{"id":744420,"date":"2023-10-30T12:20:39","date_gmt":"2023-10-30T10:20:39","guid":{"rendered":"https:\/\/www.etoro.com\/?page_id=744420"},"modified":"2026-03-17T14:23:07","modified_gmt":"2026-03-17T12:23:07","slug":"multiples-and-ratios","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/cs-cz\/trading\/multiples-and-ratios\/","title":{"rendered":"Pom\u011brov\u00e9 ukazatele v obchodov\u00e1n\u00ed"},"content":{"rendered":"\n<p class=\"is-style-summary\">Z\u00e1jemci o fundament\u00e1ln\u00ed anal\u00fdzu maj\u00ed k dispozici obrovsk\u00e9 mno\u017estv\u00ed dat, kter\u00e9 m\u016f\u017ee b\u00fdt zahlcuj\u00edc\u00ed. P\u0159e\u010dt\u011bte si v\u00edce o ukazatel\u00edch, pom\u011brech a o tom, jak v\u00e1m mohou pomoci p\u0159i vyhled\u00e1v\u00e1n\u00ed investi\u010dn\u00edch p\u0159\u00edle\u017eitost\u00ed a sledov\u00e1n\u00ed v\u00fdvoje va\u0161ich otev\u0159en\u00fdch pozic.<\/p>\n\n\n\n\n\n\n<hr class=\"wp-block-separator wp-block-separator-color-dark-grey wp-block-separator-spaces-medium wp-block-separator-weight-1\"\/>\n\n\n\n<p>Obchodn\u00ed <strong>ukazatele v\u00e1m pomohou shrnout r\u016fzn\u00e9 z\u00e1sadn\u00ed informace do jedin\u00e9ho \u010d\u00edsla<\/strong>. Tyto finan\u010dn\u00ed ukazatele jsou zalo\u017eeny na vzorc\u00edch, kter\u00e9 zohled\u0148uj\u00ed r\u016fzn\u00e9 postupy fundament\u00e1ln\u00ed anal\u00fdzy a makroekonomick\u00e9 ukazatele.<\/p>\n\n\n\n<p>Berou v potaz tak\u00e9 tr\u017en\u00ed \u00fadaje, d\u00edky \u010demu\u017e m\u016f\u017eete <strong>efektivn\u011b porovnat vyhl\u00eddky spole\u010dnosti s aktu\u00e1ln\u00ed cenou jej\u00edch <\/strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/discover\/markets\/stocks\"><strong>akci\u00ed<\/strong><\/a> a zjistit, zda je akcie moment\u00e1ln\u011b nadhodnocen\u00e1 nebo podhodnocen\u00e1.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-1_-What-are-multiples-and-ratios_-2.png\" alt=\"\" class=\"wp-image-744465 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-1_-What-are-multiples-and-ratios_-2.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-1_-What-are-multiples-and-ratios_-2-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Co jsou to pom\u011brov\u00e9 ukazatele?<\/h2>\n\n\n\n<p><mark>Zjednodu\u0161en\u011b \u0159e\u010deno, ukazatele a pom\u011bry reprezentuj\u00ed vzorce, kter\u00e9 <strong>p\u0159ev\u00e1d\u00ed podstatn\u00e9 datov\u00e9 body na jedno snadno uchopiteln\u00e9 \u010d\u00edslo. <\/strong>Pou\u017e\u00edvaj\u00ed se k posouzen\u00ed r\u016fzn\u00fdch aspekt\u016f finan\u010dn\u00ed situace spole\u010dnosti, a to \u010dasto tak, \u017ee se jeden ukazatel fundament\u00e1ln\u00ed anal\u00fdzy vyd\u011bl\u00ed jin\u00fdm. <\/mark><\/p>\n\n\n\n<p>P\u0159i v\u00fdpo\u010dtu pom\u011brov\u00fdch ukazatel\u016f lze vyu\u017e\u00edt celou \u0159adu datov\u00fdch bod\u016f, kter\u00e9 m\u016f\u017eeme \u010dasto <strong>vy\u010d\u00edst z \u00fa\u010detn\u00edch v\u00fdkaz\u016f spole\u010dnosti<\/strong>. Mezi n\u011b pat\u0159\u00ed <a href=\"https:\/\/www.podnikatel.cz\/clanky\/jak-porozumet-datum-v-rozvaze-spolecnosti\/\" rel=\"nofollow noopener noreferrer\" >rozvaha<\/a> (balance sheet), v\u00fdkaz zisk\u016f a ztr\u00e1t (income statement) a v\u00fdkaz cash flow (cash flow statement).