TR KHĨA LU N T T NGHI P C TÍNH THU SU T TRONG TH M NH GIÁ TR DOANH NGHI P GVHD : TS Hay Sinh SVTH : Võ Th M Ph MSSV : 31091022791 Tp HCM, v ng I III 1.1 III 1.1.1 III 1.1.2 III 1.1.3 III 1.1.4 III 1.2 IV 1.2.1 IV 1.2.2 IV 1.2.3 V 1.2.4 Thu su t thu thu nh p doanh nghi p VII VIII 2.1 VIII 2.1.1 VIII 2.1.2 VIII 2.1.3 IX 2.1.4 IX 2.1.5 IX 2.1.6 XII 2.2 XIII XIII 2.2.1 XIII 2.2.2 XIV 2.2.3 XV 2.2.4 XVI 2.2.5 XVI 2.3 XVII XVIII 3.1 XVIII 3.1.1 3.1.2 - XVIII .XVIII vi 3.1.3 3.2 XXII XXII 3.2.1 XXII 3.2.2 XXV 3.2.3 Phân tích SWOT XXVIII 3.2.4 XXVIII 3.2.5 XXIX 3.3 ÊU XXIX 3.3.1 XXIX 3.3.2 XXX 3.3.3 XXX 3.3.4 XXXI 3.3.5 XXXI 3.3.6 XXXII 3.3.7 Phân tích tài cơng ty XXXIV 3.4 ÊU XXXVI 3.4.1 L) 3.4.2 3.4.3 XXXVI e XXXVIII d) 3.4.4 XXXIX XXXIX 3.4.5 XL 3.4.6 XL XLII 4.1 XLII 4.2 XLII 4.3 XLII vii L IM U toàn c hay báo cáo tài – d ng cịn – ; giá ; – : giá? I , BLF) – – nh viên thêm II 01 LÝ LU N 1.1 NH GIÁ TR DOANH NGHI P LÝ LU N V TH 1.1.1 Khái ni m – – – 1.1.2 Vai trò c a th 1.1.3 M nh giá tr doanh nghi p nh giá tr doanh nghi p – – – , cá nhân nhà 1.1.4 Tài chính, a th nh giá tr doanh nghi p lý giá, (2007), NXB Hà III Chính p Nhà – ; – nhà nhà hay góp nhà LÝ LU N V THU TNDN 1.2 1.2.1 Khái ni m thu TNDN 1.2.2 TNDN – C tính: N = (1.1) – TNDN = & (1.2) ngày tháng IV – TNDN TNDN TNDN TNDN 1.2.3 TNDN tính thu TNDN – – c t (TNCT) (1.3) + = : TNCTtrong k tính thu Cơng th c nh: Doanh = thu Chi phí + (1.4) Doanh thu (DT) Khái ni m:DT tính TNCT tồn b ti n bán hàng hố, ti n gia công, ti n cung c p d ch v bao g m c kho n tr giá, ph thu, ph tr i mà doanh nghi ng không phân bi c ti c ti n nh i v i doanh nghi p n p thu giá tr u tr thu DT m thu giá tr ; i v i doanh nghi p n p thu giá tr c ti p giá tr bao g m c thu giá tr Thu nh p khác V , ; , , ; -) chi ; ; ; ; - ; ; ; ; ; ; ; ch ; toá ; VI ; ; ; ; ; ; 1.2.4 Thu su t thu thu nh p doanh nghi p Thu su t thu i v i doanh nghi Thu su t thu i v i ho t i Vi t Nam t 32% tr ng m doanh nghi p có d g ih nB m c thu su t c th cho t ng d án, t ng 25% ng tìm ki vào v u khí u ki n khai thác u khí trình Th ng Chính ph quy nh kinh doanh Thu su i v i ho ng tìm ki tài nguyên quý hi m (tr d u khí) áp d ng thu su ng h p m tài nguyên quý hi m có t 70% di c giao tr lên u ki n kinh t xã h c bi c danh m thu nh p doanh nghi p ban hành kèm theo Ngh nh s – CP ngày 11/12/2008 c a Chính ph áp d ng thu su t thu thu nh p doanh nghi p 40% Tài nguyên quý hi m t i kho n bao g m: b ch kim, vàng, b c, thi t hi m VII 13-05-11 06-05-11 29-04-11 22-04-11 15-04-11 08-04-11 01-04-11 25-03-11 18-03-11 11-03-11 04-03-11 25-02-11 18-02-11 11-02-11 28-01-11 21-01-11 14-01-11 07-01-11 82 82.7 83.6 83.9 88 90.3 91 92.8 95.2 94.8 90.9 97.4 102.3 107.8 106.6 107.9 108 110 5.7 5.7 5.7 5.5 6.4 7.2 7.6 7.9 7.4 8.2 8.1 8.9 8.9 9.2 9.3 9.6 -1% -1% 