迄今的总回报损失为-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.
贝宝(PayPal)的股票最近几年一直在疯狂上涨，但投资者可能想知道，在最近的回调之后，贝宝的股票是否有任何价值。
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)是衡量股票价值的最基本指标之一。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，标普500指数的市盈率目前约为29.6，几乎是长期均值15.9的两倍。PayPal的PE为46.6，较整体标普500指数平均水平高出约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.
增长：展望未来四个季度，标准普尔500指数的预期市盈率看起来要合理得多，仅为21.4倍。贝宝的预期市盈率为36.5倍，也远高于标准普尔500指数，这让贝宝看起来被高估了。
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.
贝宝的预期市盈率也是其金融板块同行平均预期市盈率的两倍多，后者的平均预期市盈率为15.0倍。
Yet when it comes to evaluating a stock, earnings aren't everything.
然而，在评估一只股票时，收益并不代表一切。
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.
对于那些正在迅速建立利润的公司来说，增长率也是至关重要的。市盈率(PEG)是将增长率纳入评估过程的好方法。标普500指数的整体PEG目前约为1.0；PayPal的PEG为2.28，这表明在计入PayPal的增长后，PayPal的估值仍然过高。
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.
市销率是另一个重要的估值指标，尤其是对无利可图的公司和成长型股票。标普500指数的市盈率目前为3.22，远高于1.63的长期均值。贝宝的市盈率为9.5倍，几乎是整体标准普尔500指数平均水平的三倍。过去五年，贝宝的市盈率也上升了88%，表明该股定价处于历史估值区间的高端。
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.
最后，华尔街分析师认为贝宝(PayPal)股票在未来12个月内具有价值。在追踪贝宝(PayPal)的40位分析师中，分析师的平均目标价为276美元，表明较当前水平上涨了48.6%。
The Verdict: At its current price, PayPal stock appears to be overvalued based on a sampling of common fundamental valuation metrics.
判决结果是：按照目前的价格，根据一系列常见的基本面估值指标，贝宝的股票似乎被高估了。