Principles of Private Firm Valuation phần 3 pdf
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 2 pptx
... Value of Private Firms 13
Minimum cost of financing
0.5 21
Debt/equity
Cost of capital (%)
FIGURE 2. 2 Value Curve
(a)
Maximum value of firm
0.5 21
Debt/equity
Value ($)
(b)
122 49_Feldman_4p_c 02. r.qxd ... value of these additional activities is
14 PRINCIPLES OF PRIVATE FIRM VALUATION
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9
Creating and Measur...
Principles of Private Firm Valuation phần 3 ppt
... increases by 15 per-
centage points.
38 PRINCIPLES OF PRIVATE FIRM VALUATION
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26 PRINCIPLES OF PRIVATE FIRM VALUATION
Company A without subsidiary ... $0
Total value of units $37 .00 $ 43. 90
■■
Size premium $2.50 $3. 50
Total firm value $39 .50 $47.40
Market value of debt 8.69 $10. 43
Equity value $30 .81 $36 ....
Principles of Private Firm Valuation phần 4 pdf
... 30, 2003.
44 PRINCIPLES OF PRIVATE FIRM VALUATION
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Valuation Models and Metrics 59
requirements exceed after-tax cash flows, then the firm needs ...
discount $3,738, 744
Value of debt $679,039
Value of Tentex $4, 417,783
*Market value of debt at the valuation date.
61
12 249 _Feldman_4p_c 04. qxd 3/ 14/ 05 10:29 A...
Principles of Private Firm Valuation phần 5 docx
... 3 0.86 259 54
4 1.1300 4 1.1900 4 $1,138, 054 ,57 6.81 4 1. 053 097 4 0.86 259 542 4 0.9083969
5 1.1600 5 1.2400 5 $711,964, 358 .60 5 1.068966 5 0.8 854 9618 5 0.94 656 49
6 1.1800 6 1.3000 6 $50 8, 957 ,368.04 ... 3317 .59 1206
Coefficients Standard Error t-Stat P-value Lower 95%
Intercept −0.30 059 1 958 0. 156 793904 −1.9171 150 82 0. 055 6318 15 −0.60843667
Beta −0 .52 056...
Principles of Private Firm Valuation phần 6 potx
... 55
Aa1/AA+ 7 .6 10 15 20 32 37 40 60
Aa2/AA 7.3 15 25 30 37 44 50 65
Aa3/AA− 7 203035455 460 70
A1/A+ 6. 85 30404 560 657085
A2/A 6. 65 40 50 57 67 75 82 89
A3/A− 6. 4 50 65 70 80 90 96 1 16
Baa1/BBB+ 6. 25 60 75 ... percent
translates into a discount of 12.3 percent. This means that the pure liquid-
96 PRINCIPLES OF PRIVATE FIRM VALUATION
TABLE 6. 1 Summary of...
Principles of Private Firm Valuation phần 7 ppsx
... with using this mea-
106 PRINCIPLES OF PRIVATE FIRM VALUATION
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112 PRINCIPLES OF PRIVATE FIRM VALUATION
TABLE 7. 3 Target Characteristics
Panel ... deter-
116 PRINCIPLES OF PRIVATE FIRM VALUATION
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1 07
TABLE 7. 1 Takeovers
Private Target Takeovers Public...
Principles of Private Firm Valuation phần 8 docx
... 0 .86 088 897 0.02 18 1 0 .83 0.340
ANI 0.441 6 /8/ 98 60 0.0541 1 #DIV/0! #DIV/0!
OHSL 0.469 8/ 3/99 60 15 15 0.16731963 0.052 1 1.40 0.093
UWR 0.637 8/ 23/99 60 21. 687 5 21. 687 5 0.15000739 0.052 1 1 .89 ... 0.0633 1 2.43 0.137
OK 0.346 11/20/00 60 0 .88 75 0 .88 75 0.6724 984 8 0.0609 1 0.25 0. 286
BKC 0.414 7/19/01 60 22.35 22.35 0.2726 488 0.0362 1 2 .80 0.125
NEWZ 1.0 18 8/7/01...
Principles of Private Firm Valuation phần 9 ppt
... cost $90 0.00 $95 0.00 $1, 091 . 79 $90 0.00 $1,276 .92 $1, 091 . 79
Less tax benefits
g
$0.00 $162. 29 $ 191 . 79 $0.00 $231.60 $ 191 . 79
Net after-tax cost $90 0.00 $787.71 $90 0.00 $90 0.00 $1,045.32 $90 0.00
Acquirer ... $90 0.00 $90 0.00
Seller’s indifference price
a
$95 0.00 $1,276 .92
Acquirer’s indifference price
b
$1, 091 . 79 $1, 091 . 79
Target Corporation
Taxable gain
c...
Principles of Private Firm Valuation phần 10 ppsx
... up an interesting problem. Consider again the example of
Firm A, a private firm, acquiring Firm B, a public firm. When Firm B is part
of Firm A, however, it is no longer a public company and ... community. Hence,
this research offers an important source of knowledge about the impact of li-
quidity, or lack thereof, on the prices of minority shares of quasi -private fi...
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 ... 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
Cre...
Principles of Private Firm Valuation phần 2 docx
... well in excess
18 PRINCIPLES OF PRIVATE FIRM VALUATION
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value of a comparable private firm. That is, equity shares of public firms are
more liquid ... the firm has a measurable competitive
advantage, thus ensuring that the value of the firm is maximized.
20 PRINCIPLES OF PRIVATE FIRM VALUATION
122 49_Feld...
Principles of Private Firm Valuation phần 3 pdf
... make
30 PRINCIPLES OF PRIVATE FIRM VALUATION
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33
The Restructuring of
Frier Manufacturing
CHAPTER
3
F
rier Manufacturing is a producer of components ... $0
Total value of units $37 .00 $ 43. 90
■■
Size premium $2.50 $3. 50
Total firm value $39 .50 $47.40
Market value of debt 8.69 $10. 43
Equity value $30 .81 $36 .9...
Principles of Private Firm Valuation phần 4 pot
... value and the
50 PRINCIPLES OF PRIVATE FIRM VALUATION
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60 PRINCIPLES OF PRIVATE FIRM VALUATION
diminish. Revenue growth is a function of two factors. ... $250,000.00
4 Compensation of officers $681,520.00 $258,5 74. 00 ( $42 2, 946 .00) $258,5 74. 00
Compensation of officer 1 $ 340 ,760.00 $129,287.00 ($211 ,47...
Principles of Private Firm Valuation phần 8 pdf
... 17.75 17.75 0.2 684 5225 0.0633 1 2.43 0.137
OK 0.346 11/20/00 60 0 .88 75 0 .88 75 0.6724 984 8 0.0609 1 0.25 0. 286
BKC 0.414 7/19/01 60 22.35 22.35 0.2726 488 0.0362 1 2 .80 0.125
NEWZ 1.0 18 8/7/01 60 1.17 ... 0 .86 088 897 0.02 18 1 0 .83 0.340
ANI 0.441 6 /8/ 98 60 0.0541 1 #DIV/0! #DIV/0!
OHSL 0.469 8/ 3/99 60 15 15 0.16731963 0.052 1 1.40 0.093
UWR 0.637 8/ 23/99 60 21. 687 5 21...
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