(以下内容从东吴证券《环保行业深度报告:垃圾焚烧板块的提分红逻辑验证:从自由现金流增厚看资产质量的改善》研报附件原文摘录)投资要点报告创新点——为什么我们要从现金流角度分析垃圾焚烧资产?资产质量的改善,既体现在表观上自由现金流的增加,也会更进一步地体现在ROE的提升。从企业绝对估值角度来看,现金流是资产定价的核心环节,现金流的边际变化在表观上可以代表DCF模型中间资产估值的变化。自由现金流改善可以...
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