The Valuation Of ANGEL YEAST Company Based On Residual Operating Income Model

Angel Yeast is the leading company in the yeast industry in China.It ranks first in domestic production capacity and has a market share of nearly 50%.It has a pivotal position in the industry.The company's share price has experienced several surges since its listing,and this is accompanied by the company's decision to increase product prices.The stock price increase does not necessarily reflect the increase in the company's intrinsic value.How can we properly evaluate the intrinsic value of the company? Has a certain necessity.Valuation research on Angel Yeast can understand the true value of the company on the one hand,and find a suitable model to provide reference for the valuation of the yeast industry.This paper mainly uses the combination of literature research and case stu dy to study the intrinsic value of Angel Yeast.First,the literature related to th e enterprise value assessment and residual operating income model is sorted ou t.Then the relevant concepts are defined and the advantages and disadvantages of several common valuation methods are summarized.Then,the company's b usiness status is analyzed,and the residual operating income model is selected for value evaluation based on the company's characteristics.After testing the a pplication premise of the model,the company's balance sheet and income state ment were adjusted,and the driving factors of the remaining operating income were analyzed.Combine the characteristics of the enterprise and the future dev elopment trend to predict each parameter and obtain the evaluation result of th e enterprise value.The results are simply compared with other valuation metho ds and sensitivity analysis is performed to ensure their rationality.Finally,summarize the relevant conclusions obtained in this paper and make recommendatio ns on relevant issues.After completing the entire valuation process,the evaluation result was 2,837,226 million yuan,and the intrinsic value per share was 34.43 yuan,5.23% higher than the market price.Compared with other valuation methods,the resid ual operating income model is more reasonable and can be applied to the valu ation of yeast companies.The residual operating income model focuses on the business activities of the company and can help managers find the real factors that affect the value of the company.At the same time,the evaluation result o btained is greater than the book value of the enterprise,which indicates that it is more reasonable to use the intrinsic value as the value form of the enterpris e evaluation in the enterprise evaluation,which is more in line with the true c onnotation of the enterprise value.Through the valuation research in this paper,it can provide investors with data reference,avoid the blindness of investmen t,and provide some ideas and references for the valuation of yeast industry en terprises.