Equity Research - BYD Company Limited
This equity research project is committed to the valuation of BYD and was written in line with the research report format recommended by the CFA Institute. The research data and information involved were based on public information disclosed before September 30, 2022, any other information after thi...
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| Format: | Dissertation |
| Language: | English |
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ProQuest Dissertations & Theses
01-01-2022
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| Subjects: | |
| Online Access: | Get full text |
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| Summary: | This equity research project is committed to the valuation of BYD and was written in line with the research report format recommended by the CFA Institute. The research data and information involved were based on public information disclosed before September 30, 2022, any other information after this date has not be considered.As a leader and forerunner in China EV industry, BYD has created a series of miracles. It is great respect for this company not only for its deep commitment to the green product, but also for its pioneering spirit of enterprise. The company's share price has soared since 2020, becoming Chinese “Tesla”, which makes the company more special and worthy for studying.Four different methods are adapted to valuate this company. The benchmark method is based on DCF model, using WACC method to discount the FCFF and the terminal value to get the enterprise value of CNY 918.89 billion. A BUY recommendation is concluded according to the predicted price target of CNY 315.14 per share at the end of 2022, implying an upside potential of 25.1% compared to the closing price of CNY 252.1 on September 30, 2022, with medium risk. Other three supplementary methods including equity method, APV method, and relative valuation methods initiate the same buy recommendation. |
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| ISBN: | 9798380794459 |