估值rb内部估值模型教程(ppt

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1、Documentnumber1ContentExecutiveSummary执行摘要IntroductiontovaluationDiscountcashflow(DCF)B1.CashflowB2.DiscountrateandWACC（WeightedAverageCostofCapital的缩写。WACC代表公司整体平均资金成本，可用来衡量一个项目是否值得投资；项目的回报必须不低于WACC）B3.Terminalvalue终值B4.CommonDCFQ&AComparableC1.ComparablemethodologyC2.Listedpeercompa

2、rableC3.TransactioncomparableRealOptionOthervaluationtopicsF1.InvestmentprocessandmanagementF2.DatagatheringF3.DefinearelevantvaluationrangeF4.SensitivityanalysisF5.IndustryspecificvaluationinsightAppendixDocumentnumber2ExecutivesummaryDocumentnumber3IntroductiontovaluationDocumentnum

3、ber4Valuationtoolswilltypicallyrevolvearoundtwotypesofmethodologies:FutureCashFlowsandHistoricalMarketPricesFinancialstatementsandanalysts’researchMacroeconomicandstockmarketdataCompanyValueDCFmethodDiscountedDividendmethodComparablecompaniesmethodAsset-basedmethodsDifferentvaluationm

4、ethodsManagementJudgmentRealoptionmethodComparabletransactionsmethodDocumentnumber5MakingagoodvaluationrequiresagoodunderstandingofthetargetThereisnoblack-boxtomakeavaluation没有暗箱操作做出报价ValuationisinformationClassicmethodologyaremostlyusedAdvancedcomputersystemsareemergingInputdatamustb

5、ecarefullydocumented(traceability)ValuationstartswithaonepageSWOTanalysisofthetargetValuationisamatterofcommonsenseFormulasshallnotreplaceyourbestjudgmentKeepaskingkeyquestionsabouttargetBeasrigorousaspossibleateverystepoftheprocessSource:RolandBergerDocumentnumber6Gettingstartedwithv

6、aluationWhatisthepurposeofvaluatingassets?Whatdoesavaluemean?Whatarethemosttypicalproblemsassociatedwithavalue?Transaction(Buyside–sellside)Representation(Balancesheet–portfolio)Riskassessment(Loans)Agoodstart…ValueisnotapriceForwho?Forhowlong?Basedonwhichassumptions?Source:RolandBerg

7、er123Documentnumber7MakingagoodvaluationrequiresagoodunderstandingofthetargetThereisnoblack-boxtomakeavaluationValuationisinformationClassicmethodologyaremostlyusedAdvancedcomputersystemsareemergingInputdatamustbecarefullydocumented(traceability)ValuationstartswithaonepageSWOTanalysis

8、ofthe