KR20160038147A - System and method for evaluating company value - Google Patents

Abstract

An enterprise valuation system is an information collection unit that collects financial information of a company; A factor extracting unit for extracting factors for evaluating an operating profit, an investment security degree, and a stock price of each company from the financial information; A factor analyzer for generating a chart showing numerical fluctuations according to a period of the extracted factors and assigning a score according to a numerical value to calculate an operating profit score, an investment safety degree score and a stock undervaluation ratio score; And an investment strategy analyzer for calculating an investment score obtained by weighting the operating profit score, the investment security degree score, and the stock undervaluation ratio score, and summing up the investment value of each company.

Description

SYSTEM AND METHOD FOR EVALUATING COMPANY VALUE

The present invention relates to a system and method for evaluating an enterprise value, and more particularly, to a system and a method for evaluating an enterprise value using financial information extracted from financial statements and presenting an investment strategy therefor.

General investors use stock price charts to forecast stock prices, investment targets, and investment amounts. However, the stock price chart shows fluctuations in stock price by period and does not provide information about companies that are actually invested. Therefore, in order to invest heavily, it is necessary to check information on the company through financial statements.

Information on the company's fund status, sales activities, and profit generation are all recorded in the financial statements. As a result, we can see through the financial statements whether the company is making a good money, the company with a lot of debt, or the company with a good financial structure that has sufficient cash. In other words, it is possible to distinguish between insolvent companies that should not be invested and those who can consider investment. However, since accounting knowledge is required to understand financial statements, it is difficult for ordinary investors to understand the meaning of financial statements. First, since the financial statements only display information for up to three years, it is hard to know any more trends. In addition, in order to judge whether an insolvent company is a bad company, it is necessary to directly calculate and judge various financial ratios such as debt ratio and current ratio. However, this approach is not easy for general investors lacking accounting knowledge. In particular, investors who are unfamiliar with numbers are more likely to face difficulties in seeing financial statements expressed only in numbers.

One embodiment of the present invention provides an enterprise value evaluation system and method for evaluating an investment value by extracting and analyzing information of a financial statement so that general investors who do not have accounting knowledge can easily confirm the information about the enterprise.

An enterprise value evaluation system according to an embodiment of the present invention includes an information collection unit for collecting financial information of a company; A factor extracting unit for extracting factors for evaluating an operating profit, an investment security degree, and a stock price of each company from the financial information; A factor analyzer for generating a chart showing numerical fluctuations according to a period of the extracted factors and assigning a score according to a numerical value to calculate an operating profit score, an investment safety degree score and a stock undervaluation ratio score; And an investment strategy analyzer for calculating an investment score obtained by weighting the operating profit score, the investment security degree score, and the stock undervaluation ratio score, and summing up the investment value of each company.

A method for evaluating an enterprise value according to an embodiment of the present invention includes: collecting financial information of a company; Extracting factors for evaluating an operating profit, an investment security degree, and a stock price of each company from the financial information; Calculating an operating profit score, an investment security score, and a stock price undervaluation ratio score by graphing numerical fluctuations of the extracted factors by period and giving a score according to the numerical value; And calculating an investment score obtained by weighting the operating profit score, the investment security degree score, and the stock undervoltage ratio score, and summing up the investment value of each company.

The enterprise value system can extract the factors from the collected financial information and analyze them to evaluate the company's operating profit, investment security and stock price, and calculate the investment score based on that. Therefore, general investors who do not have accounting knowledge can easily check the information about the company and establish investment strategy.

1 is a block diagram illustrating a configuration of an enterprise value evaluation system according to an embodiment of the present invention.
2 is a flowchart illustrating a flow of an enterprise value evaluation method according to an embodiment of the present invention.
FIGS. 3A to 3D are charts for explaining a method of calculating a profit growth performance score according to an embodiment of the present invention.
4A to 4D are charts for explaining a method of calculating an investment security score according to an embodiment of the present invention.
5A to 5C are charts for explaining a method of calculating a superior asset structure score according to an embodiment of the present invention.
6A and 6B are charts for explaining a method of calculating a sales efficiency score according to an embodiment of the present invention.
7A and 7B are charts illustrating a method of calculating a cash generating power score according to an embodiment of the present invention.
8A and 8B are charts for explaining a method of calculating a stock price undervaluation ratio score according to an embodiment of the present invention.
9A and 9B show screens provided by an investment guide service according to an embodiment of the present invention.

