{"id":27,"date":"2021-10-07T16:33:41","date_gmt":"2021-10-07T16:33:41","guid":{"rendered":"http:\/\/localhost\/tradedesk\/wordpress\/de-5-vigtigste-ngletal-som-alle-investorer-br-kende\/"},"modified":"2024-07-11T08:40:38","modified_gmt":"2024-07-11T08:40:38","slug":"de-5-vigtigste-ngletal-som-alle-investorer-br-kende","status":"publish","type":"post","link":"https:\/\/tradedesk.dk\/blog\/de-5-vigtigste-ngletal-som-alle-investorer-br-kende\/","title":{"rendered":"De 5 vigtigste n\u00f8gletal for aktier &#8211; som alle investorer b\u00f8r kende"},"content":{"rendered":"<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 24px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvorfor bruge n\u00f8gletal p\u00e5 aktier?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">\u00a0<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">N\u00f8gletallene er vigtige fundamentale data, som g\u00f8r det muligt at sammenligne virksomheder med hinanden indenfor samme sektor \/ branche.<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">Hvis du sammenligner forskellige industrier med hinanden, s\u00e5 kan du ikke bruge tallene til at udv\u00e6lge den bedste aktie.<\/p>\n<p><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">S\u00e5 start med at udv\u00e6lge hvilken sektor eller industri, som du \u00f8nsker at investere i og brug s\u00e5 n\u00f8gletal til at finde de bedste virksomheder i branchen.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">\u00a0<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Vigtigheden af de forskellige n\u00f8gletal kan svinge, alt efter hvad markedet fokuserer p\u00e5.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">\u00a0<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvis vi g\u00e5r tilbage til 2020 andet halv\u00e5r, s\u00e5 var markedet ligeglad med indtjening, bare aktien var gr\u00f8n og v\u00e6ksten l\u00e5 ude i fremtiden.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">Det gjorde at aktier, specielt de mest hypede aktier f.eks. kunne handle med en P\/E p\u00e5 over 1.000 (Tesla i 2020)<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">Vi s\u00e5 ogs\u00e5 virksomheder, der havde stor g\u00e6ld og k\u00f8rte med tab som handlede 10 x h\u00f8jere end for 6 mdr. siden uden at have nogen form for indtjening. (Plug Power, Blink, Nio, Xpeng)<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">S\u00e5danne ekstremer kan forekomme, men p\u00e5 et eller andet tidspunkt kommer der en korrektion i markedet, n\u00e5r investorerne mister deres risikovillighed og s\u00e5 tager disse raketter et ordentligt fald. Derfor er det vigtigt at kunne vurdere trenden og komme ud n\u00e5r den skifter og det kan du bruge TradeDesk til.<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\">Hvis du er usikker p\u00e5 om du k\u00f8ber \u201dlangtidsholdbare\u201d aktier, s\u00e5 skal du tage et kig p\u00e5 De 5 vigtige n\u00f8gletal, som enhver investor b\u00f8r kende og her kan du s\u00e5 vurdere om du k\u00f8ber aktier i varm luft, eller reel v\u00e6rdi.<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">1. P\/E \u2013 Price earnings for aktien (lavere er bedre)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad betaler du for 1 krones indtjening<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">2. EPS \u2013 Earnings pr. share (h\u00f8jere er bedre)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad tjener virksomheden pr. aktie.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">3. Driftsmargin &#8211; Operating margin (h\u00f8jere er bedre)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvor mange % tjener virksomheden af oms\u00e6tningen p\u00e5 dens produkter.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">4. Soliditet &#8211; Gross gearing (g\u00e6ld er godt &#8211; til en hvis gr\u00e6nse)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvor g\u00e6ldsat er virksomheden og gearet er virksomheden for at skabe profit.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">5. ROE \u2013 Return on Equity (h\u00f8jere er bedre)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Forrentning af egenkapitalen i virksomheden<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Vi gennemg\u00e5r dem nu &#8211; en af gangen.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">1. Price Earnigs.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 14px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad er Price Earnings?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 14px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Price\/Earnings (P\/E) angiver, hvor meget vi skal betale for den indtjening, som virksomheden forventes at opn\u00e5 \u2013 typisk i det indev\u00e6rende \u00e5r.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">P\/E udregnes som aktiekursen (P) divideret med indtjeningen pr. aktie (Eps).