Research On The Evaluation Of The Value Of X New Energy Company’s Shareholders’ Equity Based On The FCFF Method From The Perspective Of Gray

In recent years,the development of the new energy industry is in full swing,and all countries are vigorously developing the new energy industry.Our country keeps up with the pace of the times,attaches nice importance to new energy merchandise,and has enforced a series of policies to develop the new energy industry.Above all,the state attaches nice importance to the wind power and photovoltaic industries.When years of national policy support,the wind power and photovoltaic industries have been on track and the market share has gradually increased.In order to further increase the market share of such new energy products,the state Marketization and the use of market competitive advantages to vigorously develop the new energy industry.In the historical convergence period of wind power and photovoltaic industry policy adjustments and "carbon neutral" background,whether such new energy companies are currently worth investing has become an issue of great concern to investors.In order to solve this problem,this paper selects X New Energy Company,a leading company in the photovoltaic industry,to evaluate its equity value and analyze whether it is worth investing.This article analyzes the applicability of the three valuation methods in X New Energy Company,and concludes that the free cash flow model of the enterprise in the income method is the most suitable.And use grey forecasting theory to improve the free cash flow model of enterprises.First,analyze the applicability of the gray forecasting model in X New Energy Company.After passing the test,apply the model to the forecast of future operating income,and use the gray forecasting model to make corrections when predicting the free cash flow of the enterprise,which reduces the evaluation.Human prediction bias in the process.Secondly,for new energy companies in the policy adjustment period,this article considers changes in the capital structure and the proportion of current liabilities to non-current liabilities,and dynamically handles the discount rate to reflect the company’s future development at different stages strategy.In addition,due to the uncertainty of the future development of the new energy industry,corporate development is divided into three scenarios: normal,optimistic,and pessimistic,and various possibilities are given different weights based on experience,and finally weighted to obtain a sustainable growth rate.Finally,the asset-based method is used for comparative analysis,and the following conclusions are drawn: The intrinsic value per share calculated by the improved FCFF model is not much different from the market price per share on the base date of the evaluation,indicating that the improved FCFF model is operational and the results are more accurate.In addition,the equity value predicted by X New Energy Company on the evaluation base date is higher than the stock market price,indicating that the company has investment value and new energy companies in the policy adjustment period,especially those with core technology,are worthy of investment by investors.