Valueaktier.
Hvad er valueinvestering?
Value investering er en investeringsstrategi, som involverer stockpicking af aktier, der ser ud til at være mindre værd end deres egenkapital eller bogførte værdi. Valueinvestorer udvælger aktivt aktier, som de tror, aktiemarkedet undervurderer.
Valueinvestoren mener, at markedet overreagerer på gode og dårlige nyheder, hvilket resulterer i aktiekursbevægelser, der ikke svarer til et selskabets langsigtede fundament. Overreaktionen giver valueinvestoren mulighed for at tjene penge ved at købe aktier til nedsatte priser - på udsalg.
Søger du mere læsestof kan du med fordel også læse indlæget på vores blog er value aktier "undervalued"?
Se videoindslag om valueaktier.
15. afsnit af #Investeringspodcasten ser på det comeback, der er kommet til valueaktier, herunder bilfabrikanter som Daimler-Benz, BMW og Volkswagen. Snakken går også på Tesla, der har sat agendaen for fremtidens brændstofsnak.
Valueaktier har de seneste år haft det meget svært i kampen mod vækstaktier, og man kan som investor spørge sig selv, om valueaktierne er døde sild, eller om de kommer tilbage, og endnu en gang beviser sit værd i porteføljen.
På trods af kortvarigt modvind, så har valueinvestoren Kurt Kara fra Maj Invest leveret flotte langsigtede afkast, og i dette webinar kan du høre mere om hans aktuelle holdninger til markedet, samt til forholdet mellem valueaktier contra vækstaktier.
Sådan måler du indtjening.
Her kan du læse mere om forskellige metoder til at måle indtjeningen, inden du investerer.
Price Earnings
Price/Earning-værdien (P/E) angiver forholdet mellem kursen på en aktie og selskabets overskud. P/E-værdien for en aktie beregnes ved at dividere aktiekursen med overskuddet per aktie. P/E er en af de mest almindelige metoder til at vurdere, om en aktie er dyr eller billig. Det er også en enkel måde at sammenligne selskaber, f.eks. inden for samme branche.
En lav P/E-værdi indebærer en lav vurdering, mens en høj P/E-værdi er lig med en høj vurdering. En P/E-værdi på f.eks. 15 betyder, at du skal betale 15 kr. for hver 1 krone, der er overskud i selskabet.
- P (Price) er seneste handelsdags lukkekurs.
- E (Earning) defineres som løbende kvartalsvise overskud for de seneste fire kvartaler. Hvis disse oplysninger mangler, anvendes seneste offentliggjorte overskud for helåret.
Dividend Yield – definition:
Dividend Yield betegner selskabets aktuelle eller ventede udbytte per aktie som procent af aktiekursen.
Earnings per Share
Earnings per Share (EPS) sætter et selskabs indtjening (indtægter minus omkostninger) i forhold til det samlede antal af aktier. I virkeligheden måler dette nøgletal altså den indtjening, som et selskab har genereret for hver aktie, der er i selskabet.
Hvis EPS er et positivt tal, betyder det, at virksomheden tjener penge - altså har overskud i det seneste regnskab. Hvis EPS er nul eller er negativt, så tjener selskabet ingen penge. Hvis Earnings per Share er negativ, kan man ikke beregne nøgletallet P/E (Price/Earning), som angiver prisen i forhold til indtægterne.
Svagheder ved EPS
- EPS kan dog også være misvisende, da det ikke tager højde for, hvilket kapitalgrundlag et selskab har haft til at genere sin profit.
- EPS kan være den samme for to selskaber, men det ene selskab har brugt færre midler til at genere overskuddet og er derfor alt andet lige mere profitabelt.
- EPS kan også være misvisende, da et selskab i perioder kan have engangsudgifter eller indtægter, der påvirker selskabets overskud i de enkelte perioder. Engangsindtægter som salg af bygninger kan øge EPS for den periode, det bliver solgt, men det siger meget lidt om selskabets egenskab til at genere profit.
Aktier.
Her finder du eksempler på aktier, du kan investere i, hvis du vil eksponere dig mod value aktier. Værdipapirerne i oversigterne er ikke ment som investeringsanbefalinger men en generel oversigt over nogle af de muligheder, der findes.
Der er udvalgt børsnoterede selskaber, som kan handles gennem Nordnet.
