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Based on the cross-comparison of the two valuation methods, the valuation is about 15 times, and the margin of safety is high; If the valuation rises to around 40x, the margin of safety is lower. Of course, these valuations are relatively cautious and fail to take into account investor expectations: if the return on invested capital rises in the future and the growth rate picks up, then the capital markets may overvalue
At present, the market value of this case is 21.5 billion yuan, and the PE-TTM is 26.8 times
Finally, a discussion of the details of the valuation is attached for everyone to think about
One of the most critical factors in WACC is the value of the equity risk premium (cost of equity). The average rate of return on capital in this case is based on the average rate of return of the 5-year Shanghai Composite Index and the Shanghai and Shenzhen Indexes.
Defects may include:
First, the length of time will greatly affect the data (for example, if the 10-year period is taken, the rate of return will be lower);
Second, if the fluctuations of the stock market bull market and bear market are included, it will also lead to data distortion;
Third, when calculating the rate of return, the use of geometric mean or arithmetic mean will also cause a big difference;
Fourth, regarding the beta coefficient (β) of individual stocks, Warren Buffett believes that it is absurd to use figures that reflect past price fluctuations to describe future risks, without considering the fundamental factors of the company's business evolution and development; So, where exactly is β worth meaning.
Thorough analysis, not only to think about it, is this report aimed at secondary market investors, or primary market capitalists? The basic explanation of the stock from the multi-factor factor analysis is that the fundamentals can not resist the decline in macroeconomic fundamentals of the stock market, the report is an excellent analysis of the global usual analysis method of cash flow valuation, but I think this should be given to the merger and acquisition of capital operation, beta itself is a false proposition, whether the stock follows the systemic beta, mainly lies in its target sector, which is one of them;
EVEBITDA valuation is the most important method in the capital market, is it necessary to add the weight of Feike Electric?
Second, Feike Electric basically can't achieve a stable main income for three years, and can it be directly standardized for sub-health if the PEG is stable for three years? Advice on operators: Should selling expenses be strengthened? Is capital operation too cautious, and how can there be more R&D investment with a debt ratio of less than 30? Is the core thing a brand?
Personally, I think that its moat is declining year by year, and the Shanghai factory can't save it, the product is still fundamental, and the pricing power itself is insufficient, so it must operate with capital and increase research and development.
The above is an insight for everyone to discuss, and after reading a few articles, I derived my own valuation model.
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