广博股份：拟购买Geoswift Asset Management Limited100%股权项目资产评估说明_股票频道

Geoswift Asset Management Limited

100%

2016 401

Geoswift Asset Management Limited 100% -

.............................................2

..............................3

.........................................................4

.................................................................4

.........................................................4

.........................................................7

.........................................................................9

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....................................................................... 36

....................................................................... 50

...............................................................54

Geoswift Asset Management Limited 100% -

Geoswift Asset Management Limited

14,166.46

12,852.49 1,313.97

14,032.58 133.88 12,852.49

1,311.78

Geoswift Asset Management Limited 2015 12 31

Geoswift Asset

Management Limited 2014 1 1

2014 1 1

Geoswift Asset Management Limited 100% -

10.

11.

12.

13.

14.

15.

Geoswift Asset Management Limited 100% -

16.

17.

18.

19.

20.

21.

22.

Geoswift Asset Management Limited 100% -

14,166.46 12,852.49

1,313.97 14,032.58

133.88 12,852.49

1,311.78

3-1

2014 12 31 2015 12 31

960.73 13,784.38

18.70 30.33

83.05 217.87

1,062.48 14,032.58

5.80 25.93

5.39 80.93

15.55 19.77

65.04 7.25

91.78 133.88

1,154.27 14,166.46

634.95 -

16.33 37.60

1.96 480.32

974.24 12,334.57

1,627.47 12,852.49

-448.40 1,311.78

-24.81 2.19

-473.20 1,313.97

1,154.27 14,166.46

Geoswift Asset Management Limited 100% -

3-2

/ 2014 2015

719.56 3,819.15

310.07 792.28

19.43 35.24

40.90 18.36

678.67 951.53

12.40 16.24

- -

-341.91 2,005.50

4.16 2.83

0.15 0.95

-337.90 2,007.39

- 463.81

-337.90 1,543.58

-323.15 1,543.18

-14.75 0.41

58.12

Geoswift Asset Management Limited 100% -

1. 2014 1 1

Geoswift Asset Management Limited 100% -

10.

11.

12.

13.

DCF

Geoswift Asset Management Limited 100% -

E B D M 1

Geoswift Asset Management Limited 100% -

B P C 2

Ri Rn 1

P 3

i 1 (1 r ) i r (1 r ) n

Ri i

C C1 C2 4

R= + + - 5

Geoswift Asset Management Limited 100% -

WACC

r rd wd re we

(E D) 7

(E D) 8

re CAPM

re rf ( rm rf )

e u (1 (1 t ) ) 10

1 (1 t)

Ei 11

34%K 66%

t x 12

Geoswift Asset Management Limited 100% -

K K=1

Di Ei

——

Geoswift Asset Management Limited

Geoswift Asset Management Limited 100% -

Geoswift Asset Management Limited

Geoswift Asset Management Limited 100% -

2015 12 ISM

0.4 48.2

0.3 0.6 49.2 49.8 3.2

48.1 12 ISM 0.6 55.3

57.5 58.2 55.0 58.2 58.7 55.7

wind

5-1 2009 11 PMI

29.2 20 25.2 5.0%

2008 3 2016 1 16

Geoswift Asset Management Limited 100% -

29.3 1.0 1 9

220.8 5.6

2015 12

8.2% CPI 0.7% CPI

12 30

0.9508 12 CPI 0.7%

0.2 M1 5.24% MZM

6.33%

2015 11

423.74 22.08 11

121.08 12 122.38

2016 1 :

