公司價值如何理解?

衡量一間公司是否值得投資要考慮其價值~ 

公司價值取決於兩大因素

(1) 公司現金流及盈利是否有增長?

(2) 公司資金成本有否下降?

先看看下面的價值概念圖 (概念來自: Valuation: Measuring and Managing the Value of Companies, 5th Edition)

資本投資回報收入      

      

+                               => 現金流 (Cash Flow)

盈利增長                                                      =>  價值 (Value)

                               資金成本 (Cost of Capital)

價值(Value) = FCF (自由現金流) / (WACC 資金成本 - Growth 現金流增長率)

Free Cash Flow (FCF) is the cash available to stakeholders after all expenses, interest, taxes, capital expenditures, and current portion of long term debt are deducted from revenues.

Free Cash Flow (FCF) = Operating Income (revenue – cost of sales) + Depreciation – Taxes +/- Change in Working Capital – Capital Expenditures