Inzuzo yenzuzo: umhlahlandlela ophelele wokutshala imali ngobuhlakani

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Inzuzo yenzuzo isibe ngesinye sezilinganiso ezifunwa kakhulu. Kwabaningi abalondoloza imali abafuna imali engenayo njalo ngaphandle kokuthatha izingozi eziningi emakethe yamasheya, ukubheka izinkampani ezikhokha izinzuzo sekuyinto edingekayo kubatshalizimali abancane. Esimweni lapho amazinga enzalo ebesesezingeni eliphansi kakhulu iminyaka eminingi futhi ukwehla kwamandla emali kunciphise ingxenye enkulu yenzuzo yokonga okulondoloziwe.

Ukutshala imali kwizabelo akukhona nje ukuphishekela iphesenti eliphezulu kakhuluKunalokho, kumayelana nokuqonda ukuthi yini elinganiswayo, ukuthi ibalwa kanjani, yiziphi izingozi ezihilelekile, nokuthi lezo zinkokhelo zingagcinwa yini ngokuhamba kwesikhathi. Ngaphezu kwalokho, isivuno senzuzo asitholakali sodwa: kumele sicatshangelwe ngokwezinye izilinganiso ezifana nesilinganiso se-P/E, i-ROE, i-leverage, kanye nesilinganiso sokukhokha, kanye nokusebenza kwentengo yesitoko, okungaphindaphinda noma konakalise imbuyiselo ebonwayo yenzuzo ekhangayo.

Iyini ngempela i-dividend income?

Inzuzo yesabelo ilinganisa iphesenti lesabelo Inzuzo ekhokhwa yisitoko ngonyaka uma kuqhathaniswa nentengo yaso yemakethe. Kuyindlela esheshayo yokubona ukuthi mangaki ama-euro ongawathola kuma-dividends ngama-euro ayi-100 atshaliwe, uma nje inkampani ilandela inqubomgomo yayo yokukhokha.

Ifomula evame kakhulu ilula kakhulu.Inzuzo yesabelo ibalwa ngokuthatha inzuzo yonyaka ngesabelo ngasinye bese uyihlukanisa ngentengo yamanje yesabelo, bese uphindaphinda ngo-100 ukuze uyiguqule ibe yiphesenti. Isibonelo, uma inkampani ikhokha u-€0,06 ngonyaka kuma-dividends futhi intengo yayo yesabelo ingu-€1,20, inzuzo yesabelo izoba ngu-5% (0,06 / 1,20 x 100).

Kodwa-ke, akubona bonke abahlaziyi abasebenzisa izindlela zokubala ezifanayo.Abanye bakhetha ukubheka izinzuzo ezikhokhwe ngempela ezinyangeni eziyi-12 ezedlule; abanye basekela izibalo zabo kwinzuzo okulindeleke ukuthi itholwe ezinyangeni eziyi-12 ezizayo, ngokusho kweziqondiso zenkampani kanye nezilinganiso zemakethe; futhi kukhona ngisho nalabo ababala inzuzo yekota yokugcina minyaka yonke ngokuyiphinda kane. Indlela ngayinye inezincazelo zayo futhi ingaveza izibalo ezihlukile kancane.

Iphuzu elibalulekile ukuthi izinzuzo zenzuzo zishintsha njalo.Ngoba kuncike entengo yesabelo, eshintshashintsha nsuku zonke. Uma intengo yesabelo yehla futhi isabelo sihlala sifana, iphesenti liyakhuphuka, futhi okuphambene nalokho: uma intengo ikhuphuka futhi isabelo singashintshi, isivuno siyehla. Ngakho-ke, isivuno sesabelo esikhulu kakhulu singabonisa ukungathembani kwemakethe kanye nokusabela okungekuhle ngesitoko.

Kubalulekile futhi ukukhumbula ukuthi izinkampani eziningi azisabalalisi izinzuzo.Lokhu kuyiqiniso ikakhulukazi ezinkampanini ezikhulayo ezikhetha ukutshala kabusha iningi lenzuzo yazo ekwandiseni ibhizinisi. Lokhu akusho ukuthi azizona izimali ezinhle, kodwa nje ukuthi imbuyiselo engaba khona izovela ekwandeni kwentengo yesabelo kunokuba ivela ekugelezeni kwemali okuvamile kubanikazi bamasheya.

Inzuzo yenzuzo ibalwa kanjani ngokoqobo?

Ukubala isivuno senzuzo akuyona imfihlakalo ngokombono wobuchwephesheKodwa-ke, kubalulekile ukuba nemininingwane eqinile esetshenzisiwe. Isinyathelo sokuqala ukuthola ukuthi inkampani ikhokhelwe malini ngezabelo ngesabelo ngonyaka odlule noma ukuthi kulindeleke ukuthi ikhokhwe malini ezinyangeni eziyi-12 ezizayo.

Uma inkampani ikhokha izinzuzo ngekotaKuzodingeka uhlanganise ndawonye amanani amane akhokhwe ezinyangeni eziyi-12 ezedlule. Uma ukhokha kanye ngonyaka kuphela, lelo nani lizokwanela. Namuhla, cishe bonke abathengisi namapulatifomu ukuhweba Banikeza lolu lwazi oluvele lubaliwe, okwenza umsebenzi ube lula kakhulu kumtshali-zimali ngamunye.