Hereinafter, preferred embodiments of the present invention will be described in detail with reference to the accompanying drawings in order to facilitate a person skilled in the art to easily carry out the technical idea of the present invention.

1 is a block diagram illustrating a configuration of an enterprise value evaluation system according to an embodiment of the present invention.

Referring to FIG. 1, the enterprise value evaluation system 100 may provide an investment guide service to a user, and transmits / receives predetermined information to / from a user terminal 200 using wired / wireless communication. The enterprise value evaluation system 100 includes an information collection unit 110, a factor extraction unit 120, a factor analysis unit 130, and an investment strategy analysis unit 140. In addition, the enterprise value evaluation system 100 may further include a user management unit 150.

The information collecting unit 110 collects the financial information necessary for evaluating the value of the corporation. For example, financial information includes stock prices, net income, sales, profit margins, total liabilities, borrowings, finance costs, retained earnings, current assets, and dividends per share. Since the financial disclosure system of the FSS discloses financial statements of companies traded on exchanges, KOSDAQ and OTC markets, the information collecting unit 110 can collect financial information by collecting financial statements of companies.

The factor extracting unit 120 extracts factors for evaluating an operating profit, an investment security degree, and a stock price from the financial information collected by the information collecting unit 110. Here, the operating profit is for evaluating the profit status by the activity of the company and is for evaluating the profit growth performance, the superior asset structure, the efficiency of the business, and the cash generating ability. Investment safety is to assess the safety of investment. The stock price is to assess the attractiveness of the investment by judging whether the stock price is undervalued or overvalued relative to the value of the corporation.

For example, the factors for evaluating the operating profit are the stock price, the net profit, the sales index, the profit rate, the external profit margin, the asset structure, the profit surplus, the current assets, the dividend per share, the market dividend rate, the ROE, (PBR), working capital turnover days, business activity cash flow, investment activity cash flow, financial activity cash flow, free cash flow ratio to sales, and so on. The factors for evaluating the investment safety can be debt ratio, liquidity ratio, borrowing, borrowing ratio, interest compensation multiplier, financial cost, and so on. Also, the factor for evaluating the stock price may be a stock price multiple (PER), a stock price cash flow multiple (PCR), and the like.

Hereinafter, the factors that can be extracted from the financial statements will be briefly described. Each of the factors may be directly extracted from the financial statements, or may be calculated by processing the extracted values.

It is a factor related to profitability, which means the total amount of sales of goods or services by the company. Operating profit refers to profits left from operating in the company's core business, and operating profit is the result of deducting cost of sales, selling expenses, and management expenses from sales. The sales (net profit) index is the sales (net profit) of the present point of view, assuming that the sales (net profit) at the base point is 100. For example, if the current sales (net profit) is three times the baseline, the sales (net profit) index is 300. OP margin refers to the ratio of operating profit to sales (OP / sales). Net profit margin means net profit to sales ratio (net profit / sales). Non-operating profit ratio refers to the ratio of non-operating profit (non-operating income) to sales (non-operating profit / sales). The cost of sales ratio refers to the ratio of cost of sales (cost of production) to cost of sales (cost of sales / sales).

As a factor related to investment safety, the debt ratio means the ratio of the total amount of liabilities to the total amount of the capital (total amount of liabilities / total amount of capital), and the flow rate means the proportion of current assets to current liabilities (current assets / current liabilities). Borrowing refers to long-term and short-term borrowings and debts to pay interest, and borrowing means borrowing (borrowing / total assets) as a percentage of total assets. The interest cost ratio refers to the ratio of operating profit to interest cost (operating profit / interest cost), finance cost refers to the ratio of interest cost to sales (interest cost / sales), and net working capital is cash (Current assets - current liabilities) less liabilities that must be repaid in cash within one year from the assets that can be changed.

