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The Study on Business Valuation of YLP Company

Author: ChenLiZi
Tutor: LuZhengHua
School: South China University of Technology
Course: Business Administration
Keywords: Enterprise value intrinsic value Valuation methods discounted free cash flowmodel
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 10
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Abstract


The enterprise value is the most comprehensive and appropriate indicators to measure the company’s overall quality is good or bad. The enterprise value maximization has become the core of modern financial management goals. Investors and management of the company are the main users of the information of the enterprise value. A comprehensive understanding of the potential of company’s future development and the factors of company’s valuation are necessary for invesor’s investment, in order to fnd the the best investment targets and opportunities for capital appreciation. Management who are entrusted by shareholders, need to keep abreast of business value when they manage and operate corporate assets. Enterprise value is an important basis for investors to determine the investments, management to restructure debt and evaluate management performance. With the standardization of China’s securities market development, more and more investors to pursue the concept of value investing. Value investment philosophy has become important implications for the sound development of the securities market. There is also a very real practical significance to study how to assess a specific comopany’s valuation reasonably. Therefore combined with my experience of the industry, I selected the YLP Electric Co., Ltd. for the study. Through a specific enterprise, standing investor point of view, analysising and forecasting the influencing factors in the value of the evaluation process and the value of the elements comprehensively and depthly, and then to use the optimal value assessment model to calculate the intrinsic value of the enterprise. This paper attempts to provide a reference to similar enterprise valuation through assessment of this company.First, with the main research results of business valuation at home and abroad, the paper compare advantages、disadvantages and applicability for the target enterprises of four major categories of valuation methods, and then choose the most suitable value assessment model as analysis tools for the follow-up study.Second, the paper describes the basic situation of the target company and its industry background, analysises the target company’s external and internal environment elements which include the macro-political and economic factors, the development and competitive conditions and trends of the industry, the company’s operating status、development strategy and the main business, affect the value assessment analysis. These are all factors affecting the value assessment analysis. This analysisment provide the basis for the subsequent financial data prediction and calculation.Finally, it caculated intrinsic value of the enterprise gradually using the discounted free cash flow model which selected in accordance with the previous describtion.,and obtained the company’s intrinsic value at the point of Dec31st,2012. Then by comparing the result with the results that caculated by relative value method and the currently market price of this company, we make a conclusion that although it do not yet have investment value, we still can concern it for long-term investment.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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