Financial valuation: applications and models
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2017
|
| Ausgabe: | Fourth edition |
| Schriftenreihe: | Wiley finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxxvii, 1251 Seiten Illustrationen |
| ISBN: | 9781119286608 |
Internformat
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Datensatz im Suchindex
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P№·
Contents
;!
About the Editor Kxi
About the Authors xxili
Acknowledgments xxxvii
Preface xvii
CHAPTER 1
Introduction to Financial Valuation 1
Who Values Businesses? 1
Purpose of a Valuation 2
Professional Valuation Organizations 3
Standards of Value 3
Premise of Value 6
Principles of Appraisal Practice 7
Dates 8
Approaches to Value 8
Valuation Procedures 9
Summary 9
Addendum 1—Valuation Checklist/Ready Reference
(Revenue Ruling 59-60) 10
Addendum 2—international Glossary of Business
Valuation Terms 18
Addendum 3—AICPA Glossary of Additional Terms, Statements
on Standards for Valuation Services VS Section 100 26
CHAPTER 2
Standards of Value 29
Introduction 29
How the Standard of Value Can Affect the Final “Number” 31
Premises of Value 32
Common Standards of Value 33
Common Operational Premises Underlying the Standard of Value 39
Application of Specific Standards of Value 40
Fair Value in Shareholder Dissent and Oppression 44
Control Premiums 46
Immediately Before 46
Unless Exclusion Would Be Inequitable 47
Extraordinary Circumstances 48
Current and Customary Techniques 48
viii
CONTENTS
Standard of Value in Divorce 50
Fair Value in Financial Accounting 55
Measurement 56
Conclusion 57
CHAPTER 3
Research and Its Presentation 59
Obtaining Internal Information 59
External Sources of Data 60
Research Techniques and Planning the Search 61
Information Sources: Business Financial Databases 65
Economic Research 66
Selected Sources of Economic Information 67
Industry Research 68
Selected Sources of Industry Information 68
Guideline Public Company and Guideline Company
Transactions Research 70
Sources for Guideline Public Company Data 70
Guideline Company Transactions Databases 71
Presenting Research in a Report 72
Cost of Capital Research 72
Other Sources of Information 74
Summary 75
CHAPTER 4
Financial Statement and Company Risk Analysis 77
Historical Financial Statement Analysis 77
Length of Financial History to be Used 78
Spreading Financial Statements in Columnar Format 78
Adjustments to Financial Statements 81
Normalization of Historical Financial Statements 81
Unusual, Nonrecurring, and Extraordinary Items 82
Nonoperating Items 83
Changes in Accounting Principle 84
Nonconformance with GAAP 84
Tax-Affecting the Earnings of Subchapter S Corporations and
Other Adjustments 85
Degree of Ownership Interest 86
Normalization Adjustments 86
Common Sizing Normalized Financial Statements 90
Ratio Analysis (Quantitative Analysis) 97
Comparative Analysis 98
Risk Analysis (Qualitative Analysis) 102
Macroenvironmental Analysis 108
Addendum 1—Commonly Used Financial Ratios:
Application to Ale’s Distributing 109
CHAPTER 5
Income Approach 117
Fundamental Theory 117
Basics of Income Approach—“A Fraction” 118
Contents
IX
Income Approach Methodologies 119
Normalization Process 120
Adjustments for Ownership Characteristics 120
Adjustments for GAAP Departures and Extraordinary,
Nonrecurring, and/or Unusual Items 123
Adjustments for Nonoperating Assets and Liabilities
and Related Income and Expenses 124
Adjustments for Taxes 125
Adjustments for Synergies from Mergers and Acquisitions 126
Determination of Future Benefit Stream (Cash Flows) 127
Defining the Benefit Stream 127
Defining Net Cash Flow 127
Use of Fiistorical Information 129
The Capitalized Cash Flow Method 135
The Discounted Cash Flow Method 138
Terminal Value 145
Capitalized Cash Flow Method (Revisited) 151
Excess Cash Flow Method 153
Best Practices 162
Conclusion 163
Addendum 1—Application of the Direct Equity Method (DEM)
and the Invested Capital Method (ICM) 164
Addendum 2—Dealing with Debt 171
Addendum 3—Best Practices: The Terminal Year of a
Discounted Cash Flow Model 177
CHAPTER 8
Cost of Capital/Rates of Return 185
Value Drivers 185
Relationship between Risk and Return 187
Characteristics of Cost of Capital 190
Weighted Average Cost of Capital 190