As a factor related to superior asset structure, long-term capital means the amount of capital (total capital + non-current liability) that the company can utilize in the long term, and equity refers to total capital. Fixed assets are non-current assets, such as tangible and investment assets, which can not be converted into cash within one year. Tangible assets refer to assets in the form of land, buildings, factories, machinery, etc., and retained earnings are the amounts obtained by subtracting the total amount paid by dividends from the sum of net profits generated by the entity up to that point. Current assets are high-return assets (liquid assets-inventory assets) that can be liquidated within one year, and shareholders' items are funds that shareholders give equity rights to shareholders, which is the sum of capital and capital surplus . Dividend means the amount of cash paid by the company to its shareholders in cash according to ownership interest, and the dividend payout means the degree of dividend payment from the net profit (total dividend / net profit).

As a factor related to the efficiency of business, ROE is the degree to which net profit is generated by using capital (net profit / total capital). (PBR) is a valuation indicator (total share price / shareholders 'equity) that indicates how many times the share price is traded in terms of shareholders' equity per share. Total assets turnover represents sales (total sales / total assets) versus total assets, and financial leverage is a figure (total assets / equity capital) that represents how many times the total assets are equal to the equity capital. (ROA) is a measure of how much net profit is generated by using the company's assets (net profit / total assets), ROIC is the ratio of profits earned from operating activities to capital (Post-tax operating profit / operating capital). The turnover days of trade receivables represents the period of time (365 / turnover of trade receivables) until the trade receivables are collected as cash, and the trade receivables turnover represents sales (sales / accounts receivable) versus receivables. The number of days of inventory turnover refers to the period of time (365 / inventory turnover) until inventory is sold, and the turnover of inventory represents the cost of goods sold (cost of goods sold / inventory assets). The number of days of turnover of debt payable means the period of time (365 / turnover of debt) until the payment of the debt is paid in cash, and the turnover of the payables represents the turnover (sales / trade debt) versus trade debt. The number of days of cash turnover refers to the number of days of cash holdings (number of trade receivable days + number of days of inventory turnover - number of turnaround days of accounts payable) for working capital.

Cash flow refers to the cash generated from the company's operating activities. The cash flow is calculated by adding or subtracting operating assets / operating liabilities, depreciation expenses, etc. from net profit. Investing activities Cash flow refers to cash generated through investment activities of the company. Acquisition and sale of tangible assets and acquisition / disposal of financial assets are the main items. Cash flow from financing activities means cash generated through the financing activities of the corporation. Major items are capital increase, borrowing / repayment, and dividend payment. Cash flow per share refers to operating cash flow per share (cash flow from operations / number of shares outstanding). The surplus cash flow is the amount excluding the increase of tangible assets that the company invests to maintain or increase the current capacity in the net profit.

(PER) is a valuation index (market capitalization / net profit) that indicates how many times the stock price is traded per share, and the EPS per share is the net profit per share (net profit / ). The net asset per share is the net asset per share (total number of shares / number of shares outstanding) and the valuation index (PCR) is the value indicator (market capitalization / operating cash flow) indicating how many times the share price is traded per share . Cash flow per share refers to operating cash flow per share.

The factor analyzing unit 130 is for analyzing the factors extracted by the factor extracting unit 120. The factor analyzing unit 130 generates a chart showing the numerical variation according to the period of the extracted factors. At this time, since the factors extracted from the collected financial statements of several years are used, it is possible to generate a chart which can check the numerical fluctuation of many years at a glance. Further, the factor analyzing unit 130 assigns a score different according to the numerical value of the factor, and generates a score for each item. At this time, a score can be given for the number of recent or recent dates to provide a more recent data on the value of the company.

The factor analyzing unit 130 calculates a score for a plurality of factors in order to calculate one item, for example, a profit growth score, and adds the score. Further, at the time of score calculation, weights can be given according to the factors. The weights may be determined differently depending on the factors. For example, in order to calculate the profit growth potential score, a score is calculated for a plurality of factors, and the results are weighted and added differently according to the factors. Here, the weights can be determined differently depending on the propensity of the investor. For example, investors can adjust their weights according to whether they want high profits, even if they have risk, and if they want safe investments with low risk.

