五種主流公司估值模型Valuation-model

上傳人：1*** IP屬地：廣東上傳時間：2023-07-17 格式：XLS 頁數：138 大小：495.50KB 積分：15 舉報 版權申訴

已閱讀5頁，還剩133頁未讀，繼續(xù)免費閱讀

版權說明：本文檔由用戶提供并上傳，收益歸屬內容提供方，若內容存在侵權，請進行舉報或認領

文檔簡介

,一般情景預測,,,,,,,,

,公司名稱,華星化工,代碼,002018,,,,,

,,,,,,,,,,

,分析日期,2006/04/18,流通A股,"2,000.00",流通B股,0.00,流通H股,0.00,

,總股本,"6,500.00",A股股價,7.17,B股股價,0.00,H股股價,0.00,

,,,,,,,,,,

,Word模板指標輸出,2004A,2005A,2006E,2007E,2008E,,,

,主營收入（萬元）,"25,110.00","35,524.00","48,675.93","67,905.18","74,220.52",,,

,主營收入增長率,24.39%,41.47%,37.02%,39.50%,9.30%,,,

,EBITDA（萬元）,"4,027.00","4,577.00","8,108.46","13,348.07","17,156.30",,,

,EBITDA增長率,15.95%,13.66%,77.16%,64.62%,28.53%,,,

,凈利潤（萬元）,"2,147.00","2,371.00","3,522.90","6,606.93","9,175.16",,,

,凈利潤增長率,0.56%,10.43%,48.58%,87.54%,38.87%,,,

,ROE,8.28%,8.68%,11.67%,18.59%,21.35%,,,

,EPS（元）,0.330,0.365,0.542,1.016,1.412,,,

,P/E,21.71,19.66,13.23,7.05,5.08,,,

,P/B,1.80,1.71,1.54,1.31,1.08,,,

,EV/EBITDA,9.17,11.03,6.94,3.88,2.45,,,

,,,,,,,,,,

,估值結果匯總,,,,,,,,

,估值方法,估值結果,估值區(qū)間,,,敏感度分析區(qū)間,,,

,FCFF,20.64,17.08,－,23.62,貼現率±1%，長期增長率±1%,,,6.54

,FCFE,16.38,14.90,－,19.09,貼現率±1%，長期增長率±1%,,,4.19

,DDM,2.86,2.63,－,3.29,貼現率±1%，長期增長率±1%,,,0.66

,APV,17.99,14.90,－,20.13,貼現率±1%，長期增長率±1%,,,5.23

,AE,10.10,9.65,－,10.94,貼現率±1%，長期增長率±1%,,,1.29

,EVA,16.33,14.21,－,18.10,貼現率±1%，長期增長率±1%,,,3.89

,,,,,,,,,,

,,2003,2004,2005,2006E,2007E,2008E,,

,EBIT,"3,473.00","3,448.00","3,732.00","6,051.67","10,826.01","14,371.60",,

,EBITDA,"3,473.00","4,027.00","4,577.00","8,108.46","13,348.07","17,156.30",,

,所得稅率,32.01%,33.84%,31.63%,32.73%,32.73%,32.73%,,

,NOPLAT,"2,361.42","2,281.31","2,551.49","4,070.69","7,282.18","9,667.15",,

,IC,"9,162.00","16,252.00","31,033.00","39,678.80","40,557.76","38,271.86",,

,Ve,"32,265.00","46,605.00","46,605.00","46,605.00","46,605.00","46,605.00",,

,Vd,"2,700.00","4,670.00","11,771.00","20,489.52","20,294.54","11,977.94",,

,WACC,11.55%,11.43%,10.50%,9.63%,9.65%,10.48%,,

,EV,"32,649.00","36,937.00","50,467.00","56,257.40","51,781.25","42,058.62",,

,,,,,,,,,,

,業(yè)績表現,2003,2004,2005,2006E,2007E,2008E,,

,收入增長率,,24.39%,41.47%,37.02%,39.50%,9.30%,,

,凈利潤增長率,,0.56%,10.43%,48.58%,87.54%,38.87%,,

,EBITDA增長率,,15.95%,13.66%,77.16%,64.62%,28.53%,,

,EBIT增長率,,-0.72%,8.24%,62.16%,78.89%,32.75%,,

,主營業(yè)務利潤率,31.41%,25.80%,22.22%,24.26%,27.80%,31.16%,,

,EBITDAMargin(%),,11.25%,5.28%,26.85%,27.25%,60.30%,,

,ROE,24.32%,8.28%,8.68%,11.67%,18.59%,21.35%,,

,ROIC,25.77%,14.04%,8.22%,10.26%,17.96%,25.26%,,

,ROIC－WACC,14.22%,2.60%,-2.28%,0.63%,8.31%,14.78%,,

,,,,,,,,,,

,價值比率,2003,2004,2005,2006E,2007E,2008E,,

,P/E,15.11,21.71,19.66,13.23,7.05,5.08,,

,EV/收入,1.62,1.47,1.42,1.16,0.76,0.57,,

