基于自由现金流量的企业价值评估:以索芙特公司为例

本文在介绍自由现金流量折现法相关原理的基础上,选取一家名为索芙特的化妆品上市公司,通过分析该上市公司过去五年的相关财务数据,并结合整个化妆品的行业环境以及该企业的发展现状,分析影响企业价值评估的宏观环境和微观环境,进而探究该公司未来五年的自由现金流量。依据两阶段自由现金流量模型估算出索芙特公司的价值。基于此,本文从调整资本结构,提高公司自由现金流量的增长率两方面对索芙特公司的价值管理提出建议。

Valuation of Enterprise Value Based on Free Cash Flow: Taking Sofft Company

Based on the definition of free cash flow,this paper redefines the connotation of free cash flow.This paper selects a listed cosmetics company named sofft to analyze the financial data of the listed company in the past five years,and analyzes the macro and micro environments that affect the value assessment of the company based on the industry environment and the development status of the company,so as to explore the free cash flow of the company in the next five years.According to the weighted capital cost method to determine the discount rate of sofitel enterprises,and according to the two-stage free cash flow model to estimate the value of sofitel enterprises.Based on this,this paper puts forward some opinions and suggestions from adjusting capital structure,increasing the growth rate of free cash flow and extending the forecast period.