Accordingly, the factor analyzing unit 130 can calculate the operating profit score, the investment safety degree score, and the stock undervaluation ratio score. Here, the operating profit score includes at least one of a profit growth score, a superior asset structure score, a business efficiency score, and a cash generating ability score.

For example, the profit growth performance score can be calculated from at least one factor of the stock price, the net profit, the sales index, the profit rate, and the sales outside profit rate. A superior asset structure score can be calculated from at least one factor of asset structure, retained earnings, immediate assets, dividends and market dividend rate. The efficiency score of a business can be calculated from at least one of the ROE, the PBR, and the number of working capital days. The cash-generating capability score can be calculated from at least one factor of the business activity cash flow, the investment activity cash flow, the financial activity cash flow, and the surplus cash flow ratio relative to sales. The investment security score can be calculated from a factor of at least one of a debt ratio, a flow rate, a borrowed amount, a borrowed amount, a interest compensation amount, and a financial cost. Also, the stock price undervaluation ratio score can be calculated from a factor of at least one of a stock price multiple (PER) and a stock price cash flow multiple (PCR).

The Investment Strategy Analysis Unit 140 calculates the investment score by quantifying the investment value of each company by adding the operating profit score, the investment safety score and the stock undervaluation ratio score. The investment strategy analysis unit 140 may add the weights to the operating profit score, the investment safety score, and the stock undervaluation ratio score, respectively. Here, the weights can be given differently depending on the items, and can be adjusted according to the investor's tendency. For example, investors with aggressive investment incentives who expect high profits even if they have a high risk are given a relatively high weighting of the operating profit point and the stock undervaluation ratio score relative to the investment safety score. For example, investors who have a stable investment tendency who desire low risk even if their profits are low, are given a relatively high weight on the investment safety score compared to the operating profit point and the stock undervaluation ratio.

The investment strategy analysis unit 140 calculates the final investment score and provides it to the user, and the higher the investment score, the higher the investment value. The investment strategy analysis unit 140 can present the investment grade to the user according to the investment score. In addition, the user can easily determine whether the company is an insolvent company or a superior company through investment score or investment grade.

The user management unit 150 is for managing information related to the user of the investment guide service provided by the enterprise value evaluation system 100. [ For example, the user management unit 150 communicates with the terminal 200 of the user to process service subscription and withdrawal, and manages the profile information of the user. Here, the profile information includes information on the user's personal information, user's investment history, user's propensity to invest, and information on companies of interest. Accordingly, the factor analyzing unit 130 and the investment strategy analyzing unit 140 can adjust the weight given to the factor or item according to the investment propensity of the user. In addition, the investment strategy analyzer 140 can adjust the investment score section for determining the investment grade according to the investment propensity of the user.

For reference, although not shown in FIG. 1, the enterprise value evaluation system 100 may further include a database, and may store financial information, financial statements, factors, score of items, profile information of a user, and the like.

According to the above-described configuration, the enterprise value evaluation system 100 extracts and processes a factor from the financial statements to derive an investment strategy for the enterprise and provides it to the user. Therefore, even if the user does not have professional accounting knowledge, it can easily distinguish the good company from the bad company based on the financial information and set up the investment strategy. In other words, it is possible to prevent investment in companies that are highly likely to be subject to delisting or collapse. In addition, it is possible to increase investment performance by investing in companies that are attractive because they are financially superior and have a low stock price level.

2 is a flowchart illustrating a flow of an enterprise value evaluation method according to an embodiment of the present invention.

First, the information collecting unit 110 collects financial information (S210). For example, the information collecting unit 110 collects financial statements of companies. In addition, the collected financial information can be stored in a database.

Then, the factor extraction unit 120 extracts factors for evaluating the operating profit, the investment security degree, and the stock price of each company from the collected financial information (S220). Which factor is to be extracted can be determined in advance by the operator of the enterprise value evaluation system 100. The factor extracting unit 120 may store the extracted factors in a database. It is also possible to generate and store another factor by processing the extracted factors.

