公司价值评估和基于价值管理(ppt 45).pptVIP

Horizon Value (Cont.)水平价值（续） Growth is constant after the horizon (3 years), so we can modify the constant growth formula to find the value of all free cash flows beyond the horizon, discounted back to the horizon. 在预测范围（3年）以后，增长率为固定值，所以我们可以对固定增长公式进行调整以计算预测时间段以外的所有自由现金流量价值，并折现到预测时间段以内。 Horizon Value Formula水平价值公式 Horizon value is also called terminal value, or continuing value. 水平价值也称为终点价值（终值），或持续经营价值。 Vop at 3 Find the value of operations by discounting the free cash flows at the cost of capital. 以资金成本为折现率将自由现金流量折现来计算营业资产价值 0 -4.545 8.264 15.026 398.197 1 2 3 4 kc=10% 416.942 = Vop g = 6% FCF= -5.00 10.00 20.00 21.2 $21.2 . . $530. 10 0 06 ? ? ? 0 Find the price per share of common stock.计算普通股每股价格 Value of equity （权益价值） =Value of operations（营业资产价值） - Value of debt（负债价值） = $416.94 - $40 = $376.94 million(百万). Price per share （每股价格） = $376.94 /10 = $37.69. Value-Based Management (VBM)基于价值的管理（VBM） VBM is the systematic application of the corporate valuation model to all corporate decisions and strategic initiatives. VBM是企业价值评估模型在所有企业决策和战略行动中的系统性应用 The objective of VBM is to increase Market Value Added (MVA) VBM的目标是增加市场增加值（MVA） MVA and the Four Value Drivers MVA以及四种价值驱动因素 MVA is determined by four drivers: MVA主要由四种因素决定： Sales growth 销售增长率 Operating profitability (OP=NOPAT/Sales) 营业获利能力（=税后净营业利润 /销售收入） Capital requirements (CR=Operating capital / Sales) 资金需要量（资金需要量=营业资本/销售收入） Weighted average cost of capital 加权平均资金成本 MVA for a Constant Growth Firm固定增长公司的市场增加值（MVA） Insights from the Constant Growth Model对固定增长模型的理解 The first bracket is the MVA of a firm that gets to keep all of its sales revenues (i.e., its operating profit margin is 100%) and that never has to make additional investments in operating capital. 第一个括弧指的是一个公司用于获得所有销售收益的市场增加值（MVA），（也就是，其营业利润率为100%），并且不需要投入额外的营业资本。 Insights (Cont.)理解（续） The second bracket is the operating profit (as a %) the firm gets to keep, less the return that investors require f