&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip:<\/strong> Sledujte <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/earnings-reports\/\">kalend\u00e1\u0159 zpr\u00e1v o v\u00fdsledc\u00edch hospoda\u0159en\u00ed<\/a> a vyu\u017e\u00edvejte co nejaktu\u00e1ln\u011bj\u0161\u00ed data.<\/p>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Ukazatel EV (enterprise value)<\/h3>\n\n\n\n<p>Ukazatele Enterprise Value (EV, hodnota podniku) se pou\u017e\u00edvaj\u00ed ke <strong>stanoven\u00ed <\/strong><strong>re\u00e1ln\u00e9 hodnoty<\/strong><strong> <\/strong><strong>spole\u010dnosti<\/strong>. V\u00fdpo\u010det hodnoty spole\u010dnosti, nam\u00edsto spol\u00e9h\u00e1n\u00ed se pouze na tr\u017en\u00ed kapitalizaci, m\u016f\u017ee investor\u016fm umo\u017enit zohlednit dal\u0161\u00ed d\u016fle\u017eit\u00e9 faktory spojen\u00e9 s vyhl\u00eddkami spole\u010dnosti, kter\u00e9 nemus\u00ed b\u00fdt pln\u011b zohledn\u011bny v sou\u010dasn\u00e9 cen\u011b akci\u00ed.&nbsp;<\/p>\n\n\n\n<p>Mezi tyto prvky pat\u0159\u00ed z\u00e1vazky v\u016f\u010di v\u011b\u0159itel\u016fm, co\u017e by m\u011blo zaj\u00edmat ka\u017ed\u00e9ho z\u00e1jemce o koupi akci\u00ed. Ukazatel EV je b\u011b\u017en\u011b <strong>vyu\u017e\u00edv\u00e1n spole\u010dnostmi, kter\u00e9 se \u00fa\u010dastn\u00ed f\u00faz\u00ed a akvizic<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Kapit\u00e1lov\u00e9 ukazatele<\/h3>\n\n\n\n<p>Kapit\u00e1lov\u00e9 ukazatele se vypo\u010d\u00edt\u00e1vaj\u00ed tak, \u017ee se <strong>tr\u017en\u00ed kapitalizace spole\u010dnosti vyd\u011bl\u00ed ur\u010dit\u00fdm ukazatelem<\/strong>, nap\u0159\u00edklad celkov\u00fdm ziskem. V tomto konkr\u00e9tn\u00edm p\u0159\u00edpad\u011b by v\u00fdpo\u010det stanovil <a href=\"https:\/\/finex.cz\/pe-pomer-price-to-earning\/\" target=\"_blank\" rel=\"noreferrer noopener\">pom\u011br cena\/zisk<\/a> (P\/E; price to earnings), kter\u00fd je mezi investory obl\u00edben\u00fdm analytick\u00fdm n\u00e1strojem.<\/p>\n\n\n\n<p>Kapit\u00e1lov\u00e9 ukazatele \u010dasto vyu\u017e\u00edvaj\u00ed <strong>investo\u0159i, kte\u0159\u00ed cht\u011bj\u00ed koupit akcie dan\u00e9 spole\u010dnosti.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-etoro-emphasis wp-block-etoro-emphasis-border-green\">\n<p>Zohledn\u011bn\u00edm alternativn\u00edch mo\u017enost\u00ed m\u016f\u017eete zjistit, zda je potenci\u00e1ln\u00ed investice skute\u010dn\u011b tak dobr\u00e1, jak jste si p\u016fvodn\u011b mysleli.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Jak pou\u017e\u00edvat obchodn\u00ed ukazatele p\u0159i oce\u0148ov\u00e1n\u00ed<\/h2>\n\n\n\n<p>Obchodn\u00ed ukazatele m\u016f\u017eete pou\u017e\u00edt <strong>ke stanoven\u00ed <\/strong><strong>vnit\u0159n\u00ed hodnoty<\/strong><strong> ur\u010dit\u00e9ho aktiva <\/strong>a zjistit, zda je akcie v sou\u010dasn\u00e9 dob\u011b vn\u00edm\u00e1na jako \u201elevn\u00e1\u201c nebo \u201edrah\u00e1\u201c.