Then, the factor analyzing unit 130 generates a chart showing the numerical variation according to the period of the extracted factors. Also, the score is given according to the numerical value to calculate the operating profit score, the investment safety score, and the stock price undervaluation ratio score. When calculating the score of each item, weights can be given according to the factors.

Then, the investment strategy analyzing unit 140 calculates the investment score by quantifying the investment value of each company by adding the operating profit score, the investment safety score, and the stock undervaluation ratio score. At this time, weighting can be given to each item, and the weight can be adjusted according to the investment propensity of the user. In addition, the investment grade can be suggested considering the investment propensity of the user according to the investment grade.

Hereinafter, a method of calculating the score of each item will be described with reference to charts according to an embodiment of the present invention. In each chart, YoY (Year on Year) represents the year-on-year growth rate of YoY quarterly conversion data (YoY = (annual quarterly conversion data / YY conversion data) -1).

FIGS. 3A to 3D are charts for explaining a method of calculating a profit growth performance score according to an embodiment of the present invention. The x-axis of each chart represents the year.

FIG. 3A is a chart showing a change in stock price and a change in a net profit index from 2003 to 2014. Net profit index YoY represents the year-on-year growth rate of net profit index data for the recent quarter, and can be calculated by the following equation (1). In addition, the recent six-month stock price fluctuation rate can be calculated by the following equation (2).

After extracting and generating the necessary factors, scores are given for each factor according to Table 1 below. Weights are also assigned to the factors.

Factor 2 points 1 point -1 point 0 point weight Net profit index
(YoY) YoY ≥ 20% 0% ≤ YoY <20% YoY  <0 Not applicable 2 stock Last 6 months
Change rate <-20% -20% ≤ 6 months last
Change ratio <0% Recent 6-month change rate ≥ 10% Not applicable 2

Referring to the chart and Table 1 **, since the recent quarterly net profit index of a company is less than zero, the score is given as -2 points (-1 point * 2 points). In addition, since the recent 6-month stock price increase rate is -15%, the score is given as 2 points (1 point * 2 points).

FIG. 3B is a chart showing changes in the company's sales index and net profit index from 2003 to 2014. Referring to the chart and Table 2, ** the company's recent quarterly sales index is -18%, so the score is -1.5 points (-1 points * 1.5 points). Also, since the net profit index has a negative value, the score is given as -1.5 points (-1 * weighted value 1.5 points).

Factor 2 points 1 point -1 point 0 point weight Sales Index
(YoY) YoY ≥ 10% 0% ≤ YoY <10% YoY  <-10% Not applicable 1.5 Net profit index
(YoY) YoY ≥ 20% 0% ≤ YoY <20% YoY  <0 Not applicable 1.5

FIG. 3C is a chart showing a change in profit margin from 2002 to 2014. Referring to the chart and Table 3, ** the operating margin of the company is -0.8%. Therefore, the profit growth potential score is given as -1.2 points (-1 * weighted value 1.2 points).

Factor 2 points 1 point -1 point 0 point weight OP margin OP margin ≥ 10% 5% ≤ Operating margin <10% OP margin <0 Applicable
none 1.2

Figure 3d is a chart showing changes in the company's non-operating loss ratio from 2008 to 2014. Referring to the chart and Table 4, ** the non-operating margin of the company is -17.6%. Therefore, the score of the out-of-sales margin is given as -1 (-1 * weighted 1 point).

Factor 1 point -1 point 0 point weight Outside profit margin Operating loss rate ≥ 0% Outside profit margin  <0% Not applicable One

As described above, when the score calculation for each factor is completed, the score can be added up to finally calculate the profit growth performance score.

4A to 4D are charts for explaining a method of calculating an investment security score according to an embodiment of the present invention. The x-axis of each chart represents the year.

FIG. 4A is a chart showing changes in the debt ratio and the flow rate of the companies from 2006 to 2014. Referring to the chart and Table 5, ** the corporate debt ratio is 373% and the flow rate is 32%. Therefore, both the debt ratio score and the flow ratio score are given as -1 (-1 * 1 weight).

