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ACCOUNTING AND FINANCE DIVISION
Stirling Management School
会计与财务
斯特灵管理学院
AN ANALYSIS OF SAVILLS COMPANY
第一太平戴维斯公司的分析
Introduction
Introduction
介绍
Savills is a global real estate services provider listed on the London Stock Exchange (LSE: SVS) and is a constituent of the FTSE 250 Index. They have an international network of more than 200 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist property advisory, management and transactional services to clients all over the world.
第一太平戴维斯是一家全球性的房地产服务提供商在伦敦证券交易所（LSE：SVS）上市，是富时250指数成分股。他们有200多家办事处及联营公司遍及美洲，英国，欧洲大陆，亚太地区，非洲和中东地区的国际网络，向世界各地的客户提供广泛的专业物业顾问，管理和交易服务。
History information
历史信息
Alfred Savill (1829 - 1905) set up business at 27 Rood Lane, EC3, in 1855 as 'Savill and Son'. The business moved to 3 St Helen's Place, which belonged to the Worshipful Company of Leathersellers' estates (was a subtenant).
Alfred was already retained as professional adviser to a number of Essex lordships. After Alfred's death in 1905, his sons Alfred, Edwin and (Henry) Norman, were already firmly established in partnership although located in the City, its practice remained largely agricultural.
The firm was re-branded as Savills in 1970s. 58 partners operate from head office and 15 country offices in England and Wales, and in 1988, Savills becomes a limited company and obtains a full listing on the London Stock Exchange, and became Savills plc in 1988.
Savills consolidated its growing presence in Asia by joining forces with First Pacific Davies to become FPD Savills in 1997. Savills acquired a majority shareholding in the Spanish, German and French companies previously trading as Weatherall Green & Smith.
As Savills plc, the company moved into the FTSE 250 London Stock Exchange listing in 2000, Savills also acquired First Pacific Co. in April of that year. Acquired 50% stake in Korean Asset Advisors and BHP Korea in 2000. Hamilton Osborne King is acquired in Ireland. Hepher Dixon, a specialist planning and regeneration practice.
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Statement of objectives
叙述目标
This case-study report will firstly have a brief introduction of Savills plc and economic environment. Then focus on Company’s operating management and financial statement analysis (compare with industry). After that, use the information above to make an appropriate forecasting and use this to calculate the estimated value of Company (detail in methodology potion). At the end of this report will make a recommendation of “buy”, “hold” or “sell” for the Company’s stock.
这个案例研究报告将首先简要介绍了第一太平戴维斯PLC和经济环境。然后专注于公司的经营管理和财务报表分析（同行业比较）。
Methodology
方法论
This dissertation will use fundamental analysis and will include a quantitative and qualitative analysis of the company. Get forecasting data from analysis of common economic, Industry and financial ratios. Then use this data to value Savills’s stock by DDM and DCF model. The result will compare with current market stock price and make discussion.
Structure of Dissertation
论文结构
Chapter 2: Outlook of the Economy
Analyze the economy situation in 2009.
Chapter 3: Structure and Outlook for the Industry
Analyze the property Industry.
Chapter 4: The impact from financial crisis to Savills plc
Financial crisis impact to property industry
Chapter 5 Analysis of the Company
Financial ratios, cash flow analysis, off-balance sheet analysis. SWOT analysis.
Chapter 6 Valuation of Company Shares
Use information from previous chapters to make forecasting. Then use the DDM and free cash flow discount modal to calculate the estimated value of Company.
Chapter 7 Conclusions
Discus probably reasons behind the difference between calculated value and market value and make recommendations
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