{"id":1425,"date":"2024-11-25T18:14:17","date_gmt":"2024-11-25T15:14:17","guid":{"rendered":"https:\/\/market-monitor.staginghub.net\/?p=1425"},"modified":"2024-11-27T14:53:57","modified_gmt":"2024-11-27T11:53:57","slug":"sectiunea-de-educatie-marjele-de-profit","status":"publish","type":"post","link":"https:\/\/market-monitor.staginghub.net\/ro\/2024\/11\/25\/sectiunea-de-educatie-marjele-de-profit\/","title":{"rendered":"SECTIUNEA DE EDUCATIE: MARJELE DE PROFIT"},"content":{"rendered":"\n<p>ANALIZA FUNDAMENTALA<\/p>\n\n\n\n<p>Articol publicat in nr. 14 al Newsletter-ului din data de 25 noiembrie 2024.<\/p>\n\n\n\n<p>Unul din criteriile esentiale atunci cand hotaram sa investim \u00eentr-o companie este ca ea s\u0103 fie profitabil\u0103. \u00cens\u0103 exista mai multe tipuri de profit pe care o companie \u00eel poate prezenta \u00een situa\u021biile financiare : profit brut, profit operational, profit net.<\/p>\n\n\n\n<p>\u00cen func\u021bie de tipul de profit, anumi\u021bi indicatori sun calcula\u021bi pentru a evalua o companie. Vom analiza \u00een continuare ace\u0219ti indicatori numi\u021bi marjele de profit.<\/p>\n\n\n\n<p><strong>1.<\/strong><strong>&nbsp; &nbsp; &nbsp; <\/strong><strong>Marja de profit brut sau marja brut\u0103 (gross margin)<\/strong><\/p>\n\n\n\n<p>Formula de calcul pentru marja bruta este urm\u0103toarea :<\/p>\n\n\n\n<p><strong>Marja bruta = (Venituri \u2013 costul bunurilor vandute) \/ Venituri<\/strong><\/p>\n\n\n\n<p>Pentru a exemplifica modul de calcul, am luat ca exemplu compania NVIDIA (simbol NVDA) si vom calcula pentru aceasta companie marja bruta.&nbsp;<\/p>\n\n\n\n<p>Pentru calcul avem nevoie de valorile de mai sus pentru ultimele 12 luni (TTM = trailing twelve months) pe care \u00eei putem ob\u021bine deja calculati pe site-ul Yahoo finance (cifrele sunt exprimate \u00een mii USD) :<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"530\" height=\"145\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_1.png\" alt=\"\" class=\"wp-image-1428\" style=\"width:627px;height:auto\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_1.png 530w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_1-300x82.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_1-150x41.png 150w\" sizes=\"(max-width: 530px) 100vw, 530px\" \/><\/figure>\n\n\n\n<p>Sursa: Yahoo finance (<a href=\"https:\/\/finance.yahoo.com\/quote\/NVDA\/financials\/\">NVIDIA Corporation (NVDA) Income Statement &#8211; Yahoo Finance<\/a>)<\/p>\n\n\n\n<p>Astfel, marja bruta =(96.307.000* \u2013 23.137.000*)\/ 96.307.000*= 73.170.000\/ 96.307.000= 0,7598<\/p>\n\n\n\n<p><em>*Cifrele sunt exprimate \u00een mii de dolari americani insa putem simplifica fractia cu 1.000 \u0219i atunci nu este nevoie sa mai adaugam 000.<\/em><\/p>\n\n\n\n<p>Marja bruta se exprim\u0103 \u00een procente \u0219i anume 75,98%.<\/p>\n\n\n\n<p><strong>2.<\/strong><strong>&nbsp; &nbsp; &nbsp; <\/strong><strong>Marja de profit operational sau marja opera\u021bional\u0103 (operating margin)<\/strong><\/p>\n\n\n\n<p>Formula de calcul pentru marja opera\u021bional\u0103 este urm\u0103toarea:<\/p>\n\n\n\n<p><strong>Marja opera\u021bional\u0103 = Profit opera\u021bional \/ Venituri<\/strong><\/p>\n\n\n\n<p>Pentru a calcula marja opera\u021bional\u0103 pentru compania NVIDIA avem nevoie de urm\u0103toarele valori din situa\u021biile financiare pe care le-am marcat \u00een chenar ro\u0219u mai jos:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"531\" height=\"216\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_2.png\" alt=\"\" class=\"wp-image-1431\" style=\"width:671px;height:auto\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_2.png 531w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_2-300x122.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_2-150x61.png 150w\" sizes=\"(max-width: 531px) 100vw, 531px\" \/><\/figure>\n\n\n\n<p>Sursa: Yahoo finance (<a href=\"https:\/\/finance.yahoo.com\/quote\/NVDA\/financials\/\">NVIDIA Corporation (NVDA) Income Statement &#8211; Yahoo Finance<\/a>)<\/p>\n\n\n\n<p>Marja operationala = 59.582.000\/ 96.307.000 = 0,6187<\/p>\n\n\n\n<p>Marja opera\u021bional\u0103 obtinuta pentru compania NVIDIA pentru ultimele 12 luni este de 61,87%.<\/p>\n\n\n\n<p><strong>3.<\/strong><strong>&nbsp; &nbsp; &nbsp; <\/strong><strong>Marja de profit net sau marja neta (net margin)<\/strong><\/p>\n\n\n\n<p>Formula de calcul pentru marja neta este urm\u0103toarea:<\/p>\n\n\n\n<p><strong>Marja neta = Profit net \/ Venituri<\/strong><\/p>\n\n\n\n<p>Pentru calculul marjei nete pentru compania NVIDIA avem nevoie de profitul net \u0219i de venituri pe care le-am marcat \u00een chenar ro\u0219u mai jos :&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"526\" height=\"417\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_3.png\" alt=\"\" class=\"wp-image-1433\" style=\"width:605px;height:auto\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_3.png 526w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_3-300x238.