Countercurrent 1982

Chapter 1656 Tianyin Valuation

"Actually, if Tianyin Group can be listed in Hong Kong, it should be able to obtain 5 million U.S. dollars..." Li Yun said suddenly.

"I understand this, but I don't want this company to be controlled by capital, although I am also a capitalist in essence." Duan Yun smiled slightly, and then said: "Shareholders only have profits in their eyes, which is consistent with my thinking and style of running the company. It’s different, if it’s just for making money, I don’t need to take such a big risk.”

In fact, Duan Yun has also thought about the listing of Tianyin Group in Hong Kong. According to the current company size and profitability of Tianyin Group, the market value of Tianyin Group can reach at least tens of billions. This is the most conservative estimate.

Generally speaking, when using the relative valuation method to evaluate enterprise value, the most commonly used method is the price-earnings ratio multiple method, and its calculation formula is: company market value = company income × price-earnings ratio multiple.

For example, a start-up company’s profit in the previous year was 500 million yuan. If the price-earnings ratio is 10 times, the post-investment valuation is 5000 million yuan.If the investor decides to invest 700 million yuan, the investor's shareholding ratio is 14%.

The total profit of Tianyin Group last year was as high as 20 billion yuan, of which the real estate company's profit accounted for nearly half, because the real estate company has been listed, and Cheng Qingyan, as the legal representative, occupies about 70% of the shares, so this part cannot Calculated in the assets of Tianyin Group, the current annual profit of Tianyin Group's electronics factory and chip factory is only about 10 billion yuan.

According to the general price-earnings ratio of 10 times, the current valuation of Tianyin Group is 100 billion yuan, which can be said to be the highest market value among mainland listed companies.

You know, until August this year, there were only 8 stocks in China with more than 10 billion yuan.

The current market value of Cheng Qingyan's Tianyin Real Estate is 61 billion yuan, which can be said to be the current stock king in China.

Even so, the facts of Tianyin Real Estate are still seriously underestimated. The main reason is that the number of publicly issued shares is not large, the stock market is insufficiently liquid, and the company's accounts are rarely disclosed, so the stock price has not been speculated. Getting up is also a normal thing.

The gap between other listed companies is relatively large. The second place is China Baoan, which went public in June this year. Its market value is only 2 billion yuan, which is less than half of Tianyin Real Estate. Entering the top ten is simply unimaginable in later generations.

In fact, it was not until the end of 1992 that China had two companies with a market value approaching 100 billion.

This year, the chemical industry has been in the limelight. Chlor-Alkali Chemicals and Huayi Group have become the kings of the A-share market, with their market values ​​approaching 100 billion yuan.

At present, the valuation of listed companies in China is not high. The main reason is that the number of listed companies is too small. Many large and powerful companies have not entered the stock market, such as Tianyin Group. If Duan Yun is willing to list in the mainland, The market value will definitely exceed 150 billion immediately, and may even exceed [-] billion.

But in Duan Yun's mind, Tianyin Group is much higher than the actual valuation, because it is one of the few real technology companies in China, and it has the world's top technology patents, and these patents will be given to him in the future. Bringing a steady stream of huge wealth, so Duan Yun's Tianyin Group will definitely not go public easily when it is not a last resort.

"I'm in Hong Kong, and I see that the bosses are basically involved in finance and real estate. In Hong Kong, only finance is the best." Li Yun stroked the bangs on her forehead with her hand, and then said: "Hong Kong is still There is an old saying that laughs at the poor but never laughs at the prostitutes. As long as you can make money, no one cares whether you are black or white. Wealth is the only criterion for measuring the value of life. I think if Brother Duan is in Hong Kong, he will definitely It's an exceptional alternative…”

"Hahaha!" Hearing this, Duan Yun laughed and said, "You are right, my values ​​are indeed somewhat different from those of Hong Kong businessmen. To put it bluntly, I am an idealist. I always feel that I am making money I have enough money to spend, and I can't even spend it in a few lifetimes, so I want to do something that I am interested in and truly meaningful. In fact, your sister-in-law is much smarter than me in terms of business..."

"My sister-in-law is a smart person, and I admire her very much. It is really wise from a businessman's point of view to give up the electronics business that started her in the first place and invest in the real estate and stock markets." Li Yun smiled slightly and continued. : "So from this point of view, my sister-in-law's thinking is more like a Hong Kong person."

"Xiaoyun, don't say that about your sister-in-law..." Li Guosheng seemed to feel that her daughter's words were inappropriate, so Li Guosheng quickly reminded her.

"It doesn't matter. Brother Duan doesn't care about such things. What he wants to hear is the truth, not polite words." Li Yun said.

"That's right, you are still the smartest." Duan Yun glanced at Li Yunyun approvingly, and said, "Actually, I feel that you have grown very fast in the past two years. No matter what job you do, you can do it very well. The company works as an interpreter, and the other members of the translation department are not as efficient as you. Now the company is managed in Hong Kong and has received tens of millions of dollars in orders. Compared with your father, it is really The blue comes out of the blue and is better than the blue, and one generation is stronger than the other."

Duan Yun’s praise comes from the bottom of his heart. He really appreciates Li Yun’s ability to work. He originally set up a branch in Hong Kong to integrate local international talents and develop PC computers and related technologies. What he didn't expect was that Li Yun not only manages the company very well, but also has excellent business ability. He got an order of more than 3000 million US dollars in one go. This is a very remarkable achievement. You know, he is famous in China In the past few years of setting up a company in Hong Kong, the famous Lenovo Group only made a profit of more than 1000 million US dollars in one year, and this year it has suffered a huge loss. From this point of view, Li Yun has completely defeated Liu Chuanzhi.

"I'm just learning from other people's experience. Over the past year, I have met many elites in the Hong Kong business community and learned a lot from them." Li Yun pondered for a while, and then said: "I think Hong Kong People's business minds are very sophisticated and skilled. Some things they do can be said to be unscrupulous. If you are a well-behaved and honest person in business, it is impossible to succeed in Hong Kong. They can use black and white methods, and in Hong Kong As long as you have money, you can even circumvent the law to make rules, the so-called legal society in Hong Kong, in fact, has always protected the rich..."

(End of this chapter)