1. Let’s look at the conclusion first
at a growth rate of 7.33%, a discount rate of 8.9%, and a valuation of 1084900 million. The current market value is 543300 million.
2. Calculation process
1. Company free cash flow (free cash flow, FCF)
is generated by the company and can be provided to the company's ownership claimants, including common shareholders, preferred shareholders and creditors. This article selects net profit margin as the base.
Don’t be superstitious about free cash flow, it’s hard to calculate if most companies don’t have one. If you insist on calculating, I won’t stop you. Just calculate it yourself and fill it in the base box. In the long run, net profit is equal to the net operating cash flow, and the net profit also includes depreciation. If it is not the same as seeing if it is a fake account first.
2. Discount rate
is what we often call the cost of capital. Cost of Capital
As an example, suppose we invested 10,000 yuan in a company's bond , and the expected annual yield is 6%; 10,000 yuan in preferred stocks, and the expected rate of return is 8%; 80,000 yuan in ordinary stocks, and the expected rate of return is 10%. Then the expected weighted average rate of return of our 100,000 yuan investment portfolio is equal to:
Expected portfolio return = (10 000×6%+10 000×8%+80 000×10%)/100000=9.4%
To put it bluntly, it is the cost of obtaining equity capital and debt capital. This is estimated most of the time, roughly between 7% and 15%.
3, growth rate
This can be obtained from the recent financial report, looks at the net profit growth rate in the past three to five years .
Data source: Shanghai Stock Exchange, Tonghuashun, Company Financial Report
Article is not easy to write. If you need reference, please make appropriate adjustments to avoid being judged as plagiarism. Thank you!
article is only used to record personal analysis and is not used as investment advice. If you have venture capital in the stock market, be cautious!
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