估值RB内部估值模型教程(

《估值RB内部估值模型教程(》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、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.Comparableme

2、thodologyC2.ListedpeercomparableC3.TransactioncomparableRealOptionOthervaluationtopicsF1.InvestmentprocessandmanagementF2.DatagatheringF3.DefinearelevantvaluationrangeF4.SensitivityanalysisF5.IndustryspecificvaluationinsightAppendixDocumentnumber2Executivesu

3、mmaryDocumentnumber3IntroductiontovaluationDocumentnumber4Valuationtoolswilltypicallyrevolvearoundtwotypesofmethodologies:FutureCashFlowsandHistoricalMarketPricesFinancialstatementsandanalysts’researchMacroeconomicandstockmarketdataCompanyValueDCFmethodDisco

4、untedDividendmethodComparablecompaniesmethodAsset-basedmethodsDifferentvaluationmethodsManagementJudgmentRealoptionmethodComparabletransactionsmethodDocumentnumber5MakingagoodvaluationrequiresagoodunderstandingofthetargetThereisnoblack-boxtomakeavaluation没有暗

5、箱操作做出报价ValuationisinformationClassicmethodologyaremostlyusedAdvancedcomputersystemsareemergingInputdatamustbecarefullydocumented(traceability)ValuationstartswithaonepageSWOTanalysisofthetargetValuationisamatterofcommonsenseFormulasshallnotreplaceyourbestjudg

6、mentKeepaskingkeyquestionsabouttargetBeasrigorousaspossibleateverystepoftheprocessSource:RolandBergerDocumentnumber6GettingstartedwithvaluationWhatisthepurposeofvaluatingassets?Whatdoesavaluemean?Whatarethemosttypicalproblemsassociatedwithavalue?Transaction(

7、Buyside–sellside)Representation(Balancesheet–portfolio)Riskassessment(Loans)Agoodstart…ValueisnotapriceForwho?Forhowlong?Basedonwhichassumptions?Source:RolandBerger123Documentnumber7MakingagoodvaluationrequiresagoodunderstandingofthetargetThereisnoblack-boxt

8、omakeavaluationValuationisinformationClassicmethodologyaremostlyusedAdvancedcomputersystemsareemergingInputdatamustbecarefullydocumented(traceability)ValuationstartswithaonepageSWOTanalysisofthe