Valuation for M&A: building value in private companies
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2010
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 383 S. Ill., graph. Darst. |
| ISBN: | 9780470604410 |
Internformat
MARC
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| 246 | 1 | 3 | |a Valuation for M & A |
| 246 | 1 | 3 | |a Valuation for M and A |
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| 264 | 1 | |a Hoboken, NJ |b Wiley |c 2010 | |
| 300 | |a XV, 383 S. |b Ill., graph. Darst. | ||
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Datensatz im Suchindex
| _version_ | 1804142975010209792 |
|---|---|
| adam_text | Titel: Valuation for M A
Autor: Mellen, Chris M.
Jahr: 2010
Contents
Preface
Dedication and Acknowledgments
XI
XV
CHAPTER 1 Winning through Merger and Acquisition 1
Critical Values Shareholders Overlook 2
Stand-alone Fair Market Value 4
Investment Value to Strategic Buyers 5
Win-Win Benefits of Merger and Acquisition 7
CHAPTER 2 Building Value and Measuring Return on
Investment in a Private Company 13
Public Company Value Creation Model 13
Computing Private Company Value Creation and ROI 15
Analyzing Value Creation Strategies 30
CHAPTER 3 Competitive Analysis 37
Linking Strategic Planning to Building Value 39
Assessing Specific-Company Risk 40
Competitive Factors Frequendy Encountered
in Nonpublic Entities 45
Financial Analysis 46
Conclusion 51
CHAPTER 4 Merger and Acquisition Market and Planning Process 53
Common Seller and Buyer Motivations 55
Why Mergers and Acquisitions Fail 57
Sales Strategy and Process 58
Acquisition Strategy and Process 66
Due Diligence Preparation 77
Contents
CHAPTER 5 Measuring Synergies 81
Synergy Measurement Process 82
Key Variables in Assessing Synergies 85
Synergy and Advance Planning 86
CHAPTER 6 Exit Planning 89
Why Is Exit Planning So Difficult? 90
What Makes Planning for Your Private Company
Investment Unique? 93
Why Should Exit Planning for Your Private
Company Begin Now? 95
Exit Planning Process 96
Step 1: Setting Exit Goals 98
Step 2: Owner Readiness 99
Step 3: Type of Exiting Owner 100
Step 4: Exit Options 101
Step 5: Range of Values 105
Step 6: Execution of Exit Plan 107
CHAPTER 7 Valuation Approaches and Fundamentals 109
Business Valuation Approaches 109
Using the Invested Capital Model to Define
the Investment Being Appraised 111
Why Net Cash Flow Measures Value
Most Accurately 112
Frequent Need to Negotiate from Earnings Measures 114
Financial Statement Adjustments 117
Managing Investment Risk in Merger and Acquisition 120
Conclusion 125
CHAPTER 8 Income Approach: Using Rates and Returns
to Establish Value 127
Why Values for Merger and Acquisition Should
Be Driven by the Income Approach 127
Two Methods within the Income Approach 129
Three-Stage DCF Model 134
Establishing Defendable Long-term Growth Rates
and Terminal Values 135
Contents
vu
CHAPTER 9 Cost of Capital Essentials for Accurate Valuations 141
Cost of Debt Capital 142
Cost of Preferred Stock 143
Cost of Common Stock 144
Fundamentals and Limitations of the Capital
Asset Pricing Model 145
Modified Capital Asset Pricing Model 148
Build-up Model 149
Summary of Ibbotson Rate of Return Data 155
Private Cost of Capital 156
International Cost of Capital 158
How to Develop an Equity Cost for a Target Company 158
CHAPTER 10 Weighted Average Cost of Capital 163
Iterative Weighted Average Cost of Capital Process 164
Shortcut Weighted Average Cost of Capital Formula 168
Common Errors in Computing Cost of Capital 170
CHAPTER 11 Market Approach: Using Guideline Companies
and Strategic Transactions 173
Merger and Acquisition Transactional Data Method 174
Guideline Public Company Method 178
Selection of Valuation Multiples 181
Market Multiples Commonly Used 183
CHAPTER 12 Asset Approach 189
Book Value versus Market Value 190
Premises of Value 191
Use of the Asset Approach to Value
Lack-of-Control Interests 191
Adjusted Book Value Method 192
Treatment of Nonoperating Assets or Asset
Surpluses or Shortages 197
Specific Steps in Computing Adjusted Book Value 197
CHAPTER 13 Adjusting Value through Premiums
and Discounts 199
Applicability of Premiums and Discounts 200
VU1
Contents
Application and Derivation of Premiums
and Discounts 201
Apply Discretion in the Size of the Adjustment 203
Control versus Lack of Control
in Income-driven Methods 204
Fair Market Value versus Investment Value 205
CHAPTER 14 Reconciling Initial Value Estimates and
Determining Value Conclusion 207
Essential Need for Broad Perspective 207
Income Approach Review 210
Market Approach Review 215
