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The PEG ratio is based on earnings and growth estimates, both of which can be misleading or hard to predict. However, like most sweeping metrics, it's directionally accurate and can be a great springboard for discovering growth companies. In the following video, Fool.com analyst Austin Smith explains the ins and outs of interpreting a PEG ratio and then zeroes in on a few companies' ratios for closer examination.

For instance, General Electric's(NYSE:GE)

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