v2 Chapter 146： Naixue valuation
Xinghai Machinery Co., Ltd. is developing rapidly. This time, the purchase of land for development seems to be slow, which affects the progress of the project.
The construction of industrial land is a very long process, and it will take a few months. However, in the past few months, the market is changing rapidly. If you can make money by selling products this month, it may not be the next month.
Muyang knows that he will not lack technology in the future, and he plans to purchase a large amount of industrial land to build factories, dormitories and office buildings.
This time, instead of tens of acres to 100 acres, the requirement is to reach 2,000 acres.
Like Apple's future headquarters, how domineering.
Doing such a big place is not for showing off, but for actual needs. But it can also show the strength of the company. Now Xinghai's reputation is too small, except for valve peers and laser welding peers, who else knows about it.
The city leaders did not come to inspect it.
As for whether it is difficult to find industrial land of more than 2,000 mu, there is no need to worry about this.
As long as the real investment is made, and it is a high-tech enterprise, the local government will try its best to help him move out an open space.
After the industrial land is purchased, it generally cannot be left idle for more than one or two years. It must be invested within two or three years, and the investment (deducting the land cost) does not reach 25% of the total investment and cannot be transferred. If the development and construction are not continued, the land should be recovered after paying idle fees. right to use.
The requirements of each local government are similar.
After Muyang plans to buy it, he will immediately ask the design company to design, and at the same time start to level the land, wait for the construction permit and construction drawings to come out, and then start the development.
He also doesn't know what to do in the future and what requirements he has for the factory, so he will build the factory higher.
For industrial land of more than 2,000 mu, the minimum investment in land alone is 600 million yuan, and Muyang does not have so much money.
As of November 5, he can use funds, including stocks, about 200 million yuan.
Mu Yang was worried about the funding issue. Yang Nian, vice president of Naixue, called him and said that three venture capitalists had recently taken a fancy to Naixue, and they initially talked about a better one, with a valuation of not less than 6 billion yuan. Whether he agrees to contact negotiations.
Mu Yang mentioned to her that Naixue didn't reach the valuation of 6 billion yuan, so don't bother him.
Mu Yang didn't think much about it, and directly agreed that he was short of money. He wanted to transfer some of the shares and let her come back and report the situation to him.
There is a big difference between financing and share transfer, and it is easy for laymen to confuse them.
He cannot use the money Nai Xue raised to Xinghai Machinery, let alone use it privately. It must be used for Nai Xue's development.
Of course, it is possible to buy a house and a car in Naixue's name, but when the time comes to sell the car, the money will go to Naixue, not Muyang.
If the shares are transferred, for example, Nai Xue is valued at 5 billion. If someone wants to buy 10% of his shares, they must pay 500 million to Mu Yang. This money belongs to Mu Yang, not Nai Xue. It would be a fool to invest this money in Nai Xue.
Muyang also has to pay 20% personal income tax, and he only has 400 million yuan in his hands.
Only he can use this 400 million yuan to invest in Xinghai Machinery Company.
Financing or transfer of equity is the addition of new shareholders, and the accounts must be clear.
Previously, Nayuki had to settle clear before borrowing, financing or transferring shares between the two companies.
In the future, Mu Yang should not lend money to Naixue at will, because it is easy to cause confusion in the accounts.
Moreover, as the general manager of Nai Xue, he has to give himself a salary, otherwise he will be working for others for nothing.
He still understands these easily overlooked details.
The venture capital plan to finance Nai Xue is to make Na Xue develop better and obtain higher returns.
Regardless of whether to raise funds or transfer shares directly, Muyang has to sell shares, but he just said that the latter is a bit troublesome.
The trouble is, VCs will ask you: Why sell assets at a "fire sale"? Are you not optimistic about Nai Xue's development?
Most VCs invest in people and then invest in projects.
In terms of management and marketing, Nai Xue has been recognized by the VCs who have been observing Nai Xue. They think that the leader is a person with business talent, so they want to invest in Nai Xue.
Mu Yang thought about the problem from the perspective of venture capital. He wanted to sell a part of the shares to develop Xinghai Machinery Company.
Waiting for the market to sell?
That's unlikely.
The U.S. stock market can only be lifted after a year of listing. During the period, how many times Nai Xue’s stock price has risen has nothing to do with him, because he can’t cash out. Even if one year after the ban is lifted, only 10% can be cashed out through the secondary market within two years, and it will be a bit troublesome to transfer shares privately after listing.
