水電站收購項目盡職調(diào)查(已改無錯字)
2022-09-01 04:39:51 本頁面
【正文】 583,887103,113,581108,996,405114,879,228120,762,052%69,410,96475,025,91180,640,85886,255,80589,624,77491,870,75294,116,73197,485,699103,100,646108,715,593114,330,540%65,474,71670,844,32876,213,94081,583,55284,805,31986,953,16389,101,00892,322,77597,692,387103,061,999108,431,611%61,851,81866,996,10972,140,40177,284,69280,371,26782,428,98484,486,70187,573,27692,717,56797,861,859103,006,150%58,508,54063,445,33768,382,13573,318,93376,281,01278,255,73180,230,45083,192,52988,129,32693,066,12498,002,922%55,415,54260,160,77164,906,00069,651,23072,498,36774,396,45976,294,55179,141,68983,886,91888,632,14793,377,377%52,547,22157,115,15161,683,08166,251,01168,991,76970,818,94172,646,11375,386,87179,954,80184,522,73189,090,661（二）股權(quán)現(xiàn)金流貼現(xiàn)模型——FCFE模型根據(jù)兩階段的自由現(xiàn)金流貼現(xiàn)模型，在對前兩年公司的現(xiàn)金流分析的基礎(chǔ)上，預(yù)測公司未來第一階段（20092033年）的現(xiàn)金流模式，第二階段（20342060年）的現(xiàn)金流模式將在第一階段最后一年的現(xiàn)金流的基礎(chǔ)上以每年3%的百分比下降。FCFF模型估值結(jié)果(具體測算見附表)：假設(shè)FCFE估值結(jié)果現(xiàn)金流折現(xiàn)值價值百分比發(fā)電量：41,460,000 第一階段價值82,153,%高峰電價：第二階段價值3,094,%高峰電比例：第三階段（終值）忽略不計%科ke折現(xiàn)率：13%總股本價值85,248,（2009年6月30日截止日）主營業(yè)務(wù)稅金：%所得稅：25%ke=12%發(fā)電量：41,460,000度下面是不同的ke折現(xiàn)率和年發(fā)電量水平對總股本估值的影響表：具體測算見附表【總股本價值敏感度測試】 年 發(fā) 電 量 偏 離 度ke波動20%15%10%5%2%%2%5%10%15%20%%86,207,26291,576,87496,946,486102,316,098105,537,865107,685,710109,833,554113,055,322118,424,933123,794,545129,164,157%82,604,51287,748,803
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