<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Eksempler p\u00e5 P\/E fra 2020 &#8211; Apple 28,9 \u2013 A.P. M\u00f8ller M\u00e6rsk 20,3 \u2013 NOVO 22,4 tallene fra 2020<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">P\/E \u00e6ndrer sig ved regnskaber (E) og ved kursudsving (P)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Er aktiekursen 442 kroner og tjener NOVO 19,73 kroner pr. aktie, ja s\u00e5 er P\/E alts\u00e5 22,4.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">P\/E er det vigtigste n\u00f8gletal af alle, fordi det fort\u00e6ller, hvor meget man skal betale for hver krone i indtjening.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Vi kalder ogs\u00e5 P\/E for aktiens kilopris \u2013 og den er god til at sammenligne aktier med, s\u00e5 l\u00e6nge de er i samme sektor og industri.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvad fort\u00e6ller P\/E tallet?<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvor meget aktiemarkedet vil betale for aktien.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvorfor vil investorerne betale 442 kroner for kun 19,73 kroners i indtjening i Novo aktien ?<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Man burde vel maksimalt betale 19,73 kroner for 19,73 kroner<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Det er fordi, de at 19,73 kroner er den forventede indtjening i det f\u00f8rstkommende \u00e5r, men n\u00e5r du ejer aktien, har du ret til indtjeningen i alle \u00e5r, indtil du s\u00e6lger.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">S\u00e5 det er alle fremtidige \u00e5rs indtjening, du k\u00f8ber.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Svarende til en forrentning p\u00e5 1\/22,4 = 4,46% pr. \u00e5r.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Det er langt bedre, end det du f\u00e5r i banken lige nu, men til geng\u00e6ld l\u00f8ber du en st\u00f8rre risiko.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Normalt er lavere P\/E bedre, medmindre det betyder vi er i en d\u00f8ende industri med negativ v\u00e6lst, eller har ekstrem h\u00f8j g\u00e6ld.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">S\u00e5 hvis vi havde 2 ens virksomheder, s\u00e5 ville vi foretr\u00e6kke den som havde den laveste P\/E, da det indikerer at vi vil f\u00e5 en bedre forretning af vores penge.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad siger P\/E IKKE noget om?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">P\/E tager ikke direkte h\u00f8jde for g\u00e6lden.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvis selskabet er meget forg\u00e6ldet, vil indtjeningen v\u00e6re mere usikker, end for et tilsvarende selskab uden g\u00e6ld og derfor vil investorerne betale mindre for den g\u00e6ldsatte aktie.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">P\/E vil derfor v\u00e6re p\u00e5virket negativt af g\u00e6lden og v\u00e6re lavere, end i en sundere virksomhed.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Forg\u00e6ldede virksomheder kommer derfor til at virke relativt billige.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 24px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">2. Earnings pr. share.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvad er det?<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">EPS st\u00e5r for Earnings Per Share \u2013 dvs. indtjening pr. aktie.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Dvs. jo flere aktier om den samme indtjening, jo lavere indtjening pr aktie.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">EPS-v\u00e6kst er v\u00e6ksten i indtjening pr. aktie pr \u00e5r.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">EPS-v\u00e6kst udregnes som<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">(EPS i det kommende \u00e5r (forventning) \/ EPS det seneste \u00e5r) \u2013 1.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvis indtjeningen pr. aktie var 10 kroner sidste \u00e5r og forventes at blive 12 kroner i \u00e5r, ja s\u00e5 er resultatet 0,2 eller + 20 %<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">S\u00e5 EPS-v\u00e6ksten forventes at blive 20 procent og de 20% kan vi s\u00e5 sammenligne med andre virksomheder indenfor samme branche for at finde en forventet vinder virksomhed.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad fort\u00e6ller v\u00e6kst i EPS?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">EPS-v\u00e6ksten demonstrerer om en virksomhed kan \u00f8ge indtjeningen og det vil vi gerne se som investorer.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Det er meget vigtigt, at vi ser p\u00e5 v\u00e6ksten pr. aktie og ikke kun p\u00e5 selskabets bundlinje.\u00a0 P\u00e5 den m\u00e5de overser du ikke, hvis selskabet har udstedt en masse nye aktier.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Tallet viser om aktion\u00e6rerne har f\u00e5et en h\u00f8jere indtjening og det vil vi gerne have. (+18,4 % Apple 2020)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Jo h\u00f8jere en EPS jo bedre, men husk at enkelte sager midlertidigt kan \u00f8ge EPS, uden at v\u00e6ksten kan v\u00e6re holdbar p\u00e5 l\u00e6ngere sigt. (f.eks. ved et salg af en afdeling)<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad siger EPS IKKE noget om<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">V\u00e6ksten over flere \u00e5r \u2013 da den kun ser p\u00e5 et \u00e5r.