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longbridge-valuation-methodology

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English
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Chinese

longbridge-valuation-methodology

longbridge-valuation-methodology

A structured framework for selecting and applying valuation methods to listed companies using Longbridge data — from quick relative multiples to full DCF/SOTP builds.
Response language: match the user's input language — Simplified Chinese / Traditional Chinese / English.
一个利用Longbridge数据对上市公司进行估值方法选择与应用的结构化框架——从快速相对估值倍数到完整的DCF/SOTP模型构建。
回复语言：匹配用户输入语言——简体中文/繁体中文/英文。

When to use

适用场景

  • "如何给这家公司估值", "how do I value this company", "這家公司怎麼估值"
  • "DCF 和 PE 哪个更适合科技股", "when to use EV/EBITDA vs PE"
  • "SOTP 分部加总法怎么算", "how does sum-of-the-parts work"
  • "什么情况用 PB-ROE 框架", "when to apply PB-ROE valuation"
  • "PE-Band 估值图怎么看"
For current valuation snapshot + percentile, use 
longbridge-valuation
. For a full DCF model, use 
longbridge-dcf
.
  • "如何给这家公司估值", "how do I value this company", "這家公司怎麼估值"
  • "DCF 和 PE 哪个更适合科技股", "when to use EV/EBITDA vs PE"
  • "SOTP 分部加总法怎么算", "how does sum-of-the-parts work"
  • "什么情况用 PB-ROE 框架", "when to apply PB-ROE valuation"
  • "PE-Band 估值图怎么看"
若需当前估值快照及百分位数据，请使用
longbridge-valuation
；若需完整DCF模型，请使用
longbridge-dcf
。

Workflow

工作流程

  1. Identify the company's industry and growth stage to select the appropriate method.
  2. Fetch current valuation multiples: run 
    longbridge valuation <SYMBOL> --format json
    (verify flags with 
    --help
    ).
  3. Fetch industry context: run 
    longbridge industry-valuation <SYMBOL> --format json
    .
  4. Fetch income statement for margin/growth inputs: run 
    longbridge financial-report <SYMBOL> --kind IS --format json
    .
  5. Apply the framework table below; explain selected method(s), assumptions, and output.
  1. 确定公司所属行业及成长阶段，选择合适的估值方法。
  2. 获取当前估值倍数：运行
    longbridge valuation <SYMBOL> --format json
    （使用
    --help
    验证参数）。
  3. 获取行业背景数据：运行
    longbridge industry-valuation <SYMBOL> --format json
    。
  4. 获取利润表以用于利润率/增长数据输入：运行
    longbridge financial-report <SYMBOL> --kind IS --format json
    。
  5. 应用下方框架表格；解释所选方法、假设条件及输出结果。

Valuation method selection guide

估值方法选择指南

ScenarioPreferred methodWhy
Stable earnings, mature companyPE-Band / PBSimple; market-anchored
Asset-heavy (banks, insurance)PB-ROEBook value reflects true asset base
Capital-intensive (telecom, utilities)EV/EBITDAStrips out D&A and leverage differences
High-growth, pre-profit (biotech, SaaS)PS / DCFNo earnings yet; revenue is the anchor
Conglomerate / multi-segmentSOTPEach segment deserves its own multiple
Dividend-paying mature companyDDMIntrinsic value from future dividends
Asset-rich company (property)NAVBook value adjusted to market prices
场景推荐方法原因
盈利稳定的成熟公司PE-Band / PB简单易懂；锚定市场水平
重资产行业（银行、保险）PB-ROE账面价值能反映真实资产基础
资本密集型行业（电信、公用事业）EV/EBITDA剔除折旧摊销及杠杆差异的影响
高增长、未盈利企业（生物科技、SaaS）PS / DCF暂无盈利；以收入为锚点
多元化集团/多业务板块SOTP各板块需采用独立估值倍数
派息的成熟公司DDM从未来股息推导内在价值
资产充裕企业（地产）NAV根据市场价格调整账面价值

Method details

方法细节

Relative valuation

相对估值

PE-Band: Plot trailing/forward PE against 1–3 year historical mean ± 1SD. Buy signal when PE < mean - 1SD, stretched when > mean + 1SD. Use 
longbridge valuation <SYMBOL> --format json
for historical percentile.
PB-ROE: High ROE justifies high PB. Plot PB vs ROE scatter across peers. Companies above the regression line are expensive; below are cheap. Fetch ROE from 
longbridge financial-report <SYMBOL> --kind IS --format json
.
EV/EBITDA: Enterprise-value based; immune to capital structure. Use for cross-border comparisons. EV = market cap + net debt; EBITDA from IS + D&A line.
PS: Revenue multiple. Useful when earnings are negative. Compress to gross-profit multiple (EV/GP) for SaaS with different gross margins.
PE-Band：将滚动/预期PE与1-3年历史均值±1标准差对比绘制图表。当PE低于均值-1标准差时为买入信号，高于均值+1标准差时估值过高。使用
longbridge valuation <SYMBOL> --format json
获取历史百分位数据。
PB-ROE：高ROE支撑高PB。绘制同行公司PB与ROE的散点图。回归线以上的公司估值偏高；以下的估值偏低。从
longbridge financial-report <SYMBOL> --kind IS --format json
获取ROE数据。
EV/EBITDA：基于企业价值；不受资本结构影响。适用于跨境对比。EV=市值+净负债；EBITDA=利润表数据+折旧摊销项。
PS：收入倍数。适用于亏损企业。对于毛利率不同的SaaS企业，可转换为毛利倍数（EV/GP）。

