Business valuation: an integrated theory
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| Previous Title: | Mercer, Z. Christopher Valuing enterprise and shareholder cash flows |
|---|---|
| Main Authors: | , |
| Format: | Book |
| Language: | English |
| Published: |
Hoboken, NJ
Wiley
2008
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Table of contents only Contributor biographical information Publisher description Inhaltsverzeichnis |
| Item Description: | Rev. ed. of: Valuing enterprise and shareholder cash flows. Memphis : Peabody Pub., 2004. |
| Physical Description: | XIV, 274 S. |
| ISBN: | 0470148160 9780470148167 |
Staff View
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| 246 | 1 | 3 | |a Valuing enterprise and shareholder cash flows |
| 250 | |a 2. ed. | ||
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| 500 | |a Rev. ed. of: Valuing enterprise and shareholder cash flows. Memphis : Peabody Pub., 2004. | ||
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| adam_text | Contents
Introduction ix
CHAPTER 1
Discounted Cash Flow and the Gordon Model: The Very Basics
of Value 1
Introduction 1
Common Questions 1
The Basic Tools of Valuation 2
The Discounted Cash Flow Model 2
The Gordon Model 3
Two Stage DCF Model 4
Practical Proof: DCF = Gordon Model 6
Dividends, Reinvestment, Growth 8
Intuitive Impact of Reinvesting Cash Flows 9
Reinvestment and the Gordon Model 9
The Core Business vs. Reinvestment Decisions 11
Core Earnings Growth (ge) vs. Analysts Expected
Earnings Growth (g*) 16
Net Income vs. Net Cash Flow 19
Multiple g s and One r for the Gordon Model 20
Focus Again on ge—the Long Term Expected Growth
Rate in Earnings 21
Focus Again on g*—the Long Term Growth Rate in
Cash Flow 21
The Relationship between Net Income and Net Cash
Flow 22
Does r Relate to Net Income or to Net Cash Flow? 23
Further Analysis Regarding Net Income vs. Net Cash
Flow 25
Practical Observations 28
Conclusion 32
CHAPTER 2
The GRAPES of Value 33
Introduction 33
iV COMTENTS
Common Questions 33
The World of Value 33
GRAPES of Value 34
Clarity Comes Slowly 34
Lessons Learned from First Valuation Client 35
The Organizing Principles 39
G—the Principle of GROWTH and Time 40
R—the Principle of RISK and REWARD 41
A—the Principle of ALTERNATIVE Investments 42
P—the PRESENT Value Principle 43
E—the Principle of EXPECTATIONS 45
S—the Principle of SANITY (and Rationality and
Consistency) 48
The Basket for GRAPES: The Principle of Knowledge 49
Concluding Comments 49
Appendix 2 A: The Principles Crystallize 51
Appendix 2 B: Not So Random Thoughts Regarding the
Business of Business Appraisal 53
Appendix 2 C: Not so Random Thoughts on the Business
of Business Appraisal 2004 Edition 56
CHAPTBI3
The Integrated Theory of Business Valuation 61
Introduction 61
Common Questions 61
The Gordon Model 63
Early Views of the Levels of Value 63
The Marketable Minority Interest Level of Value 65
The Control Levels of Value 69
The Financial Control Level of Value 73
Financial Control Premium 76
Prerogatives of Control (Introduction to the Minority
Interest Discount) 78
The Minority Interest Discount 80
Strategic Control Level of Value 82
Strategic Control Premium 86
Enterprise Levels vs. the Shareholder Level of Value 87
The Nonmarketable Minority Level of Value 90
The Marketability Discount 93
Application of Marketability Discounts to Controlling
Interests 94
Theoretical Basis 94
iV COMTENTS
Common Questions 33
The World of Value 33
GRAPES of Value 34
Clarity Comes Slowly 34
Lessons Learned from First Valuation Client 35
The Organizing Principles 39
G—the Principle of GROWTH and Time 40
R—the Principle of RISK and REWARD 41
A—the Principle of ALTERNATIVE Investments 42
P—the PRESENT Value Principle 43
E—the Principle of EXPECTATIONS 45
S—the Principle of SANITY (and Rationality and
Consistency) 48
The Basket for GRAPES: The Principle of Knowledge 49
Concluding Comments 49
Appendix 2 A: The Principles Crystallize 51
Appendix 2 B: Not So Random Thoughts Regarding the
Business of Business Appraisal 53
Appendix 2 C: Not so Random Thoughts on the Business