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Derfor kan du tage en gennemsnitlig EPS over en \u00e5rr\u00e6kke, ellers risikerer vi, at et enkelt godt eller d\u00e5rligt \u00e5r &#8211; sk\u00e6vvrider billedet.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Men du b\u00f8r dog ikke se p\u00e5 meget mere end de 3 &#8211; 5 \u00e5r.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Da v\u00e6kstevnen kan have \u00e6ndret sig i perioden, specielt hvis selskabet eller branchen har skiftet karakter.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">F.eks. kan en sammenligning af udviklingen over 10 \u00e5r kan v\u00e6re meningsl\u00f8s.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 24px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">3. Hvad er Driftsmarginen?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Driftsmargin m\u00e5ler hvor meget selskabet tjener p\u00e5 sin drift i forhold til oms\u00e6tningen.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Alts\u00e5, hvor meget af oms\u00e6tningen der bliver til indtjening.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Det udregnes som driftsindtjening divideret med oms\u00e6tning.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">S\u00e5 hvis driftsindtjeningen er 20 kroner og selskabet oms\u00e6tter for 100 kroner er driftsmargin alts\u00e5 20 procent.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Jo h\u00f8jere, jo bedre. f.eks. Apple havde +24,5% i 2020<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Dette tal er meget forskelligt mellem brancherne og derfor kan det kun bruges til at sammenligne de samme typer aktier.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad fort\u00e6ller Driftsmarginen os?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Tallet er afsl\u00f8rende i forhold ledelsens evner og selskabets konkurrencem\u00e6ssige position.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Det demonstrerer ledelsens evne til at generere indtjening fra det, som selskabet besk\u00e6ftiger sig med \u2013 dets drift.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Det er klart, at jo h\u00f8jere driftsmargin, jo bedre, for jo mere l\u00f8nsomt er forretningen og jo l\u00e6ngere er der til underskud og finansielle problemer, men der er store forskelle mellem brancher og derfor kan det ikke bruges p\u00e5 tv\u00e6rs af brancher.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvad siger Driftsmarginen IKKE noget om<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">P\u00e5 samme m\u00e5de som P\/E, kan driftsmargin nogle gange v\u00e6re kunstigt h\u00f8j eller kunstigt lav.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Afskriver et rederi eksempelvis sine skibe for langsomt \u2013 over 50 \u00e5r, men skibene kun har en levetid p\u00e5 25 \u00e5r, s\u00e5 vil selskabet p\u00e5 papiret tjene flere penge og have en h\u00f8jere driftsmargin. (de har holdt deres omkostninger lavere p\u00e5 papiret end de reelt set er, for at st\u00e5 ud som en bedre virksomhed p\u00e5 papiret).<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Det kan v\u00e6re meget sv\u00e6rt for os almindelige d\u00f8delige at vide om virksomheden laver s\u00e5danne numre.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Renteudgifter og omkostninger til skat er ikke medtaget i driftsmargin.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Det gode ved driftsindtjeningen er at den giver mulighed for at sammenligne konkurrenter med forskellige skattesatser og med forskellig g\u00e6lds\u00e6tning &#8211; i praksis p\u00e5 tv\u00e6rs af landegr\u00e6nser og p\u00e5 tv\u00e6rs af forskelle i selskabets finansiering.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\"><span style=\"font-size: 24px;\">4. Soliditet fort\u00e6ller os hvor solidt selskabet er.<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvad viser en virksomheds soliditet os?<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Soliditet fort\u00e6ller os, hvor solidt selskabet er \u2013 <\/span><span style=\"font-weight: 600; background-color: transparent; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif;\">og hvor g\u00e6ldsat selskabet er.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">G\u00e6lden har stor betydning for virksomhedens langsigtede overlevelse og virksomheder er <\/span><\/span><\/span><span style=\"font-weight: 600; background-color: transparent; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif;\">ved rentestigninger og det er meget vigtigt at virksomheden kan betale sin g\u00e6ld tilbage.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Det m\u00e5les som egenkapitalen divideret med aktiver.