The Case Of Tsingtao Brewery Company Valuation Research

The company valuation is an integrated capital valuation and also a judge and estimation process, which main obeys or serves for the company of transfering or exchanging property right. In the high-tech rapid development circumstance that cored by the financial economy, global economy and information technology, the acquisition activities raised gradually between the global companies. So it is very important to make the price for the acquisition target company, and the application of the company valuation will be extended greatly.According to relevant valuation theories of modern company,The three main company valuation models(discount cash flow model,PE model and option model) were analyzed,their advantage and disadvantage were compared, and based on the characteristics of true finance datas, outstanding achievement, steady cash flow, moderate competition environment,easy venture mensuration and easy finance valuation of beer listing companys, Tsingtao Brewery Company , a listing company was selected for DCF model valuation. By introducing the development history , analysing past achievements and value-driving business of Tsingtao Brewery Company , I made identification of value-driving elements of the company, construed the strategic design ,and transformed the design to financial forcast, then I used CAPM model to work out equity capital cost and WACC for estimating the company's value. Furthermore , I made sensitivity analysis of the several main factors that influence the company's value, such as WACC, income increase rate,yield rate,reinvestment proportion and so on in order to find the key factor, so as to help the managers to effectively mange value drivers and improve the company's value...