of Business Appraisal 2004 Edition 56
CHAPTBI3
The Integrated Theory of Business Valuation 61
Introduction 61
Common Questions 61
The Gordon Model 63
Early Views of the Levels of Value 63
The Marketable Minority Interest Level of Value 65
The Control Levels of Value 69
The Financial Control Level of Value 73
Financial Control Premium 76
Prerogatives of Control (Introduction to the Minority
Interest Discount) 78
The Minority Interest Discount 80
Strategic Control Level of Value 82
Strategic Control Premium 86
Enterprise Levels vs. the Shareholder Level of Value 87
The Nonmarketable Minority Level of Value 90
The Marketability Discount 93
Application of Marketability Discounts to Controlling
Interests 94
Theoretical Basis 94
Vi CONTENTS
Determine a Fundamental Adjustment Using
ACAPM 137
Application of the Fundamental Adjustment 139
Adjusting Equity Based Fundamental
Adjustments for Total Capital Methods 140
Using a Factor Other Than the Median or Mean to
Determine the Fundamental Adjustment 141
Conceptual Illustrations of Fundamental Adjustments 143
The Double Dipping Argument 147
Marketability Discounts for Controlling Interests? 147
The Literature Regarding Fundamental Adjustments 150
Conclusion 151
CHAPTER 6
Developing Appropriate Discount Rates 153
Introduction 153
Common Questions 154
The Adjusted Capital Asset Pricing Model 154
Discount Rate Sensitivity and Judgment 159
Judgment and Reasonableness and the ACAPM 160
The ACAPM and Shareholder Level Valuations 163
Conclusion 163
Appendix 6 A: Overview of the Capital Asset Pricing Model
(CAPM) 165
CHAPTER 7
Introduction to the QMDM: The Shareholder Level of Value 169
Introduction 169
Common Questions 169
Potential Approaches to Shareholder Level Valuation 170
The QMDM: A Shareholder Level DCF Model 172
The Structure of the Shareholder Level DCF Model 173
A Visual Representation of the Shareholder Level DCF
Model 176
Factors Contributing to Marketability Discounts 178
Base Case (Shareholder Value Equal to Enterprise
Value) 178
Impact of Agency Costs 180
Impact of Incremental Holding Period Risks 181
Combined Impact on Overall Marketability
Discount 183
Review of Analysis 183
Conclusion 183
Contents Vii
Appendix 7 A: A Further Look at Pre IPO and Restricted
Stock Studies 185
CHAPTER 8
The QMDM Assumptions in Detail 189
Introduction 189
Common Questions 189
Assumption #1: Expected Holding Period (for the
Investment) (HP) 190
Marketability and the Expected Holding Period 190
Factors to Consider in Estimating the Expected
Holding Period 192
Holding Period Areas of Investigation 193
Estimating Ranges for the Expected Holding Period 195
Assumption #2A: Expected Dividend Yield (D%) 196
Determining Expected Dividend Yields 196
Adjusting for the Tax Characteristics of the Enterprise 197
C Corporations 198
S Corporations and Other Tax Pass Through
Entities 198
S Corporation Distribution Yields Can Be
Negative 201
Conclusion Regarding Tax Equivalent Yields 202
Assumption #2B: Expected Growth of Dividends (G()) 202
Assumption #2C: Timing of Dividend Receipt 203
Assumption #3A: The Expected Growth Rate in Value (G,.) 204
Factors Influencing the Expected Growth Rate in Value 204
Developing G,, 205
Sensitivity and G,, 207
Assumption #3B: Adjustments to the Terminal Value 209
Assumption #4: Required Holding Period (Rate of) Return
(RhP) 209
Market Evidence Regarding Holding Period Premiums 210
Restricted Stock Discounts 210
The Management Planning Study 212
Publicly Traded Partnership Returns 214
Venture Capital and Private Equity Returns 217
Estimating the Required Holding Period Return 219
The Framework for Estimating the Required Holding
Period Returns 221
Methodology for Developing the Required Holding
Period Return 222
Review of QMDM Assumptions 226
ViH CONTENTS
CHAPTER 9
Applying the QMDM 229
Introduction 229
Comprehensive Example of the QMDM in Use 229
The Specific QMDM Assumptions for the Example 231
The QMDM Results 234
The Conclusion Is Selected from Within a Range 235
Condensed QMDM Examples 238
Example #1: An Unleveraged Family Limited
Partnership Holding Land 238
Example #2: An Unleveraged Family Limited
