Kan stock: the value of gold stocks lies in gold prices and reserves

2024-02-22 14:49:45 moment information

The高速资讯 valuation of gold stocks cannot be measured with a simple price -earnings ratio, but it should be used to measure the value by using the price of gold.

Recently, the price of gold has continued to rise, and the investment value of gold stocks has also been widely discussed by investors. It can be expected that the performance level of gold stocks in 2023 will increase, and the price -earnings ratio will be greatly reduced.For shareholders, it will face a question. Whether the relationship between the stock price of the gold stock and the income per share is the same as the standards of other industrial stocks.According to the classic gold stock valuation standards, the stock price of gold stocks should be directly proportional to the price of gold and the proven reserves of gold mines, which has little to do with the income per share.

Investors can understand so that the stocks of gold stocks are actually part of the gold elements in the gold mine. This part of gold will be gradually extracted and sold in the future. As for the actual profit of the past sales of gold,In fact, it has nothing to do with the valuation of gold stocks.

If the price of gold rose by 20%, theoretically the stock price of gold stocks should also rise by 20%. Although the profit growth may reach 50%, if the stock price also rises 50%, it will be slightly higher and the stock price bubble will appear.The trend of the stock price of gold stocks should still refer to the changes in the price of gold, rather than the net profit and price -earnings ratio in the financial statements.No, the income per share has become the sky pavilion.

Similar valuation logic is also applicable to many mineral resource stocks, such as copper ore, nickel ore, etc. Investors must distinguish the differences in resource companies. Some companies are mining and some companies are processed.For example, there was a listed company that when the price of zinc rose, investors found that the company's stock price increased well. After careful research, it was found that the company itself did not have zinc ore.Zinc output, and zinc prices rose mainly because zinc ore increased prices and then promoted the rise in zinc prices. Therefore, this listed company did not benefit from this.

The same is true of gold stocks. At present, some gold listed companies on the market are mining mining, and some are processing gold into various types of jewelry.The rise in gold prices is mainly to have the greatest benefits to the mining company. For golden stocks in jewelry processing, they can only stimulate consumers' pursuit of rising emotions through gold price increases, and then indirect profits. These companies are suitable for the P / E ratio theory.However, referring to the valuation model of the cycle company, that is, at the peak of the prosperity, the price -earnings ratio may be very low, the prosperity is low, the price -earnings ratio will be high, investors buy stocks, and it is also suitable for high -P / E ratio buying, low price -earnings ratio selling for saleThe rule.

In fact, in the current A -share market, the valuation safety of gold stocks is high.Gold stocks have not followed the price of gold. At present, the price of gold is close to the highest level in history, but the stock price of gold stocks is far from the historical high.The large valuation repair space may be better than the golden stocks of jewelry.