Valuation Maximizing Corporate Value phần 3 docx
Valuation Maximizing Corporate Value phần 3 docx
... Company
Year 1 Year 2 Year 3 Year 4 Year 5
Revenues 1060.0 11 23. 6 1191.0 1262.5 133 8.2
Operating
Profit 106.0 112.4 119.1 126 .3 133 .8
Cash Flow
from
Operations 59.4 63. 0 66.7 70.8 75.0
Discount
Factor ... this amount is $ 133 .82 –
$ 53. 53 or $80.29. This represents an annuity or constant
payment of this amount in perpetuity or forever, starting at
34 CALCULATE CURRENT VALUE
EX...
Valuation Maximizing Corporate Value phần 6 docx
... quickly identify the key value areas important to
the organization and refine them further as necessary to
incorporate into the mission statement. A typical list of
broad value areas might include:
■ ... list
both ends of a value- related spectrum in two columns and
have the participants place an “X” representing their view
of where the organization stands on that particular value
alon...
Valuation Maximizing Corporate Value phần 1 ppt
... Discounted Cash Flow 30
Understand Value Drivers 35
Determine Cost of Capital 40
Calculate Current Organization Value 43
Summary 48
Endnotes 48
Valuation
Maximizing Corporate Value
GEORGE M. NORTON III
John ... Performance 13
Analyze Profitability Ratios 16
Determine Relative Value 18
Summary 20
Endnotes 20
CHAPTER 2
Calculate Current Value 23
Discover Importance of Va...
Valuation Maximizing Corporate Value phần 2 potx
... the market value to book
Determine Relative Value 19
10
0
1
2
3
4
5
6
7
20 2515 30 35
Return on Equity (%)
BETTER
WORSE
ABC Company
Maarket Value/ Book Value
EXHIBIT 1.11 Relative Value
good source ... Data
Year 1 Year 2 Year 3 Year 4 Year 5
ABC Company 70.5 75.8 97.9 122 .3 162.2
$ in MM
Industry Composite 14 .3 16.4 21.5 28.7 37 .3
$ in BB
ABC Company 100 108 139 1 73 2...
Valuation Maximizing Corporate Value phần 4 pptx
... Rate
a
40.6 36 .3 44.4 41.9 38 .3 40
Net Working
Capital
b
40 41 43 45 46 48
Increase 1 2 2 1 2
Increase as % of
Sales Increase 2 4 4 2 4 3
Net Fixed
Capital 80 81 83 86 87 90
Increase 1 2 3 1 3
Increase ... Organization Value 45
EXHIBIT 2.4 Selected Historical Data for ABC Company
Year Year Year Year Year Year Mean
–5 –4 3 –2 –1 0
Revenue 750 800 850 900 950 1000
% Change 6...
Valuation Maximizing Corporate Value phần 5 ppsx
... core values.
A more formal approach, often useful after an informal
value- story-sharing session, involves prioritizing and rank-
ing various values. One way to do this is simply to list value
areas ... use a form similar to Exhibit 3. 3
but change the column headings from left to right to:
■ Success barrier
■ How large
■ Capability to overcome today
For Exhibit 3. 4, simply change the t...
Valuation Maximizing Corporate Value phần 7 doc
... markedly in Years 2 and 3, as
shown in Exhibit 5.4.
S.1 Cost of 6 in Year 1, 2 in
Year 2, and 2 in Year 3
S.2 Increase in working
capital 1 in Year 1, 2 in
Year 2, and 3 in Year 3
S .3 Increase in fixed ... Cost of 2 in Years 1, 2,
and 3
S .3 Cost of 5 in Year 1, 4
in Year 2, and 3 in
Year 3
O.2 Operating profit
margin is 10.5% in
Year 1, 11% in Year 2,
and 11.5% in Year 3
S...
Valuation Maximizing Corporate Value phần 8 doc
... Sales
a
Year Year Year Year Year
1 2 34 5
Costs:
S.1 Distributor Training 4 2 2 2 2
S.2 Product Financing 0 0 0 0 0
S .3 Inventory Control 3 1 1 1 1
Total Costs 7 3 333
Benefits:
Working Capital Reduction ... 7 3 3 3 3
■ New Devices 0 9 7 7 7 7
Net Operating Profit 100 82 111 132 156 176
a
Revenue growth for existing designs is 6% annually, the same as the
Base Case against which...
Valuation Maximizing Corporate Value phần 9 ppsx
... 119.1 126 .3 133 .8 597.6
■ Revised
Case 82.0 111.0 132 .0 156.0 176.0 657.0
Cash Flow from Operations:
■ Base
Case 59.4 63. 0 66.7 70.8 75.0 33 4.9
■ Revised
Case 41.9 56.4 67.5 81.0 92.6 32 9.4
a
For ... factor (754 .3 ϫ .5194 = 39 1.8). Therefore, the
ending value at the end of five years for the Revised Case is
39 1.8.
Step 6: Revised Case Value
In order to obtain the total Revi...
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