资源描述:
《紫雪糕公司估值-康鸿、刘彬彬、宋杨、宋继超、袁青、黄鹏》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ESKIMOPIE公司IPO估值17,May2010AlltrademarksareownedbySociétédesProduitsNestléS.A.,Vevey,Switzerland.Forover80years,theESKIMO PIE®brandhascombinedsimpleingredientstobringyoufrozensnacksyourfamilyloves.Itallstartedbackin1921,whenschoolteacherandlocalcandyshopowne
2、rChristianKentNelsonwasinspiredbyalittleboy’sinabilitytodecidebetweenicecreamandacandybar.And—Eureka!—theideaforESKIMO PIE®frozensnackswasborn.Nelson’sbrilliantideatocombinethetwotreatswasmatchedbyhisgeniusfordiscoveringawayofmakingchocolatesticktothefrozen
3、surfaceofanicecreambar.Therest,astheysay,ishistory.Andaverytastyoneatthat.Sincethen,theESKIMO PIE®brandhasbeendelightingpeoplearoundtheglobewithdecidedlydeliciousfrozensnacks.Content1、Introduction2、公司IPO绝对估值3、相对估值4、Suggestion5、EndoftheEskimoPieStory附录A股IPO估
4、值方法、程序及案例估值方法差异及应用IPO:initialpublicoffering1、DCF自由现金流估价模型我们尝试使用公司自由现金流量折现得出的爱斯基摩派公司的独立价值。从图表上看,1991年至1993年(此后,公司进入了一个持续增长的稳定状态,1991-1993年高增长,年均30%,1994-2001按6%年增长,以后基本稳定,长期增长率假设为2%)指包括公司股东权益和债权人、股东等长期利益相关者在内的现金流总和FCFF=EBIT×(1-税率)+折旧-资本性支出-追加营运资本计算WACC公司自由现金
5、流FCFF公司自由现金流FCFF199119921993EBIT5,255,000.005,873,000.005,363,000.005,682,000.00税率51.31%40.00%40.00%40.00%EBIT*(1-税率)2,558,621.823,524,043.673,217,598.553,409,200.00加:折旧1,352,000.001,352,000.001,352,000.001,352,000.00减:资本支出1,311,000.000.001,000,000.00500,00
6、0.00加:营运资金的净变动1,386,000.000.000.000.00FCFF3,985,621.824,876,043.673,569,598.554,261,200.00非现金性流动资本变化流动资本11,735,000.0011,735,000.0011,735,000.0011,735,000.00非现金性流动资本变化905,000.000.000.000.00FCFF3阶段模拟增长估值第一阶段1991E1992E1993EFCFF4,876,043.673,569,598.554,261,200
7、.00第二阶段1994E1995E1996E1997E1998E1999E2000E2001EFCFF4,516,872.004,787,884.325,075,157.385,379,666.825,702,446.836,044,593.646,407,269.266,791,705.42FCFF估值现金流折现值(万元)价值百分比第一阶段10,929,486.0625.41%第二阶段17,617,931.3140.96%第三阶段(终值)14,467,620.7933.63%企业价值AEV43,015,03
8、8.16100.00%-净债务2,000,000.00-4.65%总股本价值41,015,038.1695.35%股本(万股)3,316,000.00每股价值(元)12.37FCFF敏感性测试敏感性测试敏感性测试结果长期增长率(g)WACC1.00%1.50%2.00%2.50%3.00%3.50%4.00%4.50%5.00%12.50%14.9615.2315.5315.8616.2316.64