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English to German translations [PRO]
Bus/Financial - Investment / Securities / Asset management | | English term or phrase: bond yield to forward earnings yield ratio | This comes up in the quarterly report of an asset management company; I've tentatively translated this bit as: das Verhältnis von Anleiherendite zu prognostizierter Gewinnrendite.
"Many analysts argue that while equities still look a little expensive using absolute valuation indicators such as the price earnings ratio, relative valuation indicators are favourable. One such measure that is often wheeled out is the ***bond yield to forward earnings yield ratio***, a comparison of the current government bond yield with the earning yield in one or two years time. We have serious problems with this measure. First, as economists as a group have been notoriously poor at predicating economic growth rates one year ahead how can we have confidence in earnings forecasts which are driven by economic growth predictions? Second, and more fundamentally, if analysts use forward earnings in their valuation ratios then they should also use forward bond yield estimates. Bond yields have moved down as growth expectations have fallen. If economic activity and profits do rebound then it would be a safe bet that bond yields would rise. Finally, it is debatable whether the zero risk government bond is the appropriate benchmark for high risk equities anyway. It can be argued that a typical BAA corporate bond should be used instead of the government bond. Using the corporate bond in the earnings yield ratio makes equities look much more expensive."
Please only answers from people with relevant experience - thank you! |
| | | Selected response from:
  Andy Lemminger
Canada
Local time: 00:09
| Grading comment Das hilft in der Tat - danke an alle!
4 KudoZ points were awarded for this answer |
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| Discussion entries: 0 |
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Automatic update in 00:
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59 mins confidence:  Verhältnis der Rendite von Staatsanleihen zur künftigen Anleiherendite
Explanation:
Es handelt sich hier wohl um das Verhältnis der Rendite von Staatsanleihen (die ja fixiert ist) zur Rendite sonstiger Anleihen (Industrieanleihen usw). Die Staatsanleihe wird in jedem Fall mit 100% Zins/Tilgung bedient (Operettenstaaten ausgenommen), während Industrieanleihen doch stark vom Markt abhängig sind (was ist eine ENRON-Anleihe heute wert? was war sie vor 2 Jahren wert)
| Hans G. Liepert
Switzerland
Local time: 08:09
Specializes in field
Native speaker of:  German
PRO pts in category: 908
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| | | Login to enter a peer comment (or grade) |
1 hr confidence:  peer agreement (net): +4 Verhältnis zwischen Anleiherendite und zukünftiger Gewinnrendite
Explanation:
Hoffe, das hilft. Statt "zukünftiger" könnte man auch "prognostizierter" verwenden
| Andy Lemminger
Canada
Local time: 00:09
Specializes in field
Native speaker of: German
PRO pts in category: 80
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| | Grading comment | Das hilft in der Tat - danke an alle! |
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The translation workplace 
