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Data:2009-12-12 2:34
The results of the price estimates
The advantages and disadvantages of the value method
Benefits
Shortcomings
Analogy book value price-earnings ratio
2.5 ~ 3.1
To be mature and reasonable market price-earnings ratio, book value, as the empirical evidence is a market-based pricing means you can protect the shareholders of tradable shares will not be short-changed by the loss of stock
Need for careful selection of comparable companies, reasonable valuation criteria to determine an analyst with personal inclinations; the history of the circulation loss of compensation for shareholders powerless
Release excess earnings method
2.7 ~ 3.0
Full account of all outstanding shares of compensation, including compensation for loss of history
A reasonable standard to determine the valuation analyst with personal inclinations;
Of non-tradable shares of the net assets of premium pricing
2.6 ~ 3.3
In line with the non-tradable shares make more use of the net asset value, or slightly higher than the reduction of the net asset value outside the reality in line with the provisions of the SASAC; from analysts about individual orientation
Non-tradable shares is not a market-oriented pricing, the market is low recognition
Conclusions A, sum up, we believe that CITIC Guoan right to pay a reasonable price range is 10 to send 2.5 to 3.3 shares.