93.3 7 11

2.54% 11 PCE 1.33%

1.3%

2015 11 16

2015 GDP 1.6% 12 17

106.80 56

2015 11 25 74 9.4%

0.1 4.2% 8.5%

0.1 6.0%

2015 12 CPI 0.20%

0.1 CPI 0.9%

Geoswift Asset Management Limited 100% -

2015 12 CPI 0.20%

0.05% -0.15%

18 2015 12

-5.7 0.2 11

1.4% 1.0

wind

5-2 1997 1

2015 3 GDP 1.6% 6

12 1.60%

Geoswift Asset Management Limited 100% -

wind

5-3 1999 12 GDP

2015 12 CPI

0.1% 0.1% 2015 11

103.5 0.7 111.9

1.4 115.6 0.1 12

41.8 40.7 0.1

45.4 0.1

2015 676,708

6.9% 7.0%

7.0% 6.9% 6.8%

60863 3.9%

274278 6.0% 341567 8.3%

1.6%

Geoswift Asset Management Limited 100% -

5-4 %

62,143 1,441

2.4% 14,112 3.3% 3,369

0.9% 44,662 2.3% 57,225

2.7% 561 9.3%

8,454 1.0% 5,487

3.3% 2,999 3.6% 3,755

0.8%

5-5

6.1%

1.4%

Geoswift Asset Management Limited 100% -

1.2% 7.3% 3.7%

2.7% 7.0%

1.4%

10.2% 4.1

11.8% 1.2

26.2%

12.7% 10.6% 9.9%

97.6%

118582 1.8% 12

5.9% 0.41%

1-11 55387

1.9%

85.97 5.57%

5-6

551,590

10.0% 12.0% 2.9

178,933 10.9% 354007

Geoswift Asset Management Limited 100% -

10.1% 64.2%

15,561 31.8% 224,090

8.0% 311,939 10.6%

573,789 7.7%

15.6% 5.8% 9.5%

29.6% 408,084 5.5%

12 0.68%

95,979 1.0%

2.8% 0.4%

154454 14.0%

14.6% 128,495 6.5%

6.9% 87,281

14.4% 16.6%

22,811 31.7% 12

71,853 15.6%

125,203 2.6%

300931 10.7%

10.6%

142,558 7.8%

258,999 10.5% 41,932

11.8% 32,310 11.7%

268,621 10.6%

133,891 7.9% 12

11.1% 10.7% 0.82%

Geoswift Asset Management Limited 100% -

38,773 33.3%

32,424 31.6%

10.8% 6,349 42.4%

245,849 7.0%

141,357 1.8% 104,492 13.2%

36,865 12 24,757 0.5%

14,289 2.3% 10,468 4.0%

1.4% 1.5%

1.3% 2.3% 2.1%

2.7% 1.0%

2.0% 1.7%

1.4% 0.7% 2.0%

3.2% 9.5% 7.4% 12

1.6% 0.5%

5.2% 12 5.9% 0.6%

6.1% 12 6.8%

0.7%

Geoswift Asset Management Limited 100% -

5-7

21,966 8.9%

7.4%

31,195 8.2% 6.6%

11,422 8.9%

7.5% 2.73 0.02

19,281 9.7%

5,221

11,894 19,320

29438

54,544 2015 0.462

27,747 352 1.3% 10,863

2.7% 16884 0.4%

3,072 7.2%

Geoswift Asset Management Limited 100% -

50.5% 2.4 10.0

66.4% 15.4

7.6% 7.8%

0.9 1.1

15.7% 3.0

5.6%

12 M2 139.23 13.3%

M1 40.10 15.2% M0

6.32 4.9% 12 93.95

135.70 11.72

1.81 14.97 1.94

15.41

137,462 680 1,655

12.07‰ 975 7.11‰

4.96‰ 0.25

70,414 67,048 105.02

100 113.51 16

60 60 91096

487 66.3% 60

22,200 16.1% 65 14,386

Geoswift Asset Management Limited 100% -

10.5% 77,116

2,200 60,346 1,520

56.1%

2.94

377 2.47 568

77,451 40,410

2015

Geoswift Asset Management Limited 100% -

5-8 2013 -2015

2013 152,313 2015

159,376 2.29%

Geoswift Asset Management Limited 100% -

2015

83.99% 2012-2015

-1%

2012-2015 25.75%

2015 16.01%

2020 30.48%

Geoswift Asset Management Limited 100% -

2015 7,592 2013-2015

44% 5

2020

28,714

2015 15,222 2013-2015

23% 5

2020 28,155

2007

20%

2015 4,174 2013-2015

15% 2020

7,646

Geoswift Asset Management Limited 100% -

2015 930 2013-2015

18% 2020

2,310

2015

5-9 2013-2015

2013 158,925 2014 170,093

2013 7.03% 2015 169,321 2014

0.45%

Geoswift Asset Management Limited 100% -

2015

68.67% 2012-2015

-3%

2012-2015 24.25%

2015 31.33% 2020

54.08%

eBay

Lazada

Geoswift Asset Management Limited 100% -

2015 44,408 2013-2015

27% 2020

109,114

ebay 2014 Payoneer

2015 4,024

2013-2015 12% 2020

7,092

2015 678

Geoswift Asset Management Limited 100% -

2013-2015 13% 2020

1,183

2013 2014 2015 1,362

1,544 1,740 2013-2015 13%

2020 3,425

2010 800

2015 2,000 2010-2015 20%

2020 3,500

80%

2015 5%

66%

2020 10%

2016-2020 28% 59

382

Geoswift Asset Management Limited 100% -

6-1

/ 2014 2015

719.56 3,819.15

310.07 792.28

282.83 2,014.63

26.15 507.47

107.41 1,414.87

- -

329.32 389.65

283.92 284.81

Geoswift Asset Management Limited 100% -

ACH

1 Payment&Remittance

Geoswift Asset Management Limited 100% -

2 Spread Income

T+0 T+1

Uber Cambridge

HyperWallet Homesend Momoso

Homesend Western Union Peer Transfer Payoneer

2 FX Business

60 5,000

50 2,500

Geoswift Asset Management Limited 100% -

“ ”

