DCF Model投行DCF估值的模型

Business Valuation

Valuation Date: 05/29/2015

RMB Million

2014/1/12015/1/12016/1/1 Valuation date 2015/1/12014/12/312015/12/312016/12/31 Forecast

Revenue---steam1---steam2---steam3---steam4---Revenue Growth Rate#DIV/0!#DIV/0! COGS---

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---Gross Profit---GP Margin#DIV/0!#DIV/0!#DIV/0! Selling Expense000 Selling Expense / Revenue (%)#DIV/0!#DIV/0!#DIV/0!

G&A Expense000 G&A Expense / Revenue (%)#DIV/0!#DIV/0!#DIV/0! Operating Profit000 EBIT Margin#DIV/0!#DIV/0!#DIV/0! Income Before Tax000 Income Tax---Effective Tax Rate (%)25%25%25% Net Income000 Net Profit Margin#DIV/0!#DIV/0!#DIV/0! Free Cash Flow to Firm ("FCFF") Calculation

Net Income00 Add: Depreciation00 Less: Change in Working Capital00 Less: Capex00 Capex / Revenue (%)#DIV/0!#DIV/0! FCFF00 Teminal Growth Rate

Terminal Value

Equity Value Calculation

Cash flow before Discounting00 Time from Valuation0.50 1.50 Discount Factor17.00%0.920.79

2017/1/12018/1/1

2017/12/312018/12/31Terminal Terminal Growth rate