valuation for m a building value in private companies phần 3 ppt

... investment value of the target but not its fair market value. The combination also may lower the combined en- tity’s financing costs and may allow for efficiencies in lease terms, cash management, ... following formula: NPV ϭ Synergy Ϫ Premium In management terms, synergy means competing better than anyone ever expected. It means gains in com- petitive advantage over and above what...

Ngày tải lên: 14/08/2014, 06:22

... results in a more thorough and accurate analysis. While larger companies have M& amp ;A or business development departments, those that lack this capacity internally may have to add external legal, tax, ... investment value of the target but not its fair market value. The combination also may lower the combined en- tity’s financing costs and may allow for efficiencies in lease...

Ngày tải lên: 14/08/2014, 05:21

... tar- get, MCAPM may be an acceptable methodology. When this data is available, a beta for the target company is derived from the be- tas of the guideline companies. In the CAPM or MCAPM formula, the ... security. The investment in the target company must be considered against that benchmark. Most closely held companies are smaller than microcap-size public companies, and most poss...

Ngày tải lên: 14/08/2014, 06:22

... Liquidity 199 13 Reconciling Initial Value Estimates and Determining Value Conclusion Once an appraiser has applied one or more valuation approaches and reached an initial conclusion of value, the inevitable ... stand-alone fair market value may not be applicable when de- termining the investment value relevant to a specific acquirer. For Market Approach Review 209 In revi...

Ngày tải lên: 14/08/2014, 06:22

... Company Value Creation Model 17 Measuring Value Creation 21 Analyzing Value Creation Strategies 24 CHAPTER 3 Competitive Analysis 31 Linking Strategic Planning to Building Value 33 Assessing Specific ... the valuation of companies. A must read!” Steven F. Schroeder, JD, ASA, FIBA, MCBA Economic and Valuation Services Richard M. Wise, FCA, FCBV, ASA, MCBA Wise, Blackman...

Ngày tải lên: 14/08/2014, 05:21

... timeliness of accounting information and internal control Although business valuation involves many financial calcula- tions, it is not primarily a financial activity, particularly when valu- ation is ... perform competitive analysis to as- sess a company’s strategic position and ability to compete in its market against its peers. LINKING STRATEGIC PLANNING TO BUILDING VALUE Comp...

Ngày tải lên: 14/08/2014, 05:21

... items or nonmarket base compensation to shareholders. Risk management techniques are also available for use in val- uation for M& amp ;A. Most commonly these involve traditional statisti- cal parameters ... the most accurate in assessing the cost of capital for a business and gauging general company and market risk, additional risk analysis tools are available. M& amp ;A invest...

Ngày tải lên: 14/08/2014, 05:21

... which in the process generally improves the information that is available to their management. Such data is frequently lacking in smaller businesses, a fact that may hamper management’s assessment ... company carries debt securities that have interest rates that are materially above or below market rates as of the valuation date, the market value of the debt may vary from its book...

Ngày tải lên: 14/08/2014, 05:21

... performance or financial position may dis- close different information about the target company. Market data and company performance may allow use of only certain multi- ples. For example, in ... the range of multiples of a group of companies, or a multiple within or outside of that range. The market approach relevant to valuation for M& amp ;A includes two primary methods: the...

Ngày tải lên: 14/08/2014, 05:21

... be considered for each value indicated because adjustments that are appropriate for one indicated value may not apply to another. This point is emphasized because a common error in business valua- tion ... of Business Valuation Approaches Income Approach Market Approach a Asset Approach The company derives significant value from its operations. The company generates a posi...

Ngày tải lên: 14/08/2014, 05:21