财务管理Chapter 10_PPT.pptVIP

1-* Semiannual Interest and Bond Prices (cont’d) At a present value of a $50 annuity for the 40 periods, at discount rate of 6%: Present value of interest payments Present value of principal payment at maturity Total present value Readings: Valuation Methods 《招商银行的投资价值分析》 《企业估值方法的比较与应用》 《DCF 法与DDM 法对上市公司估值的对比分析》 《实物期权在网络企业估值中的应用——B2B电子商务企业估值的实证分析》 《基于最小平方法和市盈率估价法下的股票价格预测-以中国神华为例》 1-* 1-* Other Valuations Methods External Methods (P/E, P/S ratio) - High-Tech Companies Internal Methods (Free Cash Flow) – Small and Medium Sized Companies Valuation of High-Tech Companies (External Methods) (P. 274) No cash dividends No earnings P/E ratio (Price/Earnings per share) P/S ratio (Market Capitalization/Sales) P/B ratio (Price/Book Value per share) PEG Method: PE Ratio/Profit growth PSG Method: PS Ratio/Sales growth Free Cash Flow 1-* 1-* Price-Earnings Ratio Concept and Valuation A multiplier applied to current earnings to determine the value of a share of stock in the market Influenced by: Earnings and sales growth of a firm Risk (or volatility in performance) The debt-equity structure of the firm The dividend policy The quality of management Case: Valuation of JD.COM 京东估值或已攀升至300亿美元 /13/1224/13/9GS4KDJB00253B0H.html /review/201312/0030308.shtml 腾讯给京东整体估值可能超200亿美元 /review/201403/0031584.shtml 刘强东的估值之谜:京东到底融了多少钱 /review/201302/0023481.shtml 融资7亿美元 刘强东追逐亚马逊模式 /review/201302/0023571.shtml 1-* Case: Valuation of Alibaba Chapter 15 案例分析：Alibaba估值 （PPT文档） /hkstock/quotes/01688.html 1-* What’s a Small Business Really Worth? (pp.275) Problems: Lack of liquidity Key persons to the business operation Nature of the company’s earnings Methods: 5-10 times earnings Comparable companies’ sales price 1-* FCF Method Though no dividend is paid currently, the stockholders will be paid a cash dividend at a later date, the present value of deferred payments may be used (FCF method) 1-* FCF Method(补充） 自由现金流量FCF=EBIT（1-税率）+折旧-资本费用-流动资金投资 EBIT：公司利润 EBIT（1-税率）：税后利润 EBIT（1-税率）