<\/p>\n\n\n\n<p>Vzhledem k tomu, \u017ee <strong>v\u00fdkazy spole\u010dnost\u00ed se \u0159\u00edd\u00ed standardn\u00edmi \u00fa\u010detn\u00edmi postupy<\/strong>, budou zdroje dat u r\u016fzn\u00fdch firem podobn\u00e9. D\u00edky tomu m\u016f\u017eeme prov\u00e1d\u011bt relativn\u00ed ocen\u011bn\u00ed, nap\u0159\u00edklad porovn\u00e1vat pom\u011br P\/E jedn\u00e9 akcie, dejme tomu spole\u010dnosti <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/tsla\">Tesla<\/a>, s pom\u011brem P\/E jin\u00e9 akcie, nap\u0159\u00edklad <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/gm\">General Motors<\/a>.<\/p>\n\n\n\n<p>I kdy\u017e jsou ale \u010d\u00edsla vypo\u010d\u00edt\u00e1v\u00e1na podle jednoho postupu, <strong>interpretace v\u00fdsledk\u016f je subjektivn\u00ed<\/strong>. Proto se \u010dasto d\u011bje to, \u017ee r\u016fzn\u00ed analytici vyhodnot\u00ed situaci jedn\u00e9 spole\u010dnosti r\u016fzn\u00fdmi zp\u016fsoby. To je b\u011b\u017en\u00fd jev, proto sv\u00e9 investi\u010dn\u00ed rozhodov\u00e1n\u00ed nikdy nezakl\u00e1dejte pouze na jednom n\u00e1zoru nebo ukazateli.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-2_-How-to-use-trading-multiples-in-valuations-2.png\" alt=\"\" class=\"wp-image-744443 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-2_-How-to-use-trading-multiples-in-valuations-2.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-2_-How-to-use-trading-multiples-in-valuations-2-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">P\u0159\u00edklady obchodn\u00edch a pom\u011brov\u00fdch ukazatel\u016f&nbsp;<\/h2>\n\n\n\n<p>Prostudov\u00e1n\u00edm b\u011b\u017en\u011b pou\u017e\u00edvan\u00fdch ukazatel\u016f m\u016f\u017eete z\u00edskat lep\u0161\u00ed p\u0159edstavu o obchodn\u00edm modelu a fungov\u00e1n\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>Zde jsou <strong>n\u011bkter\u00e9 z nejpou\u017e\u00edvan\u011bj\u0161\u00edch finan\u010dn\u00edch ukazatel\u016f<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>EV\/EBITDA: hodnota spole\u010dnosti \/ zisk p\u0159ed \u00faroky, zdan\u011bn\u00edm, odpisy a amortizac\u00ed<\/strong><br>EV\/<a href=\"https:\/\/www.czechwealth.cz\/slovnik-pojmu\/ebitda\" target=\"_blank\" rel=\"noreferrer noopener\">EBITDA<\/a> je spolehliv\u00fd ukazatel, kter\u00fd investo\u0159i a analytici pou\u017e\u00edvaj\u00ed k posouzen\u00ed hodnoty spole\u010dnosti. Zohled\u0148uje tr\u017en\u00ed kapitalizaci akcie a v\u00fd\u0161i dluhu v rozvaze.<\/li>\n\n\n\n<li><strong>EV\/v\u00fdnosy: hodnota spole\u010dnosti \/ p\u0159\u00edjmy<\/strong><br>Tento obl\u00edben\u00fd ukazatel zohled\u0148uje celkov\u00e9 tr\u017eby a celkovou hodnotu spole\u010dnosti. Obzvl\u00e1\u0161t\u011b u\u017eite\u010dn\u00fd je v situac\u00edch, kdy m\u00e1 spole\u010dnost z\u00e1porn\u00fd ukazatel EBITDA, zejm\u00e9na v po\u010d\u00e1te\u010dn\u00ed \u010di r\u016fstov\u00e9 f\u00e1zi.<\/li>\n\n\n\n<li><strong>Pom\u011br P\/E<\/strong><br>Tento ukazatel je podobn\u00fd ukazateli EV\/v\u00fdnosy, ale pou\u017e\u00edv\u00e1 tr\u017en\u00ed kapitalizaci aktiva (cenu v\u0161ech akci\u00ed spole\u010dnosti), nam\u00edsto ukazatele <a href=\"https:\/\/www.patria.cz\/slovnik\/426\/enterprise-value-ev.html\" rel=\"nofollow noopener noreferrer\" >EV<\/a>. Jako p\u0159\u00edklad lze uv\u00e9st aktu\u00e1ln\u00ed desetilet\u00fd pom\u011br P\/E pro index S&amp;P 500, kter\u00fd se pohybuje kolem 30.