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1、The Application of FCFE Equity Valuation ModelTongmuo stock value analysisAbstract :Our country securities market, the listed company valuation problem is undoubtedly a problem. FCFE namely equity free cash flow, the company is in the pcrf()rniancc of the various financial obligations, that part of
2、the rest of the cash flow lenity free cash flow evaluation model is not to need to clear the benefits of consideration and debt related cash flow, to the enterprise value theoretically, assessment, and can with common index EBITDA (bcf(re interest tax depreciation and amortization revenue) to analys
3、is the true value of the company.Content:Macroeconomic Analysis, Industry Analysis, Financial Analysis, Value Analysis,Graphic Analysis, Conclusion北师大珠海分校国金3班取美娇陈志彬高尚李广盈殷瑛0910040014()92()01()0450920010069092004001109180201611 Domestic Macroeconomic Analysis1) GDP2000-2011年皮国内生产总值和国内生产总值増长率【国内生产总值（亿元
4、）国内生产总值增长至（）The fast growth of GDP indicates the economy expanded rapidly, therefore, the company has more chance to obtain good performance, so as to promote rhe stock prices; In rhe ecu门trys industrial structure adjustmenr and change the policy of expanding the development way, can make some large
5、 production technology gradually turned to the powder metallurgy industry, be helpful for the development of powder mctallurgs- industry, but may also be staged to part company downstream industry7 the development speed of the development way, have a certain effect.2) Inflation月份居民AA苗恪肺00Ill品出厂价格 tu
6、t a）2012033 6-0 32012023 160 032012014 550 732011124 071 692011114 222 722011105 S52011096 16 522011086 15T 25201107S 45T 542011066 36T 122011055.516 792011045 346 82Tien there is inflation, market interest rates will rise, and investors expected higher inflation rate, the higher the request of infl
7、ation and the higher the risk premium, market interest rates range is bigger.3) Unemployment2869%Unemployment is unemployment total population ratio of labor f()rce Unemployment and economic growth rate has a strong correlation, the unemployment rate is high, show that the ecu门trys sluggish economy,
8、 the company also is bad, and at rhe same rime, rhe narional income per head is reduced, the srock market investment reduce, these will make srock price down; And low unemplcymdt; indicates that rhe counrns rapid economic development, the company good prospect, residents incomes rise, the money in r
9、he srock market is abundant, that prompted the stock prices.4) Financial Policy月份融2012033.6-0.32012023 160 032012014 550 T32011124 071 W2011114 222 T22011105 5520H096 16 522011066 IS7 252011076. 5?.S42011066 367.1220U055 516 T9201104$ 36 62In 2012 (:hinx will reduce the part to import duties on good
10、s, increase energy resources products, advanced equipment and key parts imports, from January7 1, 2012, to our country7 partial adjustment on import and export duties, and will be of more than 730 kinds of products implement lower import temporaryr tariff rate, the average rate is 4.4%, lower than t
11、he MFN rates above 50%5) Interest Rate月份IB民消费伯恪工业品出厂价格 扌劭2012033 67 32012023.160 032012014 550 732011124 071 692011114 222 72201110S.552011096 16 522011086 15T 2520110?6 5T 542011066 3S7 122011055 516 ?9201104S 346 82Higher interest rates will realization of the target of the management of the compa
12、ny has greater effect; the continued appreciation of the Yuan would not only to explore foreign company of powder metallurgy7 high-end market, expand export business, produce adverse effect, and could affect the company the downstream customer product exports to affect the companvrs sales and busine
13、ss performance. Therefore, the company will be through the solid financial management and capitals prepares for possible financial risk, and constantly open up rhe domestic market by new, reduce the RMB exchange rate changes cause adverse effect.2. Industry Analysis1) Data of Fabricated Metal Produc
14、ts Industry:Total stockActualTotal AssetsMainNet ProfitCodeCOHR（亿股）Circulation A（亿元）RankIncome(亿元)RankgrowthRank600507方大特钢13.0113.0198.951133.341140.4210)665武汉塑料1.771.379.67810.23667.9726M482风帆股份4.614.6132.80240.75242.373002355兴民钢圈2.100.8420.95315.08323.364600114东睦股份1.961.0814.8810.04723.20严3002013中航精机2.171.617.9496.()4913.026002662京威股份2.250.0012.19614.02411.127000901航天科技2.502.2211.62712.485-13.658001)980金马股份3.173.171&6848.718-17.159Industrial comparison index1 ndustrvraverage4.162.9525.3027