Isithako sesibili intengo yesitoko yamanjeokungatholakala futhi ngokushesha kunoma iyiphi ipulatifomu yokuhweba noma iphothali yezezimali. Ukusuka lapho, kusetshenziswa ifomula yakudala: (Isabelo sonyaka ngesabelo / Intengo yamanje yesabelo) x 100.

Cabanga ngesitoko esihweba ngo-$20 futhi sikhokhe u-$1 ngonyaka ngama-dividend.Inzuzo yesabelo izoba (1 / 20) x 100 = 5%. Uma intengo yesabelo ingawela ku-$10 ngaphandle kokushintsha kwenzuzo, inzuzo ingakhuphukela ku-10%. Futhi uma intengo ingakhuphukela ku-$25, inzuzo ingawela ku-4%. Njengoba ubona, isithombe sishintsha kakhulu ngokushintsha intengo.

Izinguquko kwinzuzo nazo zishukumisa inaliti ekuvuneni Uma intengo yesabelo ihlala izinzile, ngentengo engu-$100, ukwenyuka kwesabelo kusuka ku-$5 kuya ku-$7 kusho ukwenyuka kwesivuno sesabelo kusuka ku-5% kuya ku-7%. Lokhu kwehluka kubalulekile ngoba kuvame ukuhlotshaniswa nezinqumo zamasu enkampani, isimo sayo sezezimali, noma umbono wayo webhizinisi.

Inzuzo yenzuzo uma kuqhathaniswa nembuyiselo iyonke

Kuyiphutha elivamile kakhulu ukugxila kuphela ekuzuzeni izabelo. ngaphandle kokucabangela imbuyiselo iyonke ekutshalweni kwezimali. Inzuzo iyingxenye eyodwa kuphela yalokho ongakuzuza (noma okukulahlekelayo) ngesitoko; enye ingxenye ivela ekwenyukeni noma ekwehleni kwentengo yesitoko sayo.

Imbuyiselo iyonke ihlanganisa izinzuzo kanye nenzuzo yenhlokodolobha (noma ukulahlekelwa)Indlela ewusizo yokubheka lokhu ukuhlanganisa imali engenayo yesabelo senzuzo etholwe ngesikhathi sokutshalwa kwezimali kanye nenzuzo yenhlokodolobha (umehluko phakathi kwentengo yokuthengisa kanye nentengo yokuthenga), bese ususa intela yenzuzo yenhlokodolobha esebenza ezweni lakini.

Ifomula yomqondo ingaba into efana nale:(Inzuzo Yesabelo + Inzuzo Yenhloko) – Intela Yenzuzo Yenhloko. Isibonelo, uma uthenga isitoko ngo-$50, usithengise ngonyaka olandelayo ngo-$70, futhi usuthole ama-dividend angu-$3, inzuzo yakho iyonke ingu-$23. Uma ukhokha intela yenzuzo yenhloko engu-15% enzuzweni engu-$20, uzosusa u-$3, ushiye inzuzo yakho iyonke ku-$20.

Le ndlela isenza sibone izimo lapho inzuzo ephezulu ingasivumeli ukwehla okukhulu kwentengo yamasheya.Inkampani enenzuzo engu-10% yenzuzo elahlekelwa ngu-27% wenani layo lemakethe ingakushiya nomphumela ongemuhle ngokusobala. Kwakunjalo ngenkampani efana ne-UnipolSai Spa ekuhlaziyeni okuthile: inzuzo yayo yayiphezulu kakhulu, kodwa isitoko sasehle cishe ngo-27% ezinyangeni ezintathu.

Ngakolunye uhlangothi, kunezinkampani ezinezinzuzo eziphezulu ngokufanele kanye nokusebenza kahle kwemakethe yamasheya.Isibonelo esisodwa kwakuyi-COMMUNICATIONS SALES & LEASING, enenzuzo yenzuzo ecishe ibe ngu-7,9% kanye nokwenyuka kwentengo okucishe kube ngu-30% ezinyangeni ezimbalwa, okwenza kube inketho ekhangayo kakhulu ngokombono wenzuzo iyonke.

Amathuluzi okuhlukanisa, ukuhlukahluka, kanye nokukhetha

Ukutshala imali ezinkampanini ezikhiqiza inzuzo ephezulu kungaba isu elinamandla Kulabo abafuna imali engenayo ephindaphindayo, akuyona into ewumlingo futhi ayinazo izingozi. Ukukhetha ngokusekelwe kuphela kumaphesenti kungakuholela ezinkampanini ezinenkinga, ezinamamodeli ebhizinisi anciphayo noma izinzuzo ezingagcineki.

Ukuhlukahluka kubalulekile ekuphatheni lezi zingoziUkusabalalisa utshalomali emikhakheni eyahlukene (amandla, ezokuxhumana, amabhange, ingqalasizinda, njll.) kanye nezinhlobo ezahlukene zezimpahla kusiza ukunciphisa umthelela wokunciphisa noma ukumiswa kwenzuzo enkampanini ethile.