<\/li>\n\n\n\n<li><strong>Pom\u011br PEG<\/strong><br>Pom\u011br PEG d\u011bl\u00ed pom\u011br P\/E m\u00edrou r\u016fstu EPS (zisku na akcii). Spole\u010dnost v r\u016fstov\u00e9 f\u00e1zi bude m\u00edt obvykle vy\u0161\u0161\u00ed pom\u011br PEG ne\u017e spole\u010dnost, kter\u00e1 dos\u00e1hla zralosti.<\/li>\n<\/ul>\n\n\n\n<p>Jedn\u00e1 se pouze o v\u00fdb\u011br z nep\u0159ebern\u00e9ho mno\u017estv\u00ed ukazatel\u016f a pom\u011br\u016f, kter\u00e9 m\u016f\u017eete v \u00fa\u010detn\u00edch v\u00fdkazech naj\u00edt a spo\u010d\u00edtat. <strong>Pokud se chcete st\u00e1t dobr\u00fdm analytikem, mus\u00edte se neust\u00e1le vzd\u011bl\u00e1vat a testovat nov\u011b nabyt\u00e9 znalosti v praxi<\/strong>. Vyu\u017e\u00edt m\u016f\u017eete i demo \u00fa\u010det a eliminovat tak riziko p\u0159i ov\u011b\u0159ov\u00e1n\u00ed nov\u00fdch postup\u016f.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip:<\/strong> Kdy\u017e si vyberete <a href=\"https:\/\/www.etoro.com\/cs-cz\/about\/why-choose-us\/\">kvalitn\u00edho brokera<\/a>, \u010dasto najdete nejvyu\u017e\u00edvan\u011bj\u0161\u00ed ukazatele p\u0159\u00edmo v profilu dan\u00e9 spole\u010dnosti a u\u0161et\u0159\u00edte spoustu \u010dasu.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Jak lze ukazatele vyu\u017e\u00edt v obchodn\u00ed strategii?<\/h2>\n\n\n\n<p>Jak jsme ji\u017e zm\u00ednili v\u00fd\u0161e, obchodn\u00ed ukazatele se vyu\u017e\u00edvaj\u00ed p\u0159edev\u0161\u00edm k ur\u010den\u00ed vnit\u0159n\u00ed hodnoty akcie. Ale pozor &#8211; to je jenom \u010d\u00e1st kouzla t\u00e9to analytick\u00e9 techniky. Lze ji tak\u00e9 <strong>vyu\u017e\u00edt k porovn\u00e1n\u00ed ukazatel\u016f jin\u00fdch akci\u00ed v r\u00e1mci stejn\u00e9ho odv\u011btv\u00ed nebo referen\u010dn\u00edho akciov\u00e9ho indexu<\/strong>, jako je <a href=\"https:\/\/www.etoro.com\/cs-cz\/markets\/spx500\">S&amp;P 500<\/a>.&nbsp;<\/p>\n\n\n\n<p>T\u00edm m\u016f\u017eete svou <strong>anal\u00fdzu posunout o krok d\u00e1l<\/strong> ne\u017e jen k pouh\u00e9mu rozpozn\u00e1n\u00ed slibn\u00e9 investi\u010dn\u00ed p\u0159\u00edle\u017eitosti. Zohledn\u011bn\u00edm alternativn\u00edch mo\u017enost\u00ed m\u016f\u017eete zjistit, zda je potenci\u00e1ln\u00ed investice skute\u010dn\u011b tak dobr\u00e1, jak jste si p\u016fvodn\u011b mysleli.<\/p>\n\n\n\n<p><mark>Ukazatele nab\u00edz\u00ed <strong>rychl\u00fd pohled na to, kter\u00e9 akcie se vyplat\u00ed za\u0159adit do u\u017e\u0161\u00edho v\u00fdb\u011bru. <\/strong>T\u00edm, \u017ee na za\u010d\u00e1tku vy\u0159ad\u00edte firmy, kter\u00e9 se do v\u00fdb\u011bru nedostanou, m\u016f\u017eete zam\u011b\u0159it svou pozornost na <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/trading-systems\/\">budov\u00e1n\u00ed strategie<\/a>, je\u017e zahrnuje ty, kter\u00e9 se do n\u011bj dostanou, a optimalizovat tak v\u00e1\u0161 investi\u010dn\u00ed postup. <\/mark><\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip:<\/strong> Pokud si zat\u00edm nejste jisti t\u00edm, \u017ee zvl\u00e1dnete anal\u00fdzu sami, pod\u00edvejte se na funkci <a href=\"https:\/\/www.etoro.com\/cs-cz\/copytrader\/how-it-works\/\">copy trading<\/a>, kter\u00e1 v\u00e1m umo\u017en\u00ed kop\u00edrovat transakce profesion\u00e1ln\u00edch obchodn\u00edk\u016f.