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Lesson 17

EPS & P/E

The income statement reports a period; the balance sheet reports a date; the cash-flow statement explains cash movements. Earnings per share needs a profit definition and share-count basis.
Read in Persian

Sahmino editorial· 21 July· 2 min read· Stocks

The income statement reports a period; the balance sheet reports a date; the cash-flow statement explains cash movements. Earnings per share needs a profit definition and share-count basis. Trailing P/E divides price by trailing earnings per share, with consistent units and periods. Negative earnings do not produce an ordinary positive valuation multiple. Group statements, standalone statements, restatements and changes in share capital can make apparently similar figures incomparable. In Sahmino, read the filing period and unit before combining a board price with a statement.

Worked example (hypothetical)

Profit attributable to shareholders is 12 billion rial and the relevant share count is 20 million: EPS is 600 rial. A price of 3,600 rial gives P/E 6. A million-rial filing must first be converted to rial.

Check your understanding

Is higher accounting profit necessarily higher operating cash flow? No. Receivables, inventories and non-cash items can separate the two.

Tehran Stock ExchangeSahmino AcademyEPS and P/E

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