Ứng dụng các phương pháp xác định giá trị doanh nghiệp để định giá lại công ty cổ phần nước giải khát sài gòn Tribeco

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TRƯỜNG ĐẠI HỌC KINH TẾ QUỐC DÂN
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
Đề Tài

 !"#$%&
'()*+
,-./0123045607'8$9
:/07;< =
3>7(?@A
B7?C
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
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R2S04T:M01UCGVMW088888888888888888888888888888888888888888888888888888888888888888888
XYZ$888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888[
12\04'Z ] ^8888888888888888888888_
[8'LM`0K1UK>1aIb014,5-F01041B>8888888888888888888888888888888888888888888888888888888888_
[8[8YcMIEM1d,MIb014,KRb5-F01041B>888888888888888888888888888888888888888888888888888_
[8e81,0Bf.J5-F01041B>gIb014,5-F01041B>88888888888888888888888888888888@
e8,MhiK1GHUKh/0jGF0K3d,MIb014,KRb5-F01041B>8888888888888888888888888888888@
e8[8,MHUGKVKR-04Ib014,88888888888888888888888888888888888888888888888888888888888888888888888888@
e8[8[8*a0M,-kTM1.DM,M.l0IJh/0jGF088888888888888888888888888888888888888888888888@
e8[8e8 mnGlKM1UKo1lG88888888888888888888888888888888888888888888888888888888888888888888888888888p
e8[8q83Mh2m04KVMIrKs04KR2t04888888888888888888888888888888888888888888888888888888888[A
e8e8,M>12\04>1,>Ib014,5-F01041B>88888888888888888888888888888888888888888888888[_
e8e8[812\04>1,>fu1P015v04KJ0M1UKo1lG888888888888888888888888888888888888[@
e8e8e812\04>1,>fu1P01Y888888888888888888888888888888888888888888888888888888888888ew
e8e8q812\04>1,>fu1P01K2\04IV88888888888888888888888888888888888888888888888888888qe
e8e8_812\04>1,>Ib014,Mu04KHMxK1G01N>Wf8888888888888888888888888888888_A
e8e8@8b014,.V0My>1`0MzF01{04Mu04KHoBKjGBKDM1E0188888888888_w

e8e8p8,M>12\04>1,>d,MIb014,My>1UG888888888888888888888888888888888888888888_|
7Y}'~"
#$%&'()*+888888888888888888888888888888888888888888888@q
[83K1BGM1G04888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888@q
[8[8u04KHMy>1`0023M4ao1,KnD4v0Rk•M-888888888888888888888888888888888888@q
[8[8[83K1BG.JMu04KH888888888888888888888888888888888888888888888888888888888888888888888888@q
[8[8e8P011P011-TKIr04MzFMu04KH01{040sf4`0IWH88888888888888888888@q
e8,MIb014,KRbMu04KH023M4ao1,K'Dv0Rk•M-888888888888888888888888888888@@
e8[812\04>1,>fu1P01Ib014,jGHJ0M1:0Y888888888888888888888888888888888@p
e8e812\04>1,>fu1P01MWH01b>1W08888888888888888888888888888888888888888888888888888888@|
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
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e8q8'-n,01oUKjGaIb014,I2mM.3oUKjGaIb014,MzFMu04KHo€f
K-,0'88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888pe
e8q8[8'-n,01oUKjGaIb014,888888888888888888888888888888888888888888888888888888888888888888pe
e8q8e81N0d•K.Jo1a0s04,>5c04M,Mfu1P01Ib014,KT^BKFf
88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888pq
q81{04o1xo1s0KR-04.BMd,MIb014,KRb5-F01041B>KT^BKFf1B0
0FH8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888pw
_8YrKnV4a>1,>Ks041BGjGaIb014,5-F01041B>KT.BK0Ff1B00FH
8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888p‚
 88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888w[
Y( Y&88888888888888888888888888888888888888888888888888888888888we
 88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888wq
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
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DANH MỤC CÁC THUẬT NGỮ VIẾT TẮT
 ƒ7 v04KJ0M1UKo1lG
 ƒƒ+7v04KJ0KL5-MzF.V0My>1`0
 ƒƒƒ7v04KJ0KL5-MzF5-F01041B>

