Three hundred and ninetieth chapters preliminary intention reached
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Currently, the equity structure of Jianhui Supermarket is Wu Jiamin 5, Li Yanping 5, Li Aiguo 5, and the remaining 85% of the shares belong to Li Jianren.
In addition, Li Jianren promised to give certain core members of his staff certain shares, so this matter also needs to be put on the agenda.
Of course, this part of the equity must have come from Li Jianren and has nothing to do with anyone else. The most important ones are four people: Wu Chengcai, Song Qian, Gao Cheng and Yan Yan.
Wu Chengcai and Song Qian are the first batch of senior figures in the company to follow Li Jianren, while Gao Cheng and Yan Yan are latecomers. Wu Chengcai is now the CEO of Jianhui Supermarket, and Song Qian and others are the regional general managers.
The role of manager. So Wu Chengcai will definitely be different from the other three people.
Li Jianren's original plan was to start preparations for listing after 2003, and he did not plan to list on the mainland. He had already reached an agreement with all parties on Hong Kong Island and would go directly to Hong Kong for listing in the future.
"Governor Dai, you are clear about the current equity structure of Jianhui Supermarket. I will also allocate certain shares to the company's core executives in the future. In addition, there are several big families in Xiangdao who have always wanted to invest in us.
Jianhui Supermarket, but I pressed them all.
Since the State-owned Assets Supervision and Administration Commission is also interested in our Jianhui supermarket, how much do they calculate the valuation of our Jianhui supermarket?"
As a non-listed company, if you want to calculate the company's valuation, you need to select listed companies in the same industry as the non-company for comparison. Based on the stock price and financial data of the listed company, calculate the company's valuation.
price-earnings ratio.
After obtaining the company's price-to-earnings ratio, and then multiplying this price-to-earnings ratio by the company's profit in the previous financial year, the company's current valuation can be obtained.
To use a very simple analogy, through calculation, a company's price-to-earnings ratio is 20, and the company's profit last year was 100 million, then the company's valuation is 2 billion.
Of course, this price-to-earnings ratio is not static. It mainly depends on the industry, direction, and prospects of the company. For example, in the Internet industry in the past few years, most companies actually did not make profits, but they also continued to make profits.
Full value was obtained in terms of value. This was because the Internet industry at that time was unanimously optimistic by everyone, so profits were not used as a reference.
As a major industry such as supermarkets, it is necessary to refer to the price-to-earnings ratio and the company's profit situation during the fiscal year. At the same time, it is also necessary to predict the company's possible profit situation in the next year or the next few years. Only in this way can comparisons be made.
Accurately calculate the company's valuation.
Among them, how to refer to the price-to-earnings ratio is a more controversial point.
The common practice is of course to refer to other supermarkets to calculate the P/E ratio of Jianhui Supermarket. However, there is currently no domestic supermarket listed on the market, so we can only refer to those foreign companies.
As for which company to refer to, this is a process that requires negotiation between both parties.
Globally, the largest supermarkets are nothing more than large supermarkets such as Carrefour and Wal-Mart. But if you want to compare them, buyers are probably not willing to agree. And if you compare supermarkets in unknown countries, the same goes for Jianhui.
Don't agree.
In the end, it is a negotiation process between the two parties. As for the calculation of the price-to-earnings ratio, when you really want to acquire it, you will inevitably get a result through negotiation.
And in this, whoever takes the initiative will definitely be passive.
Currently, the State-owned Assets Supervision and Administration Commission wants to acquire part of the equity of Jianhui Supermarket, so they must make certain concessions in certain aspects. Only in this way can Jianhui Supermarket be willing to sell part of the equity.
1 Generally speaking, the price-to-earnings ratio level of a normal company is:
0-13, indicating that the company is undervalued, that is, the price is not high;
14-20: It is a normal level;
21-28: The company’s price is overvalued;
28: Reflects the emergence of speculative bubbles.
