Valuation Maximizing Corporate Value phần 4 pptx
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...
Valuation maximizing corporate value phần 4 pps
... 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...
Valuation Maximizing Corporate Value phần 1 ppt
... 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...
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 ... 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...
Valuation Maximizing Corporate Value phần 3 docx
... 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...
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 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...
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 7 doc
... 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...
Valuation Maximizing Corporate Value phần 8 doc
... 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...
Valuation Maximizing Corporate Value phần 9 ppsx
... 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...
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