* SVTH : : T K34 1 01 .20 2.3 39 pháp Se 53 55 12 UBCKNN 13 CBCNV 14 UBND TP.HCM 15 trí C cơng vi C : : : công ty : Website : www.thamdinh.vn nh Fax : (84) 08 5178 188 Email : davi@thamdinh.vn , toán Mai linh groups, kh OceanBank, 10 2007 Doanh thu 2008 2009 2010 2011 67,192 80,886 83,012 107,761 134,803 T - Nam : http://vef.vn/2012-02-17-viet-nam-co-trien-vong-tang-truong-dai-han-totnhat-tg) 57 Re = Rf + *( E(Rm) - f) Re Rf : - E (Rm f ( E(Rm) - f Ta có : Rf - http://bond.hnx.vn/default.aspx?tabIndex=1&tabid=35) (E(Rm - 2011 (E(Rm) = 14,97% f 2001- 2010 = 9,.7 % = - - http://div.gov.vn/Default.aspx?tabid=214&CategoryID=11&News=2142) Re = 10,9% + 1,08 * (14,97% - 9,.7 %) = 16,59 % 58 E WACC D E * Re D D E * Rd * (1 t) c Re : Ch Rd tc = 146,016,670,352 (VND) d = (2.625.000)/(5.000.000.000) = 0,0525% c = 25% 59 : WACC E D E * Re WACC =16.04% FCFF = EBIT*(1-tc) EBIT tC EBIT*(1-tC) EBIT 60 D D E * Rd * (1 t) c kinh doanh - khoán 61 D) 1,301,210,072 4,722,529,500 (3,421,319,428) 9,601,872,446 13,007,138,850 (3,405,266,404) 584,691,336 610,060,576 (25,369,240) (6,851,955,072) 82,594,130,009 76,385,147,645 6,208,982,364 738,449,913 EBIT 75,080,499,953 Chi phí lãi vay 2,625,000 75,083,124,953 56,312,343,715 *(1-Tc) 54,930,921,094 - FCFF WACC g FCFF (1 WACC ) (1 WACC ) n n 62 V t t t n n n 2012 2013 2014 2015 FCFF( 54,930 FCFFn 65,372 77,799 92,589 110,190 (1+WACC)^n 1.1604 1.3465 1.5625 1.8131 PV(FCFFn) 56,336 57,778 59,257 60,773 589,792 (TV) 1.8131 (1+WACC)^n 325,288 thúc) FCFF 559,432 559.432.000.000 (VND) : 63 2011 : 64 559.432.000.000 (VND) giá nh 65 h giá 66 67 2007 32,188 2009 54,147 2010 29,769 2011 73,468 4,828 20,194 49,478 21,330 70,995 26,049 24,000 - 2,417 - 716 303 290 64,440 40,275 24,080 1,568 455 305 53,959 32,293 21,068 96,628 6,617 6,279 337 89,976 35 96,268 68 2008 46,524 100,484 6,284 5,850 433 94,199 100,484 3,985 444 238 41,669 24,270 16,682 716 95,816 3,822 3,294 528 91,993 95,816 4,722 610 689 87,400 20,235 66,802 362 117,169 13,007 12,325 681 104,162 117,169 1,301 584 586 82,150 14,725 67,286 138 155,618 9,601 8,787 814 146,016 155,618 Doanh thu bán hàng Doanh thu Chi phí tài Chi phí bán hàng doanh Chi phí khác 2007 67,192 67,192 34,926 32,265 2008 80,886 80,886 39,361 41,524 2009 2010 2011 83,012 107,761 134,803 83,012 107,761 134,803 41,008 49,093 54,882 42,004 58,668 79,920 3,033 9,835 5,126 8,047 16,034 5,213 3,845 6,000 6,452 4,669 4,529 6,992 5,350 2,200 7,582 6,949 1,936 8,548 10,389 26,240 34,238 3,025 4,981 75,080 156 464 156 460 34,395 30,719 7,965 5,302 30 30 50,011 12,568 385 129 255 75,336 18,341 19,389 26,429 25,417 37,443 56,994 438 432 2,667 7,283 69 2009 147,240 (38,403) (21,419) (2) 20,787 2,424 21,786 47,265 (129) (5,764) (738) - - - - - - - (118,738) 64,000 7,361 (53,141) (50,000) 50,000 16,298 15,559 (23,530) (23,530) 29,278 20,194 49,478 70 117,288 (34,925) (17,934) (5,386) 3,848 (15,338) 47,551 (81,067) 102,650 4,974 26,427 khác 90,608 (26,457) (16,179) (8,215) 1,381 (14,756) 26,380 - cá 2011 - g kinh doanh 2010 (22,557) (22,557) (28,148) 49,478 21,330 5,000 (5,000) (13,160) (13,160) 49,665 21,330 70,995 Trang web: http://cafef.vn/ https://www.vndirect.com.vn http://div.gov.vn/ http://www.damsenwaterpark.com.vn/vn/ Nam : http://www.cophieu68.com/ 71 ... (WACC) 21 hai Giá 22 23 h -8) 38588418 Fax: (84-8)28588419 Website : www.damsenwaterpark.com.vn 24 - HH sang l 25 ô ông hoang àng Ngày 25/12/2008 Công ty ên 26 D D -2004) 27 PHỊNG KINH DOANH... KINH DOANH NHÀ HÀNG PHỊNG H.CHÍNH T CƠNG VIÊN FASTFOOD TRÌNH 28 , Phịng Tài tốn- tài - 29 Phịng kinh doanh : tr nhiên , 2.2 Phâ 30 Nam ty hành 31 chung DAM SEN W 32 33 ngành 34 T khô 35 heo chóng...1 01 .20 2.3 39 pháp Se 53 55 12 UBCKNN 13 CBCNV 14 UBND TP.HCM 15 trí C cơng vi C : : : công ty : Website : www.thamdinh.vn nh Fax : (84) 08 5178 188 Email : davi@thamdinh.vn