{"id":3108,"date":"2020-10-27T11:48:27","date_gmt":"2020-10-27T08:18:27","guid":{"rendered":"https:\/\/irfarabi.com\/?p=3108"},"modified":"2024-04-06T11:55:02","modified_gmt":"2024-04-06T08:25:02","slug":"determining-value-share","status":"publish","type":"post","link":"https:\/\/irfarabi.com\/amoozin\/determining-value-share","title":{"rendered":"\u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u062f\u0631 \u0628\u0648\u0631\u0633"},"content":{"rendered":"<p><b><a href=\"https:\/\/irfarabi.com\/select-investment\" target=\"_blank\" rel=\"noopener\"><em>\u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc<\/em> <\/a>\u0628\u0631 \u0627\u0633\u0627\u0633 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u06a9\u06cc \u0627\u0632 \u0645\u062a\u062f\u0627\u0648\u0644\u200c\u062a\u0631\u06cc\u0646 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0648 \u06a9\u0633\u0628 \u062b\u0631\u0648\u062a \u0627\u0632 \u0628\u0648\u0631\u0633 \u0627\u0633\u062a. \u0648\u0627\u0631\u0646 \u0628\u0627\u0641\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u0627\u0641\u0633\u0627\u0646\u0647\u200c\u0627\u06cc \u0648 \u0645\u0627\u0644\u06a9 \u0634\u0631\u06a9\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0645\u0648\u0641\u0642 Berkshire Hathaway \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u06cc\u06a9 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u0627\u0631\u0632\u0634\u06cc \u062f\u0631 \u062c\u0647\u0627\u0646 \u0634\u0646\u0627\u062e\u062a\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f. \u062f\u0631 \u0627\u06cc\u0646 \u0645\u0642\u0627\u0644\u0647 \u0628\u0647 \u0628\u0631\u0631\u0633\u06cc \u0645\u0641\u0647\u0648\u0645 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0648 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634\u06af\u0630\u0627\u0631\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u062e\u0648\u0627\u0647\u06cc\u0645 \u067e\u0631\u062f\u0627\u062e\u062a.<\/b><\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0686\u06cc\u0633\u062a\u061f<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u06cc\u0627 Valuation \u0641\u0631\u0627\u06cc\u0646\u062f\u06cc \u0627\u0633\u062a \u06a9\u0647 \u0627\u0631\u0632\u0634 \u0641\u0639\u0644\u06cc \u06cc\u0627 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u06cc\u06a9 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0645\u062b\u0644 \u0633\u0647\u0627\u0645 \u062a\u0648\u0633\u0637 \u062a\u062d\u0644\u06cc\u0644\u06af\u0631 \u062a\u0639\u06cc\u06cc\u0646 \u0645\u06cc\u200c\u0634\u0648\u062f. \u062f\u0631 \u062d\u0642\u06cc\u0642\u062a\u060c \u0647\u062f\u0641 \u0627\u0632 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0631\u0627 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u0648 \u0645\u062d\u0627\u0633\u0628\u0647 \u0627\u0631\u0632\u0634 \u0648\u0627\u0642\u0639\u06cc \u06cc\u06a9 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0648 \u0642\u06cc\u0645\u062a \u0628\u0627\u0632\u0627\u0631 \u0628\u0647 \u0645\u0646\u0638\u0648\u0631 \u06cc\u06a9 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u0647\u0648\u0634\u0645\u0646\u062f \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0686\u06cc\u0633\u062a\u061f<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u0627 Intrinsic Value \u0628\u0647 \u0645\u0639\u0646\u0627\u06cc \u0627\u0631\u0632\u0634 \u0648\u0627\u0642\u0639\u06cc \u06cc\u0627 \u0628\u0646\u06cc\u0627\u062f\u06cc \u06cc\u06a9 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f \u0633\u0647\u0627\u0645 \u0627\u0633\u062a. \u062f\u0631 \u062d\u0642\u06cc\u0642\u062a\u060c \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0628\u0631 \u0627\u0633\u0627\u0633 \u0633\u0627\u062e\u062a\u0627\u0631\u200c\u0647\u0627 \u0648 \u0648\u06cc\u0698\u06af\u06cc\u200c\u0647\u0627\u06cc\u06cc \u06a9\u0647 \u062f\u0631\u0648\u0646 \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0646\u0647\u0641\u062a\u0647 \u0627\u0633\u062a \u0633\u0646\u062c\u06cc\u062f\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f. \u0628\u0647 \u0637\u0648\u0631 \u0645\u062b\u0627\u0644\u060c \u0645\u062d\u0635\u0648\u0644 \u062a\u0648\u0644\u06cc\u062f\u06cc\u060c \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u062b\u0627\u0628\u062a \u0645\u0634\u0647\u0648\u062f \u0645\u0627\u0646\u0646\u062f \u0627\u0645\u0644\u0627\u06a9\u060c \u067e\u0631\u062a\u0641\u0648\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc\u060c \u0645\u0648\u062c\u0648\u062f\u06cc \u0646\u0642\u062f\u06cc\u060c \u0633\u0648\u062f\u0622\u0648\u0631\u06cc \u0648 \u0645\u0648\u0627\u0631\u062f\u06cc \u0627\u0632 \u0627\u06cc\u0646 \u062f\u0633\u062a \u062c\u0632\u0621 \u0633\u0627\u062e\u062a\u0627\u0631\u200c\u0647\u0627 \u0648 \u0648\u06cc\u0698\u06af\u06cc\u200c\u0647\u0627\u06cc \u062f\u0631\u0648\u0646\u06cc \u0634\u0631\u06a9\u062a \u0645\u062d\u0633\u0648\u0628 \u0645\u06cc\u200c\u0634\u0648\u062f. \u0627\u0632 \u0633\u0648\u06cc \u062f\u06cc\u06af\u0631\u060c \u0639\u0648\u0627\u0645\u0644 \u062e\u0627\u0631\u062c\u06cc \u0647\u0645 \u062f\u0631 \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0645\u0648\u062b\u0631 \u0627\u0633\u062a. \u0628\u0647 \u0637\u0648\u0631 \u0645\u062b\u0627\u0644 \u062c\u0627\u06cc\u06af\u0627\u0647 \u0634\u0631\u06a9\u062a \u062f\u0631 \u0628\u0627\u0632\u0627\u0631\u060c \u0648\u0636\u0639\u06cc\u062a \u0634\u0631\u06a9\u062a \u062f\u0631 \u0635\u0646\u0639\u062a\u060c \u0639\u0631\u0636\u0647 \u0648 \u062a\u0642\u0627\u0636\u0627 \u0628\u0631\u0627\u06cc \u0645\u062d\u0635\u0648\u0644 \u062a\u0648\u0644\u06cc\u062f\u06cc\u060c \u0645\u0634\u062a\u0631\u06cc\u0627\u0646 \u062f\u0627\u062e\u0644\u06cc\u060c \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc \u0635\u0627\u062f\u0631\u0627\u062a\u06cc \u0648\u2026 \u0645\u0648\u0627\u0631\u062f\u06cc \u0647\u0633\u062a\u0646\u062f \u06a9\u0647 \u06cc\u06a9 \u062a\u062d\u0644\u06cc\u0644\u06af\u0631 \u06cc\u0627 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u0631\u0627 \u062f\u0631 \u062a\u0639\u06cc\u06cc\u0646 <a href=\"https:\/\/irfarabi.com\/amoozin\/value-of-share\/\" target=\"_blank\" rel=\"noopener\"><em><strong>\u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645<\/strong> <\/em><\/a>\u06cc\u06a9 \u0634\u0631\u06a9\u062a \u062f\u0631 \u0628\u0648\u0631\u0633 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u0647\u062f\u0641 \u0627\u0632 \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0686\u06cc\u0633\u062a\u061f<\/b><\/h2>\n<p>\u062f\u0631 \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc <a href=\"https:\/\/irfarabi.com\/signup-bourse\" target=\"_blank\" rel=\"noopener\"><em><strong>\u062e\u0631\u06cc\u062f \u0648 \u0641\u0631\u0648\u0634 \u0633\u0647\u0627\u0645<\/strong><\/em><\/a>\u060c \u06cc\u06a9\u06cc \u0627\u0632 \u0645\u0647\u0645\u200c\u062a\u0631\u06cc\u0646 \u0639\u0648\u0627\u0645\u0644 \u06a9\u0633\u0628 \u0645\u0648\u0641\u0642\u06cc\u062a\u060c \u062f\u0627\u0634\u062a\u0646 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc\u200c\u0647\u0627 \u0648\u00a0<strong>\u062a\u062d\u0644\u06cc\u0644\u200c\u0647\u0627\u06cc 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\u0645\u06cc\u200c\u0634\u0648\u062f.<\/p>\n<p>\u0627\u06af\u0631 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u06a9 \u0633\u0647\u0645 \u0628\u0627\u0644\u0627 \u0628\u0627\u0634\u062f\u060c \u0686\u0647 \u0628\u0633\u0627 \u0628\u0647\u062a\u0631 \u0627\u0633\u062a \u06a9\u0647 \u0646\u0633\u0628\u062a \u0628\u0647 \u062e\u0631\u06cc\u062f \u0648 \u0646\u06af\u0647\u062f\u0627\u0631\u06cc \u0622\u0646 \u0627\u0642\u062f\u0627\u0645 \u06a9\u0646\u06cc\u0645; \u0648\u0644\u06cc \u0627\u06af\u0631 \u062a\u0634\u062e\u06cc\u0635 \u062f\u0627\u062f\u0647 \u0634\u0648\u062f \u06a9\u0647 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0645\u06cc \u067e\u0627\u06cc\u06cc\u0646 \u0627\u0633\u062a\u060c \u0628\u0647\u062a\u0631 \u0627\u0633\u062a \u06a9\u0647 \u0627\u0632 \u062e\u0631\u06cc\u062f \u0622\u0646 \u0633\u0647\u0645 \u067e\u0631\u0647\u06cc\u0632 \u06a9\u0631\u062f\u0647 \u0648 \u06cc\u0627 \u0627\u06cc\u0646 \u06a9\u0647 \u0646\u0633\u0628\u062a 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\u062e\u0648\u0627\u0647\u062f \u0634\u062f; \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648 \u0628\u0627 \u0628\u0631\u0631\u0633\u06cc \u0646\u0648\u0633\u0627\u0646\u0627\u062a \u0642\u0628\u0644\u06cc \u06cc\u06a9 \u0633\u0647\u0645 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u0645 \u062a\u0634\u062e\u06cc\u0635\u200c\u0647\u0627\u06cc \u0645\u0646\u0627\u0633\u0628\u06cc \u0631\u0627 \u062f\u0631 \u0645\u0648\u0631\u062f \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0627\u062d\u062a\u0645\u0627\u0644\u06cc \u0622\u0646 \u0628\u062f\u0633\u062a \u0622\u0648\u0631\u06cc\u0645.<\/p>\n<ul>\n<li>\n<h3>\u06af\u0632\u0627\u0631\u0634\u200c\u0647\u0627\u06cc \u0622\u062e\u0631 \u0633\u0627\u0644 \u0634\u0631\u06a9\u062a<\/h3>\n<\/li>\n<\/ul>\n<p>\u06cc\u06a9\u06cc \u0627\u0632 \u06a9\u0644\u06cc\u062f\u06cc\u200c\u062a\u0631\u06cc\u0646 \u0646\u06a9\u0627\u062a \u062f\u0631 \u062a\u0634\u062e\u06cc\u0635 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u06a9 \u0633\u0647\u0645\u060c \u06af\u0632\u0627\u0631\u0634\u200c\u0647\u0627\u06cc \u0645\u0627\u0644\u06cc \u0645\u0646\u062a\u0634\u0631 \u0634\u062f\u0647 \u062a\u0648\u0633\u0637 \u062e\u0648\u062f \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0645\u06cc\u200c\u0628\u0627\u0634\u062f; \u062a\u0645\u0627\u0645\u06cc \u0634\u0631\u06a9\u062a\u200c\u0647\u0627\u06cc \u0641\u0639\u0627\u0644 \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u0628\u0648\u0631\u0633 \u0648 \u0633\u0631\u0645\u0627\u06cc\u0647\u060c \u0645\u0648\u0638\u0641 \u0628\u0647 \u0627\u0631\u0627\u0626\u0647 \u06af\u0632\u0627\u0631\u0634\u200c\u0647\u0627\u06cc\u06cc \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u0627\u0632 \u0639\u0645\u0644\u06a9\u0631\u062f \u062e\u0648\u062f \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u0647\u0633\u062a\u0646\u062f; \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648 \u0628\u0627 \u0628\u0631\u0631\u0633\u06cc \u0648 \u0645\u0637\u0627\u0644\u0639\u0647 \u0627\u06cc\u0646 \u06af\u0632\u0627\u0631\u0634\u200c\u0647\u0627\u06cc \u0639\u0645\u0648\u0645\u06cc\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u0645 \u062a\u0635\u0645\u06cc\u0645\u200c\u200c\u06af\u06cc\u0631\u06cc\u200c\u0647\u0627\u06cc \u0628\u0633\u06cc\u0627\u0631 \u0628\u0647\u062a\u0631\u06cc \u0631\u0627 \u062f\u0631 \u0645\u0648\u0631\u062f \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0622\u0646 \u0634\u0631\u06a9\u062a \u062f\u0627\u0634\u062a\u0647 \u0628\u0627\u0634\u06cc\u0645.<\/p>\n<ul>\n<li>\n<h3>\u0627\u062e\u0628\u0627\u0631 \u0645\u0646\u062a\u0634\u0631 \u0634\u062f\u0647<\/h3>\n<\/li>\n<\/ul>\n<p>\u0627\u062e\u0628\u0627\u0631\u060c \u0647\u0645\u0648\u0627\u0631\u0647 \u0639\u0627\u0645\u0644\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u06a9\u0646\u0646\u062f\u0647 \u062f\u0631 \u0646\u0648\u0633\u0627\u0646\u0627\u062a \u0642\u06cc\u0645\u062a\u06cc \u0633\u0647\u0627\u0645 \u0645\u06cc\u200c\u0628\u0627\u0634\u062f; \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648 \u0647\u0645\u0648\u0627\u0631\u0647 \u0627\u062e\u0628\u0627\u0631 \u0645\u0646\u062a\u0634\u0631 \u0634\u062f\u0647 \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u0648 \u0627\u062e\u0628\u0627\u0631 \u0645\u0631\u0628\u0648\u0637 \u0628\u0647 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627\u06cc \u0627\u0631\u0627\u0626\u0647 \u062f\u0647\u0646\u062f\u0647 \u0633\u0647\u0627\u0645 \u0631\u0627 \u0628\u0627 \u062f\u0642\u062a \u062f\u0646\u0628\u0627\u0644 \u0646\u0645\u0627\u06cc\u06cc\u062f.