The Cost of Debt 192
The Cost of Equity 193
Risk-Free Rate (Rf) 197
Equity Risk Premium (RPm or ERP) 200
Beta 206
Industry Risk Premium 214
Size Premium (RPS) 217
Company-Specific Risk 222
Issues in Cost of Capital Application 231
Cost of Equity Case Study 232
Implied Returns from Market Data 232
Emerging Equity Models 241
Legacy Valuations: Using Ibbotson Data 244
Venture Capital Returns 245
Addendum 1—SPARC: Strategy/People/Architecture/Routines/Culture 250
Addendum 2—Twenty Ways to Calculate the Cost of Equity Capital:
A Case Study
261
X
CONTENTS
CHAPTER 7
International Cost ot Capital 271
Background 271
Estimating the Cost of Equity 274
Developing the WACC (Appreciating the Differences between
Debt and Equity) 278
Analysis of Multinational Corporations 280
Due Diligence: Company-Country-Currency-Sector Framework 282
Case Study 286
Technique for Considering a Large Portfolio of Countries 288
Conclusion 289
CHAPTER 8
Market Approach 281
Overview 291
Level of Value 295
Advantages and Disadvantages of the Market Approach 296
Understanding the Subject Company 298
Finding Guideline Companies 298
Sources of Transaction Data 300
The Direct Market Data Method 303
Guideline Company Transactions Method 304
Selecting Guideline Public Companies 306
Basic Financial Indicators 312
Comparing Guideline and Subject Data 313
Adjustments to the Guideline and Subject Companies 316
Concluding Remarks on Choosing Guideline Companies 323
Calculating Standard Pricing Multiples 323
Equity versus Invested Capital 324
Financial Statement Measures 325
Computing Multiples 328
Matching Price to Parameter 328
Dispersion of Pricing Multiples 329
Applying the Valuation Multiples 331
Adjusting Pricing Multiples for Differences in Growth 333
Adjusting the Guideline Multiples for Size 337
Summary 341
CHAPTER 9
Asset Approach 343
Theory 343
Application 344
Premise of Value 346
Control versus Minority 346
Built-In Gains Taxes 347
General Steps in the Asset Approach 352
Case Study 353
Best Practices 363
Addendum 1—Understanding Real Estate Appraisals 364
Addendum 2—Understanding Machinery and Equipment Appraisals 375
Contents xi
CHAPTER10
Haluation Discounts and Premiums 391
Levels of Value 392
Liquidity versus Marketability 395
Entity-Level versus Shareholder-Level Discounts 396
Controversial Issues 398
Discounts for Lack of Control 398
Levels of Noncontrolling Interests 401
Control Premiums 404
Alternative View on Premium for Control 408
Conclusion 409
Control and the Market Approach 410
Discounts for Lack of Marketability 411
DLOM on a Controlling Interest 412
Tax Court Cases 420
Empirical Evidence of Marketability Discounts 422
Applying Study Data 466
Quantitative Tools 468
Factors Influencing Marketability 481
Other Discounts 485
Premiums Accorded Voting versus Nonvoting Stock 491
Summary 493
CHAPTER 11
Report Writing 495
Valuation Engagements 495
USPAP Engagements 496
Types of Valuation Engagements and Related Reports 496
Detailed Valuation Report 497
Analysis of Risk 502
Other Business Valuation Reports 505
Addendum—Sample Valuation Report 507
History and Nature of Business 513
General Economic and Industry Outlook 516
Book Value and Financial Position 523
Projections 532
Approaches to Value 532
Income Approach 534
Cost of Capital 545
Market Approach 554
Guideline Public Company Method 554
Guideline Company Transactions Method 572
Reconciliation of Valuation Methods 575
Conclusion of Value 576
Appendix A—Assumptions and Limiting Conditions 576
Appendix B—Valuation Representation/Certification 580
Appendix C—Professional Qualifications of the Appraiser 581
Appendix D—Other Sources Consulted 582
Appendix E—Exhibits 582
xii
CONTENTS
CHAPTER 12
Business Valuation Standards 533
History of Valuation Standards *583
Government Action 584
Organization of the USPAP Standards 585
USPAP Business Valuation Standards (2016-2017) 586
Other Business Valuation Standards and Credentials 593
Summary 597
Addendum 1—Standards: A Summary of the AICPA’S BV Standards 598
CHAPTER 13
Valuation of Pass-Through Entities 607
Introduction 607
Background 608
Standard of Value 620
Controlling Interests in Pass-Through Entities 622
Applicable Tax Rates 635
Noncontrolling Interests in Pass-Through Entities 639
Treharne Model 640
Van Vleet Model 646
The S Corporation Economic Adjustment 648
