Imagine that you were asked to invest in a company based purely on its sales growth over the past year. Never mind profits: there aren’t any. The pitch is that, since net revenues grew by about 50 per cent last year, you should, therefore, pay a multiple of about 50 times last year’s sales. The theoretical price/sales growth ratio, after all, would be about one: fair value!
想像一下，有人要你單純根據某家公司在過去一年的銷售額成長來投資於這家公司。別管利潤：該公司尚未盈利。推銷方給出的賣點是，鑑於去年該公司淨營收成長大約50%，你支付的價格應當是去年銷售額的大約50倍。畢竟，理論上的股價/銷售額成長比率大約爲一：公平價值！
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