Partnership Holding Commercial Real Estate and
Providing High Distributions 240
Example #3: A Leveraged Family Limited Partnership
Holding Commercial Real Estate 241
Example #4: A Rapidly Growing C Corporation Paying
No Dividends 242
Example #5: Mature C Corporation with Potential for
Near Term Sale 244
Summary of the Examples 246
The Uniform Standards of Professional Appraisal Practice
and the QMDM 247
CHAPTER 10
Application of the Integrated Theory to Tax Pass Through Entities 253
Introduction 253
The Nature of the S Corporation Benefit 254
The Enterprise Level Value of S Corporations 257
Other Observations Regarding Relative Value at the
Enterprise Level 259
The Shareholder Level Value of S Corporations 261
S Corporation Considerations for the QMDM Inputs 262
Forecast Period 263
Projected Interim Cash Flows 263
Projected Terminal Value (Growth in Value) 264
Discount Rate 265
Synthesis 266
Conclusion 269
Index 271
|
| adam_txt |
Contents
Introduction ix
CHAPTER 1
Discounted Cash Flow and the Gordon Model: The Very Basics
of Value 1
Introduction 1
Common Questions 1
The Basic Tools of Valuation 2
The Discounted Cash Flow Model 2
The Gordon Model 3
Two Stage DCF Model 4
Practical Proof: DCF = Gordon Model 6
Dividends, Reinvestment, Growth 8
Intuitive Impact of Reinvesting Cash Flows 9
Reinvestment and the Gordon Model 9
The Core Business vs. Reinvestment Decisions 11
Core Earnings Growth (ge) vs. Analysts' Expected
Earnings Growth (g*) 16
Net Income vs. Net Cash Flow 19
Multiple g's and One r for the Gordon Model 20
Focus Again on ge—the Long Term Expected Growth
Rate in Earnings 21
Focus Again on g*—the Long Term Growth Rate in
Cash Flow 21
The Relationship between Net Income and Net Cash
Flow 22
Does r Relate to Net Income or to Net Cash Flow? 23
Further Analysis Regarding Net Income vs. Net Cash
Flow 25
Practical Observations 28
Conclusion 32
CHAPTER 2
The GRAPES of Value 33
Introduction 33
iV COMTENTS
Common Questions 33
The World of Value 33
GRAPES of Value 34
Clarity Comes Slowly 34
Lessons Learned from First Valuation Client 35
The Organizing Principles 39
G—the Principle of GROWTH and Time 40
R—the Principle of RISK and REWARD 41
A—the Principle of ALTERNATIVE Investments 42
P—the PRESENT Value Principle 43
E—the Principle of EXPECTATIONS 45
S—the Principle of SANITY (and Rationality and
Consistency) 48
The Basket for GRAPES: The Principle of Knowledge 49
Concluding Comments 49
Appendix 2 A: The Principles Crystallize 51
Appendix 2 B: Not So Random Thoughts Regarding the
Business of Business Appraisal 53
Appendix 2 C: Not so Random Thoughts on the Business
of Business Appraisal 2004 Edition 56
CHAPTBI3
The Integrated Theory of Business Valuation 61
Introduction 61
Common Questions 61
The Gordon Model 63
Early Views of the Levels of Value 63
The Marketable Minority Interest Level of Value 65
The Control Levels of Value 69
The Financial Control Level of Value 73
Financial Control Premium 76
Prerogatives of Control (Introduction to the Minority
Interest Discount) 78
The Minority Interest Discount 80
Strategic Control Level of Value 82
Strategic Control Premium 86
Enterprise Levels vs. the Shareholder Level of Value 87
The Nonmarketable Minority Level of Value 90
The Marketability Discount 93
Application of Marketability Discounts to Controlling
Interests 94
Theoretical Basis 94
iV COMTENTS
Common Questions 33
The World of Value 33
GRAPES of Value 34
Clarity Comes Slowly 34
Lessons Learned from First Valuation Client 35
The Organizing Principles 39
G—the Principle of GROWTH and Time 40
R—the Principle of RISK and REWARD 41
A—the Principle of ALTERNATIVE Investments 42
P—the PRESENT Value Principle 43
E—the Principle of EXPECTATIONS 45
S—the Principle of SANITY (and Rationality and
Consistency) 48
The Basket for GRAPES: The Principle of Knowledge 49
Concluding Comments 49
Appendix 2 A: The Principles Crystallize 51
Appendix 2 B: Not So Random Thoughts Regarding the
Business of Business Appraisal 53
Appendix 2 C: Not so Random Thoughts on the Business
of Business Appraisal 2004 Edition 56
CHAPTBI3
The Integrated Theory of Business Valuation 61
Introduction 61
