Study On Gas Station Investment And Valuation Model In XX Area

This paper first analyzes the background and significance of the study of the gas station industry.As a non-renewable strategic resources,oil is of great significance to the world's energy consumption and national energy security.China,as a member of the OECD,has become one of the world's most important oil consuming countries.Although the main domestic energy resource is still coal,but with the national economic development,energy consumption structure adjustment,environmental protection,national consumption and cars increasing,the proportion of oil consumption in the domestic energy consumption structure will continue to increase.As the current domestic oil industry said,the mining costs are too high;oil refining is under intense competition;oil sales can get better profit benefits from price protection mechanism.Gas station is the main channel of oil sales,as the franchise license approval is difficult,construction and operation approval process is complex,safety supervision is strict and other reasons resulting in higher barriers to the industry access,the current domestic gas station industry development varies,but also has not yet developed non Oil plate profitability.In this case,it is necessary to study the investment decision and valuation model of the gas station,so as to provide investors with better investment condition.The focus of this paper is on how to evaluate the gas station.The value of a gas station =the value of the land + the value of the operating + the value of the franchise + the value of the facilities.The value of the Land equals to original purchase price and the increased value,which can be assessed by a professional land assessment agency,with reference to the commercial real estate combining the cash flow of the gas station.The nature of the gas station valuation is based on the operating cash flow and the operating capacity.The price of franchise rights is still mainly determined by the market.This paper is focus on the discounted cash flow model and the P / E ratio method to evaluate the operating capacity of the gas stations,and compare it with the dynamic investment evaluation index such as NPV and IRR,which will be provided for investors to choose the best way to make money,and reversely the investment decision-making indicators were verified.The core of the free cash flow valuation model is to choose the free cash flow and set the discount rate.The author uses the net profit and the net cash flow as the free cash flow of the discounted model to calculate the most conservative and the highest value.The core of the P / E ratio method is to develop the priceearnings ratio,the author choose three commonly used ratio —8-10 times in acquisition,usually 15 times when backdoor listing and under 20 times in IPO,to calculate values for investors as decision-making basis.This paper also summarizes four key factors that affect the gas station: macroeconomic environment,microeconomic environment,location,businesses and management capacity.From the macroeconomic environment,the development goals of the 13 th Five-Year Plan of the State and XX provinces have steadily increased and gradually realized.Nanning,Yulin and other key economic development areas have also become an important area for the layout of the gas pipeline.In terms of micro-economy,the economy of the XX provinces and autonomous regions has benefited from the area facing Southeast Asia,and the vitality is strong,and the dependence on road transport between cities and cities is heavier.These provide a good social basis for gas stations investment in the XX province.For the individual gas station itself in terms of investment income,site selection,business structure and management capacity are all important factors affecting the investment income of the gas station.In terms of operating structure and management capacity,the author suggests that operators should keep pace with the times and adopt advanced information management and communication technology.For example,the use of large data systems for oil procurement,storage,sales,payment and other data for monitoring and statistics,to avoid manual recording of the error;use WeChat,blog to promote promotional activities,In addition,the gas station also provide service and products to meet the local ethnic characteristics and consumption habits to find effective consumption and so on.The author's team summarizes the a model that is summed up in terms of geographical location,available consumption and convenience,and is also described later.