私募股权收购与估值解读.pptVIP

* 利润试算表的依据 2007PF 2008 2009 2010 2011 2012 销售收入增长率 12.5% 12.5% 11.0% 10.0% 9.0% 销售成本比例 50.7% 50.0% 49.0% 48.0% 47.5% 47.5% 销售利润率 49.3% 50.0% 51.0% 52.0% 52.5% 52.5% 管理费用/销售收入 8.7% 8.0% 8.0% 8.0% 8.0% 8.0% 其它费用/销售收入 21.2% 20.0% 19.0% 19.0% 19.0% 19.0% EBITDA/销售收入 19.5% 22.0% 24.0% 25.0% 25.5% 25.5% EBIT/销售收入 9.4% 10.6% 11.3% 11.1% 10.4% 10.6% 有效税率 36.6% 36.7% 36.8% 36.8% 36.7% 36.8% 净利润率 0.8% 2.1% 3.2% 3.6% 3.7% 4.4% 净利润成长率 200.3% 71.9% 25.4% 12.7% 28.3% 单位：百万美元 * 退出收益预测 退出年份 2010 2011 2012 价值乘数 5x 5.5x 6x 5x 5.5x 6x 5x 5.5x 6x EBITDA 1,102.