#挑战30天在头条写日记#
Let's take a look at the valuation of this acquisition first: the consideration for this acquisition corresponds to the overall equity valuation of 20.73 billion yuan, and we focus on analyzing how this valuation is calculated.
According to the evaluation results of the transaction target, the appraised value of 100% equity of Lingyi Technology is 20.7 billion yuan, and the book value of all equity attributable to shareholders of the parent company on the valuation base date is 2.728 billion yuan, with an appreciation rate of 660.13%
The valuation of this transaction was evaluated by the market method and the income method, with the valuation value under the market method being 27.276 billion yuan and the income method being 20.73 billion yuan
Let's first look at the buyer's valuation idea of the income method at that time.
The first step is to determine the discount rate, or WACC.
According to the Capital Asset Pricing Model (CAPM), the formula is:
RF – the latest 10-year Treasury real yield, 3.28%
MRP – i.e. Market Risk Premium. It should be noted that the "market risk premium" method was used to determine WACC in this case
Under this approach, the risk premium for the Chinese market is obtained by adjusting the credit default risk spread on the basis of the risk premium of the mature equity market
China market risk premium = mature equity market risk premium + country risk premium;
The risk premium of mature equity markets, which usually takes the arithmetic average return difference between U.S. equities and Treasuries, is 5.69%;
The country risk premium, which is usually determined by the sovereign rating of international rating agencies, currently has a credit default risk spread of 1.27% in the domestic capital market.
יהוה, MRP =5.69%+1.27%=6.96%.
βe: Comparable companies in the computer, communication and other electronic equipment manufacturing industries, weighted to remove the average beta value of financial leverage adjustment, combined with the company's own capital structure to obtain the estimated value βe=0.857;
ε: The specific risk adjustment coefficient of the assessment object, after considering the individual risks such as scale risk, operational risk and financial risk of Lingyi Technology, the specific risk adjustment coefficient of the enterprise is comprehensively determined ε=1.0%
It received a rating of 10.30%. The cost of debt capital is 4.90% for loans with a maturity of more than 5 years.
In summary, it is concluded that the WACC = 10.20% in this case.
The second step is to recognize free cash flow.
The formula is as follows: corporate free cash flow = net profit + interest on interest-paying debt after tax + depreciation and amortization - capital expenditure - increase in working capital;
So far, the value of the company's operating assets given by the appraisal agency in this case is 21.668 billion yuan, the enterprise value is 20.933 billion yuan after deducting non-operating assets and liabilities, and the equity value is 20.733 billion yuan.
There are some different views on the valuation of the income method of Lingyi Zhizao, so let's calculate it according to our own model to see where the difference is:
First, there is little difference in the value of WACC, and we also agree with the WACC calculation method of country risk premium.
Risk-free yield Rf, take the latest 10-year Treasury bond yield of 3.37%
The β coefficient is 1.12 based on the return on investment of the electronics manufacturing industry to which the underlying asset belongs and the return rate of the Shanghai Composite Index
For the average return on capital (Rm), we take the five-year average return of the Shanghai Composite Index of 9.96%.
In summary, the cost of available equity capital Re is: 10.75%.
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market