Case Study On EVA Based Enterprise Valuation In Contemporary Amperex Technology Co.,Limited

In recent years,the new energy automobile market has developed rapidly.Not only have BYD,Tesla,SAIC and other established companies that have been deeply engaged in new energy for many years joined in,but also a group of "new forces of Internet car making" led by Nextev and Pony have been born,and the number of power battery installations has been increasing year by year.As a major supplier of power batteries at home and abroad,CATL has successfully entered the A-share market from a "unicorn" enterprise thanks to the continuous expansion of the new energy market.The relatively accurate evaluation of enterprise value in CATL is of great significance to the promotion of corporate performance and value management related activities in addition to the effective allocation of social resources.In this paper,the relevant theoretical basis and traditional valuation methods are firstly expounded,and the common valuation methods and EVA valuation methods are compared and analyzed from the perspectives of advantages and disadvantages and applicability.The advantages of EVA valuation method in the new energy power battery industry are mainly discussed.From the comparative analysis,the conclusion that EVA based enterprise estimation method is more suitable for the case object is drawn.Then,taking CATL as a research case,the author conducts an in-depth analysis of the target company from the three aspects of strategic analysis,financial analysis and prospect analysis of the research object,demonstrates that compared with other valuation methods,EVA valuation method is more applicable,and lays theoretical support for the subjective estimation of relevant data in the later stage.Then,the paper makes a horizontal comparison between EVA valuation results and traditional valuation results,analyzes the rationality of EVA valuation results,and deeply explores the reasons for EVA valuation method to fully reflect enterprise value,and draws a conclusion: On the base date of valuation,the enterprise value of CATL is undervalued by the market,and EVA model is more suitable for value assessment of similar new energy power battery enterprises such as CATL.At the same time,in the process of valuation,the short board of enterprise value creation can be found intuitively,and the driving factors of improving enterprise value can be found so as to improve the efficiency of value management and to give some suggestion.Finally,this paper summarizes the shortcomings of EVA model in use,and puts forward suggestions for the improvement of EVA model.