基于DCF模型的迈瑞医疗的价值评估

The Value Assessment of Mindray Medical Based on DCF Model

在全球人口自然增长、人口老龄化现象日趋严重、全球公共卫生遭遇巨大挑战等一系列大背景下,医疗行业异军突起,医疗器械的发展与医疗健康行业整体发展关系变得更加密切。人们对医疗器械行业关注度持续上升,国家对公共卫生的建设以及政策扶持力度大幅提升,使得该行业倍受重视。现阶段对医疗行业进行企业价值评估便有了一定的研究意义。本文以深圳迈瑞生物医疗电子股份有限公司(简称:迈瑞医疗)为研究对象,利用DCF估值模型对迈瑞医疗进行价值评估。先阐述该模型于研究企业而言的适配性,进而有步骤地开展估值计算,以研究迈瑞医疗的发展经营情况和预测未来几年的自由现金流量,通过折现,发现运用DCF模型下的迈瑞医疗的评估结果小于市场现时价值,投资者更看好公司的未来价值。

Under the background of the natural growth of global population, the increasingly serious aging of the population, and the great challenges faced by global public health, the medical industry has sprung up, and the development of medical devices has become more closely related to the overall development of the medical and health industry. People’s attention to the medical device industry continues to rise, and the state’s construction of public health and policy support have been greatly improved, making the industry attach great importance. At present, it is of great significance to evaluate the enterprise value of medical industry. This paper takes Shenzhen Mindray Biomedical Electronics Co., LTD. (referred to as Mindray Medical) as the research object, and uses DCF valuation model to evaluate the value of MinDRay Medical. Firstly, the suitability of this model for the research enterprise is described, and then the valuation calculation is carried out step by step to study the development and operation of Mindray Medical and predict the free cash flow in the next few years. Through the discount, it is found that the evaluation result of Mindray Medical under the DCF model is less than the current market value, and investors are more optimistic about the future value of the company.