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下面的报告叙述了他们的投资组合多样化的零售和机构投资者的利益已经产生了希望，特别是在投资ASOS PLC方面感到有兴趣。该报告旨在提供一个深入分析ASOS的财务和市场地位，并在相当的估计公司的股价。The following report has been produced for the benefit of retail and institutional investors wishing to diversify their portfolio, specifically with an interest in investing in ASOS Plc. The report aims to provide an in depth analysis of ASOS’s financial and market position, and at fairly estimating the share price of the company.

The below report is divided into three main parts:下面的报告分为三个主要部分：
行业的详细检查，包括行业的过往业绩和未来前景的分析，以及行业顶尖车手和其表现最好的地区进行审查。
在ASOS plc的业务和财务模式，包括公司的不同品牌的概述，其战略流程的检查，SWOT分析和详细的财务分析的深入评估。
使用三种主要方法，DCF，可比公司分析，做一个公平的估值，并与该公司的公允价值计算和估计股价得出的结论。

 A detailed examination of industry including an analysis of the industry’s past performance and future outlook, and an examination of the top industry drivers and its best performing regions.
 An in depth evaluation of the ASOS Plc’s business and financial model, including an overviews of the company’s different brands, an examination of its strategic processes, a SWOT analysis and a detailed financial analysis.
 An equity valuation done using three main methods, DCF、comparable companies analysis, and concluded with a calculation of the company’s fair value and estimated share price.

Contents目录

Applied financial research-equity valuation report-ASOS plc 1
Executive summary 2
Market overview 5
The global retail ecommerce industry 5
Europe 8
UK 8
China 9
US 10
Japan 10
Australia 10
Industry drivers 10
Competition 11
Company analysis 13
Company overview 13
SWOT Analysis 16
Financial 19
Valuation 20
Discounted Cash Flow 20
Comparable Valuation 21
Reference 25

Reference 文献

1. us.asos.com
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3. ASOS plc (2012),”Annual report 2012, ASOS plc”
4. ASOS plc (2013),”Annual report 2013, ASOS plc”
5. ASOS plc (2014),”Annual report 2014, ASOS plc”
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7. Holland Nyenrode University of Business Administration(2015).The rise of the global online store.
8.Emarket(2015).Apparel Drives US Retail Ecommerce Sales Growth.
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10.eMarket(2013). Retail Ecommerce Set to Keep a Strong Pace Through 2017.
11.Emarket(2015). In Canada, Retail Ecommerce Sales to Rise by Double Digits Through 2019.
12.Zhao Yanchao(2007). The development of global retail ecommerce. Chongqing unive