Namuhla kukhona amathuluzi anjenge- abahloli bemakethe okwenza kube lula kakhulu lo msebenziLezi zihlungi zikuvumela ukuthi uthole idatha ehlanganisa izinkomba ezifana nesivuno senzuzo, ukukhula kwenzuzo, ukusebenza kwentengo yamasheya ezinyangeni ezi-3 noma unyaka owodwa, amazinga esikweletu, noma iziphindaphindo zokulinganisa, ukuze uthole izinkampani ezihlanganisa inzuzo enhle nebhizinisi eliqinile.

Kubaluleke kakhulu ukukhumbula ukuthi akukho mpahla yezentengiselwano noma ukuhlaziywa okusheshayo okungangena esikhundleni seseluleko somuntu siqu.Izinto eziningi zokukhangisa ezivela kubathengisi kanye nezikhungo zezezimali zikwenza kucace ukuthi abanikezi izincomo eziqondene nomuntu ngamunye nokuthi ukusebenza kwesikhathi esidlule akuqinisekisi imiphumela yesikhathi esizayo. Abatshalizimali bacabanga ukuthi kunengozi yezinqumo zabo futhi kumele baqaphele ukuthi kokubili izinzuzo kanye namanani esitoko kungashintsha kakhulu; ukuba ne- isabelomali sezezimali kusiza ukuhlela.

Lokhu kuhlakanipha kubaluleke kakhulu uma usebenzisa izibikezelo zenzuzo yesikhathi esizayo.Izinkampani zingashintsha inqubomgomo yazo yokukhokhelwa kwabanikazi bamasheya uma izimo zabo zezimali zishintsha, uma zithatha isikweletu ukuze zikhule, uma zenza ukutshalwa kwezimali okunesu, noma uma isimo sokulawula siba nzima kakhulu. Ngakho-ke, kuyalulekwa ukuthi ubuyekeze iphothifoliyo njalo futhi ungacabangi ukuthi isabelo samanje sizohlala sikhona unomphela.

Izinkomba ezibalulekile: isilinganiso sokukhokha, isilinganiso se-ROE, i-P/E kanye nesilinganiso se-leverage

Ukuhlola ukuthi ingabe inzuzo iyasimeme yini, akwanele ukubheka iphesenti lenzuzo.Abahlaziyi bavame ukunaka kakhulu izilinganiso ezifana ne- khokha, i-ROE, isilinganiso se-P/E, izinga lesikweletu (i-leverage) kanye ukuphathwa kwengcebo ukuhlola ikhwalithi kanye nokuzinza kwalezo zinkokhelo.

El isilinganiso sokukhokha Ilinganisa ukuthi iyiphi ingxenye yenzuzo eseleyo inkampani eyinikeza izinzuzo.Kubalwa ngokuhlukanisa izabelo eziphelele ezikhokhwe yimali engenayo ehlanzekile, noma ngokuhlukanisa izabelo ngesabelo ngenzuzo ngesabelo. Isilinganiso sokukhokha esiphezulu kakhulu, ikakhulukazi uma sidlula u-100%, ngokuvamile sivusa ukungabaza mayelana nekhono lenkampani lokugcina leyo zabelo esikhathini eside.

Ngakolunye uhlangothi, isilinganiso sokukhokha esiphansi singase sisho ukuthi inkampani iphinda itshale imali enkulu yenzuzo yayo. ekwandiseni imisebenzi yayo noma ekuqiniseni ibhalansi yayo. Lokho akudingeki kube yinto embi: ngezinye izikhathi kusho ukuthi amathuba esitokwe okukhula aphezulu, noma ngabe inzuzo incane.

I-ROE (i-return on equity) ikhombisa ukuthi inkampani ithola inzuzo engakanani ngemali yabaninimasheya bayo.Ukubuyekezwa kwezinkampani zaseSpain ezinezabelo eziphezulu kufaka phakathi amacala afana ne-Naturhouse, lapho i-ROE idlula khona u-30%, noma i-Logista, enezibalo ezicishe zibe ngu-48%. La maphesenti aphezulu akhomba amabhizinisi asebenza kahle kakhulu akhiqiza inani labanikazi bamasheya.

Isilinganiso se-P/E (intengo/inzuzo) kanye nezinye iziphindaphindo ezifana ne-PCF (intengo/ukuhamba kwemali) noma i-PVC (intengo/inani lencwadi) Zisiza ekunqumeni ukuthi izinkampani ezinezabelo eziphezulu zibiza kakhulu noma zishibhile uma kuqhathaniswa nomlando wazo noma imakethe. Emaqenjini ahlaziyiwe amasheya anezinzuzo zezabelo ezingaphezu kuka-7% no-6% eMakethe Eqhubekayo yaseSpain, isilinganiso se-P/E esimaphakathi sicishe sibe ngu-17x-19x, kanti ezinye izinkampani ezifana neMetrovacesa ne-Elecnor zibonisa iziphindaphindo eziphakeme.

