{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u7a4dGod","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/jakgod","title":"BABA\u4f30\u503c\u8a08\u7b97(FCF)\uff0c\u7a76\u7adf\u503c\u5e7e\u9322? - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/534173\">BABA\u4f30\u503c\u8a08\u7b97(FCF)\uff0c\u7a76\u7adf\u503c\u5e7e\u9322?<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/534173\/embed\" width=\"600\" height=\"338\" title=\"&#8220;BABA\u4f30\u503c\u8a08\u7b97(FCF)\uff0c\u7a76\u7adf\u503c\u5e7e\u9322?&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2021\/02\/FI_Prime_FB_Share_cover-500x263.jpg","thumbnail_width":500,"thumbnail_height":263,"description":"\u4e4b\u524d\u7528\u904ePEG\u540c\u5927\u5bb6\u5206\u6790BABA\u4f30\u503c\u597d\u4fbf\u5b9c\uff0c\u4eca\u6b21\u5c31\u5177\u9ad4\u5730\u7528FCF (free cash flow\/ \u81ea\u7531\u73fe\u91d1\u6d41)\u505a\u4f30\u7b97\uff0c\u4ffe\u4f60\u5730\u7747\u4e0b\u503c\u5e7e\u9322\u3002 \u5148\u89e3\u91cb\u4e0b\u500b\u8868\u9ede\u7747: 2020 TTM (Jan \u2013 Dec) \u71df\u6536 = USD94,570M\u3002 Growth rate = \u53c3\u8003\u4e0a\u5e74MAR20\u7684\u71df\u6536\u589e\u9577\u4fc229%\uff0c\u5047\u8a2d2021\u5e74\u670925%\uff0c\u5f80\u5f8c10\u5e74\u589e\u5e45\u905e\u6e1b\uff0c\u76f4\u5230\u7b2c11\u5e74\u4e4b\u5f8c\u6e1b\u81f3\u589e\u9577\u50c53% (Continuous growth: 1.03)\u3002 FCF % = \u81ea\u7531\u73fe\u91d1\u6d41\u4f54\u71df\u6536\u5e7e\u591a\uff0c\u53c3\u8003\u904e\u5f80\u5e73\u5747\u503c\u5927\u7d0425%\uff0c\u9810\u6e2c\u672a\u4f8610\u5e74\u90fd\u4fc2\u7dad\u6301\u5462\u500b\u6c34\u5e73\u3002 WACC = Weight Average Capital Cost, \u4e2d\u6587\u53eb\u52a0\u6b0a\u5e73\u5747\u8cc7\u672c\u6210\u672c\uff0c\u7c21\u55ae\u9ece\u8b1b\u59d0\u4fc2\u4e00\u9593\u4f01\u696d\u7684\u8cc7\u91d1\u4f86\u6e90\u6210\u672c\uff0c\u4e3b\u8981\u90fd\u4fc2\u900f\u904e\u80a1\u6b0a+\u50b5\u6b0a\uff0c\u6211\u8f03\u4fdd\u5b88\u7528BABA\u9ad8\u5e73\u5747\u503c10.5%\u3002 \u5047\u8a2d\u62cb\u958b\u4efb\u4f55\u653f\u7b56\u98a8\u96aa\u56e0\u7d20\uff0c\u53ca\u4ee5\u4e0aAssumption\u6b63\u78ba\u7684\u8a71\uff0c\u4ee5FCF\u89d2\u5ea6\u53bb\u8a08\u7b97\uff0c\u73fe\u6642BABA\u5408\u7406\u80a1\u50f9\u61c9\u70ba$331\u3002 \u53ef\u80fd\u4f60\u6703\u8a71\u71df\u6536\u589e\u9577\u9810\u6e2c\u5f97\u592a\u7406\u60f3\uff0c\u5481\u6211\u5730\u5c31\u8a66\u4e0b\u518d\u4fdd\u5b88\u4e00\u9ede\uff0c\u5f80\u5f8c10\u5e74\u6bcf\u5e74\u53ea\u670910%\u589e\u9577\uff0c\u5481\u4f62\u73fe\u6642\u5408\u7406\u80a1\u50f9\u5c31\u53ea\u503c$210\u3002 \u6211\u500b\u4eba\u8a8d\u70baBABA\u672a\u81f3\u65bc\u5dee\u5230\u672a\u4f86\u589e\u9577\u53ea\u670910%\u5481\u5c0f\u3002\u4e00\u9593\u4f01\u696d\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u4fc2\u597d\u91cd\u8981\uff0c\u5982\u679c\u4f62\u6bcf\u5e74\u90fd\u7a69\u5b9a\u4e0a\u5347\uff0c\u50f9\u503c\u59cb\u7d42\u90fd\u6703\u53cd\u6620\uff0c\u800c\u4e14\u96a8\u8457\u6642\u9593\u63a8\u79fb\uff0c\u50f9\u683c\u5340\u9593\u7dad\u6301\u5728$220-$230\u5c31\u6703\u8b8a\u5f97\u66f4\u5438\u5f15\uff0c\u4f5c\u9577\u7dda\u6295\u8cc7\u7d55\u5c0d\u4fc2\u4e00\u500b\u597d\u9078\u64c7\u3002 \u7576\u7136\u5982\u679c\u4f60\u8a8d\u5b9aBABA\u672a\u4f86\u5fc5\u5b9a\u6703\u88ab\u653f\u7b56\u6253\u58d3\uff0c\u6c38\u4e0d\u8fd4\u8eab\u7684\u8a71\uff0c\u4ee5\u4e0a\u6578\u64da\u5c31\u6beb\u7121\u53c3\u8003\u6027\u3002 \u4ee5\u4e0a\u5167\u5bb9\u4e0d\u69cb\u6210\u6295\u8cc7\u8cb7\u8ce3\u5efa\u8b70\u3002"}