Se leggete RC sapete già cosa si intende per utili secondo i principi contabili GAAP e secondo principi non-GAAP.
La prima misura (GAAP) indica l’utile di periodo secondo i principi contabili standard, ovvero contando tutti i costi, tutti i ricavi e ammortamenti e dalla differenza si ricava l’Utile o la Perdita.
La misurazione Non-Gaap invece è lasciata alla fantasia dei manager che per solito escludono i costi non ricorsivi, di ristrutturazione, straordinari per ottenere un utile maggiore di quello contabile.
Ora… se questa pratica fosse effettivamente usata in maniera straordinaria e solo durante ristrutturazioni aziendali essa sarebbe anche legittima per avare una migliore lettura dell’utile in condizioni operative standard.
Invece indovinate un pochino?
La pratica di inventarsi costi non ricorsivi e straordinari è diventata lo standard. Tanto che:
L’utile per azione medio sullo S&P 500 oggi è circa 95 punti quindi siamo ad un P/E di oltre 22!!!! ma se usiamo misure inventate dai manager abbiamo un più confortevole intorno di 18. Sempre altissimo ma meno pauroso.
Ora.. il punto è che Wall Street nel fare i conti usa gli utili NON-Gaap, il che è una autentica e ennesima follia per giustificare la più grande bolla finanziaria nella storia dell’umanità.
E vabbeh.
Di FunnyKing , il 20 novembre 2016
Sempre più Finti i Bilanci delle Aziende Quotate allo S&P 500ultima modifica: 2016-12-03T14:00:58+01:00da
Reposta per primo quest’articolo
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