Okokugcina, isilinganiso sesikweletu sezimali esiphelele/isilinganiso se-EBITDA (isikweletu sezimali esiphelele ku-EBITDA) siyisihluthulelo sokulinganisa amandla okusebenzisa imali.Phakathi kwezinkampani ezinezabelo eziningi ku-Spanish stock exchange, izabelo ezimaphakathi zingaba izikhathi ezingu-2,2, ngezibonelo ezihlakaniphile kakhulu njenge-MediaForEurope ne-Repsol, ezinamazinga angaphansi kwe-EBITDA yesikhathi esisodwa. Lawa ma-balance sheet aqinile akhuthaza ukuzethemba ekugcineni noma ngisho nokwandisa imbuyiselo yabanikazi bamasheya.

Izibonelo zezinombolo kanye nokuziphatha kwenzuzo yenzuzo

Ukuze uqonde ngokugcwele ukuthi i-dividend yield isebenza kanjani, kuyasiza ukudlala ngezimo ezilula.Uma isitoko sithengiswa ku-$100 kanti inzuzo yonyaka ingu-$5, inzuzo yaso ingu-5%. Uma intengo yehla iye ku-$50 futhi inzuzo ihlala ifana, inzuzo yenzuzo ikhuphukela ku-10%. Kodwa-ke, lokhu kwehla kwentengo kungaba ngenxa yezinkinga zebhizinisi ezibeka engcupheni izinkokhelo zesikhathi esizayo.

Uma kunalokho sigcina intengo ingaguquki futhi sishintshe i-dividendNgentengo yesabelo esizinzile engu-$100, ukukhulisa i-dividend kusuka ku-$5 kuya ku-$7 kukhulisa isivuno kusuka ku-5% kuya ku-7%. Lezi zinhlobo zokwenyuka zivame ukwamukelwa kahle yimakethe uma izinga elisha lokukhokha libhekwa njengelizinzile futhi lingafaki engcupheni izimali zenkampani.

Kuwusizo ukuqhathanisa izinkampani ezahlukene ezinezinzuzo ezifanayo zenzuzo kodwa izindlela ezahlukene zemakethe yesitokoInkampani enesivuno esingu-10% kanye nokwehla okukhulu kwentengo ingagcina iyisithiyo senani, kanti enye enesivuno esingu-6-8% kanye nokukhula okungu-20-30% emakethe yamasheya ivame ukumelela inhlanganisela ethakazelisa kakhulu.

Kukhona nezinkampani ezakhele idumela lazo ngokuzinza nokukhula kwenzuzo yazo.Isibonelo, iVerizon ibilokhu igcina isivuno senzuzo esingaba ngu-5% iminyaka eminingi, izibeka njengophawu lokulinganisa ngaphakathi kwalokho okubizwa ngokuthi "amasheya enzuzo".

Ezimakethe zaseYurophu futhi ikakhulukazi e-Spanish stock exchangeKuvamile ukuthola imikhakha ehlotshaniswa ngokwesiko nezinqubomgomo zezabelo ezizinzile, njengezinsiza zikagesi negesi, izinkampani zikawoyela ezihlanganisiwe, noma amabhange asunguliwe. Kodwa ngisho nakulezi zimo, umlando ubonisa ukuthi ukuncishiswa kwezabelo kungenzeka lapho umjikelezo wesilinganiso senzalo, imithethonqubo, noma izidingo zokutshalwa kwezimali zishintsha.

Izinkampani ezinkulu zaseSpain ezinezinzuzo eziphezulu

Uma sigxila eMakethe Eqhubekayo yaseSpain, kukhona iqembu elivelele lezinkampani isivuno senzuzo esilinganiselwe sika-2025 sidlula u-7%, futhi esiphinde siveze ama-balance sheet aqinile kanye nezibalo zokulinganisa ezingeqile.

Iqembu lokuqala likhomba izinkampani eziyisishiyagalombili ezinesilinganiso senzuzo eseduze no-9,6%. kanye nabameleli ababili ku-Ibex 35: i-Enagás ne-Logista. Leli qembu lihlanganisa, phakathi kwabanye, i-Elecnor, i-Atresmedia, i-Naturhouse, i-Neinor Homes, i-MFE-MediaForEurope, i-Metrovacesa, i-Enagás kanye ne-Logista Integral.

Izibalo zenzuzo yenzuzo ezilinganiselwa ku-2025 kuleli qembu Ziwela ngaphakathi kobubanzi obubanzi: I-Elecnor icishe ibe ngu-13,06%, i-Atresmedia 12,56%, i-Naturhouse 10,20%, i-Neinor Homes cishe ibe ngu-9,93%, i-MFE 8,21%, i-Metrovacesa 7,79%, i-Enagás 7,61%, kanye ne-Logista 7,37%. Lezi zibalo zingaphezulu kakhulu kwesilinganiso semakethe.

Ngokuphathelene ne-ROE, leli qembu liphinde liveze izindlela zokulinganisa ezithakazelisa kakhulu.ngesilinganiso esingaba ngu-16,5%. I-Naturhouse ivelele nge-ROE eseduze no-31,8% kanye ne-Logista enezibalo ezingaphezu kuka-48%, okubonisa ikhono elimangalisayo lokukhiqiza inzuzo emalini etshaliwe.

