Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website there are more corporate valuation article
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website there are more corporate valuation article
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website there are more corporate valuation article
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website there are more corporate valuation article
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website there are more corporate valuation article
Genco Shipping & Trading Ltd. (GNK) net assets per share of $ 26.83, the earnings per share of $ -1.56, corporate stock price of $ 3.55
Not counting the value of the portion of the corporate growth valuation is as follows:
The bid value of up to $ 13, the price is higher than the stock price of $ 3.55, with a good margin of safety.
The offer value ceiling of $ 24, $ 3.55 higher than the current stock price.
The black spider Fund website enterprise value assessment
Outdoor Channel Holdings, Inc. (OUTD) net assets per share of $ 5.28, earnings per share of $ .09, corporate stock price of $ 7.03
Not counting the value of the portion of the corporate growth valuation is as follows:
The bid value of up to $ 3.5, the current price is $ 5.28 higher than the stock price, there is no margin of safety,
The offer value ceiling of $ 4.58, $ 7.03 less than the current stock price.
The black spider Fund website enterprise value assessment
Mitcham Industries Inc. (MIND)net assets per share $ 13.60 $ 2.42 earnings per share, corporate stock price of $ 17.25
Not counting the value of the portion of the corporate growth valuation is as follows:
The bid value of a maximum of $ 10.88, the current price is higher than the stock price of $ 13.6, there is not enough margin of safety,
The sell value up to $ 29 higher than the current stock price of $ 17.25.
The black spider Fund website enterprise value assessment
Offer value
Offer value
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website
Offer value
Offer value
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website
Offer value
Offer value
Offer value what is it? In the past, no one has proposed this idea, but a lot of people in the application, but they will sell the value used in the wrong on the buy. Assessed to the company’s future cash flows, discount rates value, in fact, even at a substantial discount to buy, and still there is no margin of safety. because of the intangible assets of the enterprise in the majority of cases, very unstable, unable to provide investors with a true margin of safety.
But offer value for selling a good reference. Following example:
Respectively Firm A and B, the total share capital of 100 million shares of the enterprise,
A company’s annual net profit of $ 5 million, an annual growth rate of 30% in the next 20 years, the price per share of U.S. $ 5 million, City win was 100 times.
B corporate annual net profit was $ 30 billion, 5% in the next 20 years, the annual growth rate of 5%, the price per share of $ 3,000, the market win rate of 10 times
So 20 years later, the enterprise’s net profit A $ 950 million, to 8.24 percent as the discount rate, the next 20 years, after a reasonable enterprise value ceiling of $ 11.5 billion, now valued at $ 2.306 billion, the enterprise value per share $ 23.06
20 years later, B Enterprises net profit of $ 79.5 billion, to 8.24 percent as the discount rate, the enterprises of the next 20 years after the reasonable price ceiling of $ 954 billion, the present value of $ 195.8 billion, the enterprise value per share $ 1958.
When investors sell operations in A Company of the 100 times City win rate, sold obviously not rational. Room for improvement because there is a great value.
B enterprises reached before 10 times City win rate, investors should take to sell the operation.
The black spider Fund website
Come see the article Corporate Valuation a black spider Fund website.
Come see the article Corporate Valuation a black spider Fund website.
Come see the article Corporate Valuation a black spider Fund website.
Come see the article Corporate Valuation a black spider Fund website.
Outdoor Channel Holdings, Inc. (OUTD) net assets per share of $ 5.28, earnings per share of $ .09, corporate stock price of $ 7.03
Not counting the value of the portion of the corporate growth valuation is as follows:
The bid value of up to $ 3.5, the current price is $ 5.28 higher than the stock price, there is no margin of safety,
The offer value ceiling of $ 4.58, $ 7.03 less than the current stock price.
Come a black spider Fund website more value analysis articles
Mitcham Industries Inc. (MIND)net assets per share $ 13.60 $ 2.42 earnings per share, corporate stock price of $ 17.25
Not counting the value of the portion of the corporate growth valuation is as follows:
The bid value of a maximum of $ 10.88, the current price is higher than the stock price of $ 13.6, there is not enough margin of safety,
The sell value up to $ 29 higher than the current stock price of $ 17.25.
A black spider Fund website more value analysis article Come
Offer value assessment
Sell value and pre profitability is directly proportional to the future, and corporate pre-time is inversely proportional to the risk-free rate is inversely proportional to
1:Pre-profitable
Pre profit forecast refers to the investors made ??based on the quality of the analysis for the enterprise business that can be achieved in the future profitability indicators.
2:Pre-time
Pre-time forecast of investors that can be achieved in the future profitability of the enterprise for the enterprise quality analysis made.
3:Discount rate
Choice of the discount rate should be based on the interest rate risk and low time cost, the investor can not simply to national national debt as the discount rate bad a lot of assets and liabilities of the country’s bonds can not be used as a discount rate. IRecommended robust balance of the country’s bond rate as the discount rate.
The calculation of the value of sold
Assuming enterprises A and B companies, their stock market value is $ 10 million, and net profit are $ 1,000,000. Investors based on the analysis of the quality that the enterprise B products have a huge market space that a few years later,B enterprises can achieve profitable year $ 1,000,000,000 A enterprise product without any distinguishing features, then the investors will begin to calculate the selling value of the two companies.
Investors assume that Firm #$%$ 1 billion annual profit in 20 years time, then B enterprises selling value of:
Pre profitable * [(1 / risk-free interest rate /) * 2] / 1 * (1 + risk-free rate) * ^ 20
The sell value equal to $ 5.38 billion, significantly higher than the current market value of the enterprise.
Investors assume that Firm A $ 50 million annual profit in 20 years time, then A company selling value of:
Pre profitable * [(1 / risk-free interest rate /) * 2] / 1 * (1 + risk-free rate) * ^ 20
The enterprises offer value equal to 269 million yuan, higher than the current market value of the enterprise.
The black spider Fund website
Value
Value is the discounted value of future cash flows of an enterprise risk-free rate and the value of the business can not be infinite, so the high valuation of the enterprise may be a trap.
What is the value? Value of risk-free discounted value, but the rate of growth in which the factor is also very important, but the rate of growth is very professional, the overestimation of growth rate will make the valuation as a joke.
Black spider fund value assessment system
1: the profitability of the enterprise
This is very important to the business of many companies is unstable, the case of a good economy, the efficiency of enterprises in the industry boom of the downturn, the efficiency of enterprises will be worse, but we can not be enterprises good returns when the net profit as the profitability of business, nor can the enterprise’s net profit in the boom of the downturn as the future profitability of the enterprise should be based on net profit enterprises in the past business cycle weighted average to the projected profitability of business.
2: risk-free discount rate
This valuation very important factor, the choice of risk discount rate as long as the error will cause the entire results of the assessment has no real meaning we will not risk-free as an important assessment indicators in the risk discount rate, risk-free the discount rate is not like some countries, national debt, there is a huge risk, then as an investor should choose a credit rating is absolutely safe country bond rates as risk-free discount rate.
3: The growth rate calculation
In the valuation, the calculation of the growth rate is very close attention to the overly optimistic growth rate is estimated to be likely to result in a huge valuation bias.
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