$AVY · Value Investing with Sven Carlin, Ph.D. · 2026-11-03
AVY 过去十年涨势亮眼，但并非靠出色的业绩——二十年间净利润仅翻了一倍，主要靠估值扩张和回购推动。市盈率 20 倍、5% 的增长加上股息，预期回报为 6-7%，低于说话者要求的 10% 以上，市盈率应低 50%，最高 10 倍。
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Avery Denison，这只股票过去十年表现非常出色。之后就没发生什么大事了。这家做标签的公司正在我们生活的世界里留下印记。市盈率是 20。是的，他们预期 5% 的增长。加上股息，目标回报就达到 6-7%，这就是这些工业公司目前预期的回报。
再说一次，对我来说这还不够。要被视为有价值的投资，这个百分比必须高于 10%。如你在这里看到的，这只股票一路繁荣，但并不是基于出色的业绩。过去二十年净利润翻了一倍，这并不算多。
所以，这只不过是估值的扩张，诸如此类。股票回购。市盈率 10 是它的上限。应该再低 50%。
Avery Denison , the stock has performed brilliantly over the past decade. Not much has happened since then. The sticker company that is making its mark on the world we live in.
The price-to-earnings ratio is 20. Yes, they expect 5% growth. Add in dividends, and that brings the target to 6-7 percent, which is the currently expected return for these industrial companies.
And again, for me, this is not enough. The percentage must be higher than 10% for these to be considered valuable investments. As you can see here , the stock has flourished, but not based on great results.
Net income has doubled in the last twenty years, which isn't much. So , it was just an expansion of the evaluation, and things like that . Share buyback. A price-to-earnings ratio of 10 is the maximum for this . It should be 50% less.