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">(equity \/ assets)\u00a0 Soliditet &gt; 50 % er fint<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Vi bruger p\u00e5 engelsk Gross gearing i stedet<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">(ikke det samme) (debt \/ equity)<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">DSV 44 %<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Norwegian Airshuttle 243.9 % (m\u00e5ske gammelt tal)<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Seadrill -2,916.9 % (negativ egenkapital og g\u00e6ld)<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Vigtigt at vide dette, da stor g\u00e6ld giver problemer, s\u00e5 vil du investerer langsigtet og sove godt om natten, s\u00e5 lad v\u00e6re med at gamble med g\u00e6ldssatte virksomheder.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Hvad fort\u00e6ller tallet?<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Soliditeten fort\u00e6ller indirekte, hvor meget g\u00e6ld selskabet har.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Har selskabet 200 kr. i aktiver og 100 kr. i egenkapital, s\u00e5 er der 100 kroner tilbage, som selskabet skylder andre.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Har man en soliditet p\u00e5 50 procent, s\u00e5 skylder selskabet 50 procent af alle aktiver v\u00e6k.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Er soliditeten 75 procent skylder man kun 25 procent v\u00e6k.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Jo, h\u00f8jere, jo mere solidt selskab.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Nogle selskaber har meget g\u00e6ld \u2013 fx banker eller forsikringsselskaber, og skal derfor vurderes ud fra en anden m\u00e5lestok.<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600; font-size: 24px;\">5. ROE \u2013 Return on Equity<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Forrentning af egenkapitalen<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap; color: #000000; font-family: Calibri, sans-serif; background-color: transparent;\">Hvad er det?<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Tallet fort\u00e6ller os, hvor god virksomheden er til at skabe et afkast for sine investorer i forhold til deres egenkapital.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap;\">Egenkapitalen er aktieejernes kapital (Antal aktier gange kursen) &#8211; minus g\u00e6ld (kort + langsigtet)<br \/>\n<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap;\">Vi m\u00e5ler afkastet p\u00e5 den kapital, som virksomheden har haft til r\u00e5dighed til at skabe <\/span><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">indtjeningen (earnings)<\/span><\/span><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap;\">. <\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap;\">Da det svinger fra kvartal til kvartal, bruger man et gennemsnit over en periode for at skabe et ordenligt sammenligningsgrundlag.<\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap;\">Jo h\u00f8jere et tal, jo bedre, men der er stor forskel p\u00e5 dette mellem de <\/span><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">forskellige<\/span><\/span><span style=\"font-weight: 600; font-size: 18.6667px; white-space: pre-wrap;\"> virksomheds <\/span><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">brancher og hvor h\u00e5rd konkurrencen er i branchen. H\u00e5rd konkurrence vil lede til lavere priser og derved en lavere indtjening og ROE.<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">\u00a0<\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"color: #000000; font-family: Calibri, sans-serif;\"><span style=\"font-size: 18.6667px; white-space: pre-wrap;\"><span style=\"font-weight: 600;\">Vi ser tit at virksomheder med lave fast omkostninger har en h\u00f8jere egenkapital forretningen end virksomheder der har meget af kapitalen bundet op. <\/span><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">En god ROE er mellem 15-20%<\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\"><span style=\"background-color: transparent;\">Gennemsnittet for ROE er 14% for virksomheder i\u00a0 S&amp; P 500.\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-top: 0pt; margin-bottom: 4pt; line-height: 1.38;\">\n","protected":false},"excerpt":{"rendered":"<p>N\u00f8gletal bruges i fundamental analyse til at sammenligne virksomheder, for at finde dem som performer bedst.<\/p>\n<p>De 5 vigtigste n\u00f8gletal er :<\/p>\n<p>1. P\/E \u2013 Price earnings<br \/>\n2. EPS \u2013 Earnings pr. share<br \/>\n3. Driftsmargin &#8211; Operating margin<br \/>\n4. Soliditet &#8211; Gross gearing<br \/>\n5. ROE \u2013 Return on Equity<\/p>\n","protected":false},"author":4,"featured_media":28,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-27","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aktiens vigtigste N\u00f8gletal: P\/E, &#8212; TradeDesk<\/title>\n<meta name=\"description\" content=\"L\u00e6r hvorfor n\u00f8gletal er afg\u00f8rende for aktieinvestering. 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