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Yutong Bus Co., Ltd. Value Assessment

Author: ZhangYanLu
Tutor: ZhongXianWei
School: Jilin University
Course: Business Administration
Keywords: Enterprise Value Valuation Free cash flow
CLC: F406.72
Type: Master's thesis
Year: 2011
Downloads: 322
Quote: 1
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Abstract


With China 's rapid economic development , mergers and acquisitions , reorganization of central enterprises , local resource integration and other economic activities more and more. Whether as an investor , owner, manager , or a regulator and accurate understanding of the value drivers of value , as well as how future management and other interested parties through actions to improve value , are absolutely necessary. This paper uses a discounted cash flow model , dividend discount model and the multiplier method of valuation models to conduct valuation Yutong Bus . Discounted cash flow model is the most widely used method, the company's future results to make a comprehensive , long-term and reasonable predictions about the value of the enterprise 's financial statements during the period , and then calculate the annual free cash flow and the weighted average cost of capital , and the annual free cash flow discounted to present value . Dividend discount model is predictive of future dividends and discounted to present value to estimate the company's equity value . Earnings equity investors consider is entitled to cash flow. Zhengzhou Yutong Bus Co., Ltd. is the world 's largest and most technically advanced and medium-sized passenger car production enterprises, domestic passenger car industry's first listed company . In this paper, Yutong Bus Co., Ltd. Analysis of operations and financial condition as a starting point and found that the intrinsic value of the enterprise , revealing the company's profitability and growth capabilities, analysis of the company 's application of valuation methods premise and condition , including industry background and analysis competitive advantage , financial status, technical advantage , profitability and ability to grow and the company prospects , contains the basic Yutong Bus Company investment Value Analysis of main content. In this paper, three kinds of valuation methods for Yutong empirical analysis , through the adjustment of the financial statements Yutong and future free cash flow projections, dividend policy evaluation , earnings analysis to determine the intrinsic value of Yutong Bus .

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CLC: > Economic > Industrial economy > Industrial economic theory > Organization and management of industrial enterprises > Financial management and accounting > Financial management, cost management
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