Aktie | Kommentar |
|---|---|
Apple | Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), and TV boxes (Apple TV), among others. The iPhone makes up the majority of Apple’s total revenue. In addition, Apple offers its customers a variety of services such as Apple Music, iCloud, Apple Care, Apple TV+, Apple Arcade, Apple Card, and Apple Pay, among others |
IBM | IBM looks to be a part of every aspect of an enterprise’s IT needs. The company primarily sells infrastructure services (37 % of revenue), software (29 % of revenue), IT services (23 % of revenue) and hardware (8 % of revenues). IBM operates in 175 countries and employs approximately 350,000 people. The company has a robust roster of 80,000 business partners to service 5,200 clients – which includes 95 % of all Fortune 500. |
Goldman Sachs | Goldman Sachs is a global investment banking firm whose activities are organized into investment banking (20 % of net revenue), global markets (40 % of net revenue), asset management (25 % of net revenue), and consumer and wealth management (15 % of net revenue) segments. Approximately 60 % of the company's net revenue is generated in the Americas, 15 % in Asia, and 25 % in Europe, the Middle East, and Africa. |
Intel | Intel Corp is one of the world's largest chipmakers. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It is also the prime proponent of Moore's law for advances in semiconductor manufacturing. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has declined. These include areas such as the Internet of Things, memory, artificial intelligence, and automotive |
Procter & Gamble | Since its founding in 1837, Procter & Gamble has become one of the world's largest consumer product manufacturers, generating nearly $70 billion in annual sales. It operates with a lineup of leading brands, including 21 that generate more than $1 billion in annual global sales such as Tide laundry detergent, Charmin toilet paper, Pantene shampoo, and Pampers diapers. P&G sold its last remaining food brand, Pringles, to Kellogg in calendar 2012. Sales outside its home turf represent around 55 % of the firm's consolidated total, with around one third coming from emerging markets. |
Coca cola | Coca-Cola is the largest nonalcoholic beverage entity in the world, owning and marketing some of the leading carbonated beverage brands, such as Coke, Fanta, and Sprite, as well as nonsparkling brands, such as Minute Maid, Georgia Coffee, and Glaceau. Operationally, the firm focuses its manufacturing efforts early in the supply chain, making the concentrate (or beverage bases) for its drinks that are then processed and distributed by its network of more than 100 bottlers. |
Bank of America | Bank of America is one of the largest financial institutions in the United States, with more than $2.3 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, home mortgage lending, vehicle lending, credit and debit cards, and small-business services. |
Wells Fargo & Co | Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. The company is split into three segments for reporting purposes: community banking; wholesale banking; and wealth and investment management. The community banking segment serves consumers and small businesses with products including deposit accounts, credit and debit cards, and student, mortgage, and home equity loans. Wholesale banking includes corporate and commercial real estate lending, asset-based lending and trade financing, merchant services, and capital markets businesses. |
American express | American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses charge and credit card payment products. The company operates a highly profitable merchant payment network. Since 2018, the company has operated in three segments: global consumer services, global commercial services, and global merchant and network services. In addition to payment products, the company's commercial business offers expense management tools, consulting services, and business loans. |
Teva | Headquartered in Israel, Teva Pharmaceutical is the largest generic drug manufacturer in the world with more than 60 manufacturing and R&D facilities. The company was formed in 1901 and has a portfolio of more than 3,500 medicines--roughly one out of nine generic prescriptions in the U.S. is filled with a Teva product. The company also develops branded pharmaceuticals in the central nervous system, oncology, and respiratory categories. |
Verizon Communications Inc. | Verizon is now primarily a wireless business (70 % of revenue and nearly all operating income). It serves about 89 million postpaid and 4 million prepaid phone customers and connects another 24 million data devices, like tablets, via its nationwide network, making it the largest U.S. wireless carrier. Fixed-line telecom operations include local networks (12 % of revenue) in the Northeast, which reach about 25 million homes and businesses, and nationwide enterprise services (10 %). |
Novo Nordisk | Novo Nordisk er en dansk verdensførende leverandør af diabetesprodukter, med en markedsandel på næsten 50 % af det globale insulinmarked målt på volumen. Virksomheden fremstiller og markedsfører en række moderne insulinprodukter til mennesker, indsprøjtninger imod diabetes, såvel som antidiabetisk medicin til oral indtagelse. Novo har også et biofarmaceutisk segment (der udgør omkring 20 % af indtjeningen), som er specialiseret i proteinbehandling for blødersygdomme og andre sygdomme. |
Allianz | Allianz is a global insurance group that offers insurance and asset-management services. The insurance business is organised in three segments: property-casualty insurance, life and health insurance, and asset-management. Allianz is one of the largest asset managers in the world. |
Siemens AG | Siemens is an industrial conglomerate, with businesses selling components and equipment for factory automation, wind turbines, railway equipment, traditional power generation, and medical imaging. Its separately listed business units include Siemens Healthineers and Siemens Gamesa, which supply medical imaging equipment and wind turbines, respectively. |
