Investors are always keen to buy shares at a discount to fair value, but determining that fair value is not straightforward.
discounts. Who doesn’t love them? Especially when it’s real. This holds for investors as well: We always want to buy a stock at a discount to the fair valuation. The challenge, of course, is determining what a fair valuation truly is.
We may think it’s a specific price, but we could be wrong. Or the market could move against us, meaning we could have got it even cheaper. But there is one instance where we can determine whether there is a discount, and that’s when it comes to holding companies that trade on the JSE. Obviously, their main business is holding other companies, and if those companies are listed, it becomes very easy to determine a discount.
この記事は Finweek English の 20 June 2019 版に掲載されています。
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この記事は Finweek English の 20 June 2019 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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