By James R. Hitchner
A one-stop source for either rookies and skilled practitioners
Comprehensive monetary valuation calls for the mastery of a number of services to be hired in numerous valuation occasions. The monetary Valuation Workbook applies valuation thought to real-world company environments, offering an in depth case research, versions, and workouts which may minimize the novice’s studying curve in part and support skilled practitioners in larger organizing the valuation strategy.
The Workbook follows the valuation engagement layout, prepared through regular, simply identifiable sections that let for simple reference by way of all pros. This obtainable, authoritative textual content:
- Covers step-by-step the intricacies of getting ready a reputable valuation
- Guides the fewer skilled valuation practitioner via suggestions and applications
- Includes a valuation strategy flowchart
- Presents an prepared source of checklists, details requests, and different instruments to help valuation practitioners in organizing their engagements
Authors James Hitchner and Michael Mard additionally comprise a bankruptcy of valuable ''ValTips'' submitted by means of twenty-five major valuation specialists. CPAs, lawyers, appraisers, merger and acquisition pros, and MBA applicants will locate the monetary Valuation Workbook to be a vital source.
Read Online or Download Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation PDF
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Additional info for Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation
It is based on the fact and circumstances in each situation and is based in part on the distribution policy of the S corporation. EXERCISE 7: We are valuing a 100% controlling interest in LEGGO. The percentage of ownership of individual shareholders is not an issue here. However, assume we are valuing the 85% of Tom Proﬁt as opposed to the 100% in LEGGO. The value of an 85% interest in LEGGO would be based on 85% of the 100% control value in LEGGO. a. True b. False ANSWER: b. False An 85% interest in the company may not be equal to 85% of the 100% controlling interest value.
False All three approaches to value must be applied in all valuations. 24 VALUATION CASE STUDY EXERCISES Asset Approach ADJUSTED BOOK VALUE METHOD The adjusted book value method consists of determining the fair market value of a company’s assets and subtracting the fair market value of its liabilities to arrive at the fair market value of the equity. Both tangible and intangible assets are valued. Appraisals are used to value certain assets, and the remaining assets and liabilities are often included at book value, which is often assumed to approximate fair market value.
C. The companies that make up the data cannot be used to determine pricing ratios or capitalization rates. d. The information is from public companies. ANSWER: c. The companies that make up the data cannot be used to determine pricing ratios or capitalization rates. Most of the national databases do have fairly extensive amounts of information by SIC code and the ratios typically are calculated properly. Most of the information is from closely held companies. The main drawback of the data is that none of it is tied to pricing ratios or valuation multiples such as price to earnings or invested capital to EBITDA.