Valuation Maximizing Corporate Value phần 4 pptx

... 6 Operating Profit 64 77 90 105 120 Operating Profit Margin 8.0 9.1 10.0 11.1 12.0 10 Taxes 26 28 40 44 46 Tax 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 ... Exhibit 2 .4. The five most recent years are considered. Year 0 represents the most recent fiscal year, 44 CALCULATE CURRENT VALUE REVIEW PLANNING FUNDAMENTALS One of the...

Ngày tải lên: 14/08/2014, 05:21

... margin (40 %) ■ Increase in net working capital investment as a percent of the increase in revenues (3%) ■ Increase in net fixed capital investment as a percent of the increase in revenues (4% ) When ... average annual percentages above creates five-year cash flow projections. Exhibit 2.2 46 CALCULATE CURRENT VALUE ... ABC Company are contained in the historical numbers and analysis thereo...

Ngày tải lên: 14/08/2014, 09:21

... 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 Wiley & Sons, Inc. acknowledgments I want ... Title. HD30.28.N677 2003 658 .4& apos;012—dc21 2002011161 Quantify the Selected Strategies 1 34 Calculate Revised Case Value 144 Measure Value Enhancement...

Ngày tải lên: 14/08/2014, 05:21

... 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 ... each: 1. Market value 2. Book value 3. Five year average return on equity 5 Once these are assembled a chart is created. For each com- pany, the market value is divided by the...

Ngày tải lên: 14/08/2014, 05:21

... 133.82 Less: Taxes 42 .40 44 . 94 47. 64 50.50 53.53 Incremental Fixed Capital Inventory 2 .40 2. 54 2.70 2.86 3.03 Incremental Working Capital Inventory 1.80 1.91 2.02 2. 14 2.27 Cash Flow from Operations 59 .40 ... from Operations 59 .4 63.0 66.7 70.8 75.0 Discount Factor 0.8772 0.7695 0.6750 0.5921 0.51 94 Present Worth of Cash Flow 52.1 48 .5 45 .1 41 .9 39.0 Cumulative PW...

Ngày tải lên: 14/08/2014, 05:21

... 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 in dis- cussing strategic and valuation issues. However, by way of introduction, a brief description/definition of each level/ element is included in Exhibit 4. 2. The strategic fram...

Ngày tải lên: 14/08/2014, 05:21

... 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...

Ngày tải lên: 14/08/2014, 05:21

... 119.10 Less: Taxes 42 .40 44 . 94 47. 64 Increased Fixed Capital Investment 2 .40 2. 54 2.70 Increased Working Capital Investment 1.80 1.91 2.02 Cash Flow from Operations 59 .40 62.96 66. 74 Select Value -Maximizing ... 59 .40 62.96 66. 74 189.10 Objective O.2 52.38 66.11 74. 46 192.95 Objective O .4 53.00 61.95 67.88 182.83 1 24 FORMULATE SOUND STRATEGIES EXHIBIT 5.5 ABC Compan...

Ngày tải lên: 14/08/2014, 05:21

... 345 Net Operating Profit 82.0 111.0 132.0 156.0 176.0 Less: Taxes 32.8 44 .4 52.8 62 .4 70 .4 Incremental Working Capital Investment 3.1 4. 4 5.0 5 .4 5.6 Incremental Fixed Capital Investment 4. 2 ... sections. Calculate Revised Case Value 145 EXHIBIT 6.6 ABC Company Revised Case Income Statement Year Year Year Year Year Year 012 345 Total Revenues a 1000 11 04 1 249 141 6 159...

Ngày tải lên: 14/08/2014, 05:21

... 0.7695 0.6750 0.5921 0.51 94 Present Worth of Cash Flow 36.8 43 .4 45.6 48 .0 48 .1 Cumulative Present Worth of Cash Flows 36.8 80.2 125.8 173.8 221.9 166 EXECUTE FOR VALUE Niche: Long-Term Goal: Objective: Strategy: Activity ... taxes 70 .4 Discount rate 14% Year 5 discount factor .51 94 EXHIBIT 6.8 ABC Company Revised Case Discounted Cash Flows Year Year Year Year Year 12 345...

Ngày tải lên: 14/08/2014, 05:21