By James R. Hitchner
"Real global purposes consensus through nationally well-known valuation specialists full of a wealth of element, perform suggestions, and examples, monetary Valuation: purposes and versions, 3rd version brings jointly thirty nationally famous names within the valuation hailing from various expert specializations-including accounting, enterprise appraisal, and fiscal analysis-to supply practitioners with an necessary reference on numerous valuation matters. Assembled through valuation authority James Hitchner, those participants examine, clarify, and collaborate at the superior valuation tactics to percentage real-world purposes within the box of economic valuations. Written via 30 most sensible specialists in enterprise valuations box presents the valuation thought, the consensus view on software, after which the instruments to use it An all-encompassing valuation instruction manual that offers the appliance of economic valuation idea for enterprise appraisers and specialists New chapters on Assessing chance and specialist Witness Testimony Expands bankruptcy on expense of Capital accomplished in insurance and authoritative in remedy, James Hitchner's monetary Valuation, 3rd version offers relied on, whole enterprise valuation details for CPAs, appraisers, analysts, legal professionals, and company executives."-- learn more... creation To monetary Valuation -- criteria Of price -- study And Its Presentation -- financial plan and corporate chance research -- source of revenue technique -- fee Of Capital/Rates Of go back -- industry process -- Asset method -- Valuation reductions And rates -- record Writing -- company Valuation criteria -- Valuation Of Pass-Through Entities -- property, reward, And source of revenue Tax Valuations -- Valuation Of kinfolk constrained Partnerships -- precis Of Tax complaints concerns -- Shareholder Disputes -- worker inventory possession Plans -- Valuation within the Divorce environment -- Valuation matters In Small companies -- Valuation concerns In expert Practices -- Valuation Of Intangible resources -- advertising and marketing, coping with, And creating wealth In A Valuation providers staff -- enterprise Damages -- different Valuation providers components -- Valuation Of Healthcare provider companies -- detailed Valuations -- Valuation perspectives And arguable concerns -- Index
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Additional resources for Financial Valuation: Applications and Models, 3rd Edition (Wiley Finance)
Procedures must be altered to fit each assignment. The reader takes sole responsibility for implementation of material from this book. The implied warranties of merchantability and fitness of purpose and all other warranties, whether expressed or implied, are excluded from this transaction and shall not apply to this book. Neither the authors, editors, reviewers, nor publisher shall be liable for any indirect, special, or consequential damages. qxd 02/02/2011 1:05 PM Page 1 Aptara CHAPTER 1 Introduction to Financial Valuation here is an ever-increasing need for financial valuation services pertaining to ownership interests and assets in non-public companies/entities and subsidiaries, divisions, or segments of public companies.
The market approach 3. The asset approach There are no other approaches to value. However, there are numerous methods within each one of the approaches that the analyst may consider in performing a valuation. For example, under the income approach, the analyst can use a discounted cash flow method or a capitalized cash flow method. Each of these methods also can be prepared on a direct equity method or an invested capital method. In the market approach, the analyst can apply guideline public company multiples or multiples derived from transactions both public and private.
Qxd 02/02/2011 1:05 PM Page 15 Aptara Introduction to Financial Valuation 15 ______ Factors to consider to support intangible value: ______ Prestige and renown of the business ______ Trade or brand name ______ Record of success over a prolonged period in a particular locality ______ Sometimes it may not be possible to make a separate valuation of tangible and intangible assets ______ Intangible value can be measured by the amount that the value of the tangible assets exceeds the net book value of such assets Sales of the Stock and the Size of the Block of Stock to be Valued ______ Prior sales should be arm’s length ______ Forced or distressed sales do not reflect fair market value ______ Isolated sales in small amounts may not control as a measure of value ______ *Blockage is not an issue since the stock is not publicly traded ______ *Size of the block of stock is a relevant factor ______ *A minority interest in an unlisted corporation’s stock is more difficult to sell than a similar block of listed stock ______ *Control of a corporation, either actual or in effect, may justify a higher value for a specific block of stock since it is an added element of value Market Price of Stocks of Corporations Engaged in the Same or a Similar Line of Business Having Their Stocks Actively Traded in a Free and Open Market, Either on an Exchange or Over-the-Counter ______ *Must be evidence of an active free public market for the stock as of the valuation date to be used as a comparable company ______ Use only comparable companies ______ The lines of business should be the same or similar ______ A comparable with one or more issues of preferred stock, bonds, or debentures in addition to its common stock should not be considered to be directly comparable to one having only common stock outstanding ______ A comparable with a declining business and decreasing markets is not comparable to one with a record of current progress and market expansion 5.