Principles of Private Firm Valuation phần 1 doc
Principles of Private Firm Valuation phần 1 doc
... a private firm s cost of capital.
The purpose of valuing private firms varies. Although a valuation is
generally required prior to a private firm being transacted, the majority of
private firm ... Valuation is CPAs,
valuation analysts, and CFOs of private firms. Many of the valuation
issues these groups deal with are uniquely related to accurately measuring
th...
Principles of Private Firm Valuation phần 5 docx
... 1. 3053435
10 b 1. 410 0 10 b 1. 710 0 10 b $ 41, 913 ,488.23 10 b 1. 212 766 10 b 1. 07633588 11 1. 3053435
11 1. 4239 11 1. 7347 11 $ 31, 900,000.00 11 1. 218 278 11 1. 08693956 12 1. 32 419 45
12 1. 4378 12 1. 7594 12 $ 21, 900,000.00 ... $ 21, 900,000.00 12 1. 223683 12 1. 09754323 13 1. 3430455
13 1. 4 517 13 1. 78 41 13 $11 ,900,000.00 13 1. 2289...
Principles of Private Firm Valuation phần 8 docx
... 0 .10 5
RATL 1. 448 12 /6/02 60 5.8 5.8 2.9666 910 3 0. 014 5 1 5. 01 0.863
EXEC 0. 413 1/ 6/99 60 11 11 0 .11 17 412 4 0.04 51 1 0.76 0.069
KSTN 0.363 5 /17 /00 60 17 .75 17 .75 0.26845225 0.0633 1 2.43 0 .13 7
OK 0.346 11 /20/00 ... 0.0 61
LUSA 0. 711 5 /17 /99 60 12 .12 5 12 .12 5 0.3427 218 3 0.0485 1 1. 91 0 .15 8
NRC 0 .17 0 2 /16 /99 60 47.625 47.625 0 .15 963353 0....
Principles of Private Firm Valuation phần 1 pptx
... a private firm s cost of capital.
The purpose of valuing private firms varies. Although a valuation is
generally required prior to a private firm being transacted, the majority of
private firm ... in
4 PRINCIPLES OF PRIVATE FIRM VALUATION
12 249_Feldman_4p_c 01. r.qxd 2/9/05 9:45 AM Page 4
v
Preface vii
CHAPTER 1
The Value of Fair Market Value 1
CHAPTER 2...
Principles of Private Firm Valuation phần 2 docx
... multiple well in excess
18 PRINCIPLES OF PRIVATE FIRM VALUATION
12 249_Feldman_4p_c02.r.qxd 2/9/05 9:46 AM Page 18
value of a comparable private firm. That is, equity shares of public firms are
more liquid ... helpful. Suppose Firms A and B have after-tax
earnings of $10 0 in perpetuity and each has a cost of capital of 10 percent.
The value of each firm is the...
Principles of Private Firm Valuation phần 2 pptx
... value of Firms A and T would equal $11 5
(stand-alone Firm A value of $10 0 + stand-alone Firm T value of $50 + $25
synergy value − $60 Firm T cost = $11 5). Firm A is willing to pay a premium
for Firm ... the value of these additional activities is
14 PRINCIPLES OF PRIVATE FIRM VALUATION
12 249_Feldman_4p_c02.r.qxd 2/9/05 9:46 AM Page 14
9
Creating and Measuri...
Principles of Private Firm Valuation phần 3 ppt
... Restructuring of Frier Manufacturing 35
0
20
40
60
80
10 0
12 0
14 0
16 0
Index (1/ 98 = 10 0)
Russell 500
Peer portfolio
Frier
7 /1/ 98
1/ 1/99
7 /1/ 99
1/ 1/00
7 /1/ 00
7 /1/ 01
1 /1/ 02
7 /1/ 02
1/ 1/ 01
1 /1/ 98
FIGURE ... equiva-
lent to common stock prices of public firms. Hence, Fox reasoned, and the
34 PRINCIPLES OF PRIVATE FIRM VALUATION
Components
Sales = $15...
Principles of Private Firm Valuation phần 4 pdf
... $442 ,11 1 $488,554 $565 ,18 5 $623,936 $662, 711 $696,962
Net fixed capital $1, 613 ,10 5 $1, 726,022 $1, 846,844 $1, 976 ,12 3 $2 ,11 4,452 $2 ,17 7,885 $2,243,222
Net capital expenditure $11 2, 917 $12 0,822 $12 9,279 ... $22,320
Tax burden $256,347 $3 31, 9 41 $362,903 $ 413 ,990 $453 ,15 7 $479,007 $5 01, 842
NOPAT $384,5 21 $442 ,11 1 $488,554 $565 ,18 5 $623,935 $662, 711 $696,962
Gr...
Principles of Private Firm Valuation phần 6 potx
... 89
A3/A− 6.4 50 65 70 80 90 96 11 6
Baa1/BBB+ 6.25 60 75 90 10 0 10 5 11 4 13 5
Baa2/BBB 5.85 75 90 10 5 11 5 12 0 12 9 15 5
Baa3/BBB− 5.65 85 10 0 11 5 12 5 13 3 13 9 17 5
Ba1/BB+ 5.25 300 300 275 250 275 225 ... 2.52
‡
0 .17 25 0.56
†
−7 0.0079 2 .15
‡
0 .18 04 0.52
−6 0.0079 2.06
‡
0 .18 83 0. 51
−5 −0.0 018 −0.62 0 .18 65 0.42
−4 0.006 1. 7 0 .19 25 0.54*
−3 0.0003 0.3...
Principles of Private Firm Valuation phần 7 ppsx
... Value of Control 10 9
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
19 84 /1
1984/2
19 85 /1
1985/2
19 86 /1
1986/2
19 87 /1
1987/2
19 88 /1
1988/2
19 89 /1
1989/2
19 90 /1
1990/2
19 91/ 1
19 91/ 2
19 92 /1
1992/2
19 93 /1
1993/2
19 94 /1
1994/2
19 95 /1
1995/2
Semiannual
Median ... 417 ) (n = 654) (n = 633) (n = 349)
Mean acquirer q 1. 47 1. 04 1. 05 1. 57 1. 01 1 .15
(...
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