When shareholders hold more than 5% of the shares, they cannot sell shares privately. After reaching 5%, when the proportion of issued shares of the listed company held by the listed company increases or decreases by 5%, it shall report and announce in accordance with the regulations.
There are other regulations, which are not so easy to cash out.
Two or three years later, Nai Xue's stock price has fallen for some unknown reason.
Therefore, it is best to cash out before listing.
He has also calculated an account himself. As competitors join in to grab the market, Nai Xueyue's profits will become lower and lower. If he does not go public, the money he can make from Nai Xue is about 2 billion to 3 billion yuan. Yuan, about three years.
If you cash out all the money before listing and transfer Nai Xue's company, you will earn at least 10 billion yuan. If you use this money to invest in other things, you will earn far more money than you will earn after listing.
As for other venture capital institutions, it's just hard to guess that Nai Xue will depreciate so fast, and they don't have as many restrictions on cashing out as the general manager Mu Yang.
But what is Naixue's valuation, and how to estimate it, Mu Yang just knows a little bit. After learning it, he feels that he is really not in the field of finance. Too much professional knowledge makes him dizzy. It's a bit like a liberal arts student looking at physical chemistry.
He couldn't improve his financial knowledge through the reading system. Mu Yang felt that he was not stupid, so why couldn't he learn it.
Forget it, don't worry about this, there is a specialization in the surgery industry.
Moreover, looking at financial knowledge and experience, it is a waste of time.
According to the boss's request, Yang Nian returned to H City, and the two discussed the financing of Naixue.
It was the first time she came to the boss's house as a guest, and Nuoda's villa also shocked her.
The two sat in the lobby and chatted. Song Xuelu listened like a curious baby, hoping to learn some financial knowledge. She is in her second year of sophomore year. Remaining subject examinations for mechanical majors, apply for accounting or business administration majors. In the future, she would like to take the CFA chartered financial analyst and be enrolled.
Yang Nian told the boss how VC evaluates the value of a company, different analysis methods in different industries, and it is not a result that can be obtained with a slap of the head.
But in the actual negotiation, like grocery shopping, the valuation is often reached in the negotiation between the two parties, and the final agreement is reached.
After listening to a lot of professional terms, Mu Yang asked, "What is p/e?"
"It's the price-earnings ratio."
"I heard people say what price-earnings ratio should be used to estimate." Mu Yang didn't know how to calculate, and he didn't know much.
I heard that the price-earnings ratio is equal to 10, which means that it will take 10 years for the investment to pay off.
"PE is not a hard indicator. The valuation methods of VC or private equity can be roughly divided into two categories: one is the absolute valuation method, which is valued by discounting the expected cash flow in the future; the other is the Relative valuation method, in which the value of the company is estimated by the multiples of its peers. …”
"We are not an Internet company, and the kind of valuation based on the number of mau users is not appropriate."
Yang Nian talked about some concepts such as price-to-earnings ratio, price-to-book value ratio, cost-to-sales ratio, enterprise value multiple, etc. Mu Yang was dumbfounded. Damn reading system, he is completely a noob in finance.
Mu Yang simply said: "Mr. Yang, what you said, to be honest, I was dumbfounded, you just give me a number, what do you think the current valuation of Naixue is appropriate?"
Yang Nian was stunned for a moment. When he saw that the young boss didn't understand, he couldn't help but laugh and explained:
"At present, it should be conservative at 7 billion yuan. We can ask for 9 billion yuan. Nai Xue belongs to the catering company, and the profit of this category fluctuates greatly. According to the traditional company method, the p/b price-to-book ratio is estimated, and combined with other factors, this is my opinion. personal estimate."
"Naixue's growth potential is actually not very big. We currently occupy three major cities, and many cities are not suitable for opening new milk tea, or to say, opening one is too distracting for our energy and not worth expanding.
At the same time, has already had peers involved to share the cake. I think the Nai Xue store can open up to 200 stores at most, and there will be losses if there are more.
vc will definitely consider the growth rate and upper limit of the business scale, and also consider that the profit margin of Nai Xue will decline, not just calculate the p/e value based on the current profit rate. "
Mu Yang pondered, what she said made sense. Like Guicheng, it may not be suitable for Naixue. It does not mean that no one consumes, but the high-end consumers are not concentrated enough, the profit will be much lower, and there are very few places that can meet the needs of opening a store.
However, opening one or two stores in a city will bring great difficulties to management, and other costs will increase significantly, so the overall cost will be high, and it is not worth exploring.
Yang Nian's estimate was somewhat ideal, perhaps taking into account his feelings.
