Business Valuation Calculator
Using the earnings-multiple method, estimate a business value from its annual earnings and a valuation multiple.
輸入資料
計算結果
重點速覽：Business valuation estimates a company's worth; this calculator uses the common earnings-multiple method for a quick estimate, suited to SME sales, equity deals or initial price talks. value = annual earnings x multiple. 'Annual earnings' typically uses EBITDA or SDE; the multiple reflects market pricing of industry, scale and risk. Example: earnings 500k, multiple 3x → value ≈ HK$1,500,000. Simple and intuitive as a negotiation start. WARNING: Most simplified method — a rough estimate. Real valuation also weighs growth, customer concentration, founder dependence, assets/liabilities; the 'reasonable multiple' varies hugely. Rigorous methods: DCF, asset-based, market-comparable; for big deals seek professional advice.
計算公式
企業價值 = 年度盈利 × 估值倍數。
$$V = E \times m$$使用說明
- Enter the annual earnings (EBITDA or SDE).
- Enter a reasonable valuation multiple.
- View the estimated business value.
以年度盈利固定為 HK$500,000 為例，不同估值倍數對應的企業價值對照表
| 估值倍數 | 年度盈利 | 企業價值 | 適用情境 (示意) |
|---|---|---|---|
| 2 倍 | HK$500,000 | HK$1,000,000 | 盈利波動、依賴老闆 |
| 3 倍 | HK$500,000 | HK$1,500,000 | 一般成熟小生意 |
| 4 倍 | HK$500,000 | HK$2,000,000 | 盈利穩定、客戶分散 |
| 5 倍 | HK$500,000 | HK$2,500,000 | 增長良好、有品牌 |
| 6 倍 | HK$500,000 | HK$3,000,000 | 高增長、護城河強 |
理財情境案例
盈利指標與倍數必須配對:EBITDA vs SDE
同一間小型連鎖食肆，用不同盈利指標與對應倍數估值。
以 EBITDA 計:EBITDA 為 HK$800,000，行業 EBITDA 倍數約 4 倍 → 估值約 800,000 × 4 = HK$3,200,000。
以 SDE 計 (把老闆薪酬、福利等加回):SDE 為 HK$1,200,000，中小企 SDE 倍數約 2.5 倍 → 估值約 1,200,000 × 2.5 = HK$3,000,000。
兩種算法結果相近，但關鍵在於『盈利指標』與『倍數』必須配對一致 — 用 EBITDA 就搭 EBITDA 倍數、用 SDE 就搭 SDE 倍數，混用會嚴重高估或低估。
倍數敏感度:同樣盈利、估值可差一倍
兩間年度盈利同為 HK$500,000 的公司，卻因質素不同而適用不同倍數。
甲公司盈利波動大、高度依賴老闆、客戶集中 → 市場只願給 2 倍 → 估值 HK$1,000,000。
乙公司盈利穩定、有品牌與完整團隊、客戶分散 → 可給到 4 倍 → 估值 HK$2,000,000。
同樣賺 50 萬，估值卻相差一倍。這說明估值談判的核心往往不在盈利數字，而在於『說服對方採用較高的倍數』— 靠的是展示增長性、穩定性與可持續性。
常見問題
Which 'annual earnings' should I use — can I use net profit?
The choice of earnings measure drives the result and the multiple to pair with it. EBITDA (before interest, tax, depreciation, amortisation) suits larger firms — it strips financing and accounting policy to show operating profitability. SDE (seller's discretionary earnings) suits SMEs/owner-run firms — it adds back the owner's pay and benefits to show what a buyer can actually pocket. Net profit can be used but is after interest and tax, so the paired multiple differs. Key: keep the earnings measure and multiple consistent (EBITDA multiple with EBITDA, SDE multiple with SDE). Also 'normalise' earnings by stripping one-offs to reflect sustainable profit.
How do I decide a 'reasonable multiple' and why does it vary so much?
The multiple is what the market will pay per dollar of earnings; it has no fixed standard and varies widely by industry and firm. Higher multiples come from fast-growing industries, stable/predictable earnings, dispersed customers, low founder dependence, and moats (brand, patents). Lower multiples come from stagnant growth, volatile earnings, concentrated customers/suppliers, heavy founder reliance, or sunset industries. Scale also matters — larger firms usually command higher multiples. Find the multiple from recent comparable deals or listed peers, then adjust for the target's strengths/weaknesses. Because the result is so sensitive to the multiple, this tool gives only a 'based-on-your-multiple' estimate; the multiple's reasonableness is the key.
Is the multiple method reliable vs DCF?
The multiple method is fast and intuitive — great for a quick reference or initial negotiation, very common in SME sales. But it is limited: it compresses a complex business into 'earnings x a multiple', ignoring growth path, cash-flow timing, capital structure and balance sheet, and is extremely sensitive to the multiple. DCF projects future free cash flows and discounts them — theoretically closer to intrinsic value but needing many assumptions (growth, discount rate, forecast period) that also vary widely. There are also asset-based (net asset) and market-comparable methods. Professionals often use several and cross-check. Treat this result as a preliminary reference; for major deals engage an accountant or valuer.
Is the valuation the same as the final price?
No. Valuation is the analytical 'what it is worth'; the deal price is what buyers and sellers actually agree, shaped by bargaining power, motivation (urgent sale vs holding out), payment structure (lump sum, instalments, earn-out), supply/demand and even emotion. The same firm can sell at very different prices. Valuation is the negotiation 'anchor'; the final price depends on the deal.
Beyond valuation, what matters when buying/selling a company in Hong Kong?
Deal structure and due diligence matter as much as price. Watch whether it is a share deal or asset deal — they differ on liability assumption, tax (stamp duty, Profits Tax) and risk transfer. Buyers should do financial, legal and tax due diligence (verify earnings, contingent liabilities, transferable contracts/licences); sellers handle staff rights, lease and customer-contract assignments. These affect price and terms; engage accountants and solicitors, and follow the IRD and relevant regulators.
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參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考稅務局、香港生產力促進局及投資者及理財教育委員會（IFEC）之相關指引，結果僅供參考，實際估值及稅務以相關機構及專業意見為準。