Ngokuphathelene nokuhlola, ama-PER awadingi kakhulu ezimweni eziningi.Isilinganiso se-P/E se-Atresmedia sicishe sibe yi-10x yenzuzo, i-MFE icishe ibe yi-6x, kanti zombili i-Enagás ne-Logista zihweba cishe ngo-12x. Isilinganiso se-P/E esimaphakathi seqembu sikhushulwa kancane yizimo ezihlukile, njenge-Metrovacesa noma i-Elecnor, ezibonisa ukuphindaphindwa okuphezulu ngenxa yohlobo lwamabhizinisi azo noma imiphumela yokubalwa kwemali.

Ukwandisa umhlaba: Izinkampani zaseSpain ezinezabelo ezingaphezu kuka-6%

Uma sandisa isihlungi futhi sifaka izinkampani ezinenzuzo engaphezu kuka-6%Indawo yokutshalwa kwezimali ikhula ibe yizinkampani ezingaba ngu-14 ezivela emakethe eqhubekayo, cishe ingxenye yazo ingaphansi kwe-Ibex 35.

Leli qembu lihlanganisa amagama ajwayeleke kakhulu kumtshali-zimali waseSpain. Izinkampani ezifana neRepsol, iTelefónica, iNaturgy, iCaixaBank, kanye neBanco Sabadell, ngaphezu kwe-Enagás, iLogista, kanye neNaturhouse okukhulunywe ngayo ngenhla, phakathi kwezinye. Ngamanye amazwi, leli qembu lihlanganisa izinkampani zamandla, amabhange, izinkampani zokuxhumana, kanye nezinkampani zesevisi nezezimboni.

Inzuzo ejwayelekile yenzuzo kuleli qembu elandisiwe icishe ibe ngu-8,3%.nge-ROE ejwayelekile engaphezudlwana kuka-14%. Isilinganiso se-P/E esimaphakathi sicishe sibe izikhathi ezingu-16-17, kuyilapho i-PCF icishe ibe ngu-7x kanti i-PVC icishe ibe ngu-2x, ngokuvamile okungasikiseli ukulinganiswa ngokweqile kweqembu elinikeza isivuno esikhulu kangaka.

Isilinganiso se-leverage, esilinganiswa yi-Net Debt/EBITDA, sicishe sibe yizikhathi ezingu-2,2.Leli izinga elifanele ezinkampanini ezivuthiwe ezingakhokhela inqubomgomo enkulu yesabelo-mali. Ngaphakathi kweqembu, ikakhulukazi ama-balance sheet alondolozayo abonakala ezinkampanini ezifana ne-MediaForEurope kanye ne-Repsol, ezinezilinganiso zesikweletu eziphakathi kakhulu.

Uma sibheka ezinye izibikezelo zesikhathi esimaphakathi, njengezilinganiso zika-2026Inzuzo ephakathi yenzuzo yaleli qembu ingasondela ku-9,5%, kanti izimo ezimbi kakhulu njengeBanco Sabadell, ekhuliswe yinzuzo engavamile ehlobene nokuthengiswa kwe-TSB, lapho izinzuzo ezithile zidlula u-20%, noma izinkampani ezifana neNeinor, i-Atresmedia kanye ne-Naturhouse zihamba ngamanani aphindwe kabili.

Indima ehamba phambili yeTelefónica kanye nezinguquko kwinzuzo yayo

I-Telefónica ibilokhu ingenye yezibonelo ezihamba phambili zokutshalwa kwezimali kwezabelo eSpain iminyaka eminingi.Njengoba kunezinkokhelo ezizinzile nezibonakalayo, isivuno sayo eminyakeni yamuva nje siye sashintshashintsha phakathi kuka-6,5% no-8%, kuye ngentengo yesabelo. Njengoba ikhokha cishe u-€0,30 ngesabelo, ngentengo yesabelo cishe u-€4,3, imbuyiselo yayiseduze no-7%, okwenza kube phakathi kwezinengi kakhulu ohlwini.

Emongweni wezokuxhumana ngezingcingo waseYurophu, inzuzo yeTelefónica nayo yavelela.Amasheya ambalwa nje afana neFreenet noma iSunrise adlule ku-7%, kanti amakhulu njengeDeutsche Telekom, i-Orange noma iVodafone aphakathi kuka-3,8% no-5,5%, ngaphansi kwalokho umnikazi wamasheya wenkampani yaseSpain akutholile.

Kodwa-ke, inkampani imemezele ukunciphisa okukhulu kwenqubomgomo yayo yokukhokhelwa kwabanikazi bamasheyaNakuba igcina inkokhelo yenzuzo engu-€0,30 ngesabelo ngasinye sonyaka wezimali ka-2025 (€0,15 ngoDisemba kanye no-€0,15 ngoJuni), izonciphisa inzuzo ibe ngu-€0,15 minyaka yonke kusukela ngo-2026 kuya phambili. Njengoba intengo yesabelo iseduze no-€3,6, isivuno esizayo sizoba cishe ngu-4,1%, okuzoyisusa isuke phezulu kwesilinganiso senzuzo ye-Ibex iye endaweni ephakathi kakhulu.

Lokhu kulungiswa kunenjongo ecacile: ukuqinisa ibhalansi nokunciphisa amandla okusebenzisa imali.Njengamanje, izabelo zayo zicishe zibe ngu-2,8 izikhathi ze-EBITDA, okungaphezu kancane kwesilinganiso semboni. Le nkampani ihlose ukonga cishe ama-€850 million minyaka yonke ngalokhu kunciphisa, izimali ezingasetshenziswa ukunciphisa izikweletu futhi zinikeze isikhala esengeziwe sokusebenza kokuhlanganiswa ezimakethe zayo ezibalulekile.