"Okay, make an appointment with a suitable VC." Mu Yang nodded in agreement.
The construction of industrial land is a very long process, and it will take a few months. However, in the past few months, the market is changing rapidly. If you can make money by selling products this month, it may not be the next month.
Muyang knows that he will not lack technology in the future, and he plans to purchase a large amount of industrial land to build factories, dormitories and office buildings.
This time, instead of tens of acres to 100 acres, the requirement is to reach 2,000 acres.
Like Apple's future headquarters, how domineering.
Doing such a big place is not for showing off, but for actual needs. But it can also show the strength of the company. Now Xinghai's reputation is too small, except for valve peers and laser welding peers, who else knows about it.
The city leaders did not come to inspect it.
As for whether it is difficult to find industrial land of more than 2,000 mu, there is no need to worry about this.
As long as the real investment is made, and it is a high-tech enterprise, the local government will try its best to help him move out an open space.
After the industrial land is purchased, it generally cannot be left idle for more than one or two years. It must be invested within two or three years, and the investment (deducting the land cost) does not reach 25% of the total investment and cannot be transferred. If the development and construction are not continued, the land should be recovered after paying idle fees. right to use.
The requirements of each local government are similar.
After Muyang plans to buy it, he will immediately ask the design company to design, and at the same time start to level the land, wait for the construction permit and construction drawings to come out, and then start the development.
He also doesn't know what to do in the future and what requirements he has for the factory, so he will build the factory higher.
For industrial land of more than 2,000 mu, the minimum investment in land alone is 600 million yuan, and Muyang does not have so much money.
As of November 5, he can use funds, including stocks, about 200 million yuan.
Mu Yang was worried about the funding issue. Yang Nian, vice president of Naixue, called him and said that three venture capitalists had recently taken a fancy to Naixue, and they initially talked about a better one, with a valuation of not less than 6 billion yuan. Whether he agrees to contact negotiations.
Mu Yang mentioned to her that Naixue didn't reach the valuation of 6 billion yuan, so don't bother him.
Mu Yang didn't think much about it, and directly agreed that he was short of money. He wanted to transfer some of the shares and let her come back and report the situation to him.
There is a big difference between financing and share transfer, and it is easy for laymen to confuse them.
He cannot use the money Nai Xue raised to Xinghai Machinery, let alone use it privately. It must be used for Nai Xue's development.
Of course, it is possible to buy a house and a car in Naixue's name, but when the time comes to sell the car, the money will go to Naixue, not Muyang.
If the shares are transferred, for example, Nai Xue is valued at 5 billion. If someone wants to buy 10% of his shares, they must pay 500 million to Mu Yang. This money belongs to Mu Yang, not Nai Xue. It would be a fool to invest this money in Nai Xue.
Muyang also has to pay 20% personal income tax, and he only has 400 million yuan in his hands.
Only he can use this 400 million yuan to invest in Xinghai Machinery Company.
Financing or transfer of equity is the addition of new shareholders, and the accounts must be clear.
Previously, Nayuki had to settle clear before borrowing, financing or transferring shares between the two companies.
In the future, Mu Yang should not lend money to Naixue at will, because it is easy to cause confusion in the accounts.
Moreover, as the general manager of Nai Xue, he has to give himself a salary, otherwise he will be working for others for nothing.
He still understands these easily overlooked details.
The venture capital plan to finance Nai Xue is to make Na Xue develop better and obtain higher returns.
Regardless of whether to raise funds or transfer shares directly, Muyang has to sell shares, but he just said that the latter is a bit troublesome.
The trouble is, VCs will ask you: Why sell assets at a "fire sale"? Are you not optimistic about Nai Xue's development?
Most VCs invest in people and then invest in projects.
In terms of management and marketing, Nai Xue has been recognized by the VCs who have been observing Nai Xue. They think that the leader is a person with business talent, so they want to invest in Nai Xue.
Mu Yang thought about the problem from the perspective of venture capital. He wanted to sell a part of the shares to develop Xinghai Machinery Company.
Waiting for the market to sell?
That's unlikely.
The U.S. stock market can only be lifted after a year of listing. During the period, how many times Nai Xue’s stock price has risen has nothing to do with him, because he can’t cash out. Even if one year after the ban is lifted, only 10% can be cashed out through the secondary market within two years, and it will be a bit troublesome to transfer shares privately after listing.
When shareholders hold more than 5% of the shares, they cannot sell shares privately. After reaching 5%, when the proportion of issued shares of the listed company held by the listed company increases or decreases by 5%, it shall report and announce in accordance with the regulations.
