albuquerque indian jewelry wholesale Is the DCF method of the company's valuation and DDM method of the same method?

superstar accessories jewelry wholesale Please enter your answer company valuation method: There is no best, only the most applicable company valuation method is an important weapon for the fundamental analysis of the listed company. Under the basic logic of "fundamental determination of value, value determines price" The method of the company's theoretical stock price and market price is obtained to guide investors' specific investment behavior. The company's valuation method is mainly divided into two categories, one is the relative valuation method, which is characterized by the main multiplication method, which is simpler, such as the PE valuation method, PB valuation method, PEG valuation method, EV/EBITDA valuation value Law. The other type is an absolute valuation method, which is characterized by the main discount method, which is more complicated, such as cash flow discount methods, option pricing methods, etc. The relative valuation method and the "five golden flowers" relative valuation method is widely used because of its simplicity and easy understanding. But in fact, each relative valuation method has a certain scope of application, not suitable for all types of listed companies. At present, a variety of relative valuations have the situation of being used and abused and shallow. The following is the most commonly used PE method as an example. Generally, the lower the P/E value, the more investment value the company is. Therefore, when the P/E value is lower, it is more in line with the investment logic when the P/E value is lower. However, in fact, because the "five golden flowers" P/E value of the "Five Golden Flowers" at the end of 2004, the company's involved in investment value and involved in the current "loss of losses" is inevitable. On the contrary, the average income of investors operated by the "anti -P/E" method is quite abundant, that is, investors who involve "five golden flowers" when the P/E value is higher at the end of 2001. At the end of 2004, the P/E value is low. Throw it out. So, what is the reason? In fact, it is very simple. The reason is that the PE method does not apply to the "five golden flowers" with strong industry -cyclical listed companies. On the other hand, most investors only care about the change of PE value and comparison with historical values. The logic of the PE valuation method is severely shallow. Logically, under the PE valuation method, the stock price is absolutely reasonable. Under other conditions, the higher the EPS estimated growth rate, the higher the reasonable P/E value, and the absolutely reasonable stock price will rise; Reasonable P/E. Therefore, when the actual growth rate of EPS is lower than expected (the number of multiplications becomes smaller), the reasonable P/E value decreases (the multiplication becomes smaller), the dual strikes of the multiplication effect are small, and the stock price has a severe decline. When the actual growth rate of the company is higher or lower than expected, the stock price has skyrocketed or plunged, and investors often shout "rise (fall) to make people understand" or "not to rise (fall) so much" Essence In fact, it is not surprising that the multiplication effect of the PE valuation method is just playing. The absolute valuation method of the absolute valuation method of rewarding beauty (discount method) is introduced into China almost at the same time as the relative valuation method, but it has always been in an awkward position of marginalization. "Not good", mainly because: (1) The basic data related to listed companies in China is relatively lacking, and it is difficult to obtain accurate model parameters. After entering the model, the unbelievable data gets the result of poor rationality, and then shakes and doubts the absolute valuation method model itself; (2) the total share capital of listed companies in China is The basic assumptions of the full circulation in the valuation model of developed countries do not match. However, the status of absolute valuation method has been greatly improved since 2004, mainly because: the upstream industries of the main industrial industry of the Chinese stock market, especially energy and raw materials, and have a strong periodic. The macro regulation since May 2004 caused the importance of the "TOP-DOWN" research method (macroeconomic analysis-industry prosperity judgment-leading company profit prediction), which was widely used during the rise of the original periodic prosperity The prosperity declines. Under the background of the serious departure of the company's stock price and inherent value with the traditional relative valuation method evaluation method, the importance of the "subdivided industry and selecting stocks" has risen. Essence Especially since 2005, China's equity division issues have begun to solve steps in steps. After the equity distribution problem is resolved, the value of Chinese listed companies in the future of full circulation has increased the reliability of the value of value through the absolute valuation method, which further promotes the attention of investors, especially institutional investors. In the absolute valuation method, the DDM model is the most basic model. At present, the most mainstream DCF method also borrows a large number of logic and calculation methods of DDM. Theoretically, when the company's free cash flow is all used in dividend payment, there is no essential difference between the DCF model and the DDM model; but in fact, whether in China with a low dividend or the United States with a high dividend rate, dividends cannot It is equivalent to the company's free cash flow, and there are four reasons: (1) stability requirements. The company is not sure whether the future is capable of paying high dividends; In order to eliminate the inconvenience and expensive financing; (3) taxation factors, a high -progressted capital benefit tax or personal income tax for progressive production is implemented abroad; The decline indicates the view of the company's prospects. " The proportion of dividends in Chinese listed companies is not high, the proportion and number of dividends are not stable, and the situation is difficult to improve in the short term. The DDM model is basically not applicable in China. At present, the most widely used DCF valuation method provides a rigorous analysis framework? Systematically considering every factor that affects the value of the company? In the end, the investment value of a company is evaluated. The essential difference between the DCF valuation method and DDM is that the DCF valuation method uses free cash flow instead of dividend. The company's free cash flow (Free Cash Flow for the FIRM) is proposed by American scholar Labau Port that the basic concept is the company's Suppliers (that is, those who require various interests, including shareholders and creditors) allocated cash. The two methods of coins are suitable for the author that the relative valuation method and the absolute valuation method are the two sides of a coin, and there is no problem of good or inferiority. Different valuation methods are suitable for companies with different industries and different financial conditions. For different companies, different companies need to analyze specific problems and choose different valuation methods with caution. A variety of relative method valuations and at least one absolute method valuation model valuation (mainly DCF) may achieve better results. For example: highway listed companies, focusing on stability, preferred DCF method, selected EV/EBITDA; biomedicine and China connection software development listed companies, focusing on growth, prefers to P/B, EV/EBITDA; real estate; real estate; real estate; real estate; real estate; real estate; real estate; real estate; real estate; real estate; real estate; real estate; real estate; And the listed company of commercial and hotel industry, paying attention to the differences between the value and actual value of the book (real estate, etc.) of assets (real estate, etc.) may bring or have benefits to the company, and the method of combining the RNAV method and the PE method should be adopted; In addition to output, the ownership of mineral resources should also be paid to the ownership of mineral resources, and the Black-Scholes model shall be adopted. In the context of the current periodic industry (stock market entity), investors should strengthen their understanding and understanding of the absolute valuation law. Through the combination of relative methods and absolute laws, when investors analyze the fund's fundamentals? The current company's financial status, product structure, business structure? Considering the development of the future industry and the company's strategy, understanding the company's future continuous value, so as to form a comprehensive understanding of the company and make more rational investment judgments. ...