 '7,KRbK1bKR2S04MzF.V0M1znt1{G
 *7,KRbK1bKR2S04MzF0m
 +7,KRbnyn,M1MzF.V0M1znt1{G
 7,KRbnyn,M1MzF0m
 ^7,KRbK1bKR2S04MzF5-F01041B>
 „
M
71GUnGlKK1GUK1G01N>5-F01041B>
 o
n
71>1E…1FHnGlKn01hmH/GM`G†MzF.V0M1znt1{GKR-04KR2S041m>
Mx.FH0m
 ‡71>1E.V0M1znt1{GKR-04KR2S041m>o1u04.FH0m
 o
k
71>1E0m.FH
 ˆ71>1E.V0kP01jGW0MxKR:04nV
 R
‰
7ŠhBh‹nGlK>1RzR-
 +*Œ71G01N>1-TKIr04MzF5-F01041B>
 7'GlKn01hmKR/0.V0I`GK2
 47VMIrKs04KR2t04
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
[
LỜI MỞ ĐẦU
GK1U1r01N>o01KUjGVMKU.Do1G.LMM•04nL>1,KKR€0fT01fŽMzF
M,MKyM1•Mo01KUK1U43012yM1•M12\04fTK1U43ˆg /0f01
1WG•G…+†gMzFM,Mo1VK1bKR2S04M1G04g88Iv1‘klKoPjGVM4F0D-M’04M`0
>1aK1“MI”H>1,KKR€0o01KU.3KVMIr.D1BGjGaMF-8

R-040J0o01KUK1bKR2S04g01GM`GI,014,.Dd,MIb014,KRbIV.3
5-F01041B>hD1-D0K-D0KL01/08R23M1UKIb014,5-F01041B>dGlK>1,KK•
H/GM`GM`G1-TKIr04fGFk,0gn,K01N>g1m>01lKMy>1`01xF1-–MM1F01‘5-F01
041B>8WHhD01{044F-5bM15O0RFMxKE01M1lKK12S04dGH/0.D>1ykU0KR-04
M\M1UK1bKR2S04>1a0,0101GM`GI`GK2KRLMKU>.D-na0dGlKo015-F018,KRb
5-F01041B>hDh-TK1u04K0jGF0KR:04I€01DjGa0KRb>1W0KEM1gI,014,KR23M
o1RFM,MjGHUKIb01.JI`GK2KDM1E01Mxh/0jGF0IU05-F01041B>I2mMI,018
,KRb5-F01041B>hDnL>1a0,010s04hLMKy041m>g>1a0,01o1a0s04K—0KT
.D>1,KKR€0MzF5-F01041B>81u04K0.J4,KRb5-F01041B>M1-042SKFfrK
nLI,014,Ky04jGF0.JGHKE0o015-F01g.Jo1a0s04KDM1E01.D.bK1UKE05c04
I€K•IxI2FRFM,MjGHUKIb01I`GK2KDKRm1-–MMxKU>KcMMl>KE05c04M1-5-F01
041B>0{Fo1u048,KRb5-F01041B>Mv0hDh-TK1u04K0jGF0KR:04KR-04jGa0
hio01KU.Qfu8,KRbMzFM1•04o1-,0I2mMjGHUKIb01kt4,KRbK1LMMzF5-F01
041B>MxM1•04o1-,0I2mMKRF-IyfGFk,0KR/0K1bKR2S048
4-DRFKR-04jG,KRP01M1GH€0IyM\M1UjGa0hio01KUd,MIb014,KRb
5-F01041B>Mv0hDk23MIjGF0KR:04I€M,M023MKU01D01MaM,M15-F01
041B>0127My>1`01xFgn,K01N>g1m>01lKgfGFgk,0go1-,0gM1-K1G/888xK1€
0xg1-TKIr04jGa0hi.D01{044F-5bM1o01KUI‹I–KRF01{04H/GM`GM`0K1UK
>1ad,MIb014,KRb5-F01041B>8
T^BKFfgM,MIb01M1UKDM1E01I‹.DIF04,>5c0401JG>12\04>1,>
o1,M01FGI€Ib014,5-F01041B>8^BMd,MIb010DHo1u040˜f04-DfcMIEM1
I2FoUKjGa23Mh2m04KU04`0IU04,KRbK1LMMzF5-F01041B>8^l0IJI–KRFhD
KR-04nV01JG>12\04>1,>Ib014,5-F01041B>g>12\04>1,>0D-0/0I2mMn™
5c04KR-04K•04KR2S041m>McK1€.D0xMxKE01K1LMKO0KR-04IJGoB0K1bKR2S04
KDM1E01.BK0Ff1FHo1u04š
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
e
GlK>1,KK•K1LMKO0Ixg•fhLFM1:0IJKD›Ứng dụng các phương pháp
xác định giá trị doanh nghiệp để định giá lại công ty cổ phần nước giải khát sài
gòn Tribeco” M1-M1GH/0IJK1LMKN>MzFfP018

