In fact, if outsiders look at it, the company's profit margin is still good.

With a revenue of 10 billion yuan, the net profit is 1.9 billion, and if you put it in the retail industry to make a comparison, it can be regarded as more than enough.

This profit margin, if put in more than ten years, is definitely very eye-catching.

But in 2003, it was really ordinary.

At that time, the retail industry was almost a profiteering industry!

Hu Jinchang's valuation of 10 billion yuan is also reasonable, because the real industry, especially the retail industry, refers to the same type of listed companies, in the case of a sluggish stock market environment, the price-earnings ratio rarely exceeds 10.

Generally hovering around four, five or six.

If it is valued at a price-earnings ratio of 5 times, then the value of Knorr is almost 10 billion.

"Ten billion?!...... It's too high, right?" Ren Zhiwen exclaimed, he didn't expect Hu Jinchang to dare to say that the family music company has only been established for a year, and now it can be worth 10 billion, is it too dismissive of money.

"Haha, Mr. Ren, this is not a negotiation, 10 billion is not a sky-high asking price, it is still supported by data. Of course, how much they can sell in the end depends on their bids. If it really doesn't work, we can sell some of the shares, and we can still be a shareholder. Hu Jinchang said disappreciatively.

Zhou Mengyi also thought for a while, and she said: "Actually, I feel that the price that Mr. Hu said is still low!"

Everyone in the conference room looked at Zhou Mengyi, 10 billion is too low, the total appetite is too big this week!

"And how much do you think it should be worth?" Yuwen Fei asked calmly.

"Although our annual net profit is less than 2 billion, we are currently in a monopoly position in East China, and this influence and popularity should also be converted. Besides, our family music is a membership system, as long as it develops steadily, there will be more and more members, and the revenue will be higher and higher, which is definitely a high-quality asset. Therefore, when valuing, the price-to-earnings ratio should be appropriately raised. Zhou Mengyi said slowly.

This also makes sense, goodwill is also part of the company's assets, not to mention, can a sunrise enterprise be the same as that kind of "aging dragon clock" enterprise?

Knorr is like the "sun" at seven or eight o'clock, which has just risen, and there is still a lot of room for future development.

"According to you, how much is Knorr worth?" asked Yu Wenfei.

Zhou Mengyi shook her head and said: "It depends on the ideas of several acquirers, if they are in a hurry to acquire Knorr, and they attach great importance to East China, then the valuation will rise significantly." But if they all think that even if they don't buy Knorr, they can compete with us by building their own channels, it is estimated that they will not give a valuation of 10 billion. If I were to put it, 12 billion to 15 billion is a reasonable valuation!"

Everyone exclaimed, okay, to Zhou Mengyi, the value of Knorr has risen by billions!

Of course, how much money will be sold in the end, Yu Wenfei has the final say, after all, he is the boss, and others, including Zhou Mengyi and Hu Jinchang, only have the right to suggest, not the right to decide.

If Yu Wenfei really plans to sell it for 5 billion, Zhou Mengyi will not have an opinion, and if Hu Jinchang is unwilling, he can keep his part of the shares and not sell them, which will not affect the overall situation.

At present, the shareholding composition of Knorr Modu Company is 87 percent of the shares of Xiangjiang Knorr and 13 percent of the shares of Hu Jinchang.

Behind Xiangjiang Knorle, of course, is Yu Wenfei, and Zhou Mengyi also has a little stake in it, but she doesn't think that she is a shareholder, and everything is only Yu Wenfei.

At the meeting, Yu Wenfei did not say what his psychological price was......

............

On the morning of August 3rd, a delegation from Walmart was the first to come to Knorr's headquarters.

Yu Wenfei led a group of executives and warmly welcomed Scott and others into the conference room.

"Ladies and gentlemen, to tell you the truth, our company has also received the acquisition offer from Carrefour and China Resources Group in the past two days, and your Wal-Mart is the first to contact our Carre, so I will meet with you first to negotiate. But that doesn't mean I'm going to give up meeting with Carrefour and China Resources. ”

At the beginning, Yu Wenfei spread things out straight to the point.

Scott raised an eyebrow, not very surprised, it would be strange if Carrefour, an old rival, did not compete with him.

However, the participation of China Resources Group made him a little more vigilant.

"Okay, thank you for Mr. Fei's openness, then we won't go around in circles. We at Wal-Mart attach great importance to the mainland market, and Knorr's performance this year is also very bright, so we believe that Knorr supermarket is a favorable supplement to our Wal-Mart. In addition, after the acquisition of Knorr Supermarket, we will not change Knorr's business model, believe me, Walmart also has many years of experience in membership supermarket management, and our Sam's Club is doing well. This time, I'm here with sincerity!"

