Case Study On Valuation Of Meidu Energy’s Acquisition Of Ruifu Lithium

In the field of energy,the world’s largest consumer must belong to the Chinese,along with the speeding up of urbanization,industrialization of China’s energy demand is rising Countries in the continuous transformation of the mode of economic growth and people’s environmental protection consciousness Also increases,these are constantly push the speed up the transformation of energy construction,some new technology and business model innovation is also the gushing Beauty energy co.,LTD.Designed the energy strategy layout,hope that through building energy dominant mode to speed up the transformation,so bought a new energy lithium electricity industry of shandong blessed Li Ye co.,LTD.,to enhance their ability in the form of the m&a integration The valuation of this acquisition adopts the income method,but the premium is very high,and the use of Meidu Energy suffers from huge valuation risk.In recent years,China’s macroeconomic growth is slowing,there are not only about new energy vehicles support policy implementation does not reach the designated position,and the poor state of the development of new energy vehicles,has been lower than had been expected,in terms of production and marketing of new energy vehicles caused the periodic fluctuation,and the downstream power lithium battery for new energy vehicles industry and related business has been affected Data released by the Shanghai stock exchange,the first half of 2018 of the Shanghai major asset restructuring industry consolidation mergers and acquisitions,the average premium rate was 190%,beauty energy acquisitions of blessed Li Ye premium rate up to 368.78% of the valuation is reasonable is also up for debate Through the research of this paper,firstly introduces both the energy and blessed Li Ye the basic situation and the m&a process,secondly,introduced the related theory under the condition of asymmetric information,analyzed the energy and the beauty of blessed Li Ye valuation problems in the merger and acquisition,and according to these problems to find the reason,finally The conclusion and enlightenment about this M&A valuation problem are put forward.In this paper,The first part is the introduction,this paper first introduces the research background and significance of this article,secondly has carried on the literature review,finally,the research ideas and methods,the research content are introduced The second part has carried on the case description,the present basic situation from both sides of the merger and acquisition as well as the specific process of the acquisition The third part is from the theory based on the valuation issue of cases in the case analysis of the causes of valuation issue three aspects,such as case analysis The fourth part of the case shows the valuation issue of conclusion and case Through the study of this article,the hope for other enterprises in the future will be the energy industry as an acquisition target companies,to attach importance to mergers and acquisitions valuation,through carefully choose target industry prior to the detailed information in the process of investigation and valuation to choose the appropriate valuation methods Companies themselves to strengthen the internal control in the process of valuation control,mergers and acquisitions both sides signed the agreement of cautious performance bet,other properties in order to later similar mergers &acquisition of enterprises to provide the reference value.