There are other regulations, which are not so easy to cash out.
Two or three years later, Nai Xue's stock price has fallen for some unknown reason.
Therefore, it is best to cash out before listing.
He has also calculated an account himself. As competitors join in to grab the market, Nai Xueyue's profits will become lower and lower. If he does not go public, the money he can make from Nai Xue is about 2 billion to 3 billion yuan. Yuan, about three years.
If you cash out all the money before listing and transfer Nai Xue's company, you will earn at least 10 billion yuan. If you use this money to invest in other things, you will earn far more money than you will earn after listing.
As for other venture capital institutions, it's just hard to guess that Nai Xue will depreciate so fast, and they don't have as many restrictions on cashing out as the general manager Mu Yang.
But what is Naixue's valuation, and how to estimate it, Mu Yang just knows a little bit. After learning it, he feels that he is really not in the field of finance. Too much professional knowledge makes him dizzy. It's a bit like a liberal arts student looking at physical chemistry.
He couldn't improve his financial knowledge through the reading system. Mu Yang felt that he was not stupid, so why couldn't he learn it.
Forget it, don't worry about this, there is a specialization in the surgery industry.
Moreover, looking at financial knowledge and experience, it is a waste of time.
According to the boss's request, Yang Nian returned to H City, and the two discussed the financing of Naixue.
It was the first time she came to the boss's house as a guest, and Nuoda's villa also shocked her.
The two sat in the lobby and chatted. Song Xuelu listened like a curious baby, hoping to learn some financial knowledge. She is in her second year of sophomore year. Remaining subject examinations for mechanical majors, apply for accounting or business administration majors. In the future, she would like to take the CFA chartered financial analyst and be enrolled.
Yang Nian told the boss how VC evaluates the value of a company, different analysis methods in different industries, and it is not a result that can be obtained with a slap of the head.
But in the actual negotiation, like grocery shopping, the valuation is often reached in the negotiation between the two parties, and the final agreement is reached.
After listening to a lot of professional terms, Mu Yang asked, "What is p/e?"
"It's the price-earnings ratio."
"I heard people say what price-earnings ratio should be used to estimate." Mu Yang didn't know how to calculate, and he didn't know much.
I heard that the price-earnings ratio is equal to 10, which means that it will take 10 years for the investment to pay off.
"PE is not a hard indicator. The valuation methods of VC or private equity can be roughly divided into two categories: one is the absolute valuation method, which is valued by discounting the expected cash flow in the future; the other is the Relative valuation method, in which the value of the company is estimated by the multiples of its peers. …”
"We are not an Internet company, and the kind of valuation based on the number of mau users is not appropriate."
Yang Nian talked about some concepts such as price-to-earnings ratio, price-to-book value ratio, cost-to-sales ratio, enterprise value multiple, etc. Mu Yang was dumbfounded. Damn reading system, he is completely a noob in finance.
Mu Yang simply said: "Mr. Yang, what you said, to be honest, I was dumbfounded, you just give me a number, what do you think the current valuation of Naixue is appropriate?"
Yang Nian was stunned for a moment. When he saw that the young boss didn't understand, he couldn't help but laugh and explained:
"At present, it should be conservative at 7 billion yuan. We can ask for 9 billion yuan. Nai Xue belongs to the catering company, and the profit of this category fluctuates greatly. According to the traditional company method, the p/b price-to-book ratio is estimated, and combined with other factors, this is my opinion. personal estimate."
"Naixue's growth potential is actually not very big. We currently occupy three major cities, and many cities are not suitable for opening new milk tea, or to say, opening one is too distracting for our energy and not worth expanding.
At the same time, has already had peers involved to share the cake. I think the Nai Xue store can open up to 200 stores at most, and there will be losses if there are more.
vc will definitely consider the growth rate and upper limit of the business scale, and also consider that the profit margin of Nai Xue will decline, not just calculate the p/e value based on the current profit rate. "
Mu Yang pondered, what she said made sense. Like Guicheng, it may not be suitable for Naixue. It does not mean that no one consumes, but the high-end consumers are not concentrated enough, the profit will be much lower, and there are very few places that can meet the needs of opening a store.
However, opening one or two stores in a city will bring great difficulties to management, and other costs will increase significantly, so the overall cost will be high, and it is not worth exploring.
Yang Nian's estimate was somewhat ideal, perhaps taking into account his feelings.
"Okay, make an appointment with a suitable VC." Mu Yang nodded in agreement.
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