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Omezen\u00ed ukazatel\u016f<\/h2>\n\n\n\n<p>Navzdory zjevn\u00fdm v\u00fdhod\u00e1m p\u0159i obchodov\u00e1n\u00ed pomoc\u00ed ukazatel\u016f je d\u016fle\u017eit\u00e9 m\u00edt na pam\u011bti, \u017ee se nejedn\u00e1 o dokonalou metodu, a u\u017e v\u016fbec <strong>nezaru\u010duj\u00ed, \u017ee va\u0161e investice budou ziskov\u00e9<\/strong>. Ostatn\u011b jako \u017e\u00e1dn\u00e1 z investi\u010dn\u00edch a obchodn\u00edch technik.&nbsp;<\/p>\n\n\n\n<p>A proto\u017ee v\u00e1m mohou b\u00fdt dobr\u00fdm pomocn\u00edkem p\u0159i ur\u010dov\u00e1n\u00ed skute\u010dn\u00e9 hodnoty spole\u010dnosti, ukazatele se <strong>vyu\u017e\u00edvaj\u00ed p\u0159edev\u0161\u00edm ve <\/strong><a href=\"https:\/\/finex.cz\/rubrika\/serial-fundamentalni-analyzy\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>fundament\u00e1ln\u00ed anal\u00fdze<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<p>Pokud k identifikaci obchodn\u00edch p\u0159\u00edle\u017eitost\u00ed vyu\u017e\u00edv\u00e1te sp\u00ed\u0161e<strong> <\/strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/technical-analysis\/\"><strong>technickou anal\u00fdzu<\/strong><\/a><strong>, budete se soust\u0159edit p\u0159edev\u0161\u00edm na historick\u00e1 data a cenov\u00e9 grafy<\/strong>. V tom p\u0159\u00edpad\u011b v\u00e1m ukazatele nep\u0159inesou tak z\u00e1sadn\u00ed u\u017eitek.&nbsp;<\/p>\n\n\n\n<p>Na druhou stranu <strong>komplexn\u00ed p\u0159\u00edstup k anal\u00fdze aktiva, kter\u00fd zahrnuje nejen fundament\u00e1ln\u00ed a technickou anal\u00fdzu, ale i r\u016fzn\u00e9 vn\u011bj\u0161\u00ed a <\/strong><strong>makroekonomick\u00e9<\/strong> <strong>faktory<\/strong>,<strong> <\/strong>v\u00e1m m\u016f\u017ee pomoci ud\u011blat si co nejp\u0159esn\u011bj\u0161\u00ed obraz o celkov\u00e9 situaci na trhu i o tom, v jak\u00e9m postaven\u00ed je v\u00e1mi vybran\u00e1 spole\u010dnost.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote wp-block-quote-scheme-green is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201eCena je to, co zaplat\u00ed\u0161. Hodnota je to, co dostane\u0161.\u201c<\/p>\n<cite><a href=\"https:\/\/citaty.net\/citaty\/1959307-warren-buffet-cena-je-to-co-zaplatis-hodnota-je-to-co-dostane\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warren Buffett<\/a><\/cite><\/blockquote>\n\n\n\n<p>Proto nejlep\u0161\u00ed investo\u0159i a analytici <strong>r\u016fzn\u00e9 metody kombinuj\u00ed a t\u00edm se sna\u017e\u00ed minimalizovat riziko <\/strong>chybn\u00e9ho \u00fasudku.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-3_-How-can-multiples-and-ratios-be-applied-to-trading-strategy_-2.png\" alt=\"\" class=\"wp-image-744422 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-3_-How-can-multiples-and-ratios-be-applied-to-trading-strategy_-2.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/10\/Body-Image-3_-How-can-multiples-and-ratios-be-applied-to-trading-strategy_-2-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Shrnut\u00ed<\/h2>\n\n\n\n<p><strong>Ukazatele umo\u017e\u0148uj\u00ed rychle uchopit z\u00e1kladn\u00ed metriky<\/strong> t\u00fdkaj\u00edc\u00ed se obchodn\u00edch aktivit spole\u010dnosti nebo cen akci\u00ed. \u0160irok\u00e1 \u0161k\u00e1la dostupn\u00fdch mo\u017enost\u00ed v\u00e1m umo\u017en\u00ed zam\u011b\u0159it sv\u016fj investi\u010dn\u00ed p\u0159\u00edstup na faktory, kter\u00e9 jsou pro v\u00e1s nejd\u016fle\u017eit\u011bj\u0161\u00ed.