1、FCFF | | | | | | | | | | | | | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | | 2012E | 2013E | 2014E | 2015E | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | EBIT | | 427.7 | 522.9 | 634.7 | 758.8 | 897.0 | 1,041.7 | 1,186.8 | 1,327.5 | 1,451.6 | 1,587.1 | 所得税税率 | | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | EBIT*(1-所得税税率) | | 329.3 | 402.6 | 488.8 | 584.3 | 690.7 | 802.1 | 913.8 | 1,022.2 | 1,117.7 | 1,222.1 | 折旧与摊销 | | 71.0 | 119.0 | 149.1 | 177.2 | 199.8 | 220.8 | 241.2 | 261.4 | 281.5 | 301.6 | 营运资金的净变动 | | (167.4) | (7.4) | (7.4) | (8.3) | (9.1) | (9.6) | (9.5) | (9.1) | (7.7) | (8.7) | 资本性投资 | | (270.0) | (400.0) | (500.0) | (300.0) | (300.0) | (300.0) | (300.0) | (300.0) | (300.0) | (300.0) | FCFF | | (37.2) | 114.3 | 130.5 | 453.1 | 581.4 | 713.4 | 845.5 | 974.5 | 1,091.5 | 1,214.9 | PV(FCFF) | | (33.4) | 92.2 | 94.5 | 294.7 | 339.6 | 374.2 | 398.3 | 412.2 | 414.7 | 414.5 | 核心企业价值 | 7,321.7 | | | | | | | | | | | 减:净债务 | (498.2) | | | | | | | | | | | 股票价值 | 7,819.9 | | | | | | | | | | | 每股价值 | 58.80 | | | | | | | | | | |
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