| The pharmaceutical industry is closely related to human health,and has always been a hot spot for investors.Under the background of China's aging population,people pay more attention to health care,making the pharmaceutical industry an enduring and prosperous industry.The pharmaceutical industry has become the focus of people from all walks of life,and also attracts a large number of investors to invest in enterprises in the pharmaceutical industry.Investors need to make a reasonable estimate of the value of the enterprise,which can be based on the investment in the enterprise.Therefore,how to make a reasonable valuation of the enterprise,which method to carry on the valuation is particularly important.In this paper,through quantitative and qualitative research method,literature analysis method and summarized analysis method,case analysis and so on,Hengrui medicine as an example,for the selection of valuation model.First,the background of the whole pharmaceutical industry is analyzed.The industry characteristics and financial characteristics of the pharmaceutical industry are emphatically analyzed,providing a reference basis for the selection of the valuation model.Secondly,the advantages and disadvantages of the relative valuation method and the absolute valuation method are analyzed.Finally,based on the analysis of Heng Rui medicine,the characteristics of Heng Rui medicine were analyzed,and then the valuation method suitable for it was calculated.In the calculation process,the relative valuation method is used,and the six models of the absolute valuation method are modeled and calculated,and the calculated results are compared with the actual stock price,and the comparison results are analyzed.It is concluded that the relative valuation method can make a simple estimation,and the absolute valuation method is more rigorous and effective.In the absolute valuation method,the AE valuation method is clear in logic,simple in calculation and should be given priority. |
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