O2O

6-2

2021

/ 2016 2017 2018 2019 2020

5,206.21 6,628.12 8,320.31 9,534.63 10,278.90 10,278.90

1,020.61 1,254.23 1,527.70 1,739.38 1,869.10 1,869.10

2,934.42 3,794.29 4,811.11 5,545.88 6,007.23 6,007.23

681.56 881.28 1,117.45 1,288.11 1,395.27 1,395.27

1,843.18 2,362.35 2,990.57 3,418.26 3,672.66 3,672.66

Geoswift Asset Management Limited 100% -

- - - - - -

428.61 471.48 518.62 570.49 599.01 599.01

339.05 372.95 410.25 451.27 473.83 473.83

19.43 35.24

7% 3%

6-6

40.90 18.36

6-3

2021

2016 2017 2018 2019 2020

Geoswift Asset Management Limited 100% -

5,206.21 6,628.12 8,320.31 9,534.63 10,278.90 10,278.90

/ 0.01 0.01 0.01 0.01 0.01 0.01

32.00 38.10 45.35 50.56 53.75 53.75

8.35 10.63 13.35 15.30 16.49 16.49

4.69 5.97 7.49 8.59 9.26 9.26

2.36 3.01 3.78 4.33 4.67 4.67

9.67 9.67 9.67 9.67 9.67 9.67

1.37 1.75 2.19 2.51 2.71 2.71

0.41 0.52 0.66 0.75 0.81 0.81

0.03 0.04 0.05 0.06 0.07 0.07

0.34 0.43 0.54 0.61 0.66 0.66

4.77 6.07 7.62 8.73 9.42 9.42

678.68 951.53

6-4

2021

2016 2017 2018 2019 2020

5,206.21 6,628.12 8,320.31 9,534.63 10,278.90 10,278.90

/ 0.2 0.2 0.2 0.2 0.2 0.2

1,209.64 1,490.57 1,827.78 2,141.81 2,331.83 2,331.83

528.73 634.48 761.37 913.65 1,005.01 1,005.01

180.08 229.26 287.80 329.80 355.54 355.54

122.74 153.43 191.78 230.14 253.15 253.15

89.13 113.47 142.44 163.23 175.97 175.97

Geoswift Asset Management Limited 100% -

50.46 64.24 80.64 92.40 99.62 99.62

23.80 30.30 38.04 43.59 46.99 46.99

73.75 93.89 117.86 135.07 145.61 145.61

43.65 55.57 69.76 79.94 86.18 86.18

34.83 44.34 55.66 63.79 68.77 68.77

2.83 2.83 2.83 2.83 2.83 2.83

26.28 26.28 26.28 26.28 26.28 26.28

7.08 9.02 11.32 12.97 13.98 13.98

26.28 33.46 42.00 48.13 51.89 51.89

Geoswift Solution Limited Geoswift Payment

Technology Limited

16.5%

25%

6-6

Geoswift Asset Management Limited 100% -

80.93

6-6

= + +

6-6

Geoswift Asset Management Limited 100% -

= -

= + + -

= /

6-5

2021

/ 2016 2017 2018 2019 2020

18,790.68 23,922.73 30,030.31 34,413.13 37,099.44 37,099.44

- - - - - -

217.77 277.25 348.03 398.83 429.96 429.96

17,478.99 22,252.80 27,934.04 32,010.91 34,509.70 34,509.70

1,529.46 1,947.18 2,444.31 2,801.05 3,019.70 3,019.70

5,206.21 6,628.12 8,320.31 9,534.63 10,278.90 10,278.90

Geoswift Asset Management Limited 100% -

29.38% 29.38% 29.38% 29.38% 29.38% 29.38%

407.49 417.72 497.12 356.74 218.65 -

6-6

2021

/ 2016 2017 2018 2019 2020

5,206.21 6,628.12 8,320.31 9,534.63 10,278.90 10,278.90

1,020.61 1,254.23 1,527.70 1,739.38 1,869.10 1,869.10

48.03 61.15 76.77 87.97 94.84 94.84

32.00 38.10 45.35 50.56 53.75 53.75

1,209.64 1,490.57 1,827.78 2,141.81 2,331.83 2,331.83

- - - - - -

2,895.93 3,784.07 4,842.71 5,514.90 5,929.39 5,929.39

- - - - - -

2,895.93 3,784.07 4,842.71 5,514.90 5,929.39 5,929.39

477.83 624.37 799.05 909.96 978.35 978.35

2,418.10 3,159.70 4,043.66 4,604.94 4,951.04 4,951.04

25.93 25.93 25.93 25.93 25.93 25.93

35.95 35.95 35.95 35.95 35.95 35.95

- - - - - -

61.88 61.88 61.88 61.88 61.88 61.88

407.49 417.72 497.12 356.74 218.65 -

- - - - - -

