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NSE:TCIFINANCE), to help you decide if the stock is worth further research. Looking at earnings over the last twelve months, TCI Finance has a P/E ratio of 3.5. That means that at current prices, buyers pay ₹3.5 for every ₹1 in trailing yearly profits." data-reactid="28">Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll apply a basic P/E ratio analysis to TCI Finance Limited's (NSE:TCIFINANCE), to help you decide if the stock is worth further research. Looking at earnings over the last twelve months,

TCI Finance has a P/E ratio of 3.5. That means that at current prices, buyers pay ₹3.5 for every ₹1 in trailing yearly profits.

Check out our latest analysis for TCI Finance

How Do You Calculate A P/E Ratio?


formula for P/E is:

Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Or for TCI Finance:

P/E of 3.5 = ₹13.45 ÷ ₹3.84 (Based on the trailing twelve months to March 2019.)

Is A High Price-to-Earnings Ratio Good?

A higher P/E ratio means that investors are paying

a higher price for each ₹1 of company earnings. That isn't a good or a bad thing on its own, but a high P/E means that buyers have a higher opinion of the business's prospects, relative to stocks with a lower P/E.

How Growth Rates Impact P/E Ratios

Probably the most important factor in determining what P/E a company trades on is the earnings growth. That's because companies that grow earnings per share quickly will rapidly increase the 'E' in the equation. And in that case, the P/E ratio itself will drop rather quickly. So while a stock may look expensive based on past earnings, it could be cheap based on future earnings.

TCI Finance's 195% EPS improvement over the last year was like bamboo growth after rain; rapid and impressive. Even better, EPS is up 37% per year over three years. So we'd absolutely expect it to have a relatively high P/E ratio. On the other hand, the longer term performance is poor, with EPS down 2.7% per year over 5 years.

How Does TCI Finance's P/E Ratio Compare To Its Peers?

One good way to get a quick read on what market participants expect of a company is to look at its P/E ratio. The image below shows that TCI Finance has a lower P/E than the average (22.3) P/E for companies in the diversified financial industry.

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NSEI:TCIFINANCE Price Estimation Relative to Market, June 20th 2019

if insiders are buying shares, because that might imply they believe the stock is undervalued." data-reactid="54">This suggests that market participants think TCI Finance will underperform other companies in its industry. Since the market seems unimpressed with TCI Finance, it's quite possible it could surprise on the upside. It is arguably worth checking

if insiders are buying shares, because that might imply they believe the stock is undervalued.

Remember: P/E Ratios Don't Consider The Balance Sheet

Don't forget that the P/E ratio considers market capitalization. Thus, the metric does not reflect cash or debt held by the company. Theoretically, a business can improve its earnings (and produce a lower P/E in the future) by investing in growth. That means taking on debt (or spending its cash).

Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio.

TCI Finance's Balance Sheet

Net debt totals a substantial 171% of TCI Finance's market cap. This is a relatively high level of debt, so the stock probably deserves a relatively low P/E ratio. Keep that in mind when comparing it to other companies.

The Bottom Line On TCI Finance's P/E Ratio

TCI Finance has a P/E of 3.5. That's below the average in the IN market, which is 15.7. The company has a meaningful amount of debt on the balance sheet, but that should not eclipse the solid earnings growth. If it continues to grow, then the current low P/E may prove to be unjustified.

this data-rich visualization of earnings, revenue and cash flow." data-reactid="66">When the market is wrong about a stock, it gives savvy investors an opportunity. If it is underestimating a company, investors can make money by buying and holding the shares until the market corrects itself. We don't have analyst forecasts, but you might want to assess this data-rich visualization of earnings, revenue and cash flow.

But note:

TCI Finance may not be the best stock to buy. So take a peek at this

free list of interesting companies with strong recent earnings growth (and a P/E ratio below 20).

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.

If you spot an error that warrants correction, please contact the editor at [email protected]. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.

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