Seeing that Li Jianren did not refuse, but asked about the valuation, Dai Pinghao felt that something was wrong. In his opinion, Li Jianren definitely did not want to start selling his equity now, but he did not expect that he did not refuse.
This surprised him.
"Aren, are you really planning to sell your shares?" Dai Pinghao asked in surprise.
"Governor Dai, there are actually two bottlenecks in the current development of Jianhui Supermarket. One is the human factor, and the other is the problem of funding. Our company has been doing talent training, but it is not just a handful.
Just something;
Regarding funding, Jianhui Supermarket's current annual net profit is at least 2 billion. However, compared with the national layout, this amount of funds is not enough to expand business on a large scale. In this way, it will inevitably
It is necessary to sell part of the equity to obtain funds for greater development.
As for who will invest in the shares, to me, as long as they don’t want to interfere in our management, it doesn’t really make a big difference. What’s more, if the State-owned Assets Supervision and Administration Commission can become one of the shareholders of Jianhui Supermarket, it will have a great impact on Jianhui’s future.
The development of the country still has a lot of help.”
Dai Pinghao also understood what Li Jianren meant, that is, the equity can be sold, but no one else is allowed to interfere with the company's management, even if you buy more equity, this is Li Jianren's bottom line.
In fact, Director Guo of the State-owned Assets Supervision and Administration Commission had talked to him about this matter before, and Dai Pinghao also knew that Li Jianren would never let go of his control over power. So he directly informed Director Guo, and there was no need to do more in this regard.
tongue.
Director Guo has also told Dai Pinghao that regarding the price-to-earnings ratio of Jianhui Supermarket, they referred to the situation of many foreign companies and came to a conclusion, that is, the price-to-earnings ratio of Jianhui Supermarket is 18.
If calculated according to the profit data of Jianhui Supermarket's financial statement last year, which was 2.4 billion, then the valuation of the entire Jianhui Supermarket should be around 43 billion.
Financial data cannot be falsified, otherwise you will suffer serious consequences. The price-earnings ratio is an area of discussion. Dai Pinghao knows this well, so he did not mention it to Li Jianren. It may be more convenient for them to communicate and negotiate by themselves.
suitable.
"Aren, I understand what you mean, and I support you in doing so. After all, Jianhui Supermarket is our local enterprise. It is what the government should do to protect you and provide you with good services. As for the specific things
, you can find an opportunity to have a good talk, and then look at what to do next."
Dai Pinghao didn't really want to get involved in this matter. This was a corporate act in itself. The main reason was that Director Guo found him and asked him to help bridge the gap, so he approached Li Jianren to talk about it.
body
For him, as long as Jianhui Supermarket can develop steadily, it will be good news for Yisu Province.
"Governor Dai, I listen to you, but I need to go back and discuss with our shareholders, so I can't give you an answer right away." After thinking about it, Li Jianren also gave his own thoughts.
Although Wu Jiamin is only a small shareholder of the company, with only 5% of the equity, Li Jianren still needs to speak to the branch committee before matters involving the company's interests.
Moreover, Wu Chengcai and others also need to talk to them.
Dai Pinghao had no intention of asking Li Jianren to give an immediate reply. He certainly hoped that Li Jianren would think about it before talking. After all, if a transaction involving billions of dollars was involved, how could it be decided immediately?
"No problem, Aren. I'll say hello to Director Guo first. After you think about it carefully, you can tell me and I will reply to Director Guo. After that, it will be up to you two.
If you go and talk about it yourself, I won’t participate.”
Seeing this, Li Jianren agreed.
There were no other specific matters. Li Jianren also knew that Governor Dai was very busy, so he stopped disturbing him and stood up to leave.
He still needs to go back and call everyone back to talk about this matter. Including Wu Jiamin, they also need to communicate individually. He had promised them at the beginning that if there was a need to expand shares in the future, Wu Jiamin would have priority.
Although, given Wu Jiamin's strength, it seems a bit inadequate to expand his own shares now, at least Li Jianren has to fulfill his obligations. As for what Wu Jiamin does, that is his own business.