$CRM · FAST Graphs · 2026-11-05
CRM 增长率为 29%，因此其合理市盈率应等于增长率——即 29.88，而非 15，因为它是高增长型企业。在多年高估值之后，其合理价值已下降，股价也回落至市盈率等于增长率的水平，即 17 倍盈利，目前正以该水平交易。
逐段跳播
现在，我们来看一家增长非常快的公司，比如 CRM。在这个案例中，我们有一家公司以29%的速度增长。我会从这张图中去掉正常的市盈率线。但我们现在看到的是，我们画一条市盈率等于公司增长率的线。
好吗？因此，公允价值的市盈率是29.88。我们这里不用15，因为这是一家增长非常快的公司。
Now, let's look at a really fast-growing company like CRM. In this case, we have a company that grew at a rate of 29%. I will remove the normal price-to-earnings ratio line from this chart.
But what we are seeing now is that we are drawing a line with a price-to-earnings ratio that is equivalent to the company's growth rate. Good? Therefore, the price-to-earnings ratio for fair value is 29.88.
We are not using 15 here because this is a very fast-growing company .
看这张图并加上正常化市盈率线，我们发现市场多年来、很多年来都给这只股票很高的估值。但当我缩短这个时间范围时，看看会发生什么。它在变化。好吗？过去这里的公允价值一直很高。让我把时间范围进一步缩短。
而现在突然之间，我们看到公允价值发生了变化，但我们也看到价格已经回落到市盈率等于增长率的水平，也就是17倍盈利，而这只股票现在就在这个水平交易。
Looking at this chart and adding the normalized price-to-earnings ratio line, we find that the market has given this stock a high valuation for many years and many years . But as I shorten this timeframe, watch what happens .
It is changing. Good? Fair value has been high here in the past. Let me shorten the timeframe even further. And now suddenly, we see a change in fair value, but we also see the fact that prices have fallen back to a price-to-earnings ratio equal to the growth rate, which is 17 times earnings, and the stock is now trading at this level.