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_3-150x119.png 150w\" sizes=\"(max-width: 526px) 100vw, 526px\" \/><\/figure>\n\n\n\n<p>Sursa: Yahoo finance (<a href=\"https:\/\/finance.yahoo.com\/quote\/NVDA\/financials\/\">NVIDIA Corporation (NVDA) Income Statement &#8211; Yahoo Finance<\/a>)<\/p>\n\n\n\n<p>Marja neta = 53.008.000\/ 96.307.000 = 0,5504<\/p>\n\n\n\n<p>Astfel, marja neta obtinuta pentru compania NVIDIA pentru ultimele 12 luni este de 55,04%.<\/p>\n\n\n\n<p>\u00cen afara de calculul acestor indicatori, este necesar sa comparam compania si cu competitorii ei din sectorul respectiv.<\/p>\n\n\n\n<p>Am selectat mai jos top 10 companii din sectorul Tehnologie \u2013 industria Semiconductori \u0219i le-am ordonat descresc\u0103tor, dup\u0103 capitalizare:&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1002\" height=\"237\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_4.png\" alt=\"\" class=\"wp-image-1435\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_4.png 1002w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_4-300x71.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_4-768x182.png 768w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_4-150x35.png 150w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_4-696x165.png 696w\" sizes=\"(max-width: 1002px) 100vw, 1002px\" \/><\/figure>\n\n\n\n<p>Sursa: Finviz<\/p>\n\n\n\n<p>Putem observa imediat ca NVIDIA este compania cu marjele cele mai ridicate din acest sector fapt care confirm\u0103 cererea mare pentru aceasta companie.<\/p>\n\n\n\n<p>&nbsp;De asemenea, o cale rapid\u0103 de a compara \u00een timp evolutia veniturilor, a profitului net \u0219i a marjelor de profit net este folosind platforma Tradingview. Aici g\u0103sim grafice anuale \u0219i trimestriale pentru ace\u0219ti indicatori:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"348\" height=\"236\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_5.png\" alt=\"\" class=\"wp-image-1437\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_5.png 348w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_5-300x203.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_5-150x102.png 150w\" sizes=\"(max-width: 348px) 100vw, 348px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"354\" height=\"229\" src=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_6.png\" alt=\"\" class=\"wp-image-1439\" srcset=\"https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_6.png 354w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_6-300x194.png 300w, https:\/\/market-monitor.staginghub.net\/wp-content\/uploads\/2024\/11\/Analiza_6-150x97.png 150w\" sizes=\"(max-width: 354px) 100vw, 354px\" \/><\/figure>\n\n\n\n<p>Sursa graficelor: Tradingview<\/p>\n\n\n\n<p>Observam din aceste grafice cre\u0219terea veniturilor \u0219i a profitului din ultimele 4 trimestre. De fapt marja profitului net <strong>nu a coborat sub 55% \u00een ultimele 4 trimestre, ceea ce arat\u0103 ca ne putem a\u0219tepta la o marja anuala pentru 2024 in jurul aceleia\u0219i valori, <\/strong>in cre\u0219tere fa\u021b\u0103 de 2023 cand s-a situat la valoarea de 48,85%.<\/p>\n\n\n\n<p><strong>Concluzie : marjele de profit sunt un indicator important \u00een analiza profitabilitatii unei companii. Ele trebuiesc \u00eens\u0103 analizate \u00een timp precum \u0219i \u00een compara\u021bie cu ceilal\u021bi competitori din aceea\u0219i industrie. De asemenea, trebuie avut \u00een vedere c\u0103 venitul, profitul \u0219i implicit marjele de profit pot fi ciclice pentru unele sectoare.<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ANALIZA FUNDAMENTALA Articol publicat in nr. 14 al Newsletter-ului din data de 25 noiembrie 2024. Unul din criteriile esentiale atunci cand hotaram sa investim \u00eentr-o companie este ca ea s\u0103 fie profitabil\u0103. \u00cens\u0103 exista mai multe tipuri de profit pe care o companie \u00eel poate prezenta \u00een situa\u021biile financiare : profit brut, profit operational, profit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[72],"tags":[89,94,90,92,87,91,93],"class_list":{"0":"post-1425","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-educatie-ro","8":"tag-gross-margin","9":"tag-marja-bruta","10":"tag-marja-neta","11":"tag-marja-operationala-ro","12":"tag-marje-de-profit","13":"tag-net-margin","14":"tag-operating-margin-ro"},"acf":[],"_links":{"self":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1425"}],"collection":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/comments?post=1425"}],"version-history":[{"count":5,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1425\/revisions"}],"predecessor-version":[{"id":1442,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/posts\/1425\/revisions\/1442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media\/1480"}],"wp:attachment":[{"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/media?parent=1425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/categories?post=1425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/market-monitor.staginghub.net\/ro\/wp-json\/wp\/v2\/tags?post=1425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}