id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
faba-4	Nenkov, Dimiter	Bulgarian SOFIX Levels in 2017 According to The “Price-to-Sales” and “Enterprise Value-to-Sales” Ratios	2019	20	.pdf	application/pdf	9368	326	54	It is more than clear that average market ratios of more than 1000 and average profit margins above 3000% are not normal, especially for mature companies. Table 4: Average fundamental P/S for SOFIX for 2017 (one-stage model) Pace of change of Net Margin (in %): 10% Pace of change of r (in %): 10% Values Values of Net Margin Of 6.5% 7.9% 9.2% 10.5% 11.8% 13.1% 14.4% 15.7% 17.0% 18.3% 19.6% r Р/S Р/S Р/S Р/S Р/S Р/S Р/S Р/S Р/S Р/S Р/S 6.1% 12.26 14.71 17.16 19.61 22.06 24.52 26.97 29.42 31.87 34.32 36.77 7.3% 1.95 2.34 2.73 3.12 3.51 3.90 4.29 4.68 5.07 5.47 5.86 8.6% 1.06 1.27 1.48 1.70 1.91 2.12 2.33 2.54 2.76 2.97 3.18 9.8% 0.73 0.87 1.02 1.16 1.31 1.46 1.60 1.75 1.89 2.04 2.18 11.0% 0.55 0.66 0.78 0.89 1.00 1.11 1.22 1.33 1.44 1.55 1.66 12.2% 0.45 0.54 0.63 0.72 0.81 0.89 0.98 1.07 1.16 1.25 1.34 13.5% 0.38 0.45 0.53 0.60 0.68 0.75 0.83 0.90 0.98 1.05 1.13 14.7% 0.32 0.39 0.45 0.52 0.58 0.65 0.71 0.77 0.84 0.90 0.97 15.9% 0.28 0.34 0.40 0.45 0.51 0.57 0.62 0.68 0.74 0.79 0.85 17.1% 0.25 0.30 0.35 0.40 0.45 0.51 0.56 0.61 0.66 0.71 0.76 18.4% 0.23 0.27 0.32 0.36 0.41 0.46 0.50 0.55 0.59 0.64 0.68 Source: Calculations of the author The values in the table also illustrate the high sensitivity of the fundamental P/S to the combination between net margin and r.	cache/faba-4.pdf	txt/faba-4.txt