2,010.62 2,741.98 3,546.54 4,248.20 4,732.39 4,951.04

Geoswift Asset Management Limited 100% -

1 rf

Bloomberg

2 rm

Bloomberg

3 e

2011 1 2015 12

250

x 12 t

11 u

10 e

4 re

=0.03 9

6 rd

Geoswift Asset Management Limited 100% -

7 Wd We

7 8 Wd We

8 r WACC

6 r

6-7

2021

/ 2016 2017 2018 2019 2020

1.0000 1.0000 1.0000 1.0000 1.0000 1.0000

- - - - - -

0.0222 0.0222 0.0222 0.0222 0.0222 0.0222

0.0992 0.0992 0.0992 0.0992 0.0992 0.0992

0.1650 0.1650 0.1650 0.1650 0.1650 0.1650

1.2387 1.2387 1.2387 1.2387 1.2387 1.2387

1.1599 1.1599 1.1599 1.1599 1.1599 1.1599

0.9696 0.9696 0.9696 0.9696 0.9696 0.9696

0.0300 0.0300 0.0300 0.0300 0.0300 0.0300

0.1269 0.1269 0.1269 0.1269 0.1269 0.1269

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

WACC 0.1269 0.1269 0.1269 0.1269 0.1269 0.1269

6-6 3

33,133.41

58.12

Geoswift Asset Management Limited 100% -

C=C1+C2= 58.12

219.49 1%

40.39

0.026

6-8

1 1% 219.49

M=219.49×1%

=2.19

1 P=33,133.41

C=58.12 2

B=P+C

= 33,133.41 +58.12

= 33,191.53

2. B= 33,191.53

D=0 M=2.19 1

E=B-D-M

Geoswift Asset Management Limited 100% -

=33,191.53 -0-2.19

=33,189.33

Geoswift Asset Management Limited 100% -

V US VISAINC-CLASSA VISA

Paypal

PYPL US PAYPAL

Paypal

WU US WESTERN-UNION

FNGN US FINANCIALENGINE

Meridian Interstate Bancorp East

Boston Savings Bank

Meridian

EBSB US MERIDIANBANCORP

NOW

BSB

BLMT US BSB Bancorp Inc BSB

Geoswift Asset Management Limited 100% -

BLMT US BSBBANCORPINC 8.85 8.26 15.64 - 20.00

WU US WESTERN-UNION 20.00 20.00 15.64 - 10.67

FNGN US FINANCIALENGINE 9.79 18.54 20.00 17.90 14.20

EBSB US MERIDIANBANCORP 8.65 8.60 20.00 0.27 18.40

V US VISAINC-CLASSA 20.00 20.00 20.00 14.26 12.16

PYPL US PAYPAL 10.08 16.56 15.07 9.98 20.00

12.89 15.33 17.73 7.07 15.90

20.00 20.00 20.00 - 20.00

% 20

2 20

3 % 20

4 % 20

100

BLMT US BSBBANCORPINC 17.11 15.64 - 20.00 52.75

Geoswift Asset Management Limited 100% -

WU US WESTERN-UNION 40.00 15.64 - 10.67 66.31

FNGN US FINANCIALENGINE 28.32 20.00 17.90 14.20 80.43

EBSB US MERIDIANBANCORP 17.25 20.00 0.27 18.40 55.91

V US VISAINC-CLASSA 40.00 20.00 14.26 12.16 86.41

PYPL US PAYPAL 26.64 15.07 9.98 20.00 71.70

28.22 17.73 7.07 15.90 68.92

40.00 20.00 - 20.00 80.00

BSBBANCORPINC 31.56 47.87

WESTERN-UNION 10.74 12.96

FINANCIALENGINE 42.44 42.21

MERIDIANBANCORP 31.38 44.89

VISAINC-CLASSA 33.64 31.14

PAYPAL 35.07 39.13

30.81 36.37

36.37

IPO

SEC 2

IPO 2 IPO

Robert

W.Baird & Company Robert W. Baird&Company

IPO

Geoswift Asset Management Limited 100% -

% %

1997-2000 1847 266 50 52

1995-1997 732 84 43 41

1994-1995 318 45 45 47

1991-1993 443 49 45 43

1990-1992 266 30 34 33

1989-1990 157 17 46 40

1985-1986 130 19 43 43

1980-1981 97 12 59 68

1980-2000 4088 543 46 47

Robert W. Baird&Company

40%

2015 1,543.19

58.12

× × 1

1,543.19×36.37× 1-40% + 58.12

33,732.57

Geoswift Asset Management Limited 100% -

Geoswift Asset Management

Limited

DCF Geoswift Asset

Management Limited 2015 12 31

1,311.78 33,189.33

31,877.55 2,430.10%

Geoswift Asset Management Limited

2015 12 31