Abahlaziyi bahlukene phakathi ngomthelela walesi sinqumoAbanye bakhomba ukuthi imali eyongiwe ngokwayo ayinkulu kakhulu nokuthi isihluthulelo sizoba ukuthi leyo mali izotshalwa kanjani kabusha. Abanye bakholelwa ukuthi ukuncishiswa kube kukhulu kunalokho obekulindelwe nokuthi izibikezelo ze-free cash flow (FCF) azizange zivumelane, okuchaza ukwehla okukhulu kwentengo yamasheya ngemuva kokumenyezelwa kohlelo olusha lwesu.

Amathemba okubuyiselwa kwemali engenayo yeTelefónica

Uhlelo olusha lomqhubi luphakamisa isilinganiso senzuzo esingama-euro angu-0,15 kanye nokululama kancane kancane. njengoba ukukhiqizwa kwemali kuthuthuka. Umgomo ukwabela phakathi kuka-40% no-60% wemali engenayo yamahhala elungisiwe, ngaphandle kwezindleko ze-radio spectrum kanye nezinkokhelo ezivela ku- uhambo oluhlanganisile ne-Virgin Media O2 e-UK kanye nezindleko ezihambisana nezinqubo zokuhlela kabusha.

Ngokususa lezi zinto, inkampani ihlose ukwakha i-FCF ezinzile nebikezelekayo.Nakuba esikhathini esifushane kungase kubonakale kuphansi kunalokho abahlaziyi abaningi ababekulindele. Ngokusho kwezinye izilinganiso, ngo-2027, ukuthatha indawo ephakathi nendawo ye-FCF kanye ne- khokha Ku-50%, inzuzo ingaba cishe ama-euro angu-0,20, isengaphansi kancane kwama-euro angu-0,30 amanje.

Okwamanje, iTelefónica ilindele ukwandisa ukugeleza kwemali yayo yamahhala kusuka kuma-euro ayizigidi eziyizinkulungwane eziyi-1.900 Kusukela ekupheleni kwalo nyaka kuya cishe ku-€2.700 billion ngo-2026, okumele ukwenyuka okucishe kube yi-€800 million. Kokubili inzuzo yesikhathi esizayo kanye nokuthembeka kwezibikezelo inkampani eziletha emakethe kuncike kulokhu kugeleza kwemali kwamahhala.

Kwabanikazi bamasheya abakhulu ababhekisela kubo, njenge-STC, i-Criteria noma i-SEPIKwabanikazi bamasheya, ngamunye wabo anamaphesenti angaba ngu-10 enhlokodolobha, i-dividend ibilokhu iyisici esiyinhloko senzuzo elindelekile, ebavumela ukuthi baphinde bathole ingxenye yokutshalwa kwezimali kwabo unyaka nonyaka. Ukuncishiswa kwezimali kunciphisa leyo nzuzo, kodwa kungaba negalelo enkampanini enempilo esikhathini eside.

Naphezu kokulungiswa, amanye amabhange okutshala imali asabona amathuba athakazelisayo okukhula. esitokweni seTelefónica. Izinkampani ezifana neGoldman Sachs kanye neMorgan Stanley zibeke amanani azo okuhlosiwe ngaphezu kakhulu kwentengo yamasheya yamanje, okuthi, uma kuhlanganiswa nesabelo-mali esizokhokhwa kumakota azayo, kudala indawo yokungena ekhangayo yezinhlobo ezithile zabatshalizimali.

Abanye abakhokhi bezabelo abakhulu e-Spanish stock exchange

Ngale kweTelefónica, imakethe yamasheya yaseSpain igcwele izinkampani ezinezinqubomgomo zenzuzo ezibaluleke kakhuluEziningi zalezi zinkampani zigxila ingxenye enkulu yezinkokhelo zazo phakathi kokuphela konyaka nekota yokuqala, okwenza lezo zinyanga zibe "isizini yegolide" yangempela kubatshalizimali abafuna ukuqoqa amakhuphoni ngendlela yezabelo.

Phakathi kukaNovemba noFebhuwari, izinkampani zaseSpain zingasabalalisa cishe ama-euro ayizigidigidi eziyisithupha. kuma-dividend, kanye nezinkampani ezinkulu ezifana neMapfre, iBankinter, iMerlin, i-Enagás, iSabadell, iRedeia, i-Endesa, iRepsol, kanye ne-Iberdrola, kanye nezinye izitoko ezifana ne-IAG ne-Fluidra. Inzuzo yabo ye-dividend elinganiselwa ezinyangeni eziyi-12 ezizayo isukela ku-3% kuya kuzibalo eziseduze no-17% lapho kufakwa ama-dividend angavamile.