Iberdrola SA | Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 52-gigawatt portfolio of hydro, wind, natural gas, coal and nuclear power plants. It is the largest owner of wind farms in the world, representing one third of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to around 50 % of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the U.K., Brazil, and the U.S. |
HSBC Holdings PLC | Established in 1865 in Hong Kong, London-based HSBC is one of the largest banks in the world with 40 million customers worldwide. It operates across 64 countries globally. Key regions include Asia, Europe, the Middle East and North Africa, and North America. The two largest markets for the bank are the United Kingdom and Hong Kong. The bank provides retail, commercial and institutional banking, global banking and markets, wealth management and private banking. |
Royal Dutch Shell PLC | Royal Dutch Shell is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2019, it produced 2.0 million barrels of liquids and 11.4 billion cubic feet of natural gas per day. At year-end 2019, reserves stood at 11.1 billion barrels of oil equivalent (including equity companies), 37 % of which consisted of liquids. Its production and reserves are in Europe, Asia, Oceania, Africa, and North and South America. |
Investeringsforeninger
Investeringsforening | Investeringsmålsætning | ÅOP | |
|---|---|---|---|
Maj Invest Value Aktier | Afdelingen investerer i danske og udenlandske børsnoterede aktier valgt ud fra en værdibaseret tilgang og en vurdering af selskabets markedsposition. Afdelingen investerer ud fra den grundlæggende filosofi, at det på længere sigt især kan betale sig at investere i selskaber, der vurderes at være prismæssigt undervurderet. Afdelingen har ikke et branche- eller landemæssigt fokus, og det betyder, at den kan investere i alle lande, i alle sektorer og i små såvel som store selskaber. | 1,54 % | |
ValueInvest Global A | ValueInvest Global har et globalt investeringsunivers, men investerer primært i veletablerede amerikanske, europæiske og japanske virksomheder. Der investeres i selskaber, som handles til under den af investeringsrådgiveren beregnede reelle værdi. Det betyder, at porteføljesammensætningen udspringer af en aktieudvælgelsesproces, der går på tværs af lande og sektorer, og dermed ikke underlægges begrænsninger med hensyn til vægten i enkelte sektorer og/eller enkelte lande. Porteføljen består hovedsageligt af større likvide virksomheder, men der er dog mulighed for at investere i mindre og mellemstore virksomheder. | 1,87 % | |
SparInvest Value aktier KL A | Afdelingen investerer i aktier globalt, dvs. amerikanske, europæiske, japanske, og andre østasiatiske aktier. Investeringerne i afdelingen foretages ud fra metoden ”Value investering”. En investeringsfilosofi der er baseret på, at der til enhver børsnoteret virksomhed knytter sig to værdier, nemlig markedskursen og virksomhedens forretningsmæssige værdi. Efter en gennemgribende analyse af offentligt tilgængeligt materiale udvælges de selskaber, som kan købes væsentligt under deres reelle værdi. Investorer skal være forberedte på, at afdelingens beviser vil svinge i værdi på både kort og langt sigt i bestræbelserne på at opnå et afkast, som på langt sigt ligger højere end obligationsafkastet. Valutarisiko bliver ikke afdækket. | 2,09 % | |
Stonehenge Globale Value aktier | Fondens midler investeres globalt i aktier. Der investeres aldrig i EM aktier eller finansaktier og mindst halvdelen af fondens midler vil altid være investeret i aktier fra de defensive sektorer. Herudover indeholder strategien ikke begrænsninger med hensyn til vægten i enkelte lande eller sektorer. Der kan således være betydelige forskelle i forhold til sammenlignelige globale indeks. Aktieporteføljen bliver sammensat ud fra en valuestrategi, hvor investeringsrådgiveren beregner en fair værdi på hvert selskab. | 2,12 % |
ETF'er
ETF | Investeringsmålsætning | ISIN | Lb. omkost. | |
|---|---|---|---|---|
SPDR MSCI USA Value | The objective of the fund is to track the performance of US equities with a higher weighting applied to equities exhibiting low valuation characteristics. It aims to do this by tracking the MSCI USA Value Exposure Select Index as closely as possible. | IE00BSPLC520 | 0,20 % | |
iShares Edge MSCI Europe Value Factor UCITS ETF EUR (acc) | The investment objective of the Fund is to provide investors with a total return, taking into account both capital and income returns, which reflects the return of the MSCI Europe Enhanced Value Index. | IE00BQN1K901 | 0,25 % | |
Xtrackers MSCI World Value Ucits ETF | The Fund aims to reflect the performance before fees and expenses of the MSCI World Enhanced Value (USD) Index (Index). The Index is based on the MSCI World Index (Parent Index) which is designed to reflect the performance of certain shares in large and medium listed companies in developed markets countries. In order to be eligible for inclusion in the Index, shares must be included as constituents within the Parent Index and are then selected using a value strategy. The value strategy considers various value characteristics of the shares and compares those results to peer companies. The characteristics focus on Price-to-Book-Value (price of shares relative to their book value), Price-to-Forward Earnings (price of shares relative to their expected future earnings), and Enterprise Value-to-Cash Flow from Operations (which measures the value of the company relative to the cash it generates). | IE00BL25JM42 | 0,25 % | |
Vanguard Global Value Factor UCITS ETF (USD) acc | Investeringsforvalterens kvantitative model implementerer en regelbaseret | IE00BYYR0B57 | 0,22 % |
Få den fulde oversigt over investeringsmuligheder i Value ETF'er via ETF-screeneren
Finansielle instrumenter kan både stige og falde i værdi. Der er en risiko for, at du ikke får de investerede penge tilbage. Inden du investerer i en fond, bør du læse prospektet, som er tilgængeligt hos fondsselskabet og central investorinformation, som du finder i ordreafgivelsesvinduet samt på fondens produktside på nordnet.dk.