YcMK/G041/0M•GMzFM1GH/0IJKVK041B>01˜fKPf1€GjGHKRP01d,M
Ib014,KRb5-F01041B>8Pf1€GoQ1\0.JhiK1GHUK.DM,MM,M1d,MIb014,KRb
5-F01041B>I2mM,>5c04KR/0K1U431B00FH8•Ixn-n,01M,M>12\04>1,>
.DM1:0RFI2mM>12\04>1,>d,MIb014,1m>hi.Do1aK101lK8
u04KHMy>1`0023M4ao1,K'Dv0Rk•M-I‹I2mMMu04KHo€fK-,0
'…0\K1LMKN>†o€fK-,0hTM,Mk,-M,-KDM1E01.DIb014,0sfeAA‚g
M1E01.P.NHM1GH/0IJKVK041B>MzF•fI‹M1:0Mu04KHMy>1`0023M4ao1,K
nD4v0Rk•M-hDIVK2m04Ib014,8
1Tfk041/0M•GhD7LFKR/0M,MhiK1GHUK.JIb014,.DnVhBG5-Mu04KH
o€fK-,0'MG04Ml>gI2FRFI2mM>12\04>1,>Ib014,1m>hi.Dn-n,01oUK
jGaIb014,.3oUKjGaIb014,MzFMu04oHo€fK-,0'8•IxI2FRFI2mM
M,M.2304fœMo1Ib014,g.D>12\0412304o1œM>1cM8
Chương I: Cơ sở lý luận về định giá doanh nghiệp.
12\04g0r5G04M1E01MzFM12\04frKhDI2FRFM,01P0Ky04jGF0.JIb01
4,5-F01041B>gM,MhiK1GHUKh/0jGF0K3Ib014,5-F01041B>.DM,Mfu1P01
Ib014,5-F01041B>8
Chương II: Một số phương pháp xác định giá trị công ty nước giải khát
Sài Gòn Tribeco.
r5G04MzFM12\04g4—fq>1`0M1E017
1`0[743K1BG.JMu04KHMy>1`0023M4ao1,K'Dv0Rk•M-8^DI,01
4,KP011P011-TKIr04o015-F01MzFMu04KHMy>1`0023M4ao1,K'Dv0
Rk•M-KR-0401{040sf4`0IWH8€I2FRFM,Mfu1P01Ib014,1m>hiKR23Mo1
KU01D01Ib014,8
1`0e7>5c04M,Mfu1P01Ib014,I‹M1:0I€Ib014,hTMu04KHMy>1`0
023M4ao1,K'Dv0Rk•M-8'-n,01oUKjGaIb014,.DI2FRF01N0d•K
1`0q7,014,K1LMKRT04Ib014,5-F01041B>KT.BK0Ff1B00FH8
^D4a>1,>I€0W04MF-1BGjGaIb014,8
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
q
1GH/0IJK1LMKN>I2mM1-D0K1D01.3nL4“>I•MzF'8R`0 R:04