,EV/EBITDA,9.40,9.17,11.03,6.94,3.88,2.45,,

,EV/EBIT,9.40,10.71,13.52,9.30,4.78,2.93,,

,EV/NOPLAT,13.83,16.19,19.78,13.82,7.11,4.35,,

,EV/IC,3.56,2.27,1.63,1.42,1.28,1.10,,

,P/B,3.68,1.80,1.71,1.54,1.31,1.08,,

,DividendYield(%),1.16%,0.48%,1.39%,1.43%,2.69%,3.73%,,

,,,,,,,,,,

,每股指標,2003,2004,2005,2006E,2007E,2008E,,

,報表EPS,0.47,0.33,0.36,0.54,1.02,1.41,,

,經常性EPS,,,,,,,,

,每股紅利,0.08,0.03,0.10,0.10,0.19,0.27,,

,每股經營現金流,,,,1.26,1.18,2.02,,

,每股凈資產,1.95,3.99,4.20,4.64,5.47,6.61,,

,,,,,,,,,,

,流動性,2003,2004,2005,2006E,2007E,2008E,,

,凈負債/權益,0.04,-0.37,0.14,0.32,0.15,-0.11,,

,總負債/總資產,49.22%,35.22%,51.02%,60.58%,59.70%,52.61%,,

,流動比率,1.10,2.27,1.10,0.91,1.08,1.32,,

,速動比率,0.57,1.49,0.60,0.48,0.59,0.75,,

,,,,,,,,,,

,輸出到Word模板中的三張表（輸出2004-2008年）,,,,,,,,

,,,,,,,,,,

,利潤表（萬元）,2004,2005,2006E,增長率%,2007E,增長率%,2008E,增長率%

,主營業(yè)務收入,"25,110.00","35,524.00","48,675.93",37.02%,"67,905.18",39.50%,"74,220.52",9.30%

,主營業(yè)務利潤,"6,468.00","7,873.00","11,785.61",49.70%,"18,844.87",59.90%,"23,090.88",22.53%

,其他業(yè)務利潤,55.00,-49.00,50.00,N/A,50.00,0.00%,100.00,100.00%

,營業(yè)費用,"1,929.00","2,596.00","3,648.24",40.53%,"5,089.47",39.50%,"5,562.80",9.30%

,管理費用,"1,146.00","1,496.00","2,135.69",42.76%,"2,979.39",39.50%,"3,256.48",9.30%

,財務費用,197.00,221.00,784.38,254.92%,973.86,24.16%,701.41,-27.98%

,營業(yè)利潤,"3,251.00","3,511.00","5,267.29",50.02%,"9,852.14",87.04%,"13,670.19",38.75%

,投資收益,0.00,0.00,0.00,N/A,0.00,N/A,0.00,N/A

,利潤總額,"3,245.00","3,468.00","5,237.29",51.02%,"9,822.14",87.54%,"13,640.19",38.87%

,凈利潤,"2,147.00","2,371.00","3,522.90",48.58%,"6,606.93",87.54%,"9,175.16",38.87%

,NOPLAT,"2,281.31","2,551.49","4,070.69",59.54%,"7,282.18",78.89%,"9,667.15",32.75%

,,,,,,,,,,

,資產負債表（萬元）,2004,2005,2206E,增長率%,2007E,增長率%,2008E,增長率%

,流動資產,"26,134.00","25,839.00","35,559.58",37.62%,"48,826.27",37.31%,"53,237.09",9.03%

,貨幣資金,"14,338.00","7,909.00","10,837.12",37.02%,"15,118.29",39.50%,"16,524.32",9.30%

,短期投資,0.00,0.00,0.00,N/A,0.00,N/A,0.00,N/A

,應收帳款,"1,730.00","4,047.00","4,449.46",9.94%,"6,996.67",57.25%,"7,647.37",9.30%

,其他應收款,233.00,413.00,565.90,37.02%,565.90,0.00%,862.88,52.48%

,存貨,"8,949.00","11,801.00","16,726.45",41.74%,"22,243.71",32.99%,"23,181.12",4.21%

,長期投資,0.00,0.00,151.00,N/A,151.00,0.00%,151.00,0.00%

,固定資產,"12,883.00","29,587.00","40,051.21",35.37%,"38,550.14",-3.75%,"36,786.44",-4.58%

,無形資產,996.00,210.00,189.00,-10.00%,168.00,-11.11%,147.00,-12.50%

,總資產,"40,013.00","55,787.00","76,559.78",37.24%,"88,177.41",15.17%,"90,676.53",2.83%

,無息負債,"9,030.00","15,644.00","23,892.86",52.73%,"30,350.36",27.03%,"33,729.35",11.13%

,有息負債,"4,670.00","11,771.00","20,489.52",74.07%,"20,294.54",-0.95%,"11,977.94",-40.98%

