估值RB内部估值模型教程(PPT.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Document number * Overview of content Automotive Banking (and other Financial Services) Chemicals Civil engineering and construction Consumer goods Energy, oil gas Environmental services Health and pharmaceuticals Industrial goods Insurance Media, broadcasting, and publishing Other commodities (minerals, diamonds, gold, copper, etc.) Real estate and facility management Retail, hospitality, and restaurants Technology Telecommunications (services, infrastructure) Transportation and logistics Travel, entertainment, and gaming Utilities Document number * Considerations for Valuation Automotive Macroeconomic key valuation drivers Sensitivity to economic cycle Pricing of raw materials, labor, and manufacturing capacity Consumer-spending patterns Foreign exchange risks, when revenues and costs are denominated in different currencies Industry key valuation drivers Product differentiation Product development and innovation Capital-intensity Access to suppliers Increased competition leads to downward trend in prices and declining margins Hurdles for entry Consumer credit, lease scheme, residual values Innovation capabilities Level of competition, revenue growth, and capital intensity play a significant role in profit margins and cash generation Capacity to move production to low cost countries Distribution network Recycling liabilities Document number * Considerations for Valuation Banking (and other Financial services) Macroeconomic key valuation drivers Sensitivity to business cycle in general Banking regulation (e.g. Banking for international settlement requirement