4GH/0g•fd0M1W0K1D01Maf\0K1`HI‹4“>I••fKR-04h“M1-D0K1D01
M1GH/0IJK1LMKN>.J.l0IJ0DH8
af\0Mu04KHo€fK-,0'I‹4“>I•KugKR-04jG,KRP01K1G
K1N>nVhBGg.DKT-oJGoB0K1GN0hmKR-04jG,KRP01K1LMKN>8
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
_
Chương I CƠ SỞ LÝ LUẬN VỀ ĐỊNH GIÁ DOANH
NGHIỆP
1. Sự cần thiết phải định giá doanh nghiệp
1.1. Mục đích xác định giá trị doanh nghiệp
ž^3M1z5-F01041B>g1:hGu0Mx01GM`GkUKRŸKP011P01›n•Mo1‘• MzF
fP01I€KR/0M\ntIxI2FRFoU1-TM11-TKIr04M1-5-F01041B>g01˜f0W04MF-
1BGjGa1-TKIr041FHo1a0s04MT01KRF01MzF5-F01041B>8T01{04h“M5-F01
041B>M`01GHIr04.V0My>1`01FHM1G”0kbMy>1`01xFK1P.BMd,MIb014,KRb
5-F01041B>hDKJ0IJghDM\nto1u04K1€K1UGI€KE014,>1,K1D01My>1`0812
.NHK1u04jGFoUKjGaIb014,g5-F01041B>1€GRŸ1\0.J.bK1UMzFfP01gKR/0
M\ntIxI2FRF01{04oU1-TM1g4a>1,>01˜f0W04MF-1BGjGa1-TKIr04MzF
5-F01041B>g0W04MF-o1a0s04MT01KRF01¡
ž^3M,MM1z0m.D'.V0g5LF.D-oUKjGaIb014,1:nŽI2FRF01{04
>1a0•04K1EM11m>01˜fka-.BjGHJ0hmMzF1:KR-045-F01041B>8^3M,M01D
I`GK2gMyIu04KJf0s04gM,M01DMG04Ml>g1FHo1,M11D04h30IJGMx01GM`G
kUK4,KRb5-F01041B>I€I2FRFjGHUKIb01I`GK2gMG04•04g1m>K,Mg1FHK•M1V
hDfs0.35-F01041B>8•M,MfcMIEM1o1,M01FGgf•MIrjGF0KWfo1,M01FGg
d-041:IJGfGV0kafIa-hmEM1gjGHJ0hmMzF1:IV.35-F01041B>8
ž,MIVK1zMT01KRF01MzF5-F01041B>M’04RlKjGF0KWfK34,KRb5-F01
041B>MzFIV>12\04gI€I2FRF01{04M1U0h2mM01˜ffF04hT1BGjGa1-TK
Ir04M1-Mu04KHMzFfP018
ž,MM\jGF001D023MM’04M`0>1akUK4,KRbMzF5-F01041B>gI€1-D0
K1D01KVKM1•M0s04MzFfP01KR-0401{04K1SI€f01lKIb011D023MnŽMx
01{04jGHUKIb01>1•1m>IV.3K•045-F01041B>012M1E01n,M1K1GUgM1E01

n,M11¢KRmI`GK2gKDKRm.DKE05c04¡01˜fMaK1B0fuKR2S04o015-F0104DH
MD04KVK1\08
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
@
1.2. Khái niệm về doanh nghiệp, định giá doanh nghiệp
Doanh nghiệp7MxK1€I2mM1€GhDfrKKyM1•Mo01KUMxK/0R/04gMxKDna0g
MxKRcnt4F-5bM1y0Ib01gI2mMIs04oio015-F01K1•-jGHIb01MzF>1,>hGNK
01˜ffcMIEM1K1LM1B0y0Ib01M,M1-TKIr04o015-F018
Định giá doanh nghiệp:I2mM1€G.DK1•F01N0frKM,M1Rr04R‹hD.BMIJG
KRFM1KUK.DI,014,M,M1-TKIr04MzFMu04KH01˜fd,MIb014,KRb1B01{G.D
KJf0s04MzFfrK5-F01041B>8
,KRb5-F01041B>hD4,KRb1B0KTMzFM,M5v04KJ0K2\04hFMzF5-F01
041B>I2mMM1UKo1lGtf•MhmnGlKH/GM`GMzF01DI`GK28-IxgIb014,
5-F01041B>M1E01hD.BMd,MIb014,KRb1B0KTMzFM,M5v04KJ05-F01041B>8
CGHKRP01Ib014,0xM1G04kF-4—fM,Mk23MnFG7
1N0d•K.JKP011P011-TKIr04o015-F01MzFMu04KH8
LFM1:0fu1P01Ib014,K1EM11m>I€,>5c048
3Mh2m045v04KJ0n01RFK•1-TKIr04MzF5-F01041B>8
3Mh2m04KŠnGlKhm01GN001DI`GK2Iv1‘8
'-n,014,KRb.•FIb014,.34,KRb1B0KTKR/0K1bKR2S048
CGHUKIb01I`GK2…fGF1FHk,0†8
2. Các lý thuyết liên quan tới xác định giá trị doanh nghiệp
2.1. Các yếu tố trong định giá
2.1.1. Bản cáo bạch và các vấn đề liên quan
*,-M,-KDM1E01MG04Ml>01{04K1u04K0M\ka0fDM1“04KFnŽn™5c04I€
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** Phương pháp sử dụng định đề M&M
1“04KFnŽn™5c04Ib01IJYY