<\/p>\n\n\n\n<p><strong>Nezapom\u00ednejte ale na principy \u0159\u00edzen\u00ed rizik<\/strong> a nikdy neinvestujte v\u00edce, ne\u017e si m\u016f\u017eete dovolit ztratit.&nbsp;<\/p>\n\n\n\n<p>Nav\u0161tivte <a href=\"https:\/\/www.etoro.com\/cs-cz\/academy\/\">Akademii eToro<\/a>, kde se o obchodov\u00e1n\u00ed s akciemi dozv\u00edte v\u00edc.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Test<\/h2>\n\n\n\n<div class=\"wp-block-etoro-quizzes\">\n<div class=\"wp-block-etoro-quiz\" data-answer=\"3\"><div class=\"wp-block-etoro-quiz-body\"><div class=\"wp-block-etoro-quiz-question\">Kter\u00e9 datov\u00e9 body lze vyu\u017e\u00edt pro tvorbu ukazatel\u016f a pom\u011br\u016f?<\/div>\n<div class=\"wp-block-etoro-quiz-item\">V\u00fdkaz zisku a ztr\u00e1t<\/div>\n\n\n\n<div class=\"wp-block-etoro-quiz-item\">V\u00fdkaz cash flow<\/div>\n\n\n\n<div class=\"wp-block-etoro-quiz-item\">Rozvaha<\/div>\n\n\n\n<div class=\"wp-block-etoro-quiz-item\">V\u0161e v\u00fd\u0161e uveden\u00e9<\/div>\n<\/div><div class=\"wp-block-etoro-quiz-result\">\u00a0<\/div><\/div>\n\n\n\n<div class=\"wp-block-etoro-quiz\" data-answer=\"0\"><div class=\"wp-block-etoro-quiz-body\"><div class=\"wp-block-etoro-quiz-question\">Co ur\u010duje ukazatel EV (enterprise value, tr\u017en\u00ed hodnota podniku)?<\/div>\n<div class=\"wp-block-etoro-quiz-item\">Spravedlivou hodnotu spole\u010dnosti<\/div>\n\n\n\n<div class=\"wp-block-etoro-quiz-item\">Pom\u011br P\/E spole\u010dnosti<\/div>\n\n\n\n<div class=\"wp-block-etoro-quiz-item\">Tr\u017en\u00ed kapitalizaci spole\u010dnosti<\/div>\n<\/div><div class=\"wp-block-etoro-quiz-result\">\u00a0<\/div><\/div>\n<\/div>\n\n\n\n\n\n<h2 class=\"wp-block-heading\">\u010cast\u00e9 dotazy<\/h2>\n\n\n\n<dl class=\"wp-block-etoro-faq\">\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Pro\u010d maj\u00ed n\u011bkter\u00e9 akcie extr\u00e9mn\u011b vysok\u00fd pom\u011br P\/E?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p><a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/value-vs-growth-stocks\/\">R\u016fstov\u00e9 akcie<\/a>, co\u017e jsou akcie spole\u010dnost\u00ed s potenci\u00e1lem zvy\u0161ovat sv\u016fj pod\u00edl na trhu a p\u0159\u00edjmy, \u010dasto vykazuj\u00ed relativn\u011b vysok\u00e9 pom\u011bry P\/E. To je zp\u016fsobeno p\u0159edev\u0161\u00edm o\u010dek\u00e1v\u00e1n\u00edm investor\u016f, \u017ee v budoucnu budou zisky v\u00fdrazn\u011b vy\u0161\u0161\u00ed, ne\u017e jsou nyn\u00ed. Proto\u017ee investo\u0159i nakupuj\u00ed akcie firmy v o\u010dek\u00e1v\u00e1n\u00ed budouc\u00edch v\u00fdnos\u016f, zvy\u0161uj\u00ed cenu akci\u00ed, co\u017e m\u00e1 n\u00e1sledn\u011b vliv na pom\u011br P\/E.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Co je v\u00fdhodn\u011bj\u0161\u00ed, vy\u0161\u0161\u00ed, nebo ni\u017e\u0161\u00ed kapit\u00e1lov\u00fd ukazatel?