Scott said confidently with a smile on his face.

"Okay, let's get started. Yu Wenfei responded.

Yu Wenfei has experienced this kind of negotiation too many times, and of course it is not difficult to deal with it.

Talking about it, it revolves around the core question of "how much to sell".

Yu Wenfei did not make a direct offer, but asked the other party how much money he was going to pay to buy Knorr, because this time Wal-Mart took the initiative to buy Knorr, not Knorr to sell himself.

Negotiations are like this, whoever says the price first, then loses, of course, if you are skillful, you can save the situation later.

"We carefully evaluated Knorr's operating conditions, fixed assets and current assets, and invited third-party companies to participate, and in the end, we agreed that the 42 supermarkets in Knorr East China, including the company's headquarters, are worth 6.2 billion yuan. Scott cautiously gave a number.

Six and two billion, this is his first round of offers.

Yu Wenfei shook his head, he didn't approve, he smiled and said: "Maybe you don't know much about the business situation of Knorr, Mr. Zhou, please introduce us to you." ”

Zhou Mengyi tidied up her clothes, stood up, turned on the computer and projection that had been prepared, and began to explain the key data of Knorr to the people at Walmart.

Knorr is not a listed company, so a lot of financial data is a trade secret, and it is difficult for Walmart to investigate clearly.

Scott and the others were also full of seriousness and listened attentively to Zhou Mengyi's explanation.

The number of more than 5 million members shocked his heart, and he understood very well what this meant, just collecting membership fees, it was two billion a year!

Thinking about his offer of 6.2 billion yuan, Scott blushed a little, and at the same time glanced at Yu Wenfei gratefully, if it were his own, he would probably drive the person who made the offer out of the door.

A veteran of the retail industry for more than 20 years, Scott also knows a lot about membership supermarkets, and he managed Sam's Club for a while before coming to the mainland.

The lifeblood of a membership-based supermarket is the number of members!

As long as the number of members reaches a certain scale, then it is invincible, and competitors are completely unable to enter this market!

Now he is also very glad that he did not act rashly and opened a store to compete with Knorr, because when his supermarket opens, Knorr is estimated to have more than 10 million members!

That also means that in the entire East China region, families with sufficient spending power have become members of Knorr.

How else can Walmart compete with Knorr?

Now, he has finally seen the fact that if he wants to win the market in East China, the only way to go is to acquire Knorr!

If a competitor buys Knorr, it will be absolutely hellish for Wal-Mart to enter East China.

............

After listening to Zhou Mengyi's explanation, Scott asked cautiously, "Can you give me a copy of this data?"

Yu Wenfei nodded, and motioned to the staff next to him to hand over the prepared information to Scott, of course these things must be known to the other party, otherwise, how can others give you a reasonable estimate.

"So Mr. Fei, today is our first contact, and I emphasize once again that I came with sincerity. The quotation just now is indeed a bit unreasonable, and we will immediately evaluate it again after we go back, combined with the financial data you gave. Hopefully, the next time we meet, we can agree on a price. Scott said sincerely.

This kind of big deal involving billions or even tens of billions of dollars, it is obviously too child's play to decide after meeting once, if it is said that the negotiations continue for several months or even a year, it is normal to engage in tug-of-war back and forth.

But Yu Wenfei obviously won't be so grinding, he will sell it if the price is right, forget it if it doesn't work, Jia Le will not worry about selling.

"Okay, I hope to see you next time, Mr. Scott's offer will make me feel your sincerity. In addition, in the afternoon and tomorrow, I will contact the delegations of Carrefour and China Resources respectively, and do business, of course, the one with the highest price wins. Yu Wenfei said unhurriedly.

Scott wasn't too worried, because he understood that it was impossible for competitors to buy Knorr after seeing Yuwenfei once. Everyone is still on the same starting line, the key is the next time we meet, that is the decisive moment.

............

The first phase was completed after meeting with delegations from Wal-Mart, Carrefour, and China Resources Group.

Wal-Mart quoted 6.2 billion yuan, Carrefour quoted 6.5 billion yuan, and China Resources Group quoted a little higher, 7 billion yuan!

Obviously, all the offers did not meet the psychological expectations of the Knorr crowd.

The internal financial data of Knorr was given to the three companies separately and asked them to go back and continue the evaluation, and the second phase of negotiations will be held again at a later date.