Factor 1 point -1 point 0 point weight Debt ratio 0 ≤ debt ratio <100% Debt ratio ≥ 100%
or  Debt ratio <0% Not applicable One Flow rate Flow rate ≥ 100% Flow rate <100% Not applicable One

FIG. 4B is a chart showing changes in the borrowing index and the borrowing ratio of the companies from 2002 to 2014. Chart 6 and Table 6 show that: ▶ Borrowings of companies decreased 2% YoY and borrowings accounted for 57%. Therefore, the borrowing index score is 1 point (1 * weighted point) and the borrowing weighted score is -1.5 point (-1 * weighted value 1.5 point).

Factor 2 points 1 point -1 point 0 point weight Borrowing
(YoY) - YoY  <0 or  Non-recourse YoY ≥ 0 Applicable
none One Debt portion Debt portion <10% 10% ≤ Share of debt <20% Debt portion ≥ 30% Applicable
none 1.5

FIG. 4C is a chart showing changes in the corporate interest compensation magnification from 2002 to 2014. FIG. Referring to the chart and Table 7, ** the corporate interest compensation magnification is -0.4 times. Therefore, the interest compensation magnification score is -1 (-1 * weighted 1 point).

Factor 2 points 1 point -1 point 0 point weight Interest compensation
Magnification Interest coverage multiplier ≥ 5 2 ≤ interest compensation magnification <5 Interest coverage ratio <1 Not applicable One

Figure 4d is a chart showing the change in financial costs of an enterprise from 2009 to 2014. Referring to the chart and Table 8, the financial cost of the enterprise is 5.6%. Therefore, the financial cost score is -1 (-1 * 1 weight).

Factor 1 point -1 point 0 point weight Financial cost Financial costs <1% Financial costs> 5% Not applicable One

As described above, when the score calculation for each factor is completed, the score of the investment safety score can be finally calculated by summing the scores.

5A to 5C are charts for explaining a method of calculating a superior asset structure score according to an embodiment of the present invention. The x-axis of each chart represents the year.

FIG. 5A is a chart showing changes in the asset structure of companies from 2007 to 2014. Chart and Table 9, ** The asset structure of a corporation is fixed assets> long-term capital> equity capital in terms of amount. Thus, the asset structure index score is -1.5 (-1 * weighted 1.5).

Factor 2 points 1 point -1 point 0 point weight Fixed assets
Long-term capital
Total capital
Term ≥ capital> fixed
Term> fixed ≥ capital
Fixed ≥ Long-term> Capital Not applicable
1.5

FIG. 5B is a chart showing a change in the profit accumulation index of a company from 2007 to 2014. As shown in the chart and Table 10, ** earnings surplus of the company is -74% YoY, while the current account surplus is -44% YoY. Thus, the retained earnings score is -2 (-1 * weighted 2 points), and the current asset score is -2 (-1 * weighted 2 points).

Factor 1 point -1 point 0 point weight Retained earnings
(YoY) YoY> 0 Current quarterly retained earnings <0 or YoY <0 Not applicable 2 Current assets YoY> 0 YoY  <0 Not applicable 2

FIG. 5c is a chart showing changes in dividend per share and dividend rate of the market from 2002 to 2014. Referring to the chart and Table 11, ** the dividend rate of the market is 0% because the company has no dividends. Therefore, the market dividend rate score is 0 (not applicable).

Factor 2 points 1 point 0 point weight Market dividend rate City dividend rate> 4% 4% ≥ Market dividend rate> 2% Not applicable 1.2

As described above, when the score calculation for each factor is completed, the superior asset structure score can be finally calculated by summing the scores.

6A and 6B are charts for explaining a method of calculating a sales efficiency score according to an embodiment of the present invention. The x-axis of each chart represents the year.

FIG. 6A is a chart showing changes in the ROE and the PBR of a company from 2008 to 2014. Referring to the chart and Table 12, ** ROE is -26% and PBR is 1.19. Therefore, the ROE and the PBR are -2 (-1) and 2 (2), respectively.

