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It is difficult to calculate the valuation of a company because there are many ways to calculate it.

Capital investment in a company depends on the rate of return, and when a company has begun to make a profit, you can see how much the dividend after investment.

Take Apple, for example, the quarterly profit was $ 3 billion, and a year was $ 12 billion. Then, 100% of the shares will receive a dividend of 12 billion US dollars every year. In this case, the valuation range is between $ 60 billion and $ 120 billion.

The reason for this wide gap is that investors have different requirements for return on investment.

Some investors believe that an annual rate of return of 10% can be satisfied. Then, he will approve a valuation of 120 billion US dollars, because he buys shares at a valuation of 120 billion US dollars, regardless of the number of shares, annual dividends can Reaching 10% of the investment amount, the principal can be repaid by dividends within ten years, while his principal is still there.

And some investors believe that the return on investment should reach 20%. In this case, they think that Apple's valuation is only 60 billion US dollars. Because if you invest in Apple Corp. according to this amount, the annual dividend is 20% of his investment amount. It will pay back in five years, and the principal is always there.

But this method is only the most basic method. It also needs to consider the factors of Apple's listing and the improvement of profitability.

During the period of corporate financing, investors' initial requirements for return rates are 10%, but for ordinary shareholders, their demands for return on investment need only be higher than the interest rate of the bank.

And this reduction in the demand for investment returns allows companies to obtain valuations that are higher than their profitability, and a lot higher market value after listing.

Of course, there is another reason that shareholders are like real estate speculators. What they want is not the rent after buying the house, which is also equivalent to the profit distribution of the company. What they want is the future value of the house, and then sell it when the value is high.

Everyone believes that Apple's future market value can reach 500 billion U.S. dollars. So long as Apple's market value is less than 5,000 U.S. dollars, someone will buy Apple's stock and sell it on the day it appreciates.

And this is why Wen Ming dare to explode Apple ’s 150 billion US dollars valuation. According to a 20% return rate, it is only worth 120 billion US dollars, but I will definitely be more valuable in the future, so when it is not listed, it will only increase 30 billion The valuation of the US dollar is already very kind.

Of course, the main reason is to report higher. In the financing market, even if someone thinks that you will be more valuable in the future, you will not invest, because they do not have that much money to invest.

(Ps: I did n’t want to explain this because I do n’t understand it. But some bosses think that Apple ’s current valuation of 150 billion US dollars is too high. And now Tesla will also have a high valuation, so explain what I understand Part of the reason for the increase in valuation and market value, please do not spray.)

"So, Mr. Moritz, how much do you think Tesla can value today?"

Moritz frowned, and before the vehicle test was over, Wenming pulled him away. His idea is actually the same. After reading the three main factors: speed, range, and charging time, the other aspects are actually irrelevant.

Not to mention that with the addition of Apple, even the former Tesla can do well in other aspects.

"I don't think I can determine Tesla's valuation now, so I need to go back to the company."

Even as a boss, you can't decide such a big thing with a slap on your head, unless he also has the ability to 'daydream' like Wenming.

Wen Ming laughed and said, "Thank you Mr. Moritz for your presence. I hope that even if we can't reach a cooperation, we can perfectly resolve the matter in that factory."

After some courtesy, Wenming did not leave Moritz for dinner, and Moritz did not ask Wenming to eat. Compared to engulfing feelings through eating, it is most important to understand the true valuation of Tesla now, as long as Tesla releases the new car to the outside world, even if it is Sequoia Capital, it will be difficult to catch up Wenming's car is gone.

Moritz, who returned to Sequoia Capital, immediately convened a high-level meeting, and then said everything he saw and said.

Without mentioning the shock of the participants, the chief analyst was very professional and began to analyze with his team.

"At present, the global market demand for pure electric sports cars should only be about 100,000 per year. However, we need to take into account the rising demand for Tesla's new cars in this market."

Market demand is not fixed. Some companies formulate production and sales strategies because of market demand, while some companies can change market demand through their own products. Whether it is Apple or Tesla, it is, or will soon be, such a company.

"Apple's industrial design concept is very powerful, and the root of this design concept is in Wenming. So even if Wenming's acquisition of Tesla is not Apple's acquisition of Tesla, there is no improvement in Tesla's industrial design. The difference, coupled with Wenming's technical level in software and digital hardware, is completely foreseeable, Tesla's central control system, model appearance, and even its lights will become the highest level in the industry. "

Buying a car not only depends on performance, but also on the face value. Even if it can run into a 3-second supercar, it will not be too many people to buy.

The chief analyst said: "Coupled with the price advantage of Tesla, we believe that Tesla's annual sales can increase to 150,000. This is only the data this year. As Tesla's sales increase, Will gradually grow. "

"The most important thing is that Tesla is a pure electric vehicle that can pass new energy subsidies in many countries, including our Western countries such as the United States, and Huaxia, the largest auto market in the future. Such subsidies can affect many The choice when buying a car. "

It is impossible for investment banks to understand the policies of various countries. Otherwise, the companies that invest are not allowed by the policies.

Or, when a country starts to regulate a certain industry, they rush into the market, and they do not know the direction of regulation, which is almost equivalent to seeking death.

Discussions started in the conference room, but after the discussion, no one denied the chief analyst's report.

Moritz asked: "So, how much do you think Tesla can be valued now?"

The chief analyst replied: "Considering that Tesla's current supply capacity is severely insufficient ~ www.novelmtl.com ~ cannot manufacture 150,000 Tesla cars in one year, so we think they can achieve a profit this year $ 2.5 billion. At this profit level, we think their valuation can reach $ 12.5 billion. "

"But considering that Tesla has sufficient cash flow and market development within the next three years, we think their valuation should be able to reach $ 20 billion."

"The key condition for us to invest in Tesla is that we have a car manufacturing plant."

The $ 20 billion valuation surprised everyone present, not because they thought Tesla was more than that, but because Tesla was worth only $ 500 million two weeks ago, and was even facing bankruptcy. risks of.

However, two weeks after Wenming acquired Tesla, the valuation has soared to $ 20 billion.

This is because their requirements on the rate of return of Sequoia are too high, replaced by some small venture capital companies, they will directly give up shares in Tesla because of excessive valuation.

Moritz also asked, "If we invest in Tesla, what is the expected rate of return when it goes public?"

The chief analyst replied: "If Tesla goes public within three years, then our return on investment will receive a cash return of 500% in addition to a dividend return of about 50%. In other words, Tesla After listing, the market value can reach 100 billion U.S. dollars, becoming the second car company with a market value of over 100 billion U.S. dollars. "

Even the head of the No. 8 fund, which has always wanted to invest in Tesla, was surprised and asked: "Even if their sales increase to 150,000 vehicles per year, they will not be able to exceed the total sales of Daimler, Volkswagen, BMW, etc. How could a car company exceed the market value of these companies? ") !!