0% -5% -3% -1% -2% -3% 0% 4% -7% -5% -5% 1% -1% 0% -2% IX 0% 0% 4% -15% -9% -3% 3% -8% -4% 7% -10% 1% -9% 0% -3% -1% -3% BG X White XI 03 (Ke) Rm 13.83% -22.13% -8.95% 43.38% 28.50% 144.49% 23.30% -65.95% 56.78% -2.04% -27.46% 16.70% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -2011) LSTPCP 6.85% 7.33% 8.20% 8.30% 8.42% 8.60% 8.10% 15.30% 9.92% 11.10% 10.90% 9.37% e) Ke 20,21% 9,40% 7,34% 1,47 19,05% 9,40% 7,34% 1,32 XII 04 d) E' D' Chi phí lãi vay (Kd) 2011 2010 79.510.078.351 73.843.725.576 280.777.102.606 260.235.055.132 360.287.180.957 11% Ngân hàng 18%-19% 19%-20% 19,0% 15,5% 17,25% NHTM CP TB Kd XIII 05 BÌNH QUÂN E E' D D' V V' E/D D/V D/E E'/V' D'/V' D'/E' 2007 81.501.740.069 81.501.740.069 75.807.929.831 50.630.327.319 1.065.344.000 51.695.671.319 157.309.669.900 133.197.411.388 107,51% 48,19% 93,01% 61,19% 38,81% 63,43% 2008 71.092.296.966 70.628.604.996 145.401.990.019 126.647.522.554 1.731.184.000 128.378.706.554 216.494.286.985 199.007.311.550 48,89% 67,16% 204,53% 35,49% 64,51% 181,77% 2009 71.993.145.626 71.412.694.253 266.289.652.436 202.762.630.172 27.691.424.500 230.454.054.672 338.282.798.062 301.866.748.925 27,04% 78,72% 369,88% 23,66% 76,34% 322,71% 2010 75.982.715.355 73.843.725.576 299.933.036.212 234.634.373.132 25.600.682.000 260.235.055.132 375.915.751.567 334.078.780.708 25,33% 79,79% 394,74% 22,10% 77,90% 352,41% 2011 79.822.881.443 79.510.078.351 343.526.050.710 260.682.760.606 20.094.342.000 280.777.102.606 423.348.932.153 360.287.180.957 23,24% 81,14% 430,36% 22,07% 77,93% 353,13% CM X D E D' E' FM C D E D' E' MP C D E D' E' NGC D E D' E' 2007 2008 2009 2010 2011 265.790.900.324 127.251.548.864 224.824.044.976 111.041.443.800 328.501.413.339 136.139.097.933 267.868.852.016 106.570.006.795 623.400.937.558 138.112.290.758 544.504.020.357 128.521.816.795 880.588.570.165 154.627.271.410 773.652.824.445 153.143.156.483 736.479.948.110 159.215.199.845 666.880.557.941 157.731.084.918 2007 2008 2009 2010 2011 220.215.797.164 162.944.885.674 204.464.242.159 124.962.922.589 181.330.557.315 153.789.842.553 160.397.445.624 120.691.589.699 471.368.058.601 152.039.353.046 452.874.000.000 117.331.711.399 335.788.079.696 166.185.165.781 305.850.448.000 131.421.417.532 606.298.407.265 171.750.617.491 570.933.301.319 134.872.866.657 2007 2008 2009 2010 2011 1.017.474.986.01 1.089.960.766.77 1.278.740.372.00 1.087.948.781.76 1.087.952.675.48 2.489.526.775.30 1.337.967.110.69 2.237.951.962.87 1.263.965.233.68 2010 72.041.437.565 15.964.644.622 60.580.866.195 14.313.285.145 4.707.852.603.42 1.538.891.403.05 4.066.004.682.47 1.409.087.096.84 2011 93.927.497.817 16.513.605.019 76.604.928.788 14.578.932.337 964.746.990.000 1.072.113.199.63 2007 22.229.039.369 14.798.804.070 17.183.807.600 11.987.851.466 D/E 