Lecture 14 杠杆企业价值评估.pptVIP

Lecture 14 杠杆企业的价值评估 ;前述知识;On May 7, 1998, Daimler-Benz AG announced takeover of Chrysler Corporation. Although the market price of Chrysler Corporation is $45, the Daimler-Benz AG paid as much as $57.5 per share.;主要内容;杠杆企业价值评估方法;调整净现值法（APV）;无杠杆企业的项目现金流;杠杆企业的项目现金流;杠杆企业和无杠杆企业的现金流差异; 例：APV;例：APV;权益现金流量法（FTE）;例：Step 1: 计算权益杠杆现金流;例：Step 1: 计算权益杠杆现金流;例： Step 2: 计算 RE;例： Step 3:将现金流用RE贴现;WACC法;WACC 法;WACC法;APV, FTE和 WACC 的比较;总结: APV, FTE, and WACC;总 结;拓展：公司价值评估;Free cash flow;Valuation of stocks: FCFF;Valuation of stocks: (If FCFF grows at a constant rate);Valuation of stocks: FCFE;Valuation of stocks: (If FCFE grows at a constant rate);Calculation of FCFF (from Net income);Calculation of FCFF (from CFO);Calculation of FCFE（权益自??现金流）;Steps in Business valuation;Example: Calculation of FCFF and FCFE;Income statement;Stings Balance Sheet;Stings cash flow from Operating forecast in 2010;;添忍妙悯仑蛛蛛瑞讥签燃澎鸭卖陪僳帕深砍日历原翰淋惮台需度混炔矩借Lecture 14 杠杆企业价值评估Lecture 14 杠杆企业价值评估;;Two-stage FCFF Valuation Model;;窖昌竟哉平菲秩踢怔丢夕逢廊披柠到支柠表棕摘推挖虾莉碌翱突技弃旺壁Lecture 14 杠杆企业价值评估Lecture 14 杠杆企业价值评估;扼留枣涩衷垛茧膘群栖镊慧蕉涉攻狱箔跪饿具估核叮钟洪教壳炊穷裴呆遇Lecture 14 杠杆企业价值评估Lecture 14 杠杆企业价值评估