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A Case Analysis on Value Comparision of Yili Industil Group and Mengniu Dairy Company Limited

Author: DongJingYu
Tutor: GongPu
School: Huazhong University of Science and Technology
Course: Business Administration
Keywords: Valuation Discounted cash flow model Weighted cost of capital Dairy
CLC: F426.82
Type: Master's thesis
Year: 2008
Downloads: 912
Quote: 0
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Abstract


With the split share structure reform carried out smoothly , China 's securities market will gradually mature. Faced with an increasingly mature market, investors in listed companies the value of scientific and rational evaluation is particularly important. Mature capital market should have better resource allocation function , which requires investors to consider : how so-called \China 's dairy industry, the two giants - Yili and Mengniu Dairy as a comparative analysis of the target company . Hopes to make a comparison of their case valuation analysis to solve the above problems . This standing investor point of view , from macro to micro , first to the comparative analysis of the system under these two listed company 's intrinsic value and competitive position . First , a detailed exposition of these two companies in which the development of the dairy industry background , status, trends , and macroeconomic analysis by China Dairy Industry Analysis pointed out that the two companies are facing opportunities and risks . Then , using a combination of qualitative and quantitative analysis methods , the use of financial analysis models , discounted cash flow model , economic value added valuation models and comparative methods , the specific comparison of these two listed companies in the industry 's financial condition , the intrinsic value and market value . Finally, in recent years, equity value Mengniu Dairy , EVA values, and integrated financial conditions are significantly better than the Yili , Mengniu Dairy draw more investment value over Yili was concluded . Through analysis, the paper argues that in addition to resource control, brand , product quality beyond these three elements , Return on Invested Capital (ROIC) and the weighted cost of capital (WACC) also affect the value of listed companies dairy products an important factor . As the Hong Kong capital market risk premium is lower than Chinese domestic capital markets , the weighted cost of capital Mengniu Dairy ( ie opportunity cost ) is less than the Erie shares . Erie shares only increase its efforts to reduce ROIC and WACC in order to continuously improve the company's value . In a sense, the Chinese tend to be more efficient capital markets will likely reduce the Erie shares the weighted cost of capital , thereby enhancing their competitiveness .

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