2007 2008 2009 2010 2011 Bình quân 940.233.628.000 1.127.043.736.00 976.776.019.486 848.342.700.000 983.093.126.695 2008 27.435.382.546 14.072.273.720 16.730.502.900 12.465.499.090 2009 41.859.033.674 16.566.759.699 37.407.539.309 14.585.410.308 CMX 209% 241% 451% 569% 463% 387% 895.695.147.9 55 FMC 135% 118% 310% 202% 353% 224% 778.049.024.7 56 D/E bình quân ngành MPC 93% 136% 100% 186% 306% 164% 6.246.744.006.4 86 NGC 150% 195% 253% 451% 569% 324% 110.441.102.8 36 332% E/(D+E)bq D/(D+E)bq D'/E' 2007 2008 2009 2010 2011 Bình quân 23,17% 76,83% CMX 202% 251% 424% 505% 423% 361% 824,611,642,8 59 FMC 164% 133% 386% 233% 423% 268% 705,806,167,9 76 MPC 90% 133% 99% 177% 289% 158% 5,475,091,779,3 17 D'/E' bình quân ngành E'/(D'+E')b NGC 143% 134% 256% 423% 525% 297% 91,183,861,12 194% 34,02% q D'/(D'+E') 65,98% bq Kd Ke E'/V' D'/V' WACC 25% 17,25% 20,21% 22,07% 77,93% 14,54% Kd Ke E'/V' D'/V' WACC 23% 17,25% 19,05% 34,02% 65,98% 15,25% 06 ROC BLF EBT Lãi vay EBIT 2007 2008 2009 2010 2011 9.467.065.238 -7.612.124.177 4.628.270.262 2.611.391.975 7.155.951.613 2.436.960.016 10.071.914.214 12.598.569.107 27.722.754.889 30.887.351.972 11.904.025.25 2.459.790.037 17.226.839.369 30.334.146.864 38.043.303.585 25% EBIT*(1 -t) 8.928.018.941 25% 25% 25% 25% 1.844.842.528 12.920.129.527 22.750.610.148 28.532.477.689 60.191.167.03 109.791.207.08 149.952.775.22 141.447.020.33 133.210.677.83 7 12.155.181.81 50.481.563.410 60.320.874.329 59.045.001.901 51.898.556.317 ROC Trung bình BLF EBT Lãi vay EBIT EBIT*(1 -t) ROC Trung bình 53.672.814.449 74.470.772.288 86.016.959.666 81.857.069.977 3,44% 17,35% 26,45% 34,86% 26,22% 2007 2008 2009 2010 2011 9.467.065.238 -7.612.124.177 4.628.270.262 2.611.391.975 7.155.951.613 2.436.960.016 10.071.914.214 12.598.569.107 27.722.754.889 30.887.351.972 11.904.025.25 2.459.790.037 17.226.839.369 30.334.146.864 38.043.303.585 13,13% 13,13% 13,13% 13,13% 13,13% 10.340.620.42 2.136.735.647 14.964.367.370 26.350.238.009 33.046.919.322 60.191.167.03 109.791.207.08 149.952.775.22 141.447.020.33 133.210.677.83 7 12.155.181.81 50.481.563.410 60.320.874.329 59.045.001.901 51.898.556.317 53.672.814.449 74.470.772.288 86.016.959.666 81.857.069.977 3,98% 20,09% 30,63% 40,37% 30,37% 07 BLF EBT Lãi vay EBIT EBIT*(1-tc) 2007 9.467.065.238 2.436.960.016 11.904.025.254 8.928.018.941 97.118.502.865 2008 -7.612.124.177 10.071.914.214 2.459.790.037 1.844.842.528 106.703.079.898 2009 4.628.270.262 12.598.569.107 17.226.839.369 12.920.129.527 188.330.022.835 2010 2.611.391.975 27.722.754.889 30.334.146.864 22.750.610.148 234.468.731.233 2011 7.155.951.613 30.887.351.972 38.043.303.585 28.532.477.689 290.138.254.316 34.531.098.848 13.546.076.429 10.077.981.001 19.206.690.695 18.617.172.484 50.630.327.319 74.742.585.831 38.475.145.505 