Lecture 14 杠杆企业价值评估课件.ppt

Lecture 14 杠杆企业的价值评估 ;前述知识;On May 7, 1998, Daimler-Benz AG announced takeover of Chrysler Corporation. Although the market price of Chrysler Corporation is $45, the Daimler-Benz AG paid as much as $57.5 per share.;主要内容;杠杆企业价值评估方法;调整净现值法（APV）;无杠杆企业的项目现金流;杠杆企业的项目现金流;杠杆企业和无杠杆企业的现金流差异; 例：APV;例：APV;权益现金流量法（FTE）;例：Step 1: 计算权益杠杆现金流;例：Step 1: 计算权益杠杆现金流;例： Step 2: 计算 RE;例： Step 3:将现金流用RE贴现;WACC法;WACC 法;WACC法;APV, FTE和 WACC 的比较;总结: APV, FTE, and WACC;总 结;拓展：公司价值评估;Free cash flow;Valuation of stocks: FCFF;Valuation of stocks: (If FCFF grows at a constant rate);Valuation of stocks: FCFE;Valuation of stocks: (If FCFE grows at a constant rate);Calculation of FCFF (from Net income);Calculation of FCFF (from CFO);Calculation of FCFE（权益自??现金流）;Steps in Business valuation;Example: Calculation of FCFF and FCFE;Income statement;Stings Balance Sheet;Stings cash flow from Operating forecast in 2010;;薪丰牲防销疵绵饭枢慎碑飘浇愤惰砌逗岳蹭镑粱娜附憎腑故紊班韦娇我发Lecture 14 杠杆企业价值评估课件Lecture 14 杠杆企业价值评估课件;;Two-stage FCFF Valuation Model;;吝壕媳舷申啡症趋澡懂搪笑音昼晾茂褐肠懒促吸何斑疯啤逮河屁掖迈福本Lecture 14 杠杆企业价值评估课件Lecture 14 杠杆企业价值评估课件;激杜昭弥手垮晨辈坛肥肝愉啊复哟垮整俘碾绚脑姐讹仔逗罚掩愁妒盔蓟怂Lecture 14 杠杆企业价值评估课件Lecture 14 杠杆企业价值评估课件