Research On Valuation Of UNIS Based On FCFF Valuation Method

In the current wave of scientific and technological succession,cloud computing,5g,artificial intelligence,which once only appeared in scientific and technological papers,have stepped down from the cabinet and entered the vision of the general public.In the secondary market,ICT companies are also concerned by investors because of their broad prospects.How to select appropriate valuation methods to evaluate the listed companies in ICT industry is a subject worthy of study.This paper takes Ziguang stock,a typical ICT listed company,as the research object,and adopts the methods of literature research,case analysis,financial index analysis,FCFF valuation and event analysis.Firstly,it briefly introduces Ziguang stock and its important position in the parent company's strategy,and then shows a relatively perfect research on the discount rate and growth rate of Ziguang stock The first part of the research system is to explore whether the company has competitive advantage.It successively inquires about the profitability of the company,the source and duration of the competitive advantage,and collects the characteristics of the industry.The second part explores the growth,profitability,financial health,company management,operation and equity change of the company.The third part enters the valuation stage,According to the relatively stable free cash flow of the company,the FCFF valuation method is finally selected,and the basic situation of the company is quantized innovatively,and the estimation matrix of discount rate and growth rate is obtained,which improves the rationality of the use of valuation parameters.Finally,according to the basic situation and valuation status of the company,a certain margin of safety is given to subsidize the valuation and market risk,so as to provide reference for the actual investment Test.At the same time,there are still many shortcomings in this paper.For example,in the growth hypothesis,it is assumed that Ziguang shares will continue to grow after ten years of growth.In the first five years of the decade,the latest growth rate will be maintained.In the last five years,the growth rate will slow down to one-third of that in the first five years due to intensified competition.In the long-term growth stage,the average growth rate of GDP in developed countries will be used.In the discount rate hypothesis,the time value will be China The benchmark of ten-year Treasury bond yield and discount rate is converted to A-share by the discount standard of foreign fund research companies in 2004.The absolute valuation method also temporarily adopts the free cash flow valuation method,although there have been a few cases of negative FCF in recent years.All of these may cause inaccurate valuation.And I lack of knowledge,time is limited,I hope in the follow-up study life and work,more widely involved in the valuation system,in order to provide a reference for the valuation of listed companies.