Factor 2 points 1 point -1 point 0 point weight ROE
PBR ROE ≥ 15%
and 0? PBR <2 15%> ROE ≥10%
and 0 < PBR &lt; 1 ROE  <0%
or PBR  > 3 Not applicable 2

FIG. 6B is a chart showing changes in the number of working capital rotation days of the company from 2006 to 2014. As shown in the chart and Table 13, ** the trade receivables turnover days of the company are 444 days and the inventory turnover days are 479 days. Therefore, the turnover days of receivables and the days of inventory turnover days are -1.2 points (-1 * weighted value 1.2 points).

Factor 1 point -1 point 0 point weight Days of turnover of accounts receivable Rotational days <90 days Rotational days> 180 days Not applicable 1.2 Inventory turnover days Rotation days <30 days Rotational days> 90 days Not applicable 1.2

As described above, when the score calculation for each factor is completed, the score of the business efficiency can be finally calculated by summing the scores.

7A and 7B are charts illustrating a method of calculating a cash generating power score according to an embodiment of the present invention. The x-axis of each chart represents the year.

FIG. 7A is a chart showing changes in cash flows of companies from 2011 to 2014. Referring to the chart and Table 14, ** business operating cash flow is -87.4 billion, investment activity cash flow is 260.7 billion, and financial activity cash flow is -19.4 billion. Therefore, the cash flow score of business activity is -2 (-1 * weighted value), the investment activity cash flow score is 0 (not applicable), the financial activity cash flow score is 1 (1 * to be.

Factor 1 point -1 point 0 point weight Operating cash flow Operating cash flow> 0 Operating cash flow  <0 Not applicable 2 Investment activity cash flow Investment activity cash flow <0 - Not applicable One Cash flow from financing activities Financial activity Cash flow <0 - Not applicable One

FIG. 7B is a chart showing a change in free cash flow to total sales from 2011 to 2014. Referring to the chart and Table 15, ** the surplus cash flow to the company's sales is -54%. Thus, the free cash flow point to sales is zero (not applicable).

Factor 1 point 0 point weight Surplus cash flow ratio to sales > 10% Not applicable One

As described above, when the score calculation for each factor is completed, the score can be summed to finally calculate the cash generating power score.

8A and 8B are charts for explaining a method of calculating a stock price undervaluation ratio score according to an embodiment of the present invention. The x-axis of each chart represents the year.

FIG. 8A is a chart showing a change in the stock price multiples (PER) of a company from 2011 to 2014. Referring to the chart and Table 16, ** the company's stock multiple earnings (PER) is currently not displayed on the chart below zero. Therefore, the score is -2 (-1 * weighted 2 points).

Factor 2 points 1 point -1 point 0 point weight PER 2 ≤ PER <7 7 ≤ PER <12 PER <0 or PER> 20 Not applicable 2

FIG. 8B is a chart showing changes in stock price cash flow multiple (PCR) from 2011 to 2014. Referring to the chart and Table 17, ** the stock's cash flow multiples (PCR) are not currently displayed on the chart below zero. Thus, the score is zero (not applicable).

Factor 2 points 0 point weight PCR 0 < PCR < 5 Not applicable 1.5

As described above, when the score calculation for each factor is completed, the score can be added up to finally calculate the stock undervaluation ratio score.

On the other hand, the final score obtained by adding both the operating profit score, the investment safety score and the stock undervaluation ratio score is the investment score of the relevant company. In addition, when the investment score is calculated, the investment grade can be determined according to the score section in Table 18.

Investment score Investment grade Investment score ≥ 37.2 points Review of active buying 20 points ≤ investment score <37.2 points Reviewing Split Copies 4 points ≤ investment points <20 points Hold Investment point <4 points Excluded from investment

9A and 9B show screens provided by an investment guide service according to an embodiment of the present invention.

A user of the investment guide service can access the enterprise value evaluation system 100 using the terminal 200 such as a smart phone or a tablet PC and can request an investment strategy for a predetermined company through the terminal 200. [

Referring to FIG. 9A, when a user searches for information on an enterprise **, the enterprise value evaluation system 100 calculates the profitability of the company A, the investment security, the superior asset structure, the efficiency of the business, the cash- A window for selecting information on the window is activated. The user can select the desired item and browse the information.