The S Corporation Equity Adjustment Multiple 651
Mercer Model 655
Grabowski Model 664
Summary: Noncontrolling Interest in Pass-Through Entity Theory 674
Bibliography 677
CHAPTER 14
Estate, Gift, and Income Tax Valuations 631
Valuations in Estate and Gift Taxes 681
Selected Internal Revenue Code Provisions 682
Selected Treasury Regulations 683
Selected Revenue Rulings 686
Valuations for Income Taxes 716
CHAPTER 15
Valuation of Family Limited Partnerships 725
Family Limited Partnership Uses 726
Tax Advantages 727
How Family Limited Partnerships Are Formed 727
Other Characteristics of Family Limited Partnerships 728
State Law, Property Rights, and Their Importance to the
Valuation Process 729
Improper Formation can Create Problems for Partners 731
Valuation of Family Limited Partnership Interests 732
Preliminary Considerations 733
Valuation Process 750
Illustrative Case Study 752
Court Cases 759
Contents_____________ xjjj
CHAPTER 16
Summary of Tax Court Case Valuation Issues 779
Tax Court Opinions 779
SHIFTER 17
Shareholder Disputes 783
History of Shareholder Disputes 783
Causes of Action 784
Standard of Value 786
Valuation Date 789
Entire Fairness 790
Valuation Methodology 791
Valuation Adjustments 793
Some Relevant Court Cases 796
Court Case Caveats 799
Conclusion 800
CHAPTER 18
Employee Stock Ownership Plans 801
Introduction 801
Purposes 801
Requirements 802
Tax Considerations 802
Need for Valuation Services 804
Adequate Consideration and Standard of Value 805
Feasibility of Formation 807
ESOP Share Ownership Characteristics 811
Ongoing Operations 812
Accounting Standards for ESOP Companies with Acquisition Debt 816
ESOP Valuation Engagements 818
Regulatory Environment 825
Demand for Review Appraisal Services 826
Additional Information 826
CHAPTER 19
Valuation in the Divorce Setting 831
Standards of Value 831
Premise of Value 833
Goodwill—The Battleground for Divorce Valuations 834
Defining Goodwill 834
State Interpretations on Inclusion of Goodwill in the
Marital Estate 835
Personal versus Entity (Enterprise) Goodwill 836
Allocation of Goodwill as Personal or Entity 837
Applying the Factors to Separate Goodwill 838
Role of Noncompete Agreements in Determining Personal versus
Entity Goodwill 842
Trifurcation of Goodwill and the Concept of Tradeable
Personal Goodwill 843
Kiv
CONTENTS
Personal Goodwill in Commercial Businesses 844
Double Dipping in Divorce Cases 845
Valuation of the S Corporation and Other Pass-Through Entities 846
Restrictions on Data 847
Range versus Specificity 847
Professional Standards 847
Valuation Methodology and the Application of Discounts 849
Liquidity Myth in Pass-Through Entities 852
Divorce Valuation and Bankruptcy 852
Summary 852
CHAPTER 20
Valuation Issues in Small Businesses 853
Common Characteristics 853
Financial Statement Adjustments 856
Qualitative Factors Affecting Value 859
Valuation Methods 860
Reasonableness Tests 865
Summary 866
CHAPTER 21
Valuation Issues in Professional Practices 867
Types of Practices 868
Purpose of Valuation 871
Professional Goodwill and Practice Goodwill 871
Select Case Law for Marital Dissolution 873
Factors Affecting Value 875
Financial Statement Adjustments 879
Valuation Methods 883
Summary 887
CHAPTER 22
Reasonable Compensation B89
Purposes for Analysis 890
Types of Compensation 893
Assessing Compensation 896
Methods of Calculating Reasonable Compensation 900
Divorce and the “Double Dip” 904
Personal Goodwill 906
Reasonable Compensation Job Aid for 1RS Valuation Professionals 907
Conclusion 910
CHAPTER 23
The Valuator as Expert Witness 911
Introduction 911
Pre-Engagement Considerations 913
United States Requirements and Procedures Applicable to
Expert Witnesses 914
Daubert Motion 916
The Ikarian Reefer 919
Contents
XV
Canadian Requirements Applicable to Expert Witnesses 920
“Rules” for the Testifying Expert When on the Witness Stand 922
Conclusion 929
CHAPTER 24
Fill* Value Measurement and the Valuation of Intangible Assets 931
Introduction 931
Nature of Intangible Assets 932
Reasons to Value Intangibles 934
Fair Value Measurement 934
Business Combinations 939
Intangibles: Risk and Return 944
Valuation Approaches to Intangibles 945
Cost Approach 946
Market Approach 949
Income Approach 952
Amortization Benefit 957
