现金流量折现（dcf）.docVIP

现金流量折现（dcf） Value assessment refers to the value judgments made by buyers and sellers on the subject. In the M A activities, the valuation of the target enterprise is the value basis for deciding whether the transaction will be completed or not. The target enterprise valuation mainly depends on the size and time expectation of the acquisition enterprise. In essence, it is a subjective judgment, but it can not be evaluated at will. It is based on a certain scientific method. Companies can generally use multiple methods to target enterprise valuations. The discounted cash flow method is a method of strong theoretical, it is predicted based on cash flow, full consideration of the target enterprise to create the future cash flow impact on the value, in advocating cash is king in the modern financial environment, the enterprise merger and acquisition is of practical significance in guiding decisions. In the discounted cash flow method, the Voston (Weston) model valuation method is the most representative method of valuation. It has been widely used in mergers and acquisitions in European and American countries. With the method of cash flow discount evaluation value of the target enterprise, with the general capital budget analysis: after the merger of similar estimated cash flow increased and used to calculate these discounted cash flow discount rate, and then calculate the present value of the increase in cash flow, this is the highest price of the merger parties can pay. If the actual transaction price is higher than the price, the merger will not only bring benefits to the merger, but cause losses. I. net cash flow NCF=X (1-T) -I Of which: NCF - net cash flow; X - net operating income (NOI) or pre tax ex dividend (EBIT); T - income tax rate; I - investment. Two, discount rate In the discounted cash flow model, the discount rate is the minimum rate of return required by the investors after the investment risk is considered, that is, the capital cost of the investment.