Referring to FIG. 9B, the enterprise value evaluation system 100 provides information on items selected by the user. At this time, it is possible to briefly present the knowledge of accounting theory and the investment strategy that utilizes it to help users understand it. This figure is an example of information provided when the user selects the profit growth item.

As described above, according to the embodiment of the present invention, important items in evaluating the value of a corporation are summarized by six questions, and a chart corresponding to each question is generated, so that the investment value of a company can be calculated as a score have. In addition, by providing users with charts and accounting theories and chart interpretation methods related to each chart, it is possible to enhance user's understanding and achieve basic financial knowledge education effect.

While the present invention has been particularly shown and described with reference to exemplary embodiments thereof, it is to be understood that the embodiments are for the purpose of illustration only and are not to be construed as limiting of the invention. It will be apparent to those skilled in the art that various modifications and variations can be made in the present invention without departing from the spirit and scope of the invention.

100: enterprise value evaluation system 110: information collection unit
120: factor extracting unit 130: factor analyzing unit
140: Investment strategy analysis section 150: User management section
200: terminal

Claims (12)

An information collection unit for collecting financial information of a company;
A factor extracting unit for extracting factors for evaluating an operating profit, an investment security degree, and a stock price of each company from the financial information;
A factor analyzer for generating a chart showing numerical fluctuations according to a period of the extracted factors and assigning a score according to a numerical value to calculate an operating profit score, an investment safety degree score and a stock undervaluation ratio score; And
An investment strategy analyzing unit for calculating an investment score by quantifying the investment value of each company by weighting the operating profit score, the investment security degree score, and the stock undervoltage ratio score,
The enterprise valuation system includes.
The method according to claim 1,
The factors include,
The results of this study are as follows: (1) The stock price, net profit, sales index, profit margin, outflow margin, debt ratio, current ratio, borrowing, borrowing ratio, interest compensation multiplier, financial cost, asset structure, retained earnings, ROE, ROE, PBR, working capital turnover, business activity cash flow, investment activity cash flow, financial activity cash flow, surplus cash flow ratio to sales, stock price revenue multiple (PER) &Lt; RTI ID = 0.0 &gt;
Enterprise valuation system.
The method according to claim 1,
Wherein the factor analyzing unit uses a plurality of the factors at the time of calculating the operating profit score, the investment security degree score or the stock undervoltage ratio score, and assigns a different weight to each of the factors
Enterprise valuation system.
The method according to claim 1,
The weights are determined differently depending on the investment propensity of the investor
Enterprise valuation system.
The method according to claim 1,
Wherein the operating profit score includes at least one of a profit growth score, a superior asset structure score, a business efficiency score, and a cash generating power score
Enterprise valuation system.
6. The method of claim 5,
The profit growth performance score is calculated from at least one of stock price, net profit, sales index, profit rate,
Enterprise valuation system.
6. The method of claim 5,
The superior asset structure score is calculated from at least one of asset structure, retained earnings, immediate assets, dividends and market dividend rate
Enterprise valuation system.
6. The method of claim 5,
The efficiency score of the business is calculated from at least one of the ROE, the PBR, and the number of working capital days
Enterprise valuation system.
6. The method of claim 5,
The cash-generating capability score is calculated from at least one of operating cash flow, investment activity cash flow, financial activity cash flow, and surplus cash flow ratio to sales
Enterprise valuation system.
The method according to claim 1,
The investment security score is calculated from at least one of a debt ratio, a flow rate, a borrowed amount, a borrowed amount, a interest compensation amount, and a financial cost
Enterprise valuation system.
The method according to claim 1,
The stock price undervaluation ratio score is calculated from at least one of a stock price multiple (PER) and a stock price cash flow multiple (PCR)
Enterprise valuation system.
Collecting corporate financial information;
Extracting factors for evaluating an operating profit, an investment security degree, and a stock price of each company from the financial information;
Calculating an operating profit score, an investment security score, and a stock price undervaluation ratio score by graphing numerical fluctuations of the extracted factors by period and giving a score according to the numerical value; And
Calculating the investment score by quantifying the investment value of each company by weighting the operating profit score, the investment security degree score, and the stock undervoltage ratio score,
To determine the value of an enterprise.

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