Principles of Private Firm Valuation phần 8 pdf

... 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...

Ngày tải lên: 14/08/2014, 05:20

... 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 122 49_Feldman_4p_c 02. r.qxd 2/ 9/05 9:46 AM Page 14 9 Creating and Measur...

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... increases by 15 per- centage points. 38 PRINCIPLES OF PRIVATE FIRM VALUATION 12249_Feldman_4p_c 03. r.qxd 2/9/05 9:47 AM Page 38 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 ....

Ngày tải lên: 14/08/2014, 05:20

... 30, 2003. 44 PRINCIPLES OF PRIVATE FIRM VALUATION 12 249 _Feldman_4p_c03.r.qxd 2/9/05 9 :47 AM Page 44 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...

Ngày tải lên: 14/08/2014, 05:20

... 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...

Ngày tải lên: 14/08/2014, 05:20

... 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...

Ngày tải lên: 14/08/2014, 05:20

... with using this mea- 106 PRINCIPLES OF PRIVATE FIRM VALUATION 12249_Feldman_4p_c 07. r.qxd 2/9/05 9:48 AM Page 106 112 PRINCIPLES OF PRIVATE FIRM VALUATION TABLE 7. 3 Target Characteristics Panel ... deter- 116 PRINCIPLES OF PRIVATE FIRM VALUATION 12249_Feldman_4p_c 07. r.qxd 2/9/05 9:48 AM Page 116 1 07 TABLE 7. 1 Takeovers Private Target Takeovers Public...

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... 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...

Ngày tải lên: 14/08/2014, 05:20

... 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...

Ngày tải lên: 14/08/2014, 05:20

... 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...

Ngày tải lên: 14/08/2014, 05:20

... 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...

Ngày tải lên: 14/08/2014, 09:21

... well in excess 18 PRINCIPLES OF PRIVATE FIRM VALUATION 122 49_Feldman_4p_c 02. r.qxd 2/ 9/05 9:46 AM Page 18 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...

Ngày tải lên: 14/08/2014, 09:21

... make 30 PRINCIPLES OF PRIVATE FIRM VALUATION 12249_Feldman_4p_c02.r.qxd 2/9/05 9:46 AM Page 30 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...

Ngày tải lên: 14/08/2014, 09:21

... value and the 50 PRINCIPLES OF PRIVATE FIRM VALUATION 12 249 _Feldman_4p_c 04. r.qxd 2/9/05 9 :47 AM Page 50 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...

Ngày tải lên: 14/08/2014, 09:21

... 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...

Ngày tải lên: 14/08/2014, 09:21