The Case Study On Investment Value Of Huayi

The growing of people 's spiritual and cultural needs and the particularity of the cultural industry have determined that the cultural industry will be a new impetus to the national economy. Film and television industry as an important industry segment of the cultural industry, in the income-driven, technological leap, content updates, channel expansion of cultural consumption demand growth in the context of the film industry has also ushered in a vigorous development. Film and television companies are increasingly concerned about the investors. The investment value analysis of the film and television enterprises become an inevitable trend. In 2013, Huayi put forward the "removal of film" IP strategy, that Huayi can not only do the film, but need to build entertainment industry chain of improving the IP-driven Internet entertainment and brand licensing entertainment based on the better film and television entertainment. But in the implementation of the new IP strategy , Huayi Brothers as an important member of the film and television enterprises, did not seem to keep up with the rapid pace of development of the industry, aroused the concern of investors.This paper mainly studies the investment value of Huayi Brothers from two aspects. On the one hand,on the basis of qualitative macro industry analysis,profitability is the core to build profitability, growth, stability, cash security ability of four aspects of financial indicators and consider the internal factors of film and television on the impact of profitability, then building profit quality evaluation system of film and television industry.Finally ,through the analysis of the profitability evaluation of Huayi Brothers to evaluate the investment value of Huayi Brothers. On the other hand, from the point of view of value creation, the DuPont analysis system and the P/B ratio of the forecast period are introduced into the residual income model. The objective accounting information is combined with the enterprise value evaluation to evaluate the intrinsic value of Huayi Brothers. The analysis of the market value of Huayi and the analysis of the stock trend testing the interpretation of the model, in order to evaluate the investment value of Huayi Brothers from quantitative analysis perspective.The results show that the model has a strong ability to explain the intrinsic value of the enterprise. After analysis specifically, it is found that the value of the enterprise is overvalued at the end of 2015, which can be reflected in the continuous decline of the stock price trend in 2016. According to the qualitative analysis of Huayi, the implementation of its IP strategy is poor, still remain at the concept level, is not conducive to long-term development. So under the current situation, I believe that Huayi Brothers do not have the investment value.