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Владимир Рожанковский, бизнес то хороший, только почему он должен стоить 10 прибылей, когда сбер стоит меньше 4 прибылей и у Сбера прибыль р...
Тредер, У нас, умников, конечно, гораздо больше свободного времени, чтобы хотя бы как минимум задать этот вопрос любому ИИ, чем у вас, практиков.
### 🛒 Why Food Retail Stocks Trade at Higher Multiples
— **Stable, Recurring Demand**
People don’t stop buying groceries—even in recessions. Food retail benefits from consistent consumer demand, which gives investors confidence in future revenue streams. That stability often commands a premium.
— **Low Credit Risk**
Unlike banks, food retailers aren’t exposed to loan defaults or interest rate shocks. Their earnings are less cyclical and less vulnerable to macroeconomic stress, making them “safer” in volatile environments.
— **Asset-Light and Scalable Models**
Many modern food retailers (especially online or hybrid formats) operate with lean inventories and tech-driven logistics. This scalability can lead to higher margins and growth potential, justifying higher P/S ratios.
— **Valuation Anchored in Brand and Foot Traffic**
Retailers like Costco, Walmart, or Seven & i Holdings trade on their ability to drive foot traffic, upsell essentials, and maintain pricing power. These qualitative strengths often inflate valuation multiples beyond raw earnings.
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### 🏦 Why Banks Trade at Lower Multiples
— **Heavy Regulation and Capital Requirements**
Banks must hold large capital buffers and comply with strict regulations. This limits their ability to grow aggressively and depresses return on equity—dragging down P/E ratios.
— **Interest Rate Sensitivity**
Banking profits swing with rate cycles. In low-rate environments, net interest margins shrink. In high-rate periods, credit risk rises. This volatility makes investors cautious.
— **Opaque Risk Exposure**
Loan books, derivatives, and off-balance-sheet items make banks harder to value. Investors often apply a discount to account for hidden risks.
— **Lower Revenue Multiples**
Banks generate revenue through interest and fees, which are less scalable than retail’s product-based sales. Hence, lower P/S ratios.
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### 🧮 Example
Compare **Walmart** (P/E ~25, P/S ~0.8) with **JPMorgan Chase** (P/E ~9, P/S ~2.5). Despite JPMorgan’s higher revenue per share, its earnings are discounted due to regulatory drag and credit risk. Walmart’s valuation reflects its defensive nature and predictable cash flow.
