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evaluate the value of a company???这样的论文应该怎么写啊
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症结你想怎么evaluate
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各种模型啊
dividend discount
free cash flow discount
residual income moel
earning multipler
还有 book value, market value之类的
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dividend valuation model, P/E ratio, earnings yield, discounted cash flow, net asset value, net realisable value, replacement cost
最合用的大略是discounted cash flow, DVM 和P/E ratio,不外各有各的优缺陷
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不外假如你写论文的话要斟酌到这些办法只是value tangible assets. human resources, intellectual property,goodwill那些都没融进去,假如是service industry后者可能价值比前者高得多.
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是evaluate公司的performance,会用到blance sheet 和income statement。 还有ROCI , DCF, NOPLAT, Economic profits,等还有一些,只是这么多,不知道思绪混乱,不知道重点究竟是甚么
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楼主能够查找一下你指标公司的target 而后再对比你所说的这些ratio,也就是实际performance与target之间的差距,进一步剖析一下致使差距的缘故;也能够用指标公司performance ratio 与行业均匀ratio、行业中当先公司的performance ratio做对比
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哦,假如是performance, 那就要看两个大框架,non-financial performance indicators& financial indicators.
non-financial反应胜利或者失败的缘故(好比customer complain rate, staff retention rate,innovation and learning).financial是胜利或失败的后果,得多人当初争执non-financial 比financial首要。
剖析non-financial的办法有balanced score card ( financial, customers, innovation and learning & internal 4部份), fitzgerald & moon 的3 building blocks.
financial ratio 也分4大块:profitablity ratio, liquidity ratio, capital & gearing 和 investors ratios.
Profitablity: Gross Profit Margin, Net Profit Margin, Turnover growth, ROCE, ROE
Liquidity: Receivables days, Payable days, inventory holding period, current
ratio, quick ratio
Capital & gearing: debt/equity ,Interest Cover, Dividend cover
Investors: Divident yield, EPS, PE ratio, DPS , TSR
这些ratio和3种数据对比:company’s target, industry norm 和 company itself ( compare to previous years)
你要是查下这些材料填充点内容确定过关:D
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假如根据这些去写,教师都不给过。。。这书就没法念了。。
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越说越胡涂了,都没用到教师上课讲的货色,教师上课讲了 WACC, NOPLAT,g, tax rate, DCF, FCF教师说好像要用到这些,次要是对比ROIC 和WACC,好像是这些
咱们的论文标题问题是Corporate Valuation: You are required to select a U.K company and either evaluate it or appraise the valuation given to it by a third party (e.g. acquirer).
You will have to select a U.K. based company you wish to use as the basis of your assignment. For the companies, you must show the relevant pages from their annual reports or the sources of information you use.、
我选的是evaluate公司,那我还要和其余公司对比么
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你以前不是提到performance了么!
假如你是写 evaluate valuation of a company, 就按3,4楼的model,假如你是写evaluate performance of a company, 就参照7,8楼的意见,首要的是你要明确你教师让你写甚么!
按你所诉,你的论文应该是写前者。
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我是打算写EVA,能够不成以
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应该是用多个model 剖析,最初看看最大值, 最小值。 EVA不是罕用的上市公司剖析形式。
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你就用教师教了的概念写,DCF是value equity的办法,WACC是weighted average cost of capital, 这也有4种概念, traditional view, M&M no tax, M&M with tax, peking theory. WACC用来discount NPV, 也能够用来算share price,最初也是用来mergers&aquisitions 用的。估量假如你只value performance你不太需求前两种办法。然而你说教的NOPLAT这些+ WACC +tax可能会要你剖析企业的capital structure. 好比debt 比equity 廉价,然而interest必需要按时给,equity贵,然而危险小,不必耽心dividend,给不给均可以; cost of capital会升高假如有debt替代全equity构造的 etc…又是一大堆能够写的。NOPLAT能够移走capital structure带来的影响,Less cost of capital =你说的economic value added. evaluate你也仍是要对比其余公司的ratios能力知道本人的情况。
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我曾经选好一个公司了, 假如仍是要和其余公司对比的话,那我怎么挑拣比较的公司呢。我能不克不及用我选好的公司,比较两年的value
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