Winning the new financial era

Chapter 338
"Dad, let me tell you, 30 times the price-earnings ratio is really not low. Pet Holding Group's acquisition of Dogford is actually a related party transaction.

If the valuation of Dogford is too high, investors may say what about me behind their backs? "

A few days ago, when Zhang Yida was still in Southeast Asia, Pet Holdings Group began to contact Dogford, and the due diligence process was almost completed.

There was still some controversy over the valuation, so Lu Fenghai called Zhang Yida for help.

Pate Holding Group is only willing to give Dogford a valuation of 30 times the price-earnings ratio, while Zhang Qinghua insists on 50 times.

Dogford's net profit last year was 2.2 million yuan, and the gap between 20 times the price-earnings ratio was 44 billion yuan.

Dogford's shareholding ratio to be sold this time is 51%, in other words, the gap is more than 22 billion yuan.

This is a huge sum of money, so Zhang Qinghua's persistence is not difficult to understand.

"You have taught me a lesson in turn. I have worked so hard to save wealth for you."

Zhang Yida quickly stopped, "Amassing is not like this, a gentleman loves money, so get it in a proper way!
You are a manufacturing industry, giving you a valuation of 30 times is already seriously overestimated.

This is because the pet market is an emerging market with a growth potential of more than 30% every year. "

"I see that many of our big A-share companies have a price-earnings ratio of [-] to [-] times, or even hundreds of times." Zhang Qinghua complained.

"You can't compare with them. They have all kinds of assists, and of course the stock price will rise.

Of course, when it fell, it also fell very hard. "

Zhang Qinghua said: "Let's do it! Let's do it! If you can't beat you, let's use 30 times the price-earnings ratio!"

"Well, take a step back and open up the sea and the sky!"

"By the way," Zhang Qinghua said again, "Then what does the VAM agreement mean? It also requires us to maintain a 2016% increase in net profit for three consecutive years from 2018 to 30.

I have calculated that this year will reach 2.86 million net profit, next year will be 3.718 million, and the year after that will be 4.8334 million.

The net profit of these three years adds up to 11.4 billion!Is this requirement too harsh? "

Zhang Yida smiled and said: "These are very conventional terms, if Dogford wants to support a valuation of 66 billion yuan, he must do some convincing performance!
Think about it, you are a small factory that was established in the second half of 13, and it has performed well in the past two years.

Who knows if the performance will change drastically after the acquisition?The acquirer also needs a safety cushion. "

"The agreement says that if it cannot be completed, the company's valuation will need to be discounted."

"Of course!" Zhang Yida explained, "Acquiring a multi-billion company cannot be a one-off deal.

There are too many traps and pits!In addition, for Pate Holding Group, the merger and acquisition of Dogford will form a large amount of goodwill.

If one of these bubbles is not handled properly, it will greatly affect the follow-up financing and even listing of Pet Holdings Group! "

"I'm somewhat clueless! If I don't complete the bet, I will suffer a big loss."

Zhang Yida chuckled, "I can't afford it. The meat is all rotten in the pot. If it's cheap for Pet Holdings Group, it's cheap for me."

"Pate Holding Group is not your wholly-owned company, and it is also cheaper for outsiders."

Zhang Yida reminded: "Dad, you're being foolish, you care too much about gains and losses, and you'll only lose more."

"Okay, don't talk, just do as you say! Call the staff of Pet Holdings Group to come and sign the agreement!"

Zhang Yida smiled and said, "Dad, don't be so depressed! This is a good thing, be happy."

"Hmph! I'm more happy..."

Zhang Qinghua feigned anger and said, "If you let me hug my grandson earlier, then I will be really happier."

"I haven't graduated from college yet! It's too early to talk about this! I'm still a baby myself!"

Zhang Qinghua scolded: "Look at you, the chairman who manages tens of thousands of people!"

After the two father and son teased each other, Zhang Yida hung up the phone.

……

On May 9th.

Ruixiang Group, the Office of the National Afforestation Committee and the China Green Foundation formally signed a strategic cooperation agreement on "Internet + voluntary tree planting for all" in Beijing.

At the same time, it also means that the tree planting model of Ruixiang Forest will be officially included in the national voluntary tree planting system.

At the signing ceremony, Zhang Yida also delivered a keynote speech.

Looking at the crowd of reporters and audience, Zhang Yida played a set of PPT.

Through the huge LED screen, the audience present can see the vast desert and the Gobi Desert as far as the eye can see.

Zhang Yida introduced: "This is the Mu Us Desert located in the northwest of the motherland. You can see how desolate it is."

Then Zhang Yida played the next set of pictures.

In the picture, there is only a small part of the desert, and most of it is an oasis, although the vegetation only covers a shallow layer.But it did change color, from yellow to green.

"This is also the Mu Us Desert, or it should be called the Mu Us Oasis."

Zhang Yida explained with a smile: "The last group of photos was taken in the 50s, and this group just now was taken a few days ago.

