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研究生:Altangerel Turmunkh
研究生(外文):Altangerel Turmunkh
論文名稱:Equity Valuation Methods for Mongolian Coal Mining Companies: A Case Study of Mongolian Mining Corporation
論文名稱(外文):Equity Valuation Methods for Mongolian Coal Mining Companies: A Case Study of Mongolian Mining Corporation
指導教授:蔡豐澤蔡豐澤引用關係廖美華廖美華引用關係
指導教授(外文):Feng-Tse TsaiMei-Hua Liao
口試委員:廖美華張眾卓蔡豐澤黃瓊瑤
口試委員(外文):Mei-Hua LiaoChong-Chuo ChangFeng-Tse TsaiChiung-Yao Hwang
口試日期:2012-07-17
學位類別:碩士
校院名稱:亞洲大學
系所名稱:財務金融學系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:47
中文關鍵詞:Discounted Cash FlowMining IndustryMongolian Mining CorporationRelative MultiplesReal Option Valuation
外文關鍵詞:Discounted Cash FlowMining IndustryMongolian Mining CorporationRelative MultiplesReal Option Valuation
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Mongolian economy is growing rapidly year by year due to the mining projects. There are more and more Mongolian companies go IPO in stock exchanges around the world. Equity prices of Mongolian mining companies therefore become a hot and important topic in research. The highly cyclical nature of the mining industry operations requires specific methods to value mining companies. The purposes of this study are to examine the valuation methods feasible for valuing mining companies and to check on a Mongolian case company named Mongolian Mining Corporation. Specifically, this study uses three main valuation methods named discounted cash flow (DCF), real option (RO) and relative multiples (RM) available for mining companies.
I checked three valuation methods on the case company. DCF and RO methods are useful in valuing Mongolian Mining Corporation except RM. All valuation methods have their own advantages and disadvantages. In addition, the researchers mostly forget the main economic situations of the countries. If researchers who work for valuation should consider both special feature of valuation methods and economic situations, the result will be more accurate.

Mongolian economy is growing rapidly year by year due to the mining projects. There are more and more Mongolian companies go IPO in stock exchanges around the world. Equity prices of Mongolian mining companies therefore become a hot and important topic in research. The highly cyclical nature of the mining industry operations requires specific methods to value mining companies. The purposes of this study are to examine the valuation methods feasible for valuing mining companies and to check on a Mongolian case company named Mongolian Mining Corporation. Specifically, this study uses three main valuation methods named discounted cash flow (DCF), real option (RO) and relative multiples (RM) available for mining companies.
I checked three valuation methods on the case company. DCF and RO methods are useful in valuing Mongolian Mining Corporation except RM. All valuation methods have their own advantages and disadvantages. In addition, the researchers mostly forget the main economic situations of the countries. If researchers who work for valuation should consider both special feature of valuation methods and economic situations, the result will be more accurate.

CHAPTER 1 1
INTRODUCTION 1
1.1 MOTIVATION OF THIS RESEARCH 1
1.2 BRIEF INTRODUCTION OF MONGOLIA 1
1.3 PURPOSE OF THE STUDY 2
1.4 STRUCTURE 3
CHAPTER 2 4
LITERATURE REVIEW 4
2.1 VALUATION METHODS 4
2.2 VALUATION METHODS FOR MINING COMPANIES 6
2.3 SPECIAL FEATURE OF MINING COMPANIES 6
2.3.1 RESOURCE AND RESERVE 7
2.3.2 CYCLE INFLUENCE ON MINING COMPANIES’ VALUATION 8
2.4 VALUATIONS OF EXPLORATION PROPERTIES 8
CHAPTER 3 10
METHODOLOGY 10
3.1 DISCOUNTED CASH FLOW 10
3.1.1 PROCEDURE OF DCF ANALYSIS 10
3.1.2 COST OF DEBT 11
3.1.3 COST OF EQUITY 11
3.1.4 WEIGHTED AVERAGE COST OF CAPITAL (WACC) 12
3.1.5 RISK 13
3.1.6 RESERVE 13
3.1.7 REVENUE 13
3.1.8 PRODUCTION COSTS 14
3.2 MULTIPLES 16
3.2.1 PRICE/ EARNINGS RATIO (PER) 16
3.2.2 ENTERPRISE VALUE TO EBITDA MULTIPLE 18
3.3 REAL OPTION VALUATION 19
CHAPTER 4 23
VALUATION AND ANALYSIS 23
4.1 INTRODUCTION TO CASE COMPANY 23
4.2 DCF VALUATION OF MMC 24
4.2.1 COAL RESOURCES AND RESERVES 24
4.2.2 MINE PRODUCTION 25
4.2.5 RISK COMPONENTS OF MMC 26
4.2.6 CAPITAL EXPENDITURE 27
4.2.7 WEIGHTED AVERAGE COST OF CAPITAL 27
4.2.8 FREE CASH FLOW VALUATION 28
4.3 MULTIPLES VALUATION OF MMC 31
4.4 REAL OPTION VALUATION OF MMC 33
4.5 RESULT 35
CHAPTER 5 37
CONCLUSION 37
REFERENCES 39
APPENDIX 1 44
Balance Sheet for Mongolian Mining Corp (975). Made by Bloomberg.com 44
Income Statement for Mongolian Mining Corp (975) 45
Cash Flow for Mongolian Mining Corp (975) 46

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