10.150.000.000 126.647.522.554 143.638.566.879 66.015.959.144 11.000.000.000 202.762.630.172 238.572.916.163 131.441.755.843 11.380.177.296 234.634.373.132 274.307.042.439 164.209.193.935 3.110.177.296 260.682.760.606 323.419.638.149 205.674.026.993 27.540.813.639 65.425.796.699 32.767.438.092 41.464.833.058 58.287.770.987 103.323.296.991 155.299.987.979 157.674.870.954 173.301.163.115 -10.688.408.073 -16.924.183.175 -27.341.372.056 -41.520.781.367 -57.438.253.175 8.940.839.278 9.811.908.602 7.364.038.993 8.443.171.217 8.443.171.217 TM vơ hình -101.731.388 67.228.610.265 10.790.139.461 56.438.470.804 632,15% -1.090.312.121 15.626.292.161 16.204.888.726 40.886.236.493 143,30% 2007 9.467.065.238 2.436.960.016 11.904.025.254 10.340.620.427 97.118.502.865 2008 -7.612.124.177 10.071.914.214 2.459.790.037 2.136.735.647 106.703.079.898 2009 4.628.270.262 12.598.569.107 17.226.839.369 14.964.367.370 188.330.022.835 2010 2.611.391.975 27.722.754.889 30.334.146.864 26.350.238.009 234.468.731.233 2011 7.155.951.613 30.887.351.972 38.043.303.585 33.046.919.322 290.138.254.316 13.546.076.429 10.077.981.001 19.206.690.695 18.617.172.484 50.630.327.319 74.742.585.831 38.475.145.505 10.150.000.000 126.647.522.554 143.638.566.879 66.015.959.144 27.540.813.639 11.000.000.000 202.762.630.172 238.572.916.163 131.441.755.843 65.425.796.699 11.380.177.296 234.634.373.132 274.307.042.439 164.209.193.935 32.767.438.092 3.110.177.296 260.682.760.606 323.419.638.149 205.674.026.993 41.464.833.058 103.323.296.991 155.299.987.979 157.674.870.954 173.301.163.115 -10.688.408.073 vơ hình -802.895.203 3.454.015.199 14.463.725.295 21.757.727.996 95,64% 58.287.770.987 Vay -518.579.219 49.528.821.379 10.432.163.850 104.522.454.228 808,99% 34.531.098.848 BLF EBT Lãi vay EBIT EBIT*(1-tc) -503.604.250 45.906.595.328 6.637.647.964 66.809.761.003 3621,43% -16.924.183.175 -27.341.372.056 -41.520.781.367 -57.438.253.175 8.940.839.278 9.811.908.602 7.364.038.993 8.443.171.217 8.443.171.217 -101.731.388 -503.604.250 -518.579.219 -802.895.203 -1.090.312.121 67.228.610.265 10.790.139.461 56.438.470.804 545,79% 45.906.595.328 6.637.647.964 66.809.761.003 3126,72% 49.528.821.379 10.432.163.850 104.522.454.228 698,48% 3.454.015.199 14.463.725.295 21.757.727.996 82,57% 15.626.292.161 16.204.888.726 40.886.236.493 123,72% 08 ST T m 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 10 11 20 19 20 20 20 21 20 22 EBIT EBIT*(1tc) 38.043.303 585 28.532.477 689 52.336.169 702 39.252.127 277 71.998.864 478 53.999.148 358 143,3 0% RO C 26,2 2% 37,5 7% WA CC 14,5 4% 143,3 0% 26,2 2% 37,5 7% 14,5 4% 143,3 0% 26,2 2% 37,5 7% 14,5 4% 143,3 0% 26,2 2% 37,5 7% 14,5 4% 143,3 0% 26,2 2% 37,5 7% 14,5 4% RIR g 99.048.832 109 136.261.47 0.419 76.267.600 724 104.921.33 2.222 