The Market Value Management And Valuation Analysis Of PetroChina

This paper studied the relationship between corporate valuation modeling and market value management,and performed quantitative analysis on how market value and stock price would be impacted by identified factors using financial report.The paper selected the biggest listed company in the China Stock Market,China National Petroleum Corporation(hereinafter referred to as ‘PetroChina’),as the analysis target.The paper used two-stage unleveraged discounted cash flow modeling to analyze the market value of PetroChina.It summarized the historical annual financial report from 2009 to 2014,calculated EBIT and EBITDA,and forecasted future financial data to evaluate the market value and stock price by evaluation model.The paper quantified the impact on the market value of PetroChina through ULCF model using variables as introduced in the market value management method,and identified the most important variable factors to evaluate the impact on each business lines.The paper also explored the range of PetroChina’s stock price through parallel analysis based on variable impact factors,and discussed how to improve the profitability of each business lines in PetroChina,and strengthen its management capacity for the market value.