The valuation of catering supply chain companies cannot be evaluated with a higher price-to-sales ratio. In the early stage, net assets are used as a reference, and in the later stage, net profit is more used, that is, PE multiples. This is also certain in the A-share market. The PE multiple of this kind of supply chain company is generally not more than 23 times at the time of IPO, and it is impossible for investors to give you a valuation exceeding this multiple. However, because of its higher growth rate, restaurant chain brands are often evaluated according to PS (market-to-sales ratio) during the high-speed growth period, and there is more room for bargaining. Of course, a restaurant chain brand is worthless when it is worthless, and it may shrink by 10 times or 100 times at once. The shrinkage of supply chain enterprises is limited. As long as there is a factory building, they can still receive a lot of orders even after earning OEM fees. Its hard assets are there.
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