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成长型公司的这些共同特征——动态财务、市值和运营数据之间的不一致、对股权资金的依赖,以及周期短而波动剧烈的市场历史,都会对内在估值和相对估值产生影响。在2001年时,谷歌还是一家刚起步的年轻公司,收入仅为数百万美元,并且运营亏损。在接下来的10年里,该公司经历了爆炸式增长。2009年,公司收入为237亿美元,运营利润为65亿美元,而市值则超过2000亿美元。谷歌仍然是一家成长型公司,只不过它现在的规模更大了。若要对它
These common characteristics of growing companies - both dynamic financials, inconsistencies between market and operating data, reliance on equity funds, and short and volatile market histories, all have an impact on intrinsic valuations and relative valuations. In 2001, Google was a young, start-up with just a few million dollars in revenue and operating losses. The company experienced explosive growth over the next 10 years. In 2009, the company’s revenue was 23.7 billion U.S. dollars, its operating profit was 6.5 billion U.S. dollars and its market capitalization exceeded 200 billion U.S. dollars. Google is still a growth company, except that it is bigger now. To it