Research On Stock Investment Value Of Listed Companies In Liquor Industry

With the continuous development of China's economy and the continuous growth of per capita wealth,people begin to look for investment opportunities in the capital market.In the process,the idea and method of value investment are being praised highly by investors with the gradual improvement of China's capital market.This paper take the case analysis method to combine theory with practice to analyze the target company.Firstly,it sorts out the relevant theories of stock value investment,and USES its analytical thinking to make an in-depth analysis of the target company's industry and the company itself from two aspects with the top-down fundamental analysis method.On the one hand,the characteristics of the recovery period of the current liquor industry are analyzed in detail,and the analysis results show that the liquor industry,especially the high-end liquor industry,has a good development prospect and investment value.On the other hand,in this industry,this paper makes an in-depth analysis of WuLiangYe company,which has the competitive position of highend liquor industry oligarchs,and analyzes how WuLiangYe company grows rapidly and continuously improves its competitiveness in this round of industry recovery period from its own business ability,financial data and core competitiveness.The research shows that WuLiangYe company is a high quality enterprise which accords with the theory of stock value investment.Based on the qualitative analysis,the free cash flow discount model in the absolute valuation method and the price-earnings valuation model in the relative valuation method were used to evaluate the intrinsic value of WuLiangYe.The conclusion is drawn from the results of fundamental analysis.At present,the overall development trend and operation status of the whole industry and the case company are good,and the development prospect is obviously uncertain,which has obvious investment value.The value of WuLiangYe is underestimated by the market and can be held as a value investment for a long time.