Reborn Tokyo Golden Age

The senior executive of Arai Yu Shirakawa Holdings is second only to the president of Shirakawa Kaede in terms of rank.

His role in Baichuan Holdings is to handle the daily affairs of all the subsidiaries of Baichuanfeng for Baichuanfeng.

In terms of job title and job content, it is somewhat similar to professional managers in the West.

At the same time, he is also the director and president of Beidu Bank, a subsidiary of Shirakawa Holdings.

This can be regarded as returning to his old business, and Bai Chuanfeng is the only person here who can rest assured that the bank will be fully entrusted to him.

At this time, Bai Chuanfeng announced the start of the meeting, and Arai Yu immediately got up.

"Everyone, this is a detailed analysis of Baichuan Electric's business situation throughout last year, as well as the company's current industrial layout and development."

An assistant stepped forward and distributed the materials that had been prepared to every guest in the meeting room.

Now that it is decided to go public, these basic materials must of course be prepared.

The financial details of Baichuan Electric, which had never been disclosed to the public before, were clearly laid out in front of everyone at this moment.

The shipments, sales, operating costs, and operating profits of Walkmans, handhelds, headphones, and antique vinyl record players are all clearly listed.

Even the patent fees brought by various patents for earphones and Walkmans are listed in detail.

This is the details of Shirakawa Electric's operation, and information on fixed assets and real estate is also provided.

Details of the land in Kawasaki, the headquarters building under construction in Shibuya, the factory in Akita, and overseas factories are all explained.

Of course, there are assets, and there are also debts owed to the bank.

The big head is the loan for the construction of Baichuan Building, and the lender is sitting here.

As for the size of the club, employees, technology and other soft power assets, let alone the first page.

It can be said that at this moment, Bai Chuanfeng fully displayed Bai Chuan Electric in front of everyone.

Why do you do this? It's all about valuation, and of course you have to take out all the treasures at the bottom of the box.

The more good things, the greater the potential, and the higher the valuation, the more money you will get.

This is not the time to hide your clumsiness, and you will even blow out what you don't have, desperately raising the value of your club.

Otherwise, how to take money out of the pockets of the first Quanyin and Nomura Securities, two large households who are not short of money.

When the representatives of First Quanyin and Nomura Securities looked at the information of Baichuan Electric, they became more and more frightened, and at the same time couldn't help being elated.

Quality Asset! Definitely a quality asset! But a high-quality asset with a bright future!

Leaving aside real estate such as various factories and land, the profit last year alone was as high as more than 85 billion, or 340 million U.S. dollars!

This is the net profit after tax, not an imaginary number like turnover.

To be honest, they expected that Baichuan Electric's profit would not be low, and internally it was estimated that it would be around 200 million US dollars.

But 340 million exceeded their estimate by more than half, which is a completely different volume.

What does it mean for a club that has been established for three years to earn more than US$300 million in annual profits?

This means that this profit will grow at a high speed next year.

A club that has just been established for 3 years is too young. According to the normal law, the growth period of a new club can be at least 5 to 10 years.

In such a long period of time, its revenue has shown a continuous growth trend.

In other words, according to this trend, Baichuan Electric's profits will continue to grow for at least five years.

So the $340 million profit is really just the beginning.

Don't look at Namco's profit of more than 200 million US dollars in the first year because it developed a "Pac-Man".

But will there be so many in the second year? Will there be a blockbuster like "Pac-Man" in the second year?

In the final analysis, game manufacturers are also content publishers, and whether they can make profits depends very much on whether the club can have explosive products in that year.

But Baichuan Electric is different. This is a stable and continuous profit, and it will not plummet or skyrocket.

But in the case of a profit of 340 million US dollars, highlighting the word "stable" has a completely different meaning.

It can also be seen from this that Shirakawa Electric has great potential, which is also the reason why First Quanyin and Nomura Securities are so excited.

Picked up the treasure, definitely picked up the treasure.

But although everyone was very happy in their hearts, they remained calm on their faces.

"Cough~ Then, does Bai Chuan-san have a plan for the overall valuation of Bai Chuan Electric?" Ichiro Watanabe, who was the first to persuade the bank, spoke first.

Although they are acquaintances, even he and Arai Yu are old colleagues.

But when it came time to spend real money, he would not be polite, and the dragon-slaying knife for bargaining was already ready.

This time, Yu Arai spoke on behalf of Shirakawa Electric, "I think you all have a general understanding of the situation of Shirakawa Electric.

Not to mention various assets and technologies, the net profit alone was as much as 85 billion yen last year.

Use the price-earnings ratio as the valuation subject to calculate the company's inherent assets.

We believe that Shirakawa Electric's valuation of 8 times net profit, 680 billion yen, is reasonable. "

"Too high~"

As soon as Yu Arai finished speaking, Ichiro Watanabe shook his head.

This valuation exceeded the internal expectations of the first bank by too much, and the silent representative of Nomura Securities, Liu Guxiao, also shook his head.

"Arai-san, whether it is calculated by price-earnings ratio or price-to-book ratio.

But for the traditional manufacturing industry, its valuation is generally around 5 times the net profit.

