企業評價之個案研究-以英華達(股)公司為例

本文是以個案研究的方式，從英華達之財務報表方面著手分析，藉由現金流量折現法分別以銷售導向及盈餘導向的DCF評價法，來評估其企業價值。本研究之結論如下：一、產業競爭趨烈，利潤率不高：英華達主要經營消費性電子及手持裝置的開發、設計、生產及銷售等業務。近年來在鴻海及廣達等ㄧ線EMS廠價格競爭及本身生產規模不如一線廠，部份訂單出現轉單的情形，因此公司未來將以利基型產品，提供品牌廠商在一些量小產品的服務。二、銷售利潤率是造成ROIC無法更提升的主因：由超額報酬率分析可知英華達在過去5年ROIC僅有一年低於WACC。而拆解其ROIC 發現其資本週轉率很高，銷售利潤率雖然相當穩定,但是利潤率很低，可見銷售利潤率是造成ROIC無法更提升的主因。由於英華達在過去五年的平均ROIC維持在23%左右,所以我們仍判定其為Franchise Business。三、英華達盈餘品質佳：在盈餘品質方面，其四大盈餘指標均在正負零點幾左右，顯示其存貨、應收帳款、銷貨毛利、銷管費用並無不當膨脹。營運活動現金大部份年度均大於稅後淨利，顯示公司盈餘品質尚佳。四、評價結果有參考價值：在評價分析方面，由銷售導向DCF法評價出來的股價區間在17.61~20.12元之間而盈餘導向DCF法評出來的可能股價區間為36.64~37.05元，英華達最近股價約在23元左右，與銷售導向DCF評價出來的股價較為接近，具有參考價值。

關鍵字

企業價值；評價；現金流量折現法

並列摘要

The purpose of this thesis is to study the corporate valuation based on the approach of case study by using the theory of Discounted Cash Flow Model (DCF). The research adopts Sales Driven Flow Method and Earning Driven Flow Method to analyze the financial statements of Inventec Appliances Corp..(IAC) The research conclusions are drawn and summarized as follows. 1. Competitive industry results in lower gross profit margin The business operation of IAC is to develop, to design to produce and to sale for consumer electronics and handheld devices. Due to the situation of low price rivalry among EMS competitors, such as Foxconn and Quanta, and the lower scale of production compared with EMS competitors, IAC is losing some orders. Therefore, the company should focus on niche products and provide service to brand name for small quantity orders. 2. Lower gross profit margin causes the difficulty in ROIC improvement In the past five years, ROIC of IAC is only one year lower than its WACC based on the analysis of excess rate of return. By analyzing its ROIC, the results conclude that capital turnover ratio is high and gross profit margin is stable but low. Therefore, lower gross profit margin is the main reason causing the difficulty in ROIC improvement. In the past five years, ROIC of IAC is around 23%, so we consider it is Franchise Business. 3. Positive Earning of IAC Analyzing Earnings, four indexes of earning evaluation are around +-0. This indicates that inventories, account receivable, sales gross profits and operation expenses are not expanded inappropriately. Cash flows from operating activities are greater than earnings after taxes for most years which show the earning of company is good. 4. Research results provide reference value The research results indicate that the stock price is between 17.61 and 20.12 under the method of Sales Driven Flow and the stock price is between 36.64~37.05 under the method of Earning Driven Flow. The recent stock price of IAC is around 23. Compared with the result of Earning Driven Flow method, the result of Sales Driven Flow Method is more close to the recent stock price and provides reference value.