I€d,MIb01M1>1E.V0M1znt1{GKR-04
KR2S041m>MxK1GUK1G01N>M,01W08
…[ †… †
s c b
B
k k
S
ρ τ ρ
= + − −
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
‚
*®'hDM\MlG.V0MzFMu04KH8…*74,KRbK1bKR2S04MzF0mg'74,KRbK1bKR2S04
MzF.V0M1znt1{G†
τ
M
7hDK1GUK1G01N>5-F01041B>8
o

k
7hDM1>1En™5c040m.FH…hlHo
k
ŒR
‰
†
ρ: hDnGlKn01hSH/GM`GMzFMu04KH[AA¯.V0M1znt1{G8
ρI2mMKE01k˜04Mu04K1•M7
¨ … † ©ž
f m f u
r E r r
ρ β
= + −
ª
G
71BnVRzR-MzFMu04KHo1u04n™5c040m
UK1m>fu1P01Y.DIb01IJY§YKFMxMu04K1•Md,MIb01ª
G
7
[ …[ †
L
U
c
B
S
β
β
τ
=
+ −

.3ª

7I2mMd,MIb01012fu1P01Y8
*®'7M\MlG.V0K1•-4,KRbK1bKR2S04MzFMu04KH8
b. suất chiết khấu với chủ nợ (k
b
): o
k
I2mMKE01k˜04h‹nGlK>1RzR-R
‰8
c. Chi phí vốn bình quân- WACC
** Mô hình CAPM:
° ž…[ †ž ž
b c s
B S
acc k k
V V
τ
= − +
…M8[†
** Mô hình M&M:
° ž…[ ž †
c
B
acc
S
ρ τ
= −
…M8e†
,MK1D01>1`0h/0jGF0I‹I2mMd,MIb01t>1`0KR/08

^Jf–K 0r 5G04  eMu04 K1•MKR/0 hD K2\04 I2\0481“04KF K1FHMu04
K1•M7o
n
Œρ+(1−τ
M
†…ρ−o
k
†*®'.D-Mu04K1•M…M8[†KFnŽK1GI2mM…M8e†8
d. Uớc tính cơ cấu vốn của công ty
R-04M,MMu04K1•MKR/0M1“04KFIJGK1lHnLdGlK1B0MzFM\MlG.V0*®'g
.NHMWG1‘I–KRFhD*®'I2mMKE01012K1U0D-š
^3M\MlG.V0kF0I`GhD®+…g+hD4DKRbnyn,M1MzF0m.D.V0My>1`0†
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
[A
•KFKE01I2mM4,KRbK1bKR2S04*Œ
ž
d
b
k B
k
R-04Ixo
5
hDh‹nGlK.FH1FHM1>1En™5c040mgo
k
hDM1>1E0m…K12S044a
Ib01o
k
ŒR
‰
†

