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 请教海龟公司市值问题 |
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请教海龟公司市值问题 -- jim - (226 Byte) 2003-9-24 周三, 11:40 (1131 reads) |
CaiGe
[博客]
[个人文集]
游客
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
There are two popular ways to valuate a company.
1. Discount cash flow. First, you need to project at least 5 years of cash flow and a terminal value. Second, choose a discount rate( a combination of equity cost and debt cost). Third, discount the cash flow using the discount rate to get current value (market value). The method is prefered by academics. IB uses it also.
2. Multiples. First you need to find a public company doing very similar business of yours. The reason to choose a public company is that its financials are readily available. Second, find out the market value of the public company(Market Cap). Third, find out the denominator you want to use, revenue, EBITDA, net income, etc. Fourth, calculate the mulitple, in your case , you used net income, so let say the public company's net income multiple is 12. Fifth, use your company's net income multiply 12 (500x12=6000). This method is widely used by practioners. EBITDA(Earning before Interest Tax Depreciation Amortization) multiple is the most popular one.
Jim: it is good timing for you to start asking those questions. Starting a company is hard. After all the hardship, you want to be really careful in the process when you are cashing out. In the end, money is the result.
If you have further questions, I can be reached at [email protected]
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 请教海龟公司市值问题 -- jim - (226 Byte) 2003-9-24 周三, 11:40 (1131 reads) - EBITDA multiples -- CaiGe - (2664 Byte) 2003-9-24 周三, 20:01 (422 reads)
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