<br \/>\n\u0645\u062b\u0644\u0627\u064b \u0641\u0631\u0636 \u06a9\u0646\u06cc\u062f \u06a9\u0647 \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u062a\u0648\u0644\u06cc\u062f \u062e\u0648\u062f\u0631\u0648 \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u062f\u0631 \u062d\u0627\u0644 \u0641\u0639\u0627\u0644\u06cc\u062a \u0645\u06cc\u200c\u0628\u0627\u0634\u062f; \u062d\u0627\u0644 \u0627\u06cc\u0646 \u0634\u0631\u06a9\u062a \u062f\u0631 \u062e\u0628\u0631\u06cc \u0627\u0639\u0644\u0627\u0645 \u06a9\u0631\u062f\u0647 \u06a9\u0647 \u062f\u0631 \u0633\u0627\u0644 \u0622\u06cc\u0646\u062f\u0647; \u0627\u0642\u062f\u0627\u0645 \u0628\u0647 \u062a\u0648\u0644\u06cc\u062f \u062e\u0648\u062f\u0631\u0648 \u062c\u062f\u06cc\u062f \u0628\u0627 \u0637\u0631\u0627\u062d\u06cc \u0628\u0633\u06cc\u0627\u0631 \u0639\u0627\u0644\u06cc \u0648 \u06a9\u06cc\u0641\u06cc\u062a\u06cc \u0628\u0627\u0644\u0627 \u062e\u0648\u0627\u0647\u062f \u06a9\u0631\u062f; \u062a\u0648\u062c\u0647 \u062f\u0627\u0634\u062a\u0647 \u0628\u0627\u0634\u06cc\u062f \u06a9\u0647 \u0627\u06cc\u0646 \u062e\u0628\u0631\u060c \u062d\u0627\u06a9\u06cc \u0627\u0632 \u0631\u0634\u062f \u0622\u0646 \u0634\u0631\u06a9\u062a \u0648 \u0646\u06cc\u0632 \u062c\u0630\u0627\u0628\u06cc\u062a \u0628\u06cc\u0634\u200c\u062a\u0631 \u0622\u0646 \u0628\u0631\u0627\u06cc \u0645\u0634\u062a\u0631\u06cc\u0627\u0646 \u0645\u06cc\u200c\u0628\u0627\u0634\u062f; \u0628\u062f\u06cc\u0646 \u0635\u0648\u0631\u062a \u06a9\u0647 \u0645\u0634\u062a\u0631\u06cc\u0627\u0646 \u062e\u0648\u062f\u0631\u0648\u060c \u0647\u0645\u0648\u0627\u0631\u0647 \u0628\u0647 \u062f\u0646\u0628\u0627\u0644 \u062e\u0631\u06cc\u062f \u062e\u0648\u062f\u0631\u0648\u0647\u0627\u06cc\u06cc \u0628\u0627 \u06a9\u06cc\u0641\u06cc\u062a \u0648 \u0632\u06cc\u0628\u0627 \u0647\u0633\u062a\u0646\u062f.<\/p>\n<p>\u062f\u0631 \u0646\u062a\u06cc\u062c\u0647 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0645\u06cc\u200c\u0634\u0648\u062f \u06a9\u0647 \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647\u060c \u0634\u0627\u0647\u062f \u067e\u06cc\u0634\u0631\u0641\u062a\u200c\u0647\u0627\u06cc\u06cc \u0642\u0627\u0628\u0644 \u062a\u0648\u062c\u0647 \u0647\u0645 \u0627\u0632 \u0646\u0638\u0631 \u062e\u062f\u0645\u0627\u062a \u0648 \u0647\u0645 \u0627\u0632 \u0646\u0638\u0631 \u0633\u0647\u0645 \u0628\u0627\u0632\u0627\u0631 \u0628\u0631\u0627\u06cc \u0622\u0646 \u0634\u0631\u06a9\u062a \u0628\u0627\u0634\u06cc\u0645 \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648 \u0627\u0631\u0632\u0634 \u0633\u0647\u0627\u0645 \u0622\u0646 \u0634\u0631\u06a9\u062a \u0646\u06cc\u0632 \u0628\u0627 \u0631\u0634\u062f \u0642\u06cc\u0645\u062a\u06cc \u0631\u0648 \u0628\u0647 \u0631\u0648 \u062e\u0648\u0627\u0647\u062f \u0634\u062f; \u067e\u0633 \u062f\u0631 \u06a9\u0644 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u0645 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u06a9\u0646\u06cc\u0645 \u06a9\u0647 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0627\u06cc\u0646 \u0634\u0631\u06a9\u062a \u0628\u0627 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0631\u0648 \u0628\u0647 \u0631\u0648 \u062e\u0648\u0627\u0647\u062f \u0634\u062f.<\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u0627\u0646\u0648\u0627\u0639 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0633\u0647\u0627\u0645<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u0645\u062f\u0644\u200c\u0647\u0627\u06cc \u0645\u062a\u0646\u0648\u0639\u06cc \u0628\u0631\u0627\u06cc \u0627\u0631\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u06cc\u0627 \u0633\u0627\u06cc\u0631 \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627 \u0648\u062c\u0648\u062f \u062f\u0627\u0631\u062f. \u0646\u06a9\u062a\u0647\u200c\u0627\u06cc \u06a9\u0647 \u062f\u0631 \u0631\u0627\u0628\u0637\u0647 \u0628\u0627 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0627\u06cc\u062f \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a \u0628\u0631\u0631\u0633\u06cc \u0645\u0639\u06cc\u0627\u0631\u0647\u0627\u06cc \u0628\u0646\u06cc\u0627\u062f\u06cc \u0627\u0633\u062a. \u0628\u0647 \u0635\u0648\u0631\u062a \u06a9\u0644\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0631\u0627 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0628\u0647 \u062f\u0648 \u0635\u0648\u0631\u062a \u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0645\u0637\u0644\u0642 (Absolute Valuation)\u00a0 \u0648 \u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0646\u0633\u0628\u06cc (Relative (Valuation \u0645\u0648\u0631\u062f \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u0642\u0631\u0627\u0631 \u062f\u0627\u062f.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0645\u0637\u0644\u0642 (Absolute Valuation)<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u062f\u0631 \u0627\u06cc\u0646 \u0646\u0648\u0639 \u0627\u0632 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc\u200c\u0647\u0627 \u062a\u062d\u0644\u06cc\u0644\u06af\u0631\u0627\u0646 \u0628\u0647 \u0633\u0631\u0627\u063a \u0627\u0631\u0632\u0634 \u0641\u0639\u0644\u06cc \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0631\u0641\u062a\u0647 \u0648 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0622\u0646 \u062f\u0631\u0622\u0645\u062f\u0647\u0627\u06cc \u0622\u062a\u06cc \u0634\u0631\u06a9\u062a \u0631\u0627 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f. \u062c\u0631\u06cc\u0627\u0646\u0627\u062a \u0646\u0642\u062f\u06cc \u0648 \u0633\u0648\u062f \u0634\u0631\u06a9\u062a \u0646\u0642\u0634 \u0645\u0647\u0645\u06cc \u062f\u0631 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0645\u0637\u0644\u0642 \u062f\u0627\u0631\u0646\u062f. \u0633\u0647 \u0646\u0648\u0639 \u0631\u0627\u06cc\u062c \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0645\u0637\u0644\u0642 \u0639\u0628\u0627\u0631\u062a\u0646\u062f \u0627\u0632:<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u062a\u0646\u0632\u06cc\u0644 \u0633\u0648\u062f \u062a\u0642\u0633\u06cc\u0645\u06cc \u00a0 (The Dividend Discount Model (DDM\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u0627\u06cc\u0646 \u0645\u062f\u0644 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0645\u062a\u0646\u0648\u0639\u06cc \u0628\u0631\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u06a9\u0646\u062f. \u062f\u0631 \u0631\u0648\u0634 \u062a\u0646\u0632\u06cc\u0644 \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u0633\u0647\u0627\u0645 \u06cc\u0627 DDM \u0641\u0631\u0636 \u0628\u0631 \u0627\u06cc\u0646 \u0627\u0633\u062a \u06a9\u0647 \u0627\u0631\u0632\u0634 \u06cc\u06a9 \u0633\u0647\u0645 \u0628\u0631\u0627\u0628\u0631 \u062a\u0645\u0627\u0645 \u0633\u0648\u062f\u0647\u0627\u06cc \u0646\u0642\u062f\u06cc \u0622\u062a\u06cc \u0634\u0631\u06a9\u062a \u0628\u0627 \u0627\u0639\u0645\u0627\u0644 <\/span><a href=\"https:\/\/irfarabi.com\/amoozin\/discount-rate\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u0646\u0631\u062e \u062a\u0646\u0632\u06cc\u0644<\/span><\/a><span style=\"font-weight: 400;\"> \u0627\u0633\u062a. \u0645\u0647\u0645\u200c\u062a\u0631\u06cc\u0646 \u0628\u062e\u0634 \u062f\u0631 \u0627\u06cc\u0646 \u0631\u0648\u0634 \u0628\u0631\u0631\u0633\u06cc \u0633\u0648\u062f\u0622\u0648\u0631\u06cc \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0627\u0633\u062a. \u062f\u0631 \u062d\u0642\u06cc\u0642\u062a\u060c \u0628\u0631\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0627\u0632 \u0637\u0631\u06cc\u0642 \u0631\u0648\u0634 DDM \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0627\u0632 \u0633\u0647 \u0641\u0631\u0645\u0648\u0644 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0631\u062f:<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-317872\" src=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/01.webp\" alt=\"\u0641\u0631\u0645\u0648\u0644 \u062a\u0646\u0632\u06cc\u0644 \u0633\u0648\u062f \u062a\u0642\u0633\u06cc\u0645\u06cc\" width=\"800\" height=\"376\" srcset=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/01.webp 800w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/01-300x141.webp 300w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/01-768x361.webp 768w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/01-600x282.webp 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<ul>\n<li><b>\u0645\u062f\u0644 DDM \u062a\u06a9 \u062f\u0648\u0631\u0647 \u0627\u06cc<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u062a\u0646\u0632\u06cc\u0644 \u0633\u0648\u062f \u062a\u0642\u0633\u06cc\u0645\u06cc \u062a\u06a9 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u06cc\u0627 one-period DDM \u0645\u0646\u0627\u0633\u0628 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646\u06cc \u0627\u0633\u062a \u06a9\u0647 \u0627\u0632 \u0627\u0644\u0627\u0646 \u0628\u0647 \u0645\u062f\u062a \u06cc\u06a9 \u0633\u0627\u0644 \u0642\u0635\u062f \u062f\u0627\u0631\u0646\u062f \u062f\u0631 \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u06a9\u0646\u0646\u062f. \u0641\u0631\u0645\u0648\u0644 DDM \u062a\u06a9 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u0645\u0637\u0627\u0628\u0642 \u062a\u0635\u0648\u06cc\u0631 \u0632\u06cc\u0631 \u0627\u0633\u062a:<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-317874\" src=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/03.webp\" alt=\"\u0641\u0631\u0645\u0648\u0644 DDM \u062a\u06a9 \u062f\u0648\u0631\u0647 \u0627\u06cc\" width=\"800\" height=\"376\" srcset=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/03.webp 800w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/03-300x141.webp 300w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/03-768x361.webp 768w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/03-600x282.webp 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u0628\u0627 \u062a\u0648\u062c\u0647 \u0628\u0647 \u0627\u06cc\u0646\u06a9\u0647 DDM \u062a\u06a9 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u0645\u0646\u0627\u0633\u0628 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0631\u0627\u06cc \u062d\u062f\u0627\u06a9\u062b\u0631 \u06f1 \u0633\u0627\u0644 \u0627\u0633\u062a\u060c \u0628\u0646\u0627\u0628\u0631\u0627\u06cc\u0646 \u0628\u0631\u062e\u06cc \u0627\u0632 \u067e\u0627\u0631\u0627\u0645\u062a\u0631\u0647\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646\u200c\u06a9\u0646\u0646\u062f\u0647 \u0645\u0627\u0646\u0646\u062f \u0642\u06cc\u0645\u062a \u0633\u0647\u0627\u0645\u060c \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0648 DPS \u0631\u0627 \u0628\u0647\u062a\u0631 \u0627\u0633\u062a \u062f\u0631 \u062f\u0648\u0631\u0647 \u06f1\u06f2 \u0645\u0627\u0647\u0647 \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a.<\/span><\/p>\n<ul>\n<li><b>\u0645\u062f\u0644 DDM \u0686\u0646\u062f \u062f\u0648\u0631\u0647 \u0627\u06cc<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u0628\u0631 \u062e\u0644\u0627\u0641 DDM \u062a\u06a9 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc\u060c \u062f\u0631 \u062a\u0646\u0632\u06cc\u0644 \u0633\u0648\u062f \u062a\u0642\u0633\u06cc\u0645\u06cc \u0686\u0646\u062f \u062f\u0648\u0631\u0647\u200c\u0627\u06cc\u060c \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u06cc\u0627 \u062a\u062d\u0644\u06cc\u0644\u06a9\u0631 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0631\u0627 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0633\u0648\u062f\u200c\u0647\u0627\u06cc \u062a\u0642\u0633\u06cc\u0645\u06cc \u0686\u0646\u062f \u062f\u0648\u0631\u0647 \u0645\u062a\u0648\u0627\u0644\u06cc \u0645\u062d\u0627\u0633\u0628\u0647 \u0645\u06cc\u200c\u06a9\u0646\u062f. \u0641\u0631\u0645\u0648\u0644 muti-period DDM \u0645\u0637\u0627\u0628\u0642 \u062a\u0635\u0648\u06cc\u0631 \u0632\u06cc\u0631 \u0627\u0633\u062a:<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-317875\" src=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/04.webp\" alt=\"\u0641\u0631\u0645\u0648\u0644 DDM \u0686\u0646\u062f \u062f\u0648\u0631\u0647 \u0627\u06cc\" width=\"800\" height=\"376\" srcset=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/04.webp 800w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/04-300x141.webp 300w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/04-768x361.webp 768w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/04-600x282.webp 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u0645\u0639\u0645\u0648\u0644\u0627 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627\u06cc \u0645\u0634\u0627\u0648\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0631\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0627\u0632 \u0631\u0648\u0634 \u0641\u0648\u0642 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u0645\u062f\u0644 \u0631\u0634\u062f \u06af\u0648\u0631\u062f\u0648\u0646 Gordon Growth Model<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u0645\u062f\u0644 \u0631\u0634\u062f \u06af\u0648\u0631\u062f\u0648\u0646 \u06cc\u0627 GGM \u06cc\u06a9\u06cc \u0627\u0632 \u0641\u0631\u0645\u0648\u0644\u200c\u0647\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0627\u0633\u062a. \u062f\u0631 \u0627\u06cc\u0646 \u0641\u0631\u0645\u0648\u0644 \u0627\u0631\u0632\u0634 \u0633\u0647\u0627\u0645 \u0637\u0628\u0642 \u0633\u0648\u062f \u062a\u0642\u0633\u06cc\u0645\u06cc (<\/span><span style=\"font-weight: 400;\">DPS<\/span><span style=\"font-weight: 400;\">) \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647 \u0628\u0627 \u0646\u0631\u062e \u062b\u0627\u0628\u062a \u0631\u0634\u062f\u060c \u0628\u0647\u200c\u062f\u0633\u062a \u0645\u06cc\u200c\u0622\u06cc\u062f:<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-317873\" src=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/02.webp\" alt=\"\u0641\u0631\u0645\u0648\u0644 \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0645\u062f\u0644 \u0631\u0634\u062f \u06af\u0648\u0631\u062f\u0648\u0646\" width=\"800\" height=\"376\" srcset=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/02.webp 800w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/02-300x141.webp 300w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/02-768x361.webp 768w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/02-600x282.webp 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u062f\u0631 \u0627\u06cc\u0646 \u0645\u062f\u0644 \u0641\u0631\u0636 \u0628\u0631 \u0627\u06cc\u0646 \u0627\u0633\u062a \u06a9\u0647 \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0647\u0645\u0648\u0627\u0631\u0647 \u0648\u062c\u0648\u062f \u062f\u0627\u0634\u062a\u0647 \u0648 \u0646\u0631\u062e \u0631\u0634\u062f \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u0628\u0631\u0627\u06cc \u0645\u062f\u062a\u200c\u0632\u0645\u0627\u0646 \u0646\u0627\u0645\u062d\u062f\u0648\u062f\u06cc \u062b\u0627\u0628\u062a \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f. \u0628\u0631\u0627\u06cc \u0628\u0647 \u062f\u0633\u062a \u0622\u0648\u0631\u062f\u0646 r \u06cc\u0627 \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0628\u0627\u06cc\u062f \u0627\u0632 \u0641\u0631\u0645\u0648\u0644 CAPM \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0646\u06cc\u062f \u06a9\u0647 \u062f\u0631 \u0627\u062f\u0627\u0645\u0647 \u0627\u06cc\u0646 \u0645\u0637\u0644\u0628 \u0641\u0631\u0645\u0648\u0644 CAPM \u0631\u0627 \u0645\u0634\u0627\u0647\u062f\u0647 \u062e\u0648\u0627\u0647\u06cc\u062f \u06a9\u0631\u062f.<\/span><\/p>\n<p><em><strong>\u06cc\u06a9 \u0645\u062b\u0627\u0644 \u0633\u0627\u062f\u0647 \u0627\u0632 GGM:<\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400;\">\u0641\u0631\u0636 \u06a9\u0646\u06cc\u062f \u0642\u06cc\u0645\u062a \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a \u0633\u06cc\u0645\u0627\u0646 \u0627\u0631\u0648\u0645\u06cc\u0647 \u0628\u0627 \u0646\u0645\u0627\u062f \u00ab\u0633\u0627\u0631\u0648\u0645\u00bb \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u06f5\u06f1\u066c\u06f3\u06f1\u06f0 \u0631\u06cc\u0627\u0644 \u0627\u0633\u062a. \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 (r) \u0628\u0631\u0627\u06cc \u0627\u06cc\u0646 \u0634\u0631\u06a9\u062a \u06f1\u06f0\u06f6 \u062f\u0631\u0635\u062f \u062f\u0631 \u0646\u0638\u0631 \u06af\u0631\u0641\u062a\u0647 \u0634\u062f\u0647 \u0648 \u0633\u0648\u062f \u0646\u0642\u062f\u06cc \u062a\u0642\u0633\u06cc\u0645\u06cc \u0622\u0646 \u06cc\u0627 DPS \u062f\u0631 \u0633\u0627\u0644 \u0622\u06cc\u0646\u062f\u0647 \u06f7\u066c\u06f7\u06f9\u06f2 \u0631\u06cc\u0627\u0644 \u062a\u062e\u0645\u06cc\u0646 \u0632\u062f\u0647 \u0634\u062f\u0647 \u0627\u0633\u062a. \u0647\u0645\u0686\u0646\u06cc\u0646 \u0646\u0631\u062e \u0631\u0634\u062f \u0633\u0648\u062f \u062b\u0627\u0628\u062a \u0628\u0631\u0627\u06cc \u0633\u0647\u0627\u0645 \u062d\u062f\u0648\u062f\u0627 \u06f9\u06f4 \u062f\u0631\u0635\u062f \u0628\u0631\u0622\u0648\u0631\u062f \u0634\u062f\u0647 \u0648 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0641\u0631\u0645\u0648\u0644 \u0631\u0634\u062f \u06af\u0648\u0631\u062f\u0648\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u00ab\u0633\u0627\u0631\u0648\u0645\u00bb \u0628\u0631\u0627\u0628\u0631 \u0627\u0633\u062a \u0628\u0627:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u06f0 = 7792\/(1.06-0.94) = 64933<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0647\u0645\u0627\u0646\u0637\u0648\u0631 \u06a9\u0647 \u0645\u0634\u0627\u0647\u062f\u0647 \u0645\u06cc\u200c\u06a9\u0646\u06cc\u062f \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u00ab\u0633\u0627\u0631\u0648\u0645\u00bb \u062f\u0631 \u062d\u0627\u0644 \u062d\u0627\u0636\u0631 \u06f6\u06f4\u066c\u06f9\u06f3\u06f3 \u0631\u06cc\u0627\u0644 \u0628\u0648\u062f\u0647 \u0648 \u062d\u062f\u0648\u062f\u0627 \u06f1\u06f3\u066c\u06f6\u06f2\u06f3 \u0631\u06cc\u0627\u0644 \u0632\u06cc\u0631 \u0627\u0631\u0632\u0634 \u0648\u0627\u0642\u0639\u06cc \u062e\u0648\u062f \u062f\u0631 \u0628\u0648\u0631\u0633 \u0645\u0639\u0627\u0645\u0644\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f. \u0628\u0647 \u0637\u0648\u0631 \u06a9\u0644\u06cc \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0631\u0648\u0634 \u0631\u0634\u062f \u06af\u0648\u0631\u062f\u0648\u0646 \u0628\u0631\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u062f\u0631 \u0628\u0648\u0631\u0633 \u0628\u0633\u06cc\u0627\u0631 \u0633\u0627\u062f\u0647\u060c \u0645\u0641\u06cc\u062f \u0648 \u06a9\u0627\u0631\u0628\u0631\u062f\u06cc \u0627\u0633\u062a.