<p>StepStone Group (STEP) 已被纳入多个罗素价值指数，这是一个技术性事件，可能会重塑短期交易，因为指数基金会调整持仓，被动资本也会向该股票转移。</p>
<p>查看我们对 StepStone Group 的最新分析。</p>
<p>在每股价格为 42.88 美元的情况下，StepStone Group 的短期交易变得波动不定，1 天的股价回报下滑 2.43%，而 90 天的股价回报下降 11.66%。相比之下，3 年的总股东回报为 91.46%，反映出更强的长期前景，并暗示当前的指数驱动流动可能比基础所有权结果更能重塑短期风险感知。</p>
<p>如果罗素指数的变动让你思考资本还在向哪里转移，现在是扩大搜索范围、查看 19 家顶级创始人领导公司的好时机。</p>
<p>StepStone Group 目前处于指数驱动需求、近期回报疲软和年初至今水平急剧回撤的交汇点。这种组合是否仍然在估值上提供了有利的入场点？</p>
<h2>偏好的市销率为 1.7 倍：这合理吗？</h2>
<p>对于 StepStone Group，今天的关键参考点是其市销率为 1.7 倍，远低于行业同行，但高于其自身的合理比率估计。</p>
<p>市销率将公司的市场价值与其收入进行比较。在 1.7 倍的情况下，投资者目前为 StepStone Group 每年 1 美元的收入支付 1.70 美元。对于一家年收入为 19.936 亿美元但报告净亏损为 5.3581 亿美元的多元化私募市场平台，当盈利不是可靠的指导时，基于收入的估值通常被使用。</p>
<p>与美国资本市场行业平均市销率 3.7 倍和同行平均 4.3 倍相比，StepStone Group 的交易折扣很大。这表明市场对其每美元销售额的估值低于类似公司的估值。然而，估计的合理市销率为 0.9 倍，这表明根据 Simply Wall St 的回归分析，市场可能仍在给予比其基本面所暗示的水平更高的倍数，基本面包括年收入下降 4.71%、过去 5 年亏损状况加重，以及 1 年回报低于更广泛的美国市场和资本市场行业。</p>
<p>在这些参考点的对比下，当前的 1.7 倍与 0.9 倍的合理比率之间的差距形成了明显的估值张力。价格低于同行，但高于合理比率所指向的潜在均衡水平。探索 StepStone Group 的 SWS 合理比率。</p>
<p><strong>结果：市销率为 1.7 倍（高估）</strong></p>
<p>然而，StepStone Group 最近 1 年总回报下降 23.76% 和年收入收缩 4.71% 可能会挑战任何快速情绪重置的理由。</p>
<p>了解 StepStone Group 叙述中的关键风险。</p>
<h2>下一步</h2>
<p>如果对 StepStone Group 的积极因素和担忧的平衡仍然感到不确定，可以利用可用数据快速进行压力测试，通过查看其 2 个重要警告信号来验证自己的观点。</p>
<h2>寻找更多投资想法，超越 StepStone Group？</h2>
<p>一旦你对 StepStone Group 有了看法，不要止步于此。通过其他聚焦筛选扩大你的观察名单，可以发现你可能会错过的机会。</p>
<ul>
<li>通过检查在稳健资产负债表和基本面股票筛选器中突出显示的公司，锁定稳健的资产负债表（47 个结果）。</li>
<li>通过查看 45 只高质量被低估股票，寻找潜在的价值机会。</li>
<li>通过包含 18 只高质量未被发现的宝藏的筛选器，发现鲜为人知的机会。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<h3><strong>新功能：在一个地方管理所有股票投资组合</strong></h3>
<p>我们为股票投资者创建了 <strong>终极投资组合伴侣</strong>，<strong>而且是免费的。</strong></p>
<p>• 连接无限数量的投资组合，并以一种货币查看你的总额</p>
<p>• 通过电子邮件或手机接收新的警告信号或风险提示</p>
<p>• 跟踪你股票的合理价值</p>
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STEP

<p>StepStone Group (STEP) 被纳入罗素价值指数，导致近期价格下跌引发短期交易波动。尽管与行业同行相比存在较大折扣（市销率 1.7 倍 vs 行业平均 3.7 倍），Simply Wall St 将该股票评为高估，基于合理的市销率为 0.9 倍。这种估值紧张源于收入收缩和亏损加剧，表明当前价格可能未能反映基本面，尽管长期股东回报仍然存在</p>

<p>StepStone Group (STEP) has been added to several Russell value indexes, a technical event that can reshape short term trading as index funds adjust holdings and passive capital shifts toward the stock.</p>
<div class="lb-trans"><p>StepStone Group (STEP) 已被纳入多个罗素价值指数，这是一个技术性事件，可能会重塑短期交易，因为指数基金会调整持仓，被动资本也会向该股票转移。</p>
</div><p>See our latest analysis for StepStone Group.</p>
<div class="lb-trans"><p>查看我们对 StepStone Group 的最新分析。</p>
</div><p>At a share price of US$42.88, StepStone Group has seen short term trading turn choppy, with the 1 day share price return slipping 2.43% and the 90 day share price return down 11.66%. In contrast, the 3 year total shareholder return of 91.46% reflects a much stronger longer term picture and suggests that current index driven flows may be reshaping near term risk perception more than underlying ownership outcomes.</p>
<div class="lb-trans"><p>在每股价格为 42.88 美元的情况下，StepStone Group 的短期交易变得波动不定，1 天的股价回报下滑 2.43%，而 90 天的股价回报下降 11.66%。相比之下，3 年的总股东回报为 91.46%，反映出更强的长期前景，并暗示当前的指数驱动流动可能比基础所有权结果更能重塑短期风险感知。</p>
</div><p>If the Russell index moves have you thinking about where else capital is rotating, this is a good moment to broaden your search and check out 19 top founder-led companies</p>
<div class="lb-trans"><p>如果罗素指数的变动让你思考资本还在向哪里转移，现在是扩大搜索范围、查看 19 家顶级创始人领导公司的好时机。</p>
</div><p>StepStone Group now sits at the crossroads of index driven demand, weak recent returns and a sharp pullback from its year to date level. Does that mix still offer a favourable entry point on valuation grounds?</p>
<div class="lb-trans"><p>StepStone Group 目前处于指数驱动需求、近期回报疲软和年初至今水平急剧回撤的交汇点。这种组合是否仍然在估值上提供了有利的入场点？</p>
</div><h2>Preferred Price-to-Sales of 1.7x: Is it justified?</h2>
<div class="lb-trans"><h2>偏好的市销率为 1.7 倍：这合理吗？</h2>