Isibonelo, iMapfre inikeza isabelo sesikhashana sama-euro angu-0,07 ngesabelo ngasinye Futhi naphezu kokunyuka okukhulu kwamasheya (ukwenyuka okungaphezu kuka-60% ngezinye izikhathi kulo nyaka), agcina isivuno senzuzo ngaphezu kuka-5%. Abahlaziyi baqokomisa amandla emiphumela yawo, izinzuzo ezithuthukisiwe, kanye nesimo esiqinile sokuxazulula izinkinga, okusekela inqubomgomo yenzuzo eqhubekayo.

Inzuzo yenzuzo yeBankinter icishe ibe ngu-4,7% ezinyangeni ezingu-12 ezizayo.Ngemva kokukhokha i-€0,15 ngoJuni kanye ne-dividend yesibili ye-€0,30 ngoDisemba njenge-dividend yesikhashana yonyaka, isitoko sikhuphuke kakhulu kulo nyaka futhi amandla aso okukhula kwesikhathi esifushane anciphile kakhulu ngokusho kwabanye abahlaziyi. Kodwa-ke, abatshalizimali abaningi basabona i-dividend yaso njengento ekhangayo.

I-Merlin Properties, njenge-REIT, nayo ivelele ngembuyiselo yayo yabanikazi bamasheyaNjengoba inzuzo yesabelo icishe ibe ngu-3,5% kanye nezinkokhelo zesikhashana ezihambisana nezabelo ezilandelayo, ukugxila kwayo ezikhungweni zedatha kanye nesimo senzalo ephansi kuye kwakhulisa intengo yayo yamasheya, yize kusalokhu kungabaza ngokuthi ngabe kukhona yini i-bubble engxenyeni yesikhungo sedatha.

Isikhalazo esivikelayo se-Enagás, Redeia ne-Endesa

Emkhakheni wezinsizakusebenza, i-Enagás ingenye yezitoko ezivelele zabathandi bezabelo.Njengoba izinzuzo zesabelo zidlula u-7% ezinyangeni ezingu-12, inkampani isabalalisa inkokhelo yesikhashana yama-euro angu-0,40 ngesabelo ngoDisemba bese iqedela umholo ngenkokhelo entsha ngoJulayi, igcina ukuzibophezela kwayo kokuletha okungenani i-euro eyodwa ngesabelo ngonyaka.

Abahlaziyi baqokomisa iphrofayili yokuzivikela ka-EnagásIsimo sayo sokulawulwa kanye nokubonakala kwemali yayo kuqinisa ukuzethemba enqubomgomo yayo yenzuzo. Noma kunjalo, amazinga ayo esikweletu kanye nohlaka lokulawula lwesikhathi esizayo, izinto ezibalulekile kulolu hlobo lwebhizinisi, kuyaqashelwa eduze.

I-Redeia (eyayikade i-Red Eléctrica) nayo izisungule njengenkampani ekhiqiza izinzuzo ezivamileNjengoba kunezinkokhelo ezivamile kanye namathuba amakhulu okukhula kwemakethe yamasheya ngokusho kwabahlaziyi abahlukahlukene, ibhizinisi layo lenethiwekhi elilawulwayo, ukutshalwa kwezimali okudingekayo ukuhlanganisa izinto ezivuselelekayo ezengeziwe, ukuqinisa ukuxhumana kanye nokwenza ingqalasizinda ibe yesimanje, kanye nokubuyiselwa kwemali okuthuthukisiwe ezimpahleni ezilawulwayo kudala isimo esikhangayo sesikhathi esiphakathi.

I-Endesa, yona, ichaze isabelo esijwayelekile esincane se-euro eyodwa ngesabelo ngasinye iminyaka eminingana yezimali, kanye nokuthengwa kabusha kwamasheya okwengeza cishe imbuyiselo eyengeziwe engu-2% kumnikazi wamasheya. Inhlanganisela yenzuzo yemali kanye ukuthenga Ibeka isivuno sayo esiphelele ngaphezu kuka-4%-6%, kuye ngesikhathi kanye nezibikezelo, ezisekelwa yisakhiwo sezimali esiqinile.

Kuzo zonke lezi zimo, umtshali-zimali kumele agxile ekuzinzeni kwezinkokhelo.Amandla okukhiqiza imali, izinga lesikweletu, imithethonqubo, kanye nezinhlelo zokutshalwa kwezimali kunquma ukuthi lezi zabelo zingagcinwa noma zikhuliswe ngaphandle kokubeka engcupheni ukuqina kwezimali kwezinkampani.

I-Repsol, i-Iberdrola kanye namabhange: inzuzo kanye namathuba okukhula

I-Repsol ingenye yezinkampani ezinkulu ezifaka isandla emakethe yamasheya yaseSpain.Njengoba inenzuzo ecishe ibe ngu-6,5% kanye nokuzibophezela okucacile ekubuyiselweni kwabanikazi bamasheya, inkampani kawoyela isabalalise cishe isamba esingu-€0,975 ngesabelo ngasinye ngonyaka odlule, ihlela ukusabalalisa ama-euro ayizigidigidi eziningana ngemali kuze kube ngu-2027, futhi igcwalisa lezi zinkokhelo ngezinhlelo zokuthenga kabusha amasheya eziqinile kanye nokukhulula.