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u062a\u062c\u0632\u06cc\u0647 \u0648 \u062a\u062d\u0644\u06cc\u0644 \u062c\u0631\u06cc\u0627\u0646 \u0646\u0642\u062f\u06cc \u062a\u0646\u0632\u06cc\u0644 \u0634\u062f\u0647\u00a0 (The Discounted Cash Flow Model (DCF<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0\u062a\u062c\u0632\u06cc\u0647 \u0648 \u062a\u062d\u0644\u06cc\u0644 DCF \u06cc\u06a9 \u0631\u0648\u0634 \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u067e\u0631\u06a9\u0627\u0631\u0628\u0631\u062f \u0627\u0633\u062a \u06a9\u0647 \u0627\u0631\u0632\u0634 \u0641\u0639\u0644\u06cc \u062c\u0631\u06cc\u0627\u0646\u200c\u0647\u0627\u06cc \u0646\u0642\u062f\u06cc \u0622\u062a\u06cc \u0634\u0631\u06a9\u062a \u0631\u0627 \u0628\u0631\u0622\u0648\u0631\u062f \u0645\u06cc\u200c\u06a9\u0646\u062f. \u0627\u06cc\u0646 \u0631\u0648\u0634 \u0634\u0627\u0645\u0644 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u062c\u0631\u06cc\u0627\u0646\u200c\u0647\u0627\u06cc \u0646\u0642\u062f\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0634\u0631\u06a9\u062a \u0627\u0633\u062a \u06a9\u0647 \u062a\u0646\u0632\u06cc\u0644 \u0622\u0646 \u0628\u0647 \u0627\u0631\u0632\u0634 \u0641\u0639\u0644\u06cc \u0628\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0646\u0631\u062e \u062a\u0646\u0632\u06cc\u0644 \u0645\u0646\u0627\u0633\u0628 (\u0645\u0627\u0646\u0646\u062f \u0647\u0632\u06cc\u0646\u0647\u200c\u0647\u0627\u06cc \u0634\u0631\u06a9\u062a) \u0635\u0648\u0631\u062a \u0645\u06cc\u200c\u06af\u06cc\u0631\u062f.\u00a0 \u062a\u062c\u0632\u06cc\u0647 \u0648 \u062a\u062d\u0644\u06cc\u0644 DCF \u0627\u0631\u0632\u0634 \u0632\u0645\u0627\u0646\u06cc \u067e\u0648\u0644 \u0631\u0627 \u062f\u0631 \u0646\u0638\u0631 \u0645\u06cc\u200c\u06af\u06cc\u0631\u062f \u0648 \u062a\u062e\u0645\u06cc\u0646\u06cc \u0627\u0632 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0634\u0631\u06a9\u062a \u0631\u0627 \u0628\u0631\u200c\u0627\u0633\u0627\u0633 \u062a\u0648\u0627\u0646\u0627\u06cc\u06cc \u0622\u0646 \u062f\u0631 \u0627\u06cc\u062c\u0627\u062f \u062c\u0631\u06cc\u0627\u0646\u200c\u0647\u0627\u06cc \u0646\u0642\u062f\u06cc \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647 \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u062f.\u00a0<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-317876\" src=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/05.webp\" alt=\"\u062a\u062c\u0632\u06cc\u0647 \u0648 \u062a\u062d\u0644\u06cc\u0644 \u062c\u0631\u06cc\u0627\u0646 \u0646\u0642\u062f\u06cc \u062a\u0646\u0632\u06cc\u0644 \u0634\u062f\u0647\u00a0\" width=\"800\" height=\"376\" srcset=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/05.webp 800w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/05-300x141.webp 300w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/05-768x361.webp 768w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/05-600x282.webp 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u0631\u0648\u0634 DCF \u0646\u06cc\u0632 \u062f\u0631 \u06a9\u0646\u0627\u0631 DDM \u062f\u0631 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a \u0628\u0633\u06cc\u0627\u0631 \u06a9\u0627\u0631\u0628\u0631\u062f\u06cc \u0648 \u0631\u0627\u06cc\u062c \u0627\u0633\u062a.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u0627\u06cc\u00a0 (The Capital Asset Pricing Model (CAPM\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u062f\u0631 \u0627\u06cc\u0646 \u0631\u0648\u0634 \u06a9\u0647 \u0628\u0647 \u0627\u062e\u062a\u0635\u0627\u0631 CAPM \u0646\u0627\u0645\u06cc\u062f\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f\u060c \u0631\u0627\u0628\u0637\u0647 \u0628\u06cc\u0646 \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u06cc\u06a9 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0648 \u0631\u06cc\u0633\u06a9 \u0628\u0627\u0632\u0627\u0631 \u0645\u0648\u0631\u062f \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u0642\u0631\u0627\u0631 \u0645\u06cc\u200c\u06af\u06cc\u0631\u062f. \u062f\u0631 \u062d\u0642\u06cc\u0642\u062a\u060c \u0627\u0632 \u0645\u062f\u0644 CAPM \u0628\u06cc\u0634\u062a\u0631 \u0628\u0631\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u0627\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627 \u06cc\u0627 \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631\u06cc \u06a9\u0647 \u0631\u06cc\u0633\u06a9 \u0628\u0627\u0644\u0627\u06cc\u06cc \u062f\u0627\u0631\u0646\u062f \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f.