</div><p>For StepStone Group, the key reference point today is its P/S ratio of 1.7x, which sits well below sector peers yet above its own fair ratio estimate.</p>
<div class="lb-trans"><p>对于 StepStone Group，今天的关键参考点是其市销率为 1.7 倍，远低于行业同行，但高于其自身的合理比率估计。</p>
</div><p>The P/S ratio compares the company’s market value to its revenue. At 1.7x, investors are currently paying $1.70 for each $1 of StepStone Group’s annual revenue. For a diversified private markets platform generating US$1,993.60m of revenue but reporting a net loss of US$535.81m, revenue-based valuation is often used when earnings are not a reliable guide.</p>
<div class="lb-trans"><p>市销率将公司的市场价值与其收入进行比较。在 1.7 倍的情况下，投资者目前为 StepStone Group 每年 1 美元的收入支付 1.70 美元。对于一家年收入为 19.936 亿美元但报告净亏损为 5.3581 亿美元的多元化私募市场平台，当盈利不是可靠的指导时，基于收入的估值通常被使用。</p>
</div><p>Compared to the US Capital Markets industry average P/S of 3.7x and a peer average of 4.3x, StepStone Group trades at a steep discount. This indicates the market is assigning a lower value to each dollar of its sales than to those of similar companies. However, the estimated fair P/S ratio of 0.9x suggests that, based on Simply Wall St’s regression analysis, the market could still be assigning a richer multiple than the level implied by its fundamentals, which include an annual revenue decline of 4.71%, a growing loss profile over the past 5 years, and weaker 1 year returns than both the wider US market and the Capital Markets industry.</p>
<div class="lb-trans"><p>与美国资本市场行业平均市销率 3.7 倍和同行平均 4.3 倍相比，StepStone Group 的交易折扣很大。这表明市场对其每美元销售额的估值低于类似公司的估值。然而，估计的合理市销率为 0.9 倍，这表明根据 Simply Wall St 的回归分析，市场可能仍在给予比其基本面所暗示的水平更高的倍数，基本面包括年收入下降 4.71%、过去 5 年亏损状况加重，以及 1 年回报低于更广泛的美国市场和资本市场行业。</p>
</div><p>Set against these reference points, the gap between the current 1.7x and the 0.9x fair ratio forms a clear valuation tension. The price is below peers but above the level the fair ratio points to as a potential equilibrium. Explore the SWS fair ratio for StepStone Group</p>
<div class="lb-trans"><p>在这些参考点的对比下，当前的 1.7 倍与 0.9 倍的合理比率之间的差距形成了明显的估值张力。价格低于同行，但高于合理比率所指向的潜在均衡水平。探索 StepStone Group 的 SWS 合理比率。</p>
</div><p><strong>Result: Price-to-Sales of 1.7x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：市销率为 1.7 倍（高估）</strong></p>
</div><p>However, StepStone Group’s recent 1 year total return decline of 23.76% and annual revenue contraction of 4.71% could challenge any case for a quick sentiment reset.</p>
<div class="lb-trans"><p>然而，StepStone Group 最近 1 年总回报下降 23.76% 和年收入收缩 4.71% 可能会挑战任何快速情绪重置的理由。</p>
</div><p>Find out about the key risks to this StepStone Group narrative.</p>
<div class="lb-trans"><p>了解 StepStone Group 叙述中的关键风险。</p>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>If the balance of positives and concerns around StepStone Group still feels uncertain, you can use the available figures to stress test your own view quickly by reviewing its 2 important warning signs</p>
<div class="lb-trans"><p>如果对 StepStone Group 的积极因素和担忧的平衡仍然感到不确定，可以利用可用数据快速进行压力测试，通过查看其 2 个重要警告信号来验证自己的观点。</p>
</div><h2>Looking for more investment ideas beyond StepStone Group?</h2>
<div class="lb-trans"><h2>寻找更多投资想法，超越 StepStone Group？</h2>
</div><p>Once you have a view on StepStone Group, do not stop there. Broadening your watchlist with other focused screens can reveal opportunities you would otherwise miss.</p>
<div class="lb-trans"><p>一旦你对 StepStone Group 有了看法，不要止步于此。通过其他聚焦筛选扩大你的观察名单，可以发现你可能会错过的机会。</p>
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<div class="lb-trans"><ul>
<li>通过检查在稳健资产负债表和基本面股票筛选器中突出显示的公司，锁定稳健的资产负债表（47 个结果）。</li>
<li>通过查看 45 只高质量被低估股票，寻找潜在的价值机会。</li>
<li>通过包含 18 只高质量未被发现的宝藏的筛选器，发现鲜为人知的机会。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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<div class="lb-trans"><h3><strong>新功能：在一个地方管理所有股票投资组合</strong></h3>
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StepStone Group (STEP) 在被纳入罗素价值指数后是否具有投资价值？