个人笔记：如何为一家公司估值

公司估值方法主要分为 绝对估值法 和 相对估值法 两大类。

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相对估值法

通过参考同类可比的公司的Multiples来推断目标公司价值。

步骤：

1. 选择可横向比较的公司（公司之间差异不可过大）

2. Gathering the Financials (Revenue, EBITDA, Net Income), Calculate & Benchmark the Multiples.

• EV/EBITDA

• EV/Revenue (Enterprise Value-to-Revenue)

• P/E (Price-to-Earning) = Stock Price / Earnings per Share

• P/B (Price-to-Book) = Market value / Book Value

• EV/Subscribers

• *Enterprise Value (EV) = Equity Value + Net Debt

• **Equity Value = Share Price * Shares Outstanding

• ***EBITDA: Earnings before interest, taxes, depreciation and amortization

3. Determine a Valuation Range (Implied Value per Share), based on the median and the mean of several different multiples.

Examples:

Implied Value per Share = ((Median or mean of EV/Revenue)*Revenue - Net Debt) / Shares Outstanding

or

Implied Value per Share = ((Median or mean of EV/EBITDA)*EBITDA - Net Debt) / Shares Outstanding

or

Implied Value per Share = (Median or mean of P/E)*Net Income/ Shares Outstanding

Implied Enterprise Value = Net Debt + Implied Market Value = Net Debt + (Median or mean of P/E)*Net Income

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绝对估值法

以公司未来现金流或资产为基础，计算其内在的价值。这种估值方法不受市场的影响。

例如：

• 现金流折现法 （DCF Model）:

  1. Forecast the Free Cash Flow (FCF)

  2. Calculate the Weighted Average Cost of Capital (WACC)

  3. Calculate the Terminal Value (The value of company after the forecasted period)

  4. Discount the FCF and Terminal Value

  5. Calculate the Implied Share Price

• 资产基础法（评估各项资产减去负债后的净额）

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Football Field Valuation of a Company

This is a comparison of different valuation methods on a single company.

Example components: 52wk Trading Range, Cost, DCF, Multiples