1,311.78 33,732.57

32,420.79 2,417.51%

33,732.57

33,189.33

543.24 1.64%

Geoswift Asset Management Limited 100% -

Geoswift Asset Management Limited 100%

2015 12 31

1 6.4936

215,518.25

Geoswift Asset Management Limited 33,189.33

31,877.55 2,430.10%

Geoswift Asset Management Limited 100% -

2013 3

2014

2015

Geoswift Asset Management Limited 100% -

2007 8

Uber

Cambridge HyperWallet Homesend

Momoso

Homesend Western Union Peer Transfer Payoneer

2% 2015 0.5%

Geoswift Asset Management Limited 100% -

Geoswift Asset

Management Limited

Geoswift Asset Management Limited

30,511.8303

330200000037067

“ ”

1992

ISO9001 ISO14001

FSC

Geoswift Asset Management Limited

1898781

Offshore Incorporations Centre, P.O. Box 957, Road Town,

Tortola, British Virgin Islands

1 2015 12

2015 12 7 Geoswift Asset Management Limited

Geoswift Asset Management Limited Geoswift

Holding Limited 10,000

Geoswift Limited

Geoswift Limited 100%

278,999,900

Geoswift Holding Limited 10,000 100.00%

- 10,000 100.00%

Geoswift Asset Management Limited 2015 12 Geoswift

Solution Limited HK Geoswift Payment Technology Limited Geoswift US

GeoSwift UK 2007 -2011

2 2016 1

2016 1 11

Geoswift Asset Management Limited

6,045 25%

Geoswift Asset Management Limited

6,975 Geoswift

Asset Management Limited 25%

25%

Geoswift Asset Management Limited

5,000 50.00%

2,500 25.00%

- 10,000 100.00%

Geoswift Asset

Management Limited

Geoswift Asset Management Limited

Geoswift Asset Management Limited 2015

Geoswift Limited Geoswift Asset

Management Limited 2014 1 1

Geoswift Asset Management Limited

2014 12 31 2015 12 31

- 1,313.98

- -

- 1,313.98

2014 2015

- -

2014 12 31 2015 12 31

1,154.27 14,166.46

1,627.47 12,852.49

-473.20 1,313.97

2014 2015

719.56 3,819.15

-337.90 2,007.39

-337.90 1,543.58

Geoswift Solution Limited HK Geoswift Payment

Technology Limited Geoswift US

GeoSwift UK

1 Geoswift Solution Limited HK

Geoswift Solution Limited

1468242

2010 6 11

10 2116-2118

100

2 Geoswift Payment Technology Limited

Geoswift Payment Technology Limited

1468243

2010 6 11

10 2116-2118

100

310115400222689

2007 4 24

28 13 506

500

4 Geoswift US

Geoswift US,INC.

4838638

2010 6 21

1700 Seventh Avenue, Suite 2100 Seattle, WA 98101

5,000

5 GeoSwift UK

Geoswift UK Limited.

07743004

2011 8 17

10 Greycoat Place, London, SW1P 1SB

300,001

1 1 12 31

) )

)

% %

3-5 5 19.00-32.00

5-10

)

25%

16.5%

Geoswift Asset

Management Limited 100%

Geoswift Asset Management Limited

14,166.46 12,852.49

1,313.97 14,032.58

133.88 12,852.49

1,311.78

Geoswift Asset Management Limited 2015 12 31

2015 12 31

2016 1 11

Geoswift Asset Management Limited

6,045 25%

Geoswift Asset Management Limited

6,975 Geoswift

Asset Management Limited 25%

25%

Geoswift Asset Management Limited

5,000 50.00%

2,500 25.00%

- 10,000 100.00%

Geoswift Asset Management Limited

14,166.46 12,852.49 1,313.97

14,032.58 133.88

12,852.49 1,311.78

Geoswift Asset Management Limited

worldfirst

uber

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