Common Questions 61
The Gordon Model 63
Early Views of the Levels of Value 63
The Marketable Minority Interest Level of Value 65
The Control Levels of Value 69
The Financial Control Level of Value 73
Financial Control Premium 76
Prerogatives of Control (Introduction to the Minority
Interest Discount) 78
The Minority Interest Discount 80
Strategic Control Level of Value 82
Strategic Control Premium 86
Enterprise Levels vs. the Shareholder Level of Value 87
The Nonmarketable Minority Level of Value 90
The Marketability Discount 93
Application of Marketability Discounts to Controlling
Interests 94
Theoretical Basis 94
Vi CONTENTS
Determine a Fundamental Adjustment Using
ACAPM 137
Application of the Fundamental Adjustment 139
Adjusting Equity Based Fundamental
Adjustments for Total Capital Methods 140
Using a Factor Other Than the Median or Mean to
Determine the Fundamental Adjustment 141
Conceptual Illustrations of Fundamental Adjustments 143
The Double Dipping Argument 147
Marketability Discounts for Controlling Interests? 147
The Literature Regarding Fundamental Adjustments 150
Conclusion 151
CHAPTER 6
Developing Appropriate Discount Rates 153
Introduction 153
Common Questions 154
The Adjusted Capital Asset Pricing Model 154
Discount Rate Sensitivity and Judgment 159
Judgment and Reasonableness and the ACAPM 160
The ACAPM and Shareholder Level Valuations 163
Conclusion 163
Appendix 6 A: Overview of the Capital Asset Pricing Model
(CAPM) 165
CHAPTER 7
Introduction to the QMDM: The Shareholder Level of Value 169
Introduction 169
Common Questions 169
Potential Approaches to Shareholder Level Valuation 170
The QMDM: A Shareholder Level DCF Model 172
The Structure of the Shareholder Level DCF Model 173
A Visual Representation of the Shareholder Level DCF
Model 176
Factors Contributing to Marketability Discounts 178
Base Case (Shareholder Value Equal to Enterprise
Value) 178
Impact of Agency Costs 180
Impact of Incremental Holding Period Risks 181
Combined Impact on Overall Marketability
Discount 183
Review of Analysis 183
Conclusion 183
Contents Vii
Appendix 7 A: A Further Look at Pre IPO and Restricted
Stock Studies 185
CHAPTER 8
The QMDM Assumptions in Detail 189
Introduction 189
Common Questions 189
Assumption #1: Expected Holding Period (for the
Investment) (HP) 190
Marketability and the Expected Holding Period 190
Factors to Consider in Estimating the Expected
Holding Period 192
Holding Period Areas of Investigation 193
Estimating Ranges for the Expected Holding Period 195
Assumption #2A: Expected Dividend Yield (D%) 196
Determining Expected Dividend Yields 196
Adjusting for the Tax Characteristics of the Enterprise 197
C Corporations 198
S Corporations and Other Tax Pass Through
Entities 198
S Corporation Distribution Yields Can Be
Negative 201
Conclusion Regarding Tax Equivalent Yields 202
Assumption #2B: Expected Growth of Dividends (G()) 202
Assumption #2C: Timing of Dividend Receipt 203
Assumption #3A: The Expected Growth Rate in Value (G,.) 204
Factors Influencing the Expected Growth Rate in Value 204
Developing G,, 205
Sensitivity and G,, 207
Assumption #3B: Adjustments to the Terminal Value 209
Assumption #4: Required Holding Period (Rate of) Return
(RhP) 209
Market Evidence Regarding Holding Period Premiums 210
Restricted Stock Discounts 210
The Management Planning Study 212
Publicly Traded Partnership Returns 214
Venture Capital and Private Equity Returns 217
Estimating the Required Holding Period Return 219
The Framework for Estimating the Required Holding
Period Returns 221
Methodology for Developing the Required Holding
Period Return 222
Review of QMDM Assumptions 226
ViH CONTENTS
CHAPTER 9
Applying the QMDM 229
Introduction 229
Comprehensive Example of the QMDM in Use 229
The Specific QMDM Assumptions for the Example 231
The QMDM Results 234
The Conclusion Is Selected from Within a Range 235
Condensed QMDM Examples 238
Example #1: An Unleveraged Family Limited
Partnership Holding Land 238
Example #2: An Unleveraged Family Limited
Partnership Holding Commercial Real Estate and
Providing High Distributions 240
Example #3: A Leveraged Family Limited Partnership
