Euler Hermes Insolvenzindex

(klick zum Vergrößern)

Insolvenzen 2009 bei den wichtigsten Handelspartnern Deutschlands

(klick zum Vergrößern)

Euler Hermes Originalquellen:
Weltweit steigende Insolvenzen

Neue Welle von Insolvenzen

Insolvenzprognose 2009 mit Graphiken

Quelle: Onvista

http://www.sharenet.co.za/v3/der.php

Tobin’s Q ratio

Another longer range valuation tool is the Tobin Q ratio, developed by the late James Tobin in 1969. It measures the value of listed shares with the value of company’s equity book value or the replacement value of the net assets. It’s similar to the price to book ratio, but instead looks at the replacement value of assets.

The ratio is calculated by dividing the market value of a company by the replacement value of the book value.

The logic behind the ratio is that where the Q ratio is above 1, then the market is valuing a company at more than it costs to reproduce it and stock prices should decline.

Conversely where the Q ratio is below 1, it is indicating that shares are undervalued because new businesses can’t be created at as cheap a price as they can be bought in the open market.

As with many indicators, in the shorter run they tend to be volatile and not very useful. But looking back over longer periods of time, it’s apparent that such a ratio must be mean reverting around 1. As Pimco’s Bill Gross noted, “As long as capitalism is a going concern, Q should mean revert to 1.” Graphik