并购估值模型贵州茅台DCF估值

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2013E2014E2015E2016E2017E

45,344.0564,472.4391,232.75128,596.41180,631.30

0.000.000.000.000.00

1,539.772,138.332,926.864,026.395,600.92

0.000.000.000.000.00

1.07 1.14 1.19 1.22 1.22

521.10724.751,007.621,401.121,948.15

98.69137.20190.77265.27368.83

422.41587.55816.851,135.851,579.32

621.80864.471,202.041,671.392,323.97

17.3624.1533.5746.6864.91

604.45840.321,168.471,624.712,259.06

51.3271.3899.22137.97191.84

0.000.000.000.000.00

18,560.9625,818.0935,889.5449,905.8769,392.42

11.1015.4421.4629.8441.49 18,549.8725,802.6535,868.0849,876.0369,350.92

0.000.000.000.000.00

0.000.000.000.000.00 66,512.9293,913.80132,113.42185,398.58259,614.59

0.000.000.000.000.00

43.5243.4943.5043.5043.50

0.000.000.000.000.00

43.5243.4943.5043.5043.50

0.000.000.000.000.00

5.87 5.87 5.87 5.87 5.87

0.000.000.000.000.00

5.87 5.87 5.87 5.87 5.87

4,858.675,027.145,147.525,212.205,218.51

7.637.908.098.198.20 4,851.045,019.245,139.435,204.015,210.31

12.5512.2011.209.768.05

78.1072.3268.4164.8162.07

0.000.000.000.000.00

78.1072.3268.4164.8162.07

0.000.000.000.000.00

626.39692.41760.33829.77899.32

0.000.000.000.000.00

626.39692.41760.33829.77899.32

0.000.000.000.000.00

0.000.000.000.000.00 -200.95-239.12-279.24-320.35-361.33

39.6639.6339.6439.6439.64

0.000.000.000.000.00

13.6114.4514.3414.1314.31 5,469.795,660.505,803.505,891.145,921.74

0.000.000.000.000.00 71,982.7199,574.30137,916.92191,289.71265,536.32

0.000.000.000.000.00

434.02603.44839.061,166.681,622.20

0.000.000.000.000.00

13,553.4318,883.5926,233.1436,479.9850,728.39

50.8650.8450.8550.8550.85

0.000.000.000.000.00

624.72623.17621.99621.70622.06

0.000.000.000.000.00

374.21373.98374.10374.08374.07

1.93

2.69

3.72 5.187.20

0.000.000.000.000.00

29.0330.5829.9529.8530.13 15,068.2020,568.2828,152.8138,728.3253,434.90

0.000.000.000.000.00

0.000.000.000.000.00 15,068.2020,568.2828,152.8138,728.3253,434.90

943.80943.80943.80943.80943.80 1,374.961,374.961,374.961,374.961,374.96

7,725.1010,896.9815,045.0320,620.3928,500.55

0.000.000.000.000.00 31,447.4843,972.3561,632.9586,490.11121,272.83 19,369.9126,951.5637,521.2252,213.0072,643.59 2,449.023,171.884,148.045,575.377,880.15 4,396.026,119.088,516.0211,854.9116,497.21

0.000.000.000.000.00 43,972.3561,632.9586,490.11121,272.83169,539.07

43,972.3561,632.9586,490.11121,272.83169,539.07 6,119.088,516.0211,854.9116,497.2122,952.27

0.000.000.000.000.00

54,016.2274,848.70103,853.90144,211.99200,358.38 2,898.304,157.325,910.218,349.4111,743.05

56,914.5179,006.02109,764.11152,561.40212,101.43

0.000.000.000.000.00 71,982.7199,574.30137,916.92191,289.71265,536.32

0.000.000.000.000.00