Holding Commercial Real Estate 241
Example #4: A Rapidly Growing C Corporation Paying
No Dividends 242
Example #5: Mature C Corporation with Potential for
Near Term Sale 244
Summary of the Examples 246
The Uniform Standards of Professional Appraisal Practice
and the QMDM 247
CHAPTER 10
Application of the Integrated Theory to Tax Pass Through Entities 253
Introduction 253
The Nature of the S Corporation Benefit 254
The Enterprise Level Value of S Corporations 257
Other Observations Regarding Relative Value at the
Enterprise Level 259
The Shareholder Level Value of S Corporations 261
S Corporation Considerations for the QMDM Inputs 262
Forecast Period 263
Projected Interim Cash Flows 263
Projected Terminal Value (Growth in Value) 264
Discount Rate 265
Synthesis 266
Conclusion 269
Index 271 |
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| dewey-full | 658.15/5 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
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| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV023065199 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:30:25Z |
| indexdate | 2024-07-09T21:10:11Z |
| institution | BVB |
| isbn | 0470148160 9780470148167 |
| language | English |
| lccn | 2007008850 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016268412 |
| oclc_num | 85766273 |
| open_access_boolean | |
| owner | DE-945 DE-19 DE-BY-UBM DE-11 DE-188 |
| owner_facet | DE-945 DE-19 DE-BY-UBM DE-11 DE-188 |
| physical | XIV, 274 S. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Wiley |
| record_format | marc |
| spelling | Mercer, Z. Christopher Verfasser aut Business valuation an integrated theory Z. Christopher Mercer ; Travis W. Harms Valuing enterprise and shareholder cash flows 2. ed. Hoboken, NJ Wiley 2008 XIV, 274 S. txt rdacontent n rdamedia nc rdacarrier Rev. ed. of: Valuing enterprise and shareholder cash flows. Memphis : Peabody Pub., 2004. Unternehmen Business enterprises Valuation Corporations Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s b DE-604 Harms, Travis W. Verfasser aut Früher u.d.T. Mercer, Z. Christopher Valuing enterprise and shareholder cash flows http://www.loc.gov/catdir/toc/ecip0712/2007008850.html Table of contents only http://www.loc.gov/catdir/enhancements/fy0740/2007008850-b.html Contributor biographical information http://www.loc.gov/catdir/enhancements/fy0740/2007008850-d.html Publisher description HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016268412&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Mercer, Z. Christopher Harms, Travis W. Business valuation an integrated theory Unternehmen Business enterprises Valuation Corporations Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | Business valuation an integrated theory |
| title_alt | Valuing enterprise and shareholder cash flows |
| title_auth | Business valuation an integrated theory |
| title_exact_search | Business valuation an integrated theory |
| title_exact_search_txtP | Business valuation an integrated theory |
| title_full | Business valuation an integrated theory Z. Christopher Mercer ; Travis W. Harms |
| title_fullStr | Business valuation an integrated theory Z. Christopher Mercer ; Travis W. Harms |
| title_full_unstemmed | Business valuation an integrated theory Z. Christopher Mercer ; Travis W. Harms |
| title_old | Mercer, Z. Christopher Valuing enterprise and shareholder cash flows |
| title_short | Business valuation |
| title_sort | business valuation an integrated theory |
| title_sub | an integrated theory |
| topic | Unternehmen Business enterprises Valuation Corporations Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmen Business enterprises Valuation Corporations Valuation Unternehmensbewertung |
| url | http://www.loc.gov/catdir/toc/ecip0712/2007008850.html http://www.loc.gov/catdir/enhancements/fy0740/2007008850-b.html http://www.loc.gov/catdir/enhancements/fy0740/2007008850-d.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016268412&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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