,少數股東權益,0.00,0.00,0.00,N/A,0.00,N/A,0.00,N/A

,股東權益,"25,920.00","27,322.00","30,177.41",10.45%,"35,532.51",17.75%,"42,969.24",20.93%

,凈營運資本,"14,604.00","2,424.00","-3,322.80",N/A,"3,681.37",N/A,"13,029.80",253.94%

,投入資本IC,"16,252.00","31,033.00","39,678.80",27.86%,"40,557.76",2.22%,"38,271.86",-5.64%

,,,,,,,,,,

,現金流量表（萬元）,2004,2005,2006E,增長率%,2007E,增長率%,2008E,增長率%

,凈利潤,"2,147.00","2,371.00","3,522.90",48.58%,"6,606.93",87.54%,"9,175.16",38.87%

,折舊攤銷,579.00,845.00,"2,056.79",143.41%,"2,522.06",22.62%,"2,784.70",10.41%

,凈營運資金增加,"13,925.00","-12,180.00","-5,746.80",N/A,"7,004.17",N/A,"9,348.43",33.47%

,經營活動產生現金流,"1,372.00","4,894.00","8,161.47",66.76%,"7,701.83",-5.63%,"13,162.47",70.90%

,投資活動產生現金流,"-3,986.00","-1,156.00","-12,500.00",N/A,"-1,000.00",N/A,"-1,000.00",N/A

,融資活動產生現金流,"4,458.00","-4,756.00","7,266.65",N/A,"-2,420.67",N/A,"-10,756.44",N/A

,現金凈增（減）,"1,844.00","-1,018.00","2,928.12",N/A,"4,281.17",46.21%,"1,406.03",-67.16%

,,,,,,,,,,

,指標說明：,,,,,,,,

EV=股權價值+債權價值—現金,,,,,,,,

EBITDA＝EBIT＋折舊＋攤銷,,,,,,,,

,EBIT＝營業(yè)利潤＋財務費用,,,,,,,,

,NOPLAT＝EBIT×（1－所得稅率）＝EBIT－所得稅（只考慮核心業(yè)務，扣除非經常性損益）,,,,,,,,

,IC（investedcapital）＝股東權益＋長期借款＋短期借款＋應付債券＋少數股東權益－現金－短期投資－長期投資,,,,,,,,

,ROIC＝NOPLAT/IC×100％,,,,,,,,

,OPFCF＝EBITDA－稅收－凈資本性支出－營運資本的增加,,,,,,,,

,WACC＝[(Ke×Ve)＋（Kd×Vd）]/(Ve＋Vd),,,,,,,,

,Kd＝債務成本＝平均債務利率（1－稅率）＝（短期借款×短期借款利率＋長期借款×長期借款利率＋長期應付債券×長期應付債券利率）/（長期借款＋長期應付債券）×（1－所得稅率）,,,,,,,,

,Ve＝股本價值＝股價×總股本（H股、B股按各自股價×匯率轉換為人民幣計算，非流通股按A股計算）,,,,,,,,

,Vd＝債務價值＝短期借款＋長期借款＋應付債券,,,,,,,,

,Ke＝Rf+β(Rm－Rf),,,,,,,,

,營運資本＝流動資產－流動負債,,,,,,,,

,公司自由現金流FCFF＝EBIT×（1-所得稅率）＋折舊－資本支出－非現金性流動資本變化,,,,,,,,

,股權資本自由現金流FCFE＝稅前利潤×（1-所得稅率）＋折舊－資本支出－非現金性流動資本變化＋新增債務－債務償還,,,,,,,,

,,,,,,,,,,

人人文庫> 全部分類> 應用文書 > 辦公表格

溫馨提示

1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請聯(lián)系上傳者。文件的所有權益歸上傳用戶所有。
3. 本站RAR壓縮包中若帶圖紙，網頁內容里面會有圖紙預覽，若沒有圖紙預覽就沒有圖紙。
4. 未經權益所有人同意不得將文件中的內容挪作商業(yè)或盈利用途。
5. 人人文庫網僅提供信息存儲空間，僅對用戶上傳內容的表現方式做保護處理，對用戶上傳分享的文檔內容本身不做任何修改或編輯，并不能對任何下載內容負責。
6. 下載文件中如有侵權或不適當內容，請與我們聯(lián)系，我們立即糾正。
7. 本站不保證下載資源的準確性、安全性和完整性, 同時也不承擔用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。

老太爷的乳妓h开裆裤,久久久久久精品国产三级非禁歌 ,久久久久久久99精品国产片,免费观看交性大片

五種主流公司估值模型Valuation-model

文檔簡介

溫馨提示

最新文檔

評論

老太爷的乳妓h开裆裤,久久久久久精品国产三级非禁歌 ,久久久久久久99精品国产片,免费观看交性大片

五種主流公司估值模型Valuation-model

文檔簡介

溫馨提示

最新文檔

評論

相關文檔