Where should we start to analyze the value of a company?

Everyone is familiar with the company. How to analyze the company? May look more confused. ......

Next, I will explain how to value a company with the familiar target "stock". Of course, friends who like to invest and analyze other targets can also be inspired by this article.

First, study the key business of the company.

How to find the company you want to buy in the face of so many companies? Sometimes you can go up when you see that, and you can go up when you see this. I've been wandering around without a clue. Which one should I buy? How to analyze it?

This question has puzzled me for a long time, and finally I found the best answer, which is the relationship, the company's various business relationship chains.

1. Discover the main business

Some people buy a company's stock, and when it goes up, they think it's a value investment, and they still enjoy it. They think it's right and good. There is also a kind of person who likes to read financial data and study it thoroughly. I don't know that the source of a company's funds depends on its business ability, and the financial department is obedient in front of business.

On the surface, there is little difference in company business, but there is still a huge gap in the actual business relationship chain. We should learn to distinguish company business.

For example, how to find out the difference between Maotai and Wuliangye for the same wine! This is why distinguishing business chain relationship is the key to company valuation.

Everyone knows that the company's cash flow is the lifeblood of the enterprise, and a little carelessness will lose the game.

Cash flow can be basically divided into: channels to make money and channels to spend money. Understand these, some things of the company will be clear at a glance.

What does the company make money from? How much will it cost? It is easy to find out some basic information of the company after thinking about it. Just as a husband makes money and a wife spends money, it is nothing more than consumer demand such as food, clothing, housing and transportation.

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Then let's take a look at Maotai and Wuliangye. The place that needs to spend money most is the brewer, purchasing food, brewing and advertising marketing expenses! So how do they make money? Is to produce and sell wine!

If you buy shares in a company, you don't even know what business it is. Not to mention the source of money, do you think it is possible to rise in the future? Is it possible to hold it for a long time? I wonder how he makes money. Can you really make money by buying his stock? Losing money is only a matter of time. ......

The company's income and expenditure are essential strategic models for us to analyze the company.

Second, how to simplify the analysis in the complex labor relations.

Just like Maotai and Wuliangye, although they are both winemaking, they are not so complicated on the surface, but can you tell the relationship between them? Can you distinguish their respective advantages? So sometimes superficial understanding gives our brains the illusion and obstacles of deep understanding, mistakenly thinking that we understand and we know.

1. How to choose the most important business in a complex relationship chain can only be described in one word, that is, "the road is very simple".

1) What is the relationship between Maotai and Wuliangye? Yes! The answer is the same wine, but with different differences. You may ask what's the difference between wine and wine? Of course there is a difference!

2) The brewing process is different, and of course the formula is also different. Maotai should use waxy sorghum and wheat. Wuliangye uses five kinds of grains, which were called miscellaneous grains wine in ancient times.

This is the difference between them. Therefore, their similarities are all wine, but their tastes and techniques are different. With the marketing strategy of Maotai national liquor and the increasing demand for Maotai-flavor liquor at home and abroad, the status of Maotai national liquor has gradually improved, and its share price far exceeds Wuliangye.

2. Next, some official data are used as the analysis model.

1) Check the details from reading the annual report and new knowledge.

Fortune tellers know how to extract information from each other's words, analyze their family situation, and gradually understand their needs. Therefore, the analysis company should learn the reasoning method of Mr. Jianghu's fortune telling. ......

(1) Finding out the most useful, important and authoritative details of a listed company's business will be reflected in a new company annual report, which shows the importance of reading the annual report before buying stocks.

(2) The analysis company should not only read the annual report, but also master the knowledge of timely information. With these, it is very easy to choose the company you think can start from among complex companies.

To judge the quality of a company, although it is said that it should be found from the business shown in the annual report, it should also be verified by the cost in the financial data, because the cost accounts for a relatively large proportion.

Third, establish your own analysis model.

In the process of analyzing the company, we must sum up the accumulated experience and form our own analysis model, which is of great help to judge the future development of the company and can play a key decision-making role.

1. For a good company, it is equally important to analyze whether resources are scarce.

1) High-quality companies have a certain degree of monopoly on resources.

2) inferior companies, first, the degree of product differentiation is not enough, and there are strong bargaining competitors; Second, the heavy asset industry, although the operation is stable, but ROE has been unable to get up.

2. When we know the main sources of all business links of a company, there are three benefits besides knowing the company itself:

1) You can draw inferences about a series of industries from the perspective of industrial chain.

2) Help us understand the industrial trends and the links between various departments.

3) From the perspective of the whole industrial chain, you can better understand the advantages and disadvantages of the competition pattern and business model.

3, a company's relationship in the industrial chain has a model, including three parts:

1) Supply relationship, relationship with upstream suppliers;

2) Sales relationship, relationship with downstream customers;

3) Competition pattern, the relationship with competitors, potential competitors and substitutes.

Therefore, we analyze a company not only from the aspects of business relationship chain, product quality and marketing strategy. It also comes from the word of mouth of customers. As the saying goes, "Those who win the hearts of the people win the world."

If you feel that you have gained something, please pay attention, like, comment and forward it to help more friends. Thank you!