o
5
I2mMd,MIb01k˜04Mu04K1•Mo
5
Œ
'FGo1KE01I2mM4,KRbK1bKR2S04MzF0mKFKE01I2mM4,KRbK1bKR2S04MzF
.V0M1znt1{G'Œ^£*…^74,KRbK1bKR2S04MzFMu04KH†
€d,MIb01I2mM4,KRbK1bKR2S04KR-04M\MlG.V0gM1“04KFM`0d,Mf01
4,KRbMzFMu04KH81204I€KPf4,KRbMu04KHM1“04KFM`0d,MIb01ˆ8x
1FM,M1I€4ajGHUKM1-.l0IJ.v04 0DH7
YrKhDgn™5c04frKM\M`G.V0fcMK/GgoUKjGan™5c04frKˆM1-
K-D0krjG,KRP0123MKE018
FhDgn™5c04fu1P01YKE014,KRbK1bKR2S04MzF0m.D4,KRbK1bKR2S04
MzF.V0M1znt1{G8…fu1P01YI2mMKRP01kDHt>1`0e8e8e†
2.1.3. Ước lượng tốc độ tăng trưởng
2.1.3.1. Khái niệm7,KRbMzFMu04KHhD4,KRb1B0KDMzFM,M5v04KJ0fD
Mu04KHI2mMo¤.:04nŽKT-RFKR-04K2\04hF8R-04jG,KRP01Ib014,g5{hBG
I`G.D-jGF0KR:0401lKgI–MkBKhDIV.3M,MMu04KHKs04KR2t04fT01ghDKŠhB
Ks04KR2t04£5{hBGI2mMn™5c04I€5LKE015-F01K1G.Dhm01GN0KR-04K2\04
hF8
2.1.3.2. Phương pháp ước lượng
xkFM,M1M\ka0I€23MKE01nLKs04KR2t04M1-frKMu04KHklKo¤8Cách
thứ nhất hD01P0hTKVMIrKs04K1G01N>MzFMu04KHKR-04jG,o1•£KŠhBKs04
KR2t04hbM1n™8{hBG0DHMxK1€1{GEM1o1Ib014,M,MMu04KHy0Ib01g01204
0UGn™5c040xM1-M,MMu04KHMxKŠhBKs04KR2t04MF-K1PM1“04KFnŽ4–>>1a
01JG1T0M1UM’0401204GH1€f8ŠhBKs04KR2t04hbM1n™K12S04o1u04K1€23M
h2m04I2mMgK1NfM1E0UGMxK1€K1P0xM’04o1u04>1ahDfrKM-0nVI,04K0MNH
I€KE01KŠhBKs04KR2t04o¤.:04KR-04K2\04hF8
Cách thứ haihDn™5c045{hBGMzFM,MM1GH/04F>1W0KEM1041/0M•G.V0
My>1`0g01{04042ShGu05ŸK1•-jG,KRP011-TKIr04MzFMu04KHI€I2FRFfrK

-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
[[
M-0nV23MKE011m>hiM1-KŠhBKs04KR2t04MzF0x8Y–M5•01JGMu04KHI2mM43
>1W0KEM1K1•-n,K01204M1lKh2m04MzFM,MM-0nV23MKE01hTRlKKBgI–MkBKhD
KR-04o1-a04K1S4F05D8^BM5LF.D-01{04M-0nV0DHI€Ib014,Mu04KHMx
K1€560K301{04oUKjGanFhBM11-–MfWGK1G608
Cách thứ bahD23MKE01KŠhBKs04KR2t045LFKR/0M,MHUGKVM\ka0MzFMu04
KH8^JM\ka0gnLKs04KR2t04MzFMu04KHI2mMjGHUKIb01ktf•MIrK,I`GK2
.D-KDna0f3.DM1lKh2m04MzF01{045L,0I`GK20DH8ZIWHgIb01041QF.J
1-TKIr04K,I`GK2I2mMftRr04gkF-4—fMa01{04.cfGFhTMu04KHo1,Mg
K1UKhN>M,Mo/01>1W0>1V1-–MK1NfM1EhDftRr04M,M0s04hLMfFRo•K0481
23MKE01M,M5{hBGI`G.D-0DHK•MhDM1“04KFIF0423MKE01KŠhBKs04KR2t04M\
ka0MzFMu04KH8
a. Công thức ước lượng dựa trên dữ liệu quá khứ
+'
K
ŒF«kžK
+'
K
7hm01GN0KR/0f¢My>1UGKR-04o¤K¥KŒo¤K8
BnV4xMkMzFkU0K1S4F0hDK123MI-nLK1FHIyK1G01N>jGFf¢o¤
K1S4F08
1IxKVMIrKs04KR2t0474Œk®*P01jGW0+'8
GH01/0g.l0IJ>1,Kn01.3fu1P01KGHU0KE01hD0xd,MIb01KŠhBKs04
KR2t04k˜041BnV+'KGHBKIVg.PK1U0xo1u04K1EM11m>I€5LI-,0KŠhBKs04
KR2t04KR-04K2\04hF5-M,MK,MIr04o•>MzFKs04KR2t048
1“04KFnŽ23Mh2m044k˜04>12\04KRP01KGHU0KE01h-4FRK7
h0…+'
K
†ŒF«kžK

