chap018琛权益估值模型.pptVIP

18-* Figure 18.4 Earnings Growth for Two Companies 两家不同公司的盈利增长 18-* Figure 18.6 P/E Ratios for Different Industries, 2007不同行业的市盈率 18-* Other Comparative Value Approaches其他的估值比率 Price-to-book ratio市净率，市值/账面 Price-to-cash-flow ratio股价/现金流 Price-to-sales ratio股价/销售额 18-* Figure 18.7 Market Valuation Statistics市场估值的统计 18-* Free Cash Flow Approach自由现金流估值方法 Value the firm by discounting free cash flow at WACC.使用税后债务成本和权益成本的加权平均收益 Free cash flow to the firm, FCFF, 公司自有现金流equals: After tax EBIT税后息税前利润 Plus depreciation加上折旧 Minus capital expenditures减去资本化支出 Minus increase in net working capital再减去净