\u00a0<\/span><\/p>\n<p><img class=\"aligncenter size-full wp-image-317877\" src=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/06.webp\" alt=\"\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u0627\u06cc\" width=\"800\" height=\"376\" srcset=\"https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/06.webp 800w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/06-300x141.webp 300w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/06-768x361.webp 768w, https:\/\/irfarabi.com\/amoozin\/wp-content\/uploads\/2020\/10\/06-600x282.webp 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u0628\u0631\u0627\u06cc \u0645\u062d\u0627\u0633\u0628\u0647 \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u06a9\u0627\u0641\u06cc \u0627\u0633\u062a \u0645\u06cc\u0627\u0646\u06af\u06cc\u0646\u06cc \u0627\u0632 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u062f\u0631 \u0628\u0627\u0632\u0647 \u0632\u0645\u0627\u0646\u06cc \u0628\u0644\u0646\u062f\u200c\u0645\u062f\u062a \u0628\u0647 \u0637\u0648\u0631 \u0645\u062b\u0627\u0644 \u06f1\u06f0 \u0633\u0627\u0644 \u0631\u0627 \u0628\u0647 \u062f\u0633\u062a \u0622\u0648\u0631\u062f\u0647 \u0648 \u0633\u067e\u0633 \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0628\u0627\u0632\u0627\u0631 (\u0628\u0648\u0631\u0633) \u0631\u0627 \u062f\u0631 \u0645\u062f\u062a \u0632\u0645\u0627\u0646 \u0645\u0634\u0627\u0628\u0647 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u062f. \u0647\u0645\u0686\u0646\u06cc\u0646\u060c \u0636\u0631\u06cc\u0628 \u0628\u062a\u0627 \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a \u0645\u0648\u0631\u062f \u0646\u0638\u0631 \u0631\u0627 \u0646\u06cc\u0632 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0631\u062f\u0647 \u0648 \u0633\u067e\u0633 \u062f\u0631 \u0641\u0631\u0645\u0648\u0644 \u062c\u0627\u06cc\u06af\u0630\u0627\u0631\u06cc \u06a9\u0646\u06cc\u062f \u062a\u0627 \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a \u0631\u0627 \u0628\u0647 \u062f\u0633\u062a \u0622\u0648\u0631\u06cc\u062f. \u0628\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u062f \u0628\u0647 \u0631\u0627\u062d\u062a\u06cc \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0631\u0627 \u0627\u0632 \u0637\u0631\u06cc\u0642 \u0645\u062f\u0644 \u0631\u0634\u062f \u06af\u0648\u0631\u062f\u0648\u0646 (GGM) \u062a\u0639\u06cc\u06cc\u0646 \u06a9\u0646\u06cc\u062f.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0633\u0647 \u0631\u0648\u0634 \u0641\u0648\u0642 \u062f\u0631 \u062c\u0631\u06cc\u0627\u0646 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0628\u0633\u06cc\u0627\u0631 \u06a9\u0627\u0631\u0628\u0631\u062f\u06cc \u0628\u0648\u062f\u0647 \u0648 \u062a\u062d\u0644\u06cc\u0644\u06af\u0631\u0627\u0646 \u0632\u06cc\u0627\u062f\u06cc \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648\u0634\u200c\u0647\u0627 \u0628\u0631\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0633\u0647\u0627\u0645 \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f. \u0644\u0627\u0632\u0645 \u0628\u0647 \u0630\u06a9\u0631 \u0627\u0633\u062a \u06a9\u0647 \u0641\u0631\u0627\u06cc\u0646\u062f \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0633\u06cc\u0627\u0631 \u067e\u06cc\u0686\u06cc\u062f\u0647 \u0648 \u0646\u06cc\u0627\u0632\u0645\u0646\u062f \u06af\u0630\u0631\u0627\u0646\u062f\u0646 \u062f\u0648\u0631\u0647\u200c\u0647\u0627\u06cc \u062a\u062e\u0635\u0635\u06cc \u0627\u0633\u062a. \u0627\u0648\u0644\u06cc\u0646 \u0642\u062f\u0645 \u0628\u0631\u0627\u06cc \u0634\u0631\u0648\u0639 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f <\/span><span style=\"font-weight: 400;\">\u0622\u0645\u0648\u0632\u0634 \u062a\u062d\u0644\u06cc\u0644 \u0628\u0646\u06cc\u0627\u062f\u06cc<\/span><span style=\"font-weight: 400;\"> \u0628\u0627\u0634\u062f.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0646\u0633\u0628\u06cc (Absolute Valuation)<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0646\u0633\u0628\u06cc \u06cc\u0627 Absolute Valuation \u0645\u062f\u0644\u06cc \u0633\u0627\u062f\u0647\u200c\u062a\u0631 \u0627\u0632 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0627\u0633\u062a \u06a9\u0647 \u062f\u0631 \u0622\u0646 \u062a\u062d\u0644\u06cc\u0644\u06af\u0631 \u06cc\u0627 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u0628\u0647 \u0645\u0642\u0627\u06cc\u0633\u0647 \u0639\u0648\u0627\u0645\u0644 \u0628\u0646\u06cc\u0627\u062f\u06cc \u0634\u0631\u06a9\u062a\u200c\u0647\u0627 \u0628\u0627 \u06cc\u06a9\u062f\u06cc\u06af\u0631 \u0645\u06cc\u200c\u067e\u0631\u062f\u0627\u0632\u062f. \u0628\u0647 \u0637\u0648\u0631 \u0645\u062b\u0627\u0644 \u0645\u0642\u0627\u06cc\u0633\u0647 \u0646\u0633\u0628\u062a P\/E \u062f\u0648 \u0634\u0631\u06a9\u062a \u062a\u0648\u0644\u06cc\u062f \u06a9\u0646\u0646\u062f\u0647 \u0641\u0648\u0644\u0627\u062f \u0631\u0627 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u06cc\u06a9\u06cc \u0627\u0632 \u0645\u0639\u06cc\u0627\u0631\u0647\u0627\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0646\u0633\u0628\u06cc \u062a\u0644\u0642\u06cc \u06a9\u0631\u062f.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0645\u0639\u0645\u0648\u0644\u0627 \u062f\u0648 \u0645\u062f\u0644 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0646\u0633\u0628\u06cc \u062f\u0631 \u0628\u06cc\u0646 \u062a\u062d\u0644\u06cc\u0644\u06af\u0631\u0627\u0646 \u0648 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0627\u0632 \u0645\u062d\u0628\u0648\u0628\u06cc\u062a \u0628\u0627\u0644\u0627\u062a\u0631\u06cc \u0628\u0631\u062e\u0648\u0631\u062f\u0627\u0631 \u0647\u0633\u062a\u0646\u062f. \u0627\u06cc\u0646 \u062f\u0648 \u0645\u062f\u0644 \u0639\u0628\u0627\u0631\u062a\u0646\u062f \u0627\u0632:<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u0645\u0642\u0627\u06cc\u0633\u0647 \u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634 \u0628\u0627\u0632\u0627\u0631<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u0645\u0642\u0627\u06cc\u0633\u0647 \u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634 \u0628\u0627\u0632\u0627\u0631 \u06cc\u06a9\u06cc \u0627\u0632 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0633\u0627\u062f\u0647 \u0648 \u06a9\u0627\u0631\u0628\u0631\u062f\u06cc \u062c\u0647\u062a \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0646\u0633\u0628\u06cc \u0633\u0647\u0627\u0645 \u06cc\u06a9 \u0634\u0631\u06a9\u062a\u0627\u0633\u062a. \u0628\u0647 \u0637\u0648\u0631 \u0645\u062b\u0627\u0644 \u0646\u0633\u0628\u062a P\/E \u062f\u0631 \u06a9\u0646\u0627\u0631 \u0633\u0627\u06cc\u0631 \u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634 \u0628\u0627\u0632\u0627\u0631 \u0645\u0627\u0646\u0646\u062f \u0646\u0633\u0628\u062a \u0642\u06cc\u0645\u062a \u0628\u0647 \u0627\u0631\u0632\u0634 \u062f\u0641\u062a\u0631\u06cc (P\/B) \u0648 \u0646\u0633\u0628\u062a \u0642\u06cc\u0645\u062a \u0628\u0647 \u0641\u0631\u0648\u0634 (P\/S) \u0628\u0631\u0627\u06cc \u0622\u06af\u0627\u0647\u06cc \u067e\u06cc\u062f\u0627 \u06a9\u0631\u062f\u0646 \u0627\u0632 \u0627\u0631\u0632\u0634 \u0648\u0627\u0642\u0639\u06cc \u0633\u0647\u0627\u0645 \u0645\u0646\u0627\u0633\u0628 \u0627\u0633\u062a.