Inkampani kagesi i-Iberdrola inikeza inzuzo yenzuzo ecishe ibe ngu-4%.ngokukhulisa izinkokhelo kanye nesu elisekelwe emabhizinisini enethiwekhi alawulwayo kanye nokukhiqiza izinkontileka ezinokuguquguquka okuphansi. Isebenzisa ifomula ethi i-dividend yesikripthiokuvumela umninimasheya ukuthi akhethe phakathi kokuthola inkokhelo ngokheshi noma ngamasheya amasha, okunikeza ukuguquguquka kwentela kanye nezezimali.

Amabhange adlala indima ebalulekile emkhakheni wezabelo waseSpainI-CaixaBank isabalalisa inzuzo engaphezu kuka-6% kwezinye izimo, ngezilinganiso zezimali eziqinile, futhi iBanco Sabadell ibonise ngisho nokubuyiselwa kwemali okulinganiselwe okuphindwe kabili ngokufaka inzuzo engavamile etholakala ekuthengisweni kwe-TSB, okukhulisa izinkokhelo zayo esikhathini esithile.

Endabeni yeSabadell, inhlangano ihlela ukusabalalisa ama-euro angu-0,07 ngesabelo ngasinye ngemali. Lokhu kufaka phakathi i-dividend yesibili yesikhashana yonyaka, kanye ne-dividend engavamile engaba khona ye-€0,50 ehlobene nokuhlukaniswa e-United Kingdom. Lokhu kuphakamisa isivuno sezinyanga eziyi-12 sibe cishe yi-16%, yize lesi kuyisimo esingavamile esingenakulinganiswa neminyaka ezayo.

Kumtshali-zimali wenzuzo, ukuqonda ukuthi iyiphi ingxenye yenzuzo evela ezinkokhelweni ezivamile nokuthi iyiphi ingxenye evela ezinzuzweni ezingavamile kubalulekile. Lokhu kuyisisekelo. Izinkokhelo ezingavamile zinganikeza ukukhushulwa kwesikhashana kwenzuzo, kodwa akufanele zididaniswe namandla okusabalalisa aphindaphindayo. Uma inkokhelo isikhokhiwe, lokho kugeleza akuphindi ngaphandle kokuthi kube nokuthengiselana okusha okufanayo kwenkampani.

Iyini inzuzo "enhle" yenzuzo

Ukunquma ukuthi isivuno senzuzo sihle noma cha kudinga ukusiqhathanisa nezilinganiso eziningana.Isinyathelo sokuqala esinengqondo ukubheka isilinganiso senzuzo yomkhakha lapho inkampani ibhalwe khona kanye nesilinganiso senzuzo yemakethe noma inkomba lapho ibhalwe khona. Isitoko esikhokha u-5% emkhakheni lapho isilinganiso singu-3% singase sikhange… noma singase sibonise ingozi imakethe esivele inayo.

Kubalulekile futhi ukuhlola ukusimama kwaleyo nzuzo ngokubheka isilinganiso sokukhokha, ukukhiqizwa kwemali, kanye namazinga esikweletu.Inzuzo engu-8% enenkokhelo engu-120% kanye nesikweletu esikhulu kakhulu kungaba uphawu oluyisixwayiso, kanti inzuzo engu-4% enenkokhelo engu-40% kanye nemali eningi ingaba namandla kakhulu esikhathini eside.

Ngesikhathi esifanayo, akufanele kukhohlwe ukuthi izinkampani eziningi ezikhula ngokushesha azikhokhi izinzuzo. Ngoba bakhetha ukutshala kabusha inzuzo yabo ukuze bandise, basungule, noma bathole ezinye izinkampani. Kulezi zimo, imbuyiselo elindelekile ivela ekukhuleni kwesitoko futhi ingadlula kakhulu inani lezabelo kanye nenzuzo yenhloko-dolobha evela ezinkampanini ezivuthiwe.

Ngakho-ke, isivuno "esihle" senzuzo sincike ohlotsheni lwesu lomtshali-zimali.Labo abafuna imali engenayo kanye nokuzinza njalo bazogxila ezinkampanini ezivuthiwe, ezilawulwayo ezinama-balance sheet aqinile kanye nezinqubomgomo ezicacile zezabelo. Labo ababeka phambili ukukhula kwemali yesikhathi eside bangase bamukele izinzuzo eziphansi noma ezingezizo nhlobo ukuze bathole amathuba amakhulu okukhula.

Kunoma ikuphi, isivuno senzuzo siyithuluzi elinamandla lokuhlunga nokuqhathanisa ukutshalwa kwezimaliKodwa-ke, akufanele isetshenziswe yodwa. Uma ihlanganiswe nezinye izilinganiso zezimali, ukuhlaziywa kwekhwalithi yebhizinisi, kanye nokwehlukahluka okuhle kwemikhakha, ingasiza ekwakheni amaphothifoliyo ezabelo akhiqiza ukugeleza kwemali okuphindaphindiwe ngephrofayili yobungozi efanelekile.

Ukuqonda ngokugcwele ukuthi yini ebangela iphesenti ngalinye lenzuzo yenzuzoIndlela ebalwa ngayo, okuyisekelayo, nokuthi yini engayishintsha, yikho okwenza umehluko phakathi kokumane ufune inani eliphezulu kakhulu noma ukwakha isu lokutshala imali lesikhathi eside eliqinile, eliguquguqukayo, nelingokoqobo.