Asset Approach Review 216
Value Reconciliation and Conclusion 218
Checks to Value 220
Candidly Assess Valuation Capabilities 221
CHAPTER 15 Art of the Deal 223
Unique Negotiation Challenges 223
Deal Structure: Stock versus Assets 225
Terms of Sale: Cash versus Stock 231
Bridging the Gap 233
See the Deal from the Other Side 236
CHAPTER 16 M A and Financial Reporting 239
U.S. GAAP and IFRS 240
Relevant FASB and IFRS Statements 241
Reviews by the Audit Firm 242
ASC 820: Fair Value Measurements (SFAS 157) 243
ASC 805: Business Combinations (SFAS 141(R)) 246
ASC 350: Goodwill and Other Intangible
Assets (SFAS 142) 255
Incorporating ASC 805 (SFAS 14l(R)) into the
Due Diligence Process 257
References 260
CHAPTER 17 Intangible Asset Valuation 263
Approaches to Valuing Intangible Assets 264
Key Components to Intangible Asset Valuation 266
Contents
Intangible Asset Valuation Methods
Conclusion
275
284
CHAPTER 18 Measuring and Managing Value in High-Tech Start-ups 285
Why Appraisals of High-Tech Start-ups Are Essential 285
Key Differences in High-Tech Start-ups 287
Value Management Begins with Competitive Analysis 288
Stages of Development 290
Risk and Discount Rates 292
Start-ups and Traditional Valuation Methods 293
QED Survey of Valuation Methods Used
by Venture Capitalists 298
A Probability-Weighted Scenario Method
to Value Start-ups 303
Equity Allocation Methods 309
Conclusion 311
CHAPTER 19 Cross-Border M A 313
Strategic Buy-Side Considerations 313
Due Diligence 322
Sell-Side Considerations 326
CHAPTER 20 Merger and Acquisition Valuation Case Study 329
History and Competitive Conditions 330
Potential Buyers 331
General Economic Conditions 332
Specific Industry Conditions 333
Growth 334
Computation of the Stand-alone Fair Market Value 334
Computation of Investment Value 348
Suggested Considerations to Case Conclusion 356
About the Authors 359
Index 361
|
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV036476409 |
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| indexdate | 2024-07-09T22:40:18Z |
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| isbn | 9780470604410 |
| language | English |
| lccn | 2010004440 |
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| physical | XV, 383 S. Ill., graph. Darst. |
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| spelling | Mellen, Chris M. Verfasser aut Valuation for M&A building value in private companies Chris M. Mellen ; Frank C. Evans Valuation for M & A Valuation for M and A 2. ed. Hoboken, NJ Wiley 2010 XV, 383 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporations / Valuation Consolidation and merger of corporations Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Fusion (DE-588)4071520-6 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 s Fusion (DE-588)4071520-6 s DE-604 Unternehmensbewertung (DE-588)4078594-4 s 1\p DE-604 Evans, Frank C. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020348004&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Mellen, Chris M. Evans, Frank C. Valuation for M&A building value in private companies Corporations / Valuation Consolidation and merger of corporations Unternehmensbewertung (DE-588)4078594-4 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Fusion (DE-588)4071520-6 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4205916-1 (DE-588)4071520-6 |
| title | Valuation for M&A building value in private companies |
| title_alt | Valuation for M & A Valuation for M and A |
| title_auth | Valuation for M&A building value in private companies |
| title_exact_search | Valuation for M&A building value in private companies |
| title_full | Valuation for M&A building value in private companies Chris M. Mellen ; Frank C. Evans |
| title_fullStr | Valuation for M&A building value in private companies Chris M. Mellen ; Frank C. Evans |
| title_full_unstemmed | Valuation for M&A building value in private companies Chris M. Mellen ; Frank C. Evans |
| title_short | Valuation for M&A |
| title_sort | valuation for m a building value in private companies |
| title_sub | building value in private companies |
| topic | Corporations / Valuation Consolidation and merger of corporations Unternehmensbewertung (DE-588)4078594-4 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Fusion (DE-588)4071520-6 gnd |
| topic_facet | Corporations / Valuation Consolidation and merger of corporations Unternehmensbewertung Mergers and Acquisitions Fusion |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020348004&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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