TABLE OF CONTENTS
LIST OF FIGURES
LIST OF ABBREVIATIONS
INTRODUCTION
CHAPTER 1: COMPANY VALUATION – A LITERATURE REVIEW
1. Basics of company valuation
1.1 Valuation concepts
1.2 Valuation steps
2. A review of valuation models
2.1 Discounted Cash Flow Model (DCF)
2.1.1 Discounted Free Cash Flow
2.1.2 Discounted Dividend Model (DDM)
2.2 Residual Income Model
2.3. Market – based valuation: price multiples
2.3.1 Price to earnings (P/E)
2.3.2 Price to book value (P/B)
2.3.3 Price to Sales (P/S)
2.3.4 Price to cash flow (P/CF)
2.3.5 Enterprise value to EBITDA (EV/EBITDA)
3. Valuation in emerging market
3.1 Risk associated with emerging market
3.2 Country risk premium and cost of equity
CHAPTER 2: THE BUSINESS OF GOLDSUN
1. Vietnam economic development overview
1.1 Recent economic conditions and implications
1.2 Economic performance
1.3 Economic prospect
2. Characteristics of packing industry
3. Goldsun Packaging Joint Stock Company business and financial
performance
3.1. Goldsun business and financial performance
3.1.1 History
3.1.2 Product Offerings
3.1.3 Production
3.1.4 Quality Control
3.1.5 Suppliers
3.1.6 Sales and Marketing
3.1.7 Customers
3.1.8 Organization, management and staff
3.1.9 Future prospects
3.2 Financial performance of Goldsun
3.2.1 Performance analysis
3.2.2 Financial situation analysis
CHAPTER 3: VALUATION OF GOLDSUN PACKAGING JOINT
STOCK COMPANY
1. Valuation for Goldsun packaging JSC
1.1 Choosing the model
1.2 The valuation of Goldsun
1.2.1 Goldsun’s free cash flow between 2010 and 2014
1.2.2 WACC calculation
1.2.3 Terminal value:
1.2.4 Valuation of Goldsun Packaging JSC.
2. Recommendations
2.1. Recommendation on valuation for potential investors
2.2. Recommendations for Goldsun
REFERENCES