Therefore, Nomura believes that the valuation of Shirakawa Electric should fluctuate around 425 billion yen. "

Yaniya Takashi is the director of the Financial Investment Department of Nomura Securities, and he is also one of the graduates of Meiji Business School.

For this negotiation, Nomura specially asked him to act.

It was just for the sake of Bai Chuanfeng's brothers and sisters in the same school, peace is the most important thing, and all business is easy to negotiate.

And now, Bai Chuanfeng's senior, he is not merciless in bargaining the price, and the valuation will shrink by nearly 40% if he cuts it down.

Here Yaniya Takahashi just finished quoting the price, and Watanabe Ichiro, who was the first to persuade the silver, immediately nodded his approval.

Apparently just now, the two have quickly reached an agreement in private.

Facing their asking price, Bai Chuanfeng knocked on the table to attract everyone's attention.

"Liu Gusang also said just now that this is the market valuation of traditional manufacturing.

But please understand that Baichuan Electric is not a traditional manufacturing industry, but a new electronic product manufacturer.

The two major engines of the neon economy, the automobile industry and the electronics industry, Shirakawa Electric belongs to the latter.

How can such a club that contributes to boosting the neon economy be classified as a traditional manufacturing industry? "

There may be nothing wrong with saying that electronics manufacturers are traditional manufacturing industries, and there are not many people who refute them.

After all, the Internet economy has attracted too much attention, and various new technological concepts have emerged in an endless stream.

In comparison, the electronics industry, which has been developing for several years, does seem a bit "outdated".

But now it is only in the 1980s, the electronics industry is a proper high-tech industry.

It is different from authentic traditional manufacturing industries such as steel, clothing manufacturing, and food processing. This is the consensus of every neon ordinary person.

How can Shirakawa Electric's valuation be based on them.

Therefore, it is 5 times higher than that of traditional industries, and the valuation at 8 times net profit is completely reasonable in Bai Chuanfeng's view.

"Bai Chuan-san, if Sony's valuation is based on this, then there is no problem at all, but Bai Chuan Electric can't."

Ichiro Watanabe spread out the information in his hand and pointed to the product catalog above.

"Baichuan Electric's product range is not rich enough, and more than 90% of its profits depend on the Walkman and handheld business.

This highly concentrated operating profit also has high risks.

Once these two businesses encounter setbacks, the profits of Baichuan Electric will plummet.

Moreover, these two products do not have the characteristics of high threshold and high technical difficulty, and are highly substitutable, so the valuation of 680 billion yen is too high. "

Facing Watanabe Ichiro's rebuttal, Bai Chuanfeng smiled.

"Watanabe-san, if you look at it from another angle, doesn't this just show that Baichuan Electric has unlimited potential?

Only relying on two products, Shirakawa Electric can have such a profit.

First, it shows that Baichuan Electric has made its products to the extreme.

Even though the threshold is not high, it has always occupied the mainstream of the market, which is the embodiment of our product strength.

Second, we will launch CD players and audio products this year.

In the future, there will be storage equipment and major initiatives to participate in standard formulation, which will create inexhaustible profits for Shirakawa Electric. "

"But that's the future, and no one knows whether these products will be popular." Takashi Yanagiya confronted him.

"Isn't the most important part of investing in investing in the future?"

Bai Chuanfeng turned his head and looked at the senior with a smile, but the other was speechless.

"If there are ready-made benefits in front of you, is that still called investment? No, it's called making money.

What's more, Sony is developing new equipment such as CD players. Can't it explain its market value? "

Since you are optimistic about Sony, then I will compare it with Sony.

Look, what they are developing, we also have, and the progress is not slower than theirs.

There was a burst of verbal swords, and Watanabe Ichiro and Yanagiya Takashi fell into a brief silence.

This Bai Chuan-sang (this junior brother), it's a shame not to be an investor.

The first persuasion bank and Nomura Securities both muttered in their hearts at the same time.

After thinking about it for a few seconds, Ichiro Watanabe turned his head to communicate with Takashi Yanagiya quietly, and then turned his head to look at Bai Chuanfeng.

"Well, everyone takes a step back. How about a valuation of 6 times net profit?"

"7.5 times" Bai Chuanfeng immediately quoted another price.

"6.5 times" Ichiro Watanabe immediately followed up.

"7.3 times"

"Shirakawa-san" Ichiro Watanabe interrupted this boring quotation game, "6.9 times, this is the bottom line.

You and I both know that Shirakawa Electric is still young. Compared with the old Sony, the background is still much worse.

Regardless of the product category, the technology patent alone is far behind. "

Sony's current market value is only less than 2 trillion, and Shirakawa Electric's valuation of more than 580 billion yen is already a lot.

What's more, Sony has been operating for more than 30 years before it has the scale it is today, and Shirakawa Electric has only been established for a few years.

This is already the final price in Ichiro Watanabe's mind, any more will require re-authorization from the Headquarters of the First Bank of China.

And Bai Chuanfeng thought about it for two seconds without ambiguity, and immediately made a decision, "Deal!"

In this way, in the final financing before listing, Shirakawa Electric was valued at 586.5 billion yen!

Now that the valuation is set, we will talk about money later.