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>\u062a\u062d\u0644\u06cc\u0644 \u0648\u0636\u0639\u06cc\u062a \u062c\u0631\u06cc\u0627\u0646\u0627\u062a \u0646\u0642\u062f\u06cc \u0634\u0631\u06a9\u062a<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u062f\u0631 \u0627\u06cc\u0646 \u0631\u0648\u0634 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0634\u0631\u06a9\u062a \u0631\u0627 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0628\u0631\u062e\u06cc \u062c\u0631\u06cc\u0627\u0646\u0627\u062a \u0646\u0642\u062f\u06cc \u0628\u0631\u0631\u0633\u06cc \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f. \u0628\u0647 \u0637\u0648\u0631 \u0645\u062b\u0627\u0644 \u0628\u0631\u0631\u0633\u06cc \u0648\u0636\u0639\u06cc\u062a \u0641\u0631\u0648\u0634 \u0648 \u062f\u0631\u0622\u0645\u062f \u062f\u0631 \u0628\u0644\u0646\u062f\u0645\u062f\u062a\u060c \u0628\u0648\u062f\u062c\u0647 \u0633\u0627\u0644\u0627\u0646\u0647 \u0648 \u0647\u0632\u06cc\u0646\u0647\u200c\u0647\u0627\u060c \u0645\u062f\u06cc\u0631\u06cc\u062a \u0646\u0642\u062f\u06cc\u0646\u06af\u06cc \u0648 \u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f \u0627\u0631\u0632\u0634 \u0628\u0646\u06af\u0627\u0647 \u0628\u0647 \u0633\u0648\u062f \u0642\u0628\u0644 \u0627\u0632 \u0628\u0647\u0631\u0647 \u0648 \u0645\u0627\u0644\u06cc\u0627\u062a (EV\/EBIT) \u0646\u0645\u0648\u0646\u0647\u200c\u0627\u06cc \u0627\u0632 \u067e\u0627\u0631\u0627\u0645\u062a\u0631\u0647\u0627\u06cc\u06cc \u0647\u0633\u062a\u0646\u062f \u06a9\u0647 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0627\u0632 \u0622\u0646\u200c\u0647\u0627 \u062f\u0631 \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0631\u062f.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u06a9\u0644\u0627\u0645 \u067e\u0627\u06cc\u0627\u0646\u06cc<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u0628\u0627 \u0627\u0646\u0648\u0627\u0639 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u0622\u0634\u0646\u0627 \u0634\u062f\u06cc\u062f \u0648 \u0628\u0631\u0627\u06cc \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0647\u0631 \u06a9\u062f\u0627\u0645 \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648\u0634\u200c\u0647\u0627 \u0628\u0647\u062a\u0631 \u0627\u0633\u062a \u0645\u0639\u06cc\u0627\u0631\u0647\u0627\u06cc \u062a\u0627\u062b\u06cc\u0631\u06af\u0630\u0627\u0631 \u0631\u0627 \u0631\u0639\u0627\u06cc\u062a \u06a9\u0646\u06cc\u062f. \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0628\u0647 \u0634\u0645\u0627 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u062f \u062a\u0627 \u062f\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc\u200c\u0647\u0627\u06cc \u062e\u0648\u062f \u0628\u0647\u062a\u0631 \u062a\u0635\u0645\u06cc\u0645\u200c\u06af\u06cc\u0631\u06cc \u06a9\u0631\u062f\u0647 \u0648 \u0628\u0627\u0632\u062f\u0647\u06cc \u0645\u0646\u0627\u0633\u0628\u06cc \u0628\u0631\u0627\u06cc \u0634\u0645\u0627 \u062d\u0627\u0635\u0644 \u0634\u0648\u062f.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0631 \u0627\u0633\u0627\u0633 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u06cc\u06a9\u06cc \u0627\u0632 \u0645\u062a\u062f\u0627\u0648\u0644\u200c\u062a\u0631\u06cc\u0646 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0648 \u06a9\u0633\u0628 \u062b\u0631\u0648\u062a \u0627\u0632 \u0628\u0648\u0631\u0633 \u0627\u0633\u062a. \u0648\u0627\u0631\u0646 \u0628\u0627\u0641\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u0627\u0641\u0633\u0627\u0646\u0647\u200c\u0627\u06cc \u0648 \u0645\u0627\u0644\u06a9 \u0634\u0631\u06a9\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0645\u0648\u0641\u0642 Berkshire Hathaway \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u06cc\u06a9 [&hellip;]<\/p>\n","protected":false},"author":26450,"featured_media":317871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[91],"tags":[],"class_list":["post-3108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u062f\u0631 \u0628\u0648\u0631\u0633 \u0686\u06cc\u0633\u062a\u061f \u06a9\u0627\u0631\u0628\u0631\u062f \u0648 \u0645\u062d\u0627\u0633\u0628\u0647 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 - \u0622\u0645\u0648\u0632\u06cc\u0646<\/title>\n<meta name=\"description\" content=\"\u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0645 \u062f\u0631 \u0628\u0648\u0631\u0633 \u06cc\u06a9\u06cc \u0627\u0632 \u0628\u0647\u062a\u0631\u06cc\u0646 \u0631\u0627\u0647\u200c\u06a9\u0627\u0631\u0647\u0627 \u0628\u0631\u0627\u06cc \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc \u0633\u0647\u0627\u0645 \u0627\u0631\u0632\u0646\u062f\u0647 \u0628\u0627\u0632\u0627\u0631 \u0627\u0633\u062a. \u062f\u0631 \u0627\u06cc\u0646 \u0645\u0642\u0627\u0644\u0647 \u0631\u0648\u0634 \u062a\u0639\u06cc\u06cc\u0646 \u0627\u0631\u0632\u0634 \u0630\u0627\u062a\u06cc \u0633\u0647\u0627\u0645 \u062f\u0631 \u0628\u0648\u0631\u0633 \u0631\u0627 \u0628\u062e\u0648\u0627\u0646\u06cc\u062f.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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