{"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":"\u5047\u8a2d\u9a30\u8a0a\u88ab\u7f70100\u5104\uff0c\u5c0dDCF\u4f30\u503c\u5f71\u97ff\u6709\u5e7e\u5927? - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/535782\">\u5047\u8a2d\u9a30\u8a0a\u88ab\u7f70100\u5104\uff0c\u5c0dDCF\u4f30\u503c\u5f71\u97ff\u6709\u5e7e\u5927?<\/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\/535782\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u5047\u8a2d\u9a30\u8a0a\u88ab\u7f70100\u5104\uff0c\u5c0dDCF\u4f30\u503c\u5f71\u97ff\u6709\u5e7e\u5927?&#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":"\u4eca\u65e5\u6709\u50b3\u4e2d\u570b\u5c07\u5c0d\u9a30\u8a0a\u6d89\u58df\u65b7\u884c\u70ba\u7f70\u6b3e\u6700\u5c11100\u5104\uff0c\u5982\u679c\u4fc2\u771f\u7684\u8a71\uff0c\u6bd4\u963f\u91cc\u5df4\u5df4182\u5104\u5c11\uff0c\u5e02\u5834\u90fd\u6703\u8996\u70ba\u5229\u597d\u6d88\u606f\u3002 100\u5104\u4fc2\u54a9\u6982\u5ff5? \u4f54\u9a30\u8a0a2020\u5e74\u71df\u65362.1%\uff0c\u624b\u4e0a\u73fe\u91d1\u76846.5%\uff0cUFCF (Unlevered Free Cash Flow)\u7684 7%\uff0c\u4e00\u53e5\u8b1b\u6652\uff0c\u5c0d\u4f01\u9d5d\u4ed4\u9ece\u8b1b\u771f\u4fc2\u6fd5\u6fd5\u788e\uff0c\u6700\u91cd\u8981\u4fc2\u5514\u597d\u641e\u5230\u4f62\u7684\u904a\u6232\u696d\u52d9\u3002 DCF\u4f30\u503c \u5e73\u6642\u5927\u5bb6\u898b\u5230\u5514\u5c11\u6295\u884c\u5c0d\u9a30\u8a0a\u7684\u76ee\u6a19\u50f9\u90fd\u4fc2$800\u4ee5\u4e0a\uff0c\u5176\u5be6\u90fd\u4fc2\u6709\u6578\u64da\u652f\u6301\uff0c\u6211\u5730\u53ef\u4ee5\u7747\u4ee5\u4e0bDCF model, \u4e3b\u8981\u7747\u9ec3\u8272\u90e8\u4efd (assumption): \u904e\u53bb5\u5e74\u7684\u71df\u6536(2016-2020)\u5347\u5e45\u5206\u5225\u70ba47.7%\/ 56.5%\/ 31.5%\/ 20.7%\/ 27.8%, \u8003\u616e\u5230\u57fa\u6578\u8d8a\u4f86\u8d8a\u5927\u95dc\u4fc2\uff0c\u5f80\u5f8c10\u5e74\u589e\u901f\u6703\u6e1b\u6162\uff0c\u9810\u8a082021\u5e74\u589e\u9577\u70ba22.9%\uff0c\u53bb\u52302026\u5e74\u6216\u8005\u6703\u9047\u5230\u6a3d\u9838\u4f4d\uff0c\u589e\u9577\u53ea\u67091%\uff0c\u4e4b\u5f8c\u518d\u56de\u5fa9\u589e\u901f10%\u4ee5\u4e0b\uff0c\u53bb\u5230\u7b2c11\u5e74\u4e4b\u5f8c\u53ea\u5f973%\u589e\u901f\u3002 FCF\/Revenue ratio \u904e\u53bb5\u5e74\u5747\u503c\u70ba37.5%\uff0c\u4fdd\u5b88\u9810\u6e2c\u4e4b\u5f8c\u90fd\u6703\u7dad\u6301\u7d0430%\u6c34\u5e73\u3002 WACC\u90fd\u8f03\u4fdd\u5b88\u7528\u6700\u9ad8\u6210\u672c\u53bb\u8a08\uff0c7.2%\u3002 \u5f97\u51fa\u7684\u80a1\u50f9\u4fc2$812 100\u5104\u7f70\u6b3e\u7684\u5f71\u97ff \u6211\u5730\u518d\u7747\u4e0b\u5982\u679c\u771f\u4fc2\u88ab\u7f70100\u5104\u4e4b\u5f8c\u7684\u5f71\u97ff\uff0c\u56e0\u70ba\u4fc2\u4e00\u6b21\u6027\u9805\u76ee\uff0c\u5514\u6703\u5f71\u97ff\u9a30\u8a0a\u6838\u5fc3\u696d\u52d9\uff0c\u57fa\u672c\u9762\u4e0d\u8b8a\uff0c\u5514\u6703\u5f71\u97ff\u589e\u9577\u7387\uff0c\u6240\u4ee5\u76f4\u63a5\u6263Cash 100\u5104(\u7d05\u8272)\u3002 \u6263\u5b8c100\u5104\u4e4b\u5f8c\uff0c\u5176\u5be6\u5c0d\u80a1\u50f9\u90fd\u53ea\u4fc2\u975e\u5e38\u8f15\u5fae\u7684\u5f71\u97ff\uff0c\u53ef\u4ee5\u8a71\u7121\u5f71\u97ff\u7684\u3002 \u4ee5\u4e0aAssumption\u53ea\u4f5c\u53c3\u8003\uff0c\u4e0d\u540c\u7684Assumption\u6703\u5f97\u51fa\u4e0d\u540c\u7684\u7d50\u679c\uff0c\u5176\u5be6\u7121\u4eba\u53ef\u4ee5\u6e96\u78ba\u53bb\u9810\u6e2c\u5305\u62ec\u6295\u884c\uff0c\u5927\u5bb6\u90fd\u4fc2\u57fa\u65bc\u6b77\u53f2\u6578\u64da\u53bb\u505a\u9810\u6e2c\uff0c\u91cd\u9ede\u4fc2\u908a\u500b\u8f03&#8221;\u5408\u7406&#8221;\u3002 \u4ee5\u4e0a\u5167\u5bb9\u4e0d\u69cb\u6210\u6295\u8cc7\u8cb7\u8ce3\u5efa\u8b70\u3002"}