R-04Ix7h0…+'
K
†7h-4FRKKL01/0MzF+'KR-04o¤K8
BnVkMzFkU0K1S4F0KKRtK1D01K123MI->1`0KRsfK1FHIyMzFhm
01GN0KR/0f¢I\0.bK1S4F0g1FH1BnVkM1E01hDKŠhBKs04KR2t0448
ZIWHIv1‘+'>1a52\04K1P1BnVkf3Mxi041QFg0UG+'WfK1PoUK
jGa23Mh2m04KRt0/0.u041QFg.P0xnŽo1u04I2FfrKK1u04K01{GEM10D-.J
Ks04KR2t04K2\04hF8xe4a>1,>I€o1œM>1cMKP01KRT040DH8
£'™5c044,KRbKGHBKIVMzF+'KR-04o¤KR23MI€K1FHK1UM1-o¤Mx+'
Wf8
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
[e
£'™5c04fu1P011—jGHKGHU0KE01gR—nFGIxhlH1BnVM1FM1-+'kP01
jGW0KR-04o¤g.34aIb01+'kP01jGW052\048
b. Sử dụng tỷ lệ tăng trưởng từ các chuyên gia phân tích
1“04KFMxK1€.D0/0I2FnVhBG23MKP01.JKŠhBKs04KR2t04MzFM,M01D
>1W0KEM1o1,M.D-jG,KRP0123MKE01KŠhBKs04KR2t04K2\04hFMzFfP018x_
01W0KVjGHUKIb01KŠKR:04MzFM,M5Lk,-MzF43>1W0KEM1KR-04.BM23MKE01KŠ
hBKs04KR2t04K2\04hF7
Khối lượng thông tin riêng về công ty gần đây.Lk,-MzFM,M01D>1W0KEM1
MxhmK1U1\0M,Mfu1P015LF.D-5{hBGhbM1n™.P1:oUK1m>01JGK1u04K0MN>
01NK1\0.JMu04KH.DKR€0.:04MzF0xKR-04K2\04hF8
Số lượng các nhà phân tích theo dõi cổ phiếu của công ty mà bạn đang định
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IU0jG,KRP01Ib014,8
Mức độ chênh lệch giữa dự đoán của các nhà phân tích:KGHKŠhBKs04KR2t04
K1G01N>RlK1{GEM1M1-jG,KRP01Ib014,01204f•MIrM1/01hBM14{FM-0nV
5Lk,-Ks04KR2t04MzFM,M01D>1W0KEM1gI2mMI-h2S04ktIrhBM1M1G”0MzFM,M
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M,M01D>1W0KEM1I2FRF8
Chất lượng của các dự đoán của những nhà phân tích theo dõi cổ phiêu: WH
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2.2. Các phương pháp định giá doanh nghiệp
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2.2.1. Phương pháp mô hình dòng tiền chiết khấu
2.2.1.1. Cơ sở phương pháp
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** Mô hình chiết khấu dòng tiền tự do của vốn cổ phần –FCFE
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-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
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h30>1,Kn01K•.BMMu04KHn™5c04K-D0krKJ0f–Knµ0MxK1€M1KRaMyK•M8-

Ixgƒƒ+hDfrKK123MI-I‹I2mM›4:K4’F MzFh2m04KJ0fDMu04KHMxK1€KRa
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- Mô hình tăng trưởng FCFE bất biến
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fu1P01Ks04KR2t04ƒƒ+klKkU0nŽM1-RF4,KRbk˜044,KRbK1GI2mMK•fu
1P01Ks04KR2t04-R5-08
£Mô hình FCFE hai giai đoạn
-,0D1E01@AF 1GH/0IJK1LMKN> 4GHO0P01 Q01
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b. Định giá công ty- phương pháp chi phí vốn và phương pháp giá trị hiện
tại có điều chỉnh
** Phương pháp chi phí vốn
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∆.V0h2GIr04Œo1-a0K1FHIy.V0h2GIr04o1u04>1aKJ0f–K
£,M1K12kFgKE01ƒƒƒk˜04M,MhG—04KJ0K•1-TKIr04
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£,M1K1•K27M1“04KFnŽ23Mh2m04ƒƒƒK•M,M4,KRbKR/0ka04MW0IVoU
K-,07

•k,-M,-oUKjGao015-F017
1¬K/G 1S4F0…jGig0sf†
-F01K1GK1G`0
,.V01D04k,0
1>1EjGa0hi.Dk,01D04
m01GN0KR23MK1GU.Dh‹.FH.Do1lG
1F-
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…£†1>1Eh‹.FH
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