Research On The Valuation Of Tsingtao Brewery Based On FCFF

Beer has a history of thousands of years,and it has become the largest wine in the world today.In modern times,beer brewing technology has been introduced to Asia and has a history of more than 100 years in China.Enterprises are expanding their scale by financing,stock expansion,M & A transactions and other economic activities.Precision poses a greater challenge.This article aims to build a scientific and reasonable value evaluation system,use the FCFF two-stage growth model to evaluate Tsingtao Brewery’s business,compare the evaluation results with the results obtained by the multiple price-earnings ratio method under the relative valuation method,and find that the FCFF model is evaluating enterprises.The advantages of intrinsic value,I hope this article can provide ideas for the reasonable pricing of trading behavior in the beer industry.This article introduces the specific formulas and application of the three FCFF models in detail,and researches and explains the selection of the parameters of the FCFF two-stage discount model.Then select Tsingtao Brewery,the leading beer industry company,as the research object,select the time series model for the forecast of the operating income,and carry out the ARCH test on the residuals,in order to accurately predict the future operating income,and select the sales percentage to calculate other expenses.Overall corporate value and intrinsic value per share.Then select other comparable companies listed in the Shanghai and Shenzhen stock markets,use the price-earnings ratio method to obtain the intrinsic value of each share,compare the evaluation results of the two evaluation methods with the closing price on the evaluation base day,and observe that the closer to the market price is to use The result of the evaluation of the FCFF model,this method can better reflect the company’s intrinsic value,and then analyzes the two major reasons for the gap between the evaluation results of the two methods and the stock market price: one is the immaturity of my country’s stock market,various laws and regulations are not sound,and speculation is strong;the other reason is that different evaluation methods are used,resulting in different evaluation results.Through the evaluation of corporate value,it can help companies make scientific investment and financing decisions,continuously improve corporate value,and provide investors with a value reference.