Absolute valuation

绝对估值

DCF: Project free cash flows → discount at WACC → add terminal value. Full workflow in 
longbridge-dcf
.
DDM: 
P = D₁ / (r - g)
. Best for high-dividend stocks (utilities, HK REITs). Inputs: next dividend (D₁), cost of equity (r), long-run dividend growth (g).
SOTP: Segment A value + Segment B value + Net cash − Holding discount. Requires segment-level revenue/EBIT from financial reports.
DCF：预测自由现金流→以WACC折现→加上终端价值。完整工作流程见
longbridge-dcf
。
DDM：
P = D₁ / (r - g)
。最适用于高股息股票（公用事业、香港REITs）。输入参数：下一期股息（D₁）、股权成本（r）、长期股息增长率（g）。
SOTP：板块A价值+板块B价值+净现金−控股折扣。需从财务报告获取各板块收入/EBIT数据。

Common pitfalls

常见误区

  • Using PE for loss-making companies — use PS or EV/Sales instead.
  • Anchoring WACC to an arbitrary 10% — verify Beta and risk-free rate.
  • Ignoring net debt in EV/EBITDA — EV must include all debt and minority interests.
  • Applying a single PE without cyclicality adjustment — use normalized or mid-cycle earnings.
  • SOTP double-counting — ensure holding-company cash is not counted twice.
  • 对亏损企业使用PE估值——应改用PS或EV/Sales。
  • 将WACC锚定在任意10%的数值——需验证Beta系数及无风险利率。
  • 在EV/EBITDA中忽略净负债——EV必须包含所有负债及少数股东权益。
  • 未考虑周期性调整就使用单一PE——应使用常态化或周期中期盈利数据。
  • SOTP重复计算——确保控股公司现金未被重复统计。

CLI

CLI

bash
undefined
bash
undefined

Verify available flags first

先验证可用参数

longbridge valuation --help longbridge industry-valuation --help longbridge financial-report --help
longbridge valuation --help longbridge industry-valuation --help longbridge financial-report --help

Fetch current multiples

获取当前估值倍数

longbridge valuation <SYMBOL> --format json
longbridge valuation <SYMBOL> --format json

Industry context

行业背景数据

longbridge industry-valuation <SYMBOL> --format json
longbridge industry-valuation <SYMBOL> --format json

Income statement for margin/growth

用于利润率/增长数据的利润表

longbridge financial-report <SYMBOL> --kind IS --format json
undefined
longbridge financial-report <SYMBOL> --kind IS --format json
undefined

Output

输出内容

Present:
  1. Recommended valuation method(s) with rationale.
  2. Current multiple vs historical percentile vs industry median.
  3. Fair-value range under each method with key assumptions.
  4. Summary: cheap / fair / expensive verdict with caveats.
需呈现：
  1. 推荐估值方法及理由。
  2. 当前估值倍数与历史百分位、行业中位数的对比。
  3. 各方法下的合理价值区间及关键假设。
  4. 总结：估值偏低/合理/偏高的结论及注意事项。

Error handling

错误处理

Situation简体回复繁體回覆English reply
command not found: longbridge
请安装 longbridge-terminal，或检查 MCP 配置。請安裝 longbridge-terminal，或檢查 MCP 配置。Install longbridge-terminal or check MCP config.
stderr: 
not logged in
请运行 
longbridge auth login
。		請執行 
longbridge auth login
。		Run 
longbridge auth login
.
No valuation data for symbol该标的暂无估值数据，请检查代码格式（如 AAPL.US）。該標的暫無估值數據，請確認代碼格式。No valuation data for this symbol; check the ticker format (e.g. AAPL.US).
场景简体回复繁體回覆English reply
command not found: longbridge
请安装 longbridge-terminal，或检查 MCP 配置。請安裝 longbridge-terminal，或檢查 MCP 配置。Install longbridge-terminal or check MCP config.
stderr: 
not logged in
请运行 
longbridge auth login
。		請執行 
longbridge auth login
。		Run 
longbridge auth login
.
No valuation data for symbol该标的暂无估值数据，请检查代码格式（如 AAPL.US）。該標的暫無估值數據，請確認代碼格式。No valuation data for this symbol; check the ticker format (e.g. AAPL.US).

Related skills

相关技能

  • longbridge-dcf
    — full discounted cash flow model
  • longbridge-valuation
    — current snapshot + historical percentile
  • longbridge-peer-comparison
    — cross-symbol multiple comparison
  • longbridge-fundamental
    — revenue / EPS / margin KPIs
  • longbridge-dcf
    — 完整折现现金流模型
  • longbridge-valuation
    — 当前估值快照+历史百分位
  • longbridge-peer-comparison
    — 跨标的估值倍数对比
  • longbridge-fundamental
    — 收入/EPS/利润率关键指标

File layout

文件结构

skills/longbridge-valuation-methodology/
└── SKILL.md
skills/longbridge-valuation-methodology/
└── SKILL.md