187.454.89 3.967 144.340.26 8.355 143,3 0% 26,2 2% 37,5 7% 14,5 4% 247.706.00 8.655 190.733.62 6.665 124,8 8% 25,7 4% 32,1 4% 14,6 6% 313.876.52 7.240 241.684.92 5.975 106,4 6% 25,0 9% 26,7 1% 14,7 8% 380.685.13 3.523 441.049.09 6.057 487.043.16 0.084 463.101.55 0.860 293.127.55 2.813 339.607.80 3.964 375.023.23 3.265 356.588.19 4.162 88,05 % 69,63 % 51,21 % 32,80 % 24,1 7% 22,7 7% 20,3 6% 15,2 5% 21,2 8% 15,8 6% 10,4 3% 5,00 % 14,8 9% 15,0 1% 15,1 3% 15,2 5% FCFF PV 16.995.065 14.837.294 000 187 23.380.109 17.820.106 563 598 33.021.721 21.973.303 920 244 45.427.980 26.390.701 207 781 62.495.268 31.696.151 741 132 47.454.971 20.883.748 337 862 15.620.784 5.952.671 .619 964 35.039.483 11.538.929 067 276 103.140.97 29.292.433 1.251 867 182.964.69 44.722.595 0.699 387 239.643.34 571.703.42 9.493 0.018 517.703.400.781 18.617.172.484 536.320.573.265 ST T m 20 11 20 12 20 13 20 14 20 15 20 16 20 17 10 11 20 18 20 19 20 20 20 21 20 22 EBIT EBIT*(1tc) 123,7 2% RO C 30,3 7% 37,5 7% WA CC 14,5 4% 38.043.303 585 33.046.919 322 52.336.169 702 45.462.644 270 123,7 2% 30,3 7% 37,5 7% 14,5 4% 71.998.864 478 62.542.956 090 123,7 2% 30,3 7% 37,5 7% 14,5 4% 99.048.832 109 136.261.47 0.419 86.040.339 696 118.365.68 8.446 123,7 2% 30,3 7% 37,5 7% 14,5 4% 123,7 2% 30,3 7% 37,5 7% 14,5 4% 187.454.89 3.967 162.835.66 8.137 123,7 2% 30,3 7% 37,5 7% 14,5 4% 247.706.00 8.655 215.173.75 4.962 108,5 7% 29,6 1% 32,1 4% 14,6 6% 313.876.52 7.240 380.685.13 3.523 441.049.09 6.057 487.043.16 0.084 463.101.55 0.860 272.653.82 5.909 330.688.18 1.862 383.124.29 5.758 423.077.76 9.299 402.280.51 0.546 93,41 % 78,26 % 63,10 % 47,95 % 32,80 % 28,6 0% 27,2 0% 25,1 3% 21,7 5% 15,2 5% 26,7 1% 21,2 8% 15,8 6% 10,4 3% 5,00 % 14,7 8% 14,8 9% 15,0 1% 15,1 3% 15,2 5% RIR g FCFF PV 10.784.548 9,415,292, 006 700 14.836.301 11,308,094 830 ,149 20.410.299 13,581,414 243 ,550 28.078.447 16,311,751 037 ,455 38.627.517 19,590,981 346 ,082 18.434.790 8,112,691, 833 489 17.959.664 6,843,957, 096 685 71.896.126 23,676,271 679 ,689 141.356.57 40,145,811 1.482 ,810 220.212.52 53,827,192 3.446 ,272 270.350.64 644,960,06 6.940 1,637 691.133.069.668 18.617.172.484 709.750.242.152 ... TNDN TNDN TNDN TNDN 1.2.3 TNDN tính thu TNDN – – c t (TNCT) (1 . 3) + = : TNCTtrong k tính thu Cơng th c nh: Doanh = thu Chi phí + (1 . 4) Doanh thu (DT) Khái ni m:DT tính TNCT tồn b ti n bán hàng... c a công N = = = (3 . 6) EBIT *(1 -T) EBIT *(1 -T) (3 . 7) (3 . 8) bq : EBIT = L i nhu n thu n t ho V = Tài s n dài h n +V ng kinh doanh + lãi vay ng phi ti n m t – t) nên qua trình tính – – 2008 26,22%... v u l + L i ích c i us 5% 3.4.4 c tính chi phí s d ng v n bình quân gia quy n (WACC) WACC = Kd * (1 – t) * %D + Ke * %E (3 . 5) : %D= D'' (E''+D'')BQ %E= E'' (E''+D'')BQ – BQ là360.287.180.957, %E = 22,07%