In-Process Research and Development 959
Goodwill 960
Financial Reporting Disclosures 967
Statements on Standards for Valuation Services VS Section 100 968
Case Study: Determining the Value of Goodwill and Other
Intangible Assets in a Business Combination 970
CHAPTER 25
Marketing, Managing, and Making Money in a Valuation Services Group 1007
Purpose and Overview 1007
CHAPTER 26
Business Damages 1009
General Considerations in Damages Calculations 1009
Legal Principles Governing Damages 1010
Measurement of Damages 1016
Can Lost Profits Exceed the Fair Market Value of the Business? 1028
Considerations in Intellectual Property Damages 1029
Considerations in Securities Class Action Litigation 1036
Conclusion 1040
CHAPTER 27
Other Valuation Service Areas 1043
A: Valuation for Public Companies and/or Financial Reporting 1043
B: Valuation Issues in Buy-Sell Agreements 1043
C: Valuing Debt 1044
D: Valuation Issues in Preferred Stock 1044
E: Restricted Stock Valuation 1044
F: Valuation of Early-Stage Technology Companies 1044
G: Valuation Issues Related to Stock Options and Other
Share-Based Compensation 1044
H: Real Option Valuations 1045
I: Maximizing Shareholder Value 1045
XVI
CONTENTS
CHAPTER 28
Valuation ol Healthcare Service Businesses 1047
Background 1051
Industry Factors 1054
Standard of Value 1066
Considerations for Valuing Healthcare Entities 1067
Valuation Process 1068
Control Premiums and Minority Discounts 1074
Discounts for Lack of Marketability 1075
Valuation Issues for Specific Healthcare Industry Niches 1076
Public and Private Healthcare Services Companies by Niche 1087
CHAPTER 29
Determination ol Compensation in the Healthcare Industry 1089
Background on Drivers of Compensation Assignments 1089
Regulatory Guidance 1090
Applicable Valuation Standards 1092
Compensation Elements 1092
Sources of Data 1096
Documentation 1097
Conclusion 1097
CHAPTER 30
Special Industry Valuations 1099
Construction 1099
Oil and Gas Exploration and Production Valuations 1111
Radio 1124
Cable TV 1132
Restaurants 1144
Bars and Nightclubs 1162
Addendum 1—An Interview with a Business Broker-Valuator 1168
CHAPTER 31
Valuation Views and Controversial Issues: An Illustration 1179
The Report 1179
Introduction 1182
Regional Economic Data (as of September 1, 20X5) 1189
Local Economy 1189
Industry О utlook 1190
Financial Analysis of the Company 1192
Appraisal of Fair Market Value 1200
Reconciliation of Valuation Methods 1223
About the Website j 22g
Index
1229
|
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| genre | 1\p (DE-588)4143413-4 Aufsatzsammlung gnd-content |
| genre_facet | Aufsatzsammlung |
| id | DE-604.BV044355830 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T07:50:38Z |
| institution | BVB |
| isbn | 9781119286608 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029758482 |
| oclc_num | 1002266774 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-M382 |
| owner_facet | DE-355 DE-BY-UBR DE-M382 |
| physical | xxxvii, 1251 Seiten Illustrationen |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | Wiley |
| record_format | marc |
| series2 | Wiley finance |
| spelling | Hitchner, James R. Verfasser aut Financial valuation applications and models James R. Hitchner Fourth edition Hoboken, NJ Wiley 2017 xxxvii, 1251 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Wiley finance Lehrbuch / Textbook - 28 Unternehmensbewertung / Theorie / USA Corporations Valuation Methode (DE-588)4038971-6 gnd rswk-swf Risikoanalyse (DE-588)4137042-9 gnd rswk-swf Bilanzanalyse (DE-588)4069453-7 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf 1\p (DE-588)4143413-4 Aufsatzsammlung gnd-content Unternehmensbewertung (DE-588)4078594-4 s Risikoanalyse (DE-588)4137042-9 s Methode (DE-588)4038971-6 s DE-604 Bilanzanalyse (DE-588)4069453-7 s 2\p DE-604 Erscheint auch als Online-Ausgabe, epub 978-1-119-31231-4 Erscheint auch als Online-Ausgabe, epdf 978-1-119-31233-8 Erscheint auch als Online-Ausgabe, obook 978-1-119-36281-4 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029758482&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 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Hitchner, James R. Financial valuation applications and models Lehrbuch / Textbook - 28 Unternehmensbewertung / Theorie / USA Corporations