After more than 60 years and the efforts of several generations, we are finally on the verge of eradicating this desert with an area of ​​4.2 square kilometers.

The Mu Us Desert is located in the north of YL City, Shaanxi Province. Affected by sandstorms, Yulin used to be called Camel City, that is, the desert city, and the ecological environment is very harsh.

You know, in ancient times, this piece of land was called "the foundation of kings and overlords", and the land was quite fertile.

Liu Bang won Guanzhong and wiped out the princes to establish the Han Dynasty; Li Yuan won Guanzhong and put down all the rebels and established the Tang Dynasty.

The Han and Tang Dynasties are the most glorious dynasties of our Chinese people.

And their foundation is the barren and deserted land we see today.

Why did it become what it is today?

Because of deforestation and population explosion.

During the Spring and Autumn Period and the Warring States Period, the forest coverage rate of the Loess Plateau was as high as 53%. "Historical Records" once recorded that Zhou Tianzi and Qin Wengong chased deer on the forest grasslands in northern Shaanxi and eastern Longdong.

The forest coverage rate dropped to 42% in the Han Dynasty, and the forest coverage rate on the Loess Plateau dropped to 32% in the Tang Dynasty for the construction of palaces and large-scale urban logging.

The reduction of forest coverage has led to the gradual deterioration of the environment.

As the capital of all dynasties before the Tang Dynasty, Chang'an had too many people.

With more people, no matter how fertile Qinchuan is eight hundred miles away, it will not be able to bear it.

Therefore, after the Tang Dynasty, the ecological environment in Guanzhong became worse and worse, and there was no more unified dynasty with its capital in Chang'an.

After talking about historical changes, let's talk about modern times.

Since 1959, windbreak forest belts have been built here, water diverted to pull sand, and a large amount of vegetation has been planted.

Up to now, more than 160 forest farms of more than 4 mu have been built here, and four protective forest belts with a total length of more than 1500 kilometers have also been built.

Today's YL city is no longer a desert city, it has become an "oasis on the plug".

Of course, the cost of construction is also quite heavy.

Baori Ledai, Yin Yuzhen, Wuyun Siqing, Lang Tenghua, Xu Xiufang and other sand control heroines exchanged their lives and sweat for today's hard-won oasis.

In addition to these heroes, I also know a family of desert control heroes, four generations, who spent 40 years turning 4.5 mu of sandy land into an oasis. "

Zhang Yida added: "This family is Guo Chengwang's family. Since Mr. Guo is over 90 years old and inconvenient, we did not invite him to the scene today.

But we recorded a video for him, you can watch it. "

After speaking, Zhang Yida retreated to the side of the stage, letting out the huge LED screen.

In the video, an old man wearing a headscarf in northern Shaanxi started his 40-year-long afforestation work with tools on his shoulders...

The reporters and audience in the audience also stared wide-eyed, watching this touching scene intently.

Through the video, you can clearly see the changes in the Mu Us Desert over the past few decades.

Carried from shoulder to hand, purely artificial sand control and tree planting, little by little turned the desolate land into an oasis.

The video is very shocking. For 40 years, four generations have insisted on doing one thing, which is very moving.

At the end of the video, the old man Guo Chengwang said to the camera in northern Shaanxi dialect:
"I said I was going to plant this tree, but the head of the village said that there is such a big desert, what can you do with it...

I said that I must turn it into an oasis. I can't finish it, my son can finish it, my son can't finish it, and my grandson can finish it... from generation to generation. "

At the end of the video, Guo Chengwang's great-grandson inspected his 40-year painstaking efforts behind his back--a piece of oasis.

There was thunderous applause from the audience, and the audience admired Guo Chengwang, these sand control heroes from the bottom of their hearts.

After the applause was over, Zhang Yida returned to the stage and said: "Very touching video, very touching story!

Everything today is not easy, so we should cherish it even more.

We Ruixiang Group decided to provide the tomorrow APP launch display page to four generations of Mr. Guo Chengwang's family.

Their contemporary "foolish old man" spirit deserves our nation, this country's respect and carry forward..."

A reporter in the audience asked: "Mr. Zhang, isn't the APP launch page always provided to advertisers?
It is said that the advertising fee for one day of display is as high as tens of millions of yuan? "

"That's right, it's as high as tens of millions."

Zhang Yida also said: "Compared with advertising costs, I think it is more worthwhile to show this heroic spirit to hundreds of millions of users in China.

In the future, the APP startup page will no longer receive advertisements, and heroic deeds like Mr. Guo Chengwang will be displayed from time to time.

These unsung heroes who do practical things for the country and the people deserve the attention and respect of the society! "

Another reporter asked: "I heard that Ruixiang Forest has planted more than 500 million trees? Is this true?"

Zhang Yida nodded, "It's true, Ruixiang Group spends five thousandths of its revenue for charity every year.

And part of the money was spent on afforestation, and part of it was spent on Rui's charitable donations to the manor. "

The reporter asked again: "Can you tell us about the specific mode of operation?"

(End of this chapter)