山东华能股权资本自由现金流估值过程及结果教学材料

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2、35 157.03 733.38 685.17 28.26 10.13 9.82 733.38,8,* 1=8.2788,9,10, - ,11, - ,* 2000620 ,(RMB),(/),199912,0.74,1.11,33.3%,20001,0.74,1.93,61.7%,20002,0.80,1.59,49.7%,20003,0.56,0.80,30.0%,20004,0.55,1.21,54.5%,20005,0.61,1.75,65.1%,0.66*,1.41,53.0%, ,49.1%,52.1%,1.40,1.40,III. , 3% () 1.2000(糧) 糧,(),

3、1)糧1-40.353/ 5-60.376/ 2)糧0.281/ 3)糧0.396/(20002001) 0.376/(20022014) 4)糧56飬0.376/ 2. 糧糧(), 1.裬2000910%(2000 2.5%)200520%201030% 2.澺飬2010澺侺30% 3.辺 糧1-40.282/(20002014) 5-60.282/(20002014) 糧0.253/(20002005) 糧0.277/(20002014),(),4.20002014辺10%30%糧糧 1.5%-10%2000糧250(5.0%)糧487(9.0%)糧271(5.4%)糧(糧)2000 2.

4、1999200/糧,(), 1.20002001糧5,4002002𣬵糧 5,200 2.2000糧5,500糧 3.2000糧5,000200120021002002󣬽5,200 4.糧(1996329)糧(2000)5,00020015,500,(), 233.81/236.83/313.70/()糧糧 20001% 塢 糧14顢糧56顢糧糧糧332/304/370/336.89/317.8/,(), 糧 糧40%潫2001,2,453.5 糧 糧5齫20026齫20033563,773.5 糧 糧12齫2003342005糧2005񲢽糧糧2

5、0053,548.5,(), 糧40%4.2070%6.21%12 裺糧(56)70%6.21%8% 1.糧豣 糧199920001% 2.1-4糧齫2000621,724 (1.8652)888,177(1.8874)1-4糧7.467.55 3.糧豸37,500352,941,(),4.糧20012002200320001% 6.5-7.0%80%5% ,(), () 15% (CAPM),(),(), 糧 󣬿糧(20002014)涨(糧25.5%34%) 1. 飬1-4顢1-4 1.0%1.3% 2. 飬1.0%, 152% 1.3% 2.糧250MW齫20031234顣2003糧2004𣬼糧20031% 3.糧2005糧2006𣬵糧20051%,(), 1.1999糧裺 2000糧()糧糧3.89%, 2.96%2.16%糧50%20002001 2.𽫻3.21%(6.21%3) 3.6.21%8% 1.糧3糧30%, (7%)(3%) 2.糧(33%)(7%)(3%) 3.糧15%0%,(),(), 1.18%10%8% 2.10%50% 3.糧糧糧8% 糧5%,