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Investo\u0159i obvykle vyhled\u00e1vaj\u00ed spole\u010dnosti s n\u00edzk\u00fdm kapit\u00e1lov\u00fdm ukazatelem, proto\u017ee to nazna\u010duje, \u017ee spole\u010dnost pou\u017e\u00edv\u00e1 k financov\u00e1n\u00ed po\u0159izov\u00e1n\u00ed aktiv v\u00edce vlastn\u00edho kapit\u00e1lu a m\u00e9n\u011b dluhov\u00fdch prost\u0159edk\u016f. I kdy\u017e spole\u010dnosti s vy\u0161\u0161\u00edm dluhov\u00fdm zat\u00ed\u017een\u00edm nemus\u00ed b\u00fdt nutn\u011b zcela zavr\u017eeny, mohou znamenat <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/risk-management\/\">rizikov\u011bj\u0161\u00ed<\/a> investi\u010dn\u00ed vyhl\u00eddky. V\u017edy si ov\u011b\u0159te pom\u011bry v r\u00e1mci sektoru v\u00e1mi vybran\u00e9 spole\u010dnosti, proto\u017ee co je v jednom sektoru standardn\u00ed zadlu\u017een\u00ed, m\u016f\u017ee b\u00fdt jinde extr\u00e9m.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Kter\u00fd ukazatel je nejv\u00fdhodn\u011bj\u0161\u00ed pou\u017e\u00edvat?Kter\u00fd ukazatel je nejv\u00fdhodn\u011bj\u0161\u00ed pou\u017e\u00edvat?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>V\u0161echny ukazatele maj\u00ed sv\u00e9 opodstatn\u011bn\u00ed a poskytuj\u00ed v\u00e1m n\u00e1hled na jin\u00fd aspekt spole\u010dnosti. Proto z\u00e1le\u017e\u00ed na tom, co sledujete, v jak\u00e9m sektoru a v jak\u00e9 f\u00e1zi se spole\u010dnost nach\u00e1z\u00ed. Fin\u00e1ln\u00ed rozhodnut\u00ed o tom, kter\u00fd konkr\u00e9tn\u00ed ukazatel pou\u017e\u00edt, z\u00e1vis\u00ed v\u017edy na va\u0161ich osobn\u00edch <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/financial-independence\/\">finan\u010dn\u00edch c\u00edlech<\/a> a investi\u010dn\u00ed strategii. Vzd\u011bl\u00e1vejte se, implementujte nov\u00e9 znalosti a brzy si ud\u011bl\u00e1te vlastn\u00ed obr\u00e1zek.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Jak vyu\u017e\u00edt pom\u011brov\u00e9 ukazatele k posouzen\u00ed ceny akcie b\u011bhem volatiln\u00ed v\u00fdsledkov\u00e9 sez\u00f3ny?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Porovnejte ukazatele jako P\/E (cena\/zisk) nebo P\/S (cena\/tr\u017eby) s konkurenc\u00ed v dan\u00e9m sektoru. Samotn\u00e9 \u010d\u00edslo je u\u017eite\u010dn\u00e9, ale v\u017edy sledujte i to, zda m\u00e1 dan\u00fd ukazatel v \u010dase rostouc\u00ed nebo klesaj\u00edc\u00ed <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/trend-trading\/\">tendenci<\/a>.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Jak m\u016f\u017ee pomoct kombinace n\u00e1sobk\u016f (multiples) a metrik cash flow (nap\u0159. EV\/FCF) pro oce\u0148ov\u00e1n\u00ed firmy?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Klasick\u00e9 n\u00e1sobky v kombinaci s cash flow zohled\u0148uj\u00ed skute\u010dnou schopnost firmy generovat hotovost. To poskytuje mnohem p\u0159esn\u011bj\u0161\u00ed pohled na to, zda je firma f\u00e9rov\u011b <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/valuation-methods\/\">ocen\u011bna<\/a>.<\/p>\n<\/dd><\/div>\n<\/dl>\n\n\n\n\t\t<style>\n\t\t\t.rtl .etoro-block-shortcode-disclaimer {\n\t\t\t\ttext-align:right;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\tmargin-bottom:18px;\n\t\t\t\ttext-align:left;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer p{\n\t\t\t\tfont-size: 12px;\n\t\t\t\tline-height: 18px;\n\t\t\t}\n\t\t\t@media (min-width: 768px) {\n\t\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\t\tmax-width:1176px;\n\t\t\t\t\ttext-align:center;\n\t\t\t\t}\n\t\t\t\t.etoro-block-shortcode-disclaimer p {\n\t\t\t\t\tfont-size: 14px;\n\t\t\t\t\tline-height: 20px;\n\t\t\t\t}\n\t\t\t}\n\t\t<\/style>\n\t\t<div class='etoro-block-shortcode-disclaimer'><p>Tyto informace slou\u017e\u00ed pouze pro vzd\u011bl\u00e1vac\u00ed \u00fa\u010dely a nelze je pova\u017eovat za investi\u010dn\u00ed poradenstv\u00ed, osobn\u00ed doporu\u010den\u00ed, nab\u00eddku nebo v\u00fdzvu k n\u00e1kupu \u010di prodeji jak\u00fdchkoli finan\u010dn\u00edch n\u00e1stroj\u016f.<\/p>\n<p>Tento materi\u00e1l byl p\u0159ipraven bez ohledu na konkr\u00e9tn\u00ed investi\u010dn\u00ed c\u00edle nebo finan\u010dn\u00ed situaci a nebyl p\u0159ipraven v souladu s pr\u00e1vn\u00edmi a regula\u010dn\u00edmi po\u017eadavky na podporu nez\u00e1visl\u00e9ho v\u00fdzkumu.<\/p>\n<p><strong>Ne v\u0161echny zmi\u0148ovan\u00e9 finan\u010dn\u00ed n\u00e1stroje a slu\u017eby jsou nab\u00edzeny na eToro<\/strong> a jak\u00e9koli odkazy na minulou v\u00fdkonnost finan\u010dn\u00edho n\u00e1stroje, indexu nebo investi\u010dn\u00edho produktu nejsou a nem\u011bly by b\u00fdt pova\u017eov\u00e1ny za spolehliv\u00fd ukazatel budouc\u00edch v\u00fdsledk\u016f. <strong>Dostupnost v\u0161ech v\u00fd\u0161e uveden\u00fdch produkt\u016f a slu\u017eeb se m\u016f\u017ee li\u0161it v z\u00e1vislosti na jurisdikci a zemi.<\/strong><\/p>\n<p>eToro nezaru\u010duje p\u0159esnost ani \u00faplnost obsahu tohoto pr\u016fvodce a nep\u0159eb\u00edr\u00e1 v tomto ohledu \u017e\u00e1dnou odpov\u011bdnost. P\u0159ed vlo\u017een\u00edm kapit\u00e1lu se ujist\u011bte, \u017ee rozum\u00edte rizik\u016fm spojen\u00fdm s obchodov\u00e1n\u00edm. Nikdy neriskujte v\u00edce, ne\u017e jste p\u0159ipraveni ztratit.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Z\u00e1jemci o fundament\u00e1ln\u00ed anal\u00fdzu maj\u00ed k dispozici obrovsk\u00e9 mno\u017estv\u00ed dat, kter\u00e9 m\u016f\u017ee b\u00fdt zahlcuj\u00edc\u00ed. P\u0159e\u010dt\u011bte si v\u00edce o ukazatel\u00edch, pom\u011brech a o tom, jak v\u00e1m mohou pomoci p\u0159i vyhled\u00e1v\u00e1n\u00ed investi\u010dn\u00edch p\u0159\u00edle\u017eitost\u00ed a sledov\u00e1n\u00ed v\u00fdvoje va\u0161ich otev\u0159en\u00fdch pozic. Obchodn\u00ed ukazatele v\u00e1m pomohou shrnout r\u016fzn\u00e9 z\u00e1sadn\u00ed informace do jedin\u00e9ho \u010d\u00edsla. Tyto finan\u010dn\u00ed ukazatele jsou zalo\u017eeny na vzorc\u00edch,&hellip;<\/p>\n","protected":false},"author":101,"featured_media":744486,"parent":20057,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"sticky_cta_settings":"","footnotes":""},"asset_type":[],"class_list":["post-744420","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<title>Pom\u011brov\u00e9 ukazatele a jejich vyu\u017eit\u00ed | Pr\u016fvodce investora<\/title>\n<meta name=\"description\" content=\"Pochopen\u00ed pom\u011brov\u00fdch ukazatel\u016f umo\u017e\u0148uje investor\u016fm posoudit skute\u010dnou hodnotu akcie. 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