Valuation Of A Case Of Biopharmaceutical Company ZS

With the development of biotechnology and medical level as well as increasing serious aging problem and health problem,demands of diagnosis and medical instruments has been larger and larger in recent years.As the fore-end of medical treatment,IVD is the most important part among many subfields.Government has promulgated a package of policies to support this industry which is one of the key industries in Made in China 2025.In this context,the domestic biotechnology industry has been developing rapidly especial in those high-end market where more and more innovative companies have generated in.However,available literatures leave a lot of blanks in valuation of the new three board listed companies especially those high and new tech companies like ZS company who have a very short history and high growth.This article uses top-down analysis to evaluate company ZS which means an integrated analysis process from macro logic to micro logic will be displayed.By selecting proper models and estimating suitable parameters,this article will finally give a rational valuation of target company.We hope this valuation process can make a contribution to current research and be a complement of existing literatures.This essay is composed of five chapters as follows.In Chapter one,the author analyzes the domestic macro environment including policy orientation,economic features and medical consumption distribution.In Chapter two,the author begin with a concrete introduction of the IVD industry and end with a competition analysis of molecular diagnosis.In the third Chapter,the author mainly focus on analysis of target company which contains brief introduction of the company,competition analysis,product analysis and operating risk analysis et al.The fourth Chapter is financial analysis where the author analyzes the company's financial condition from five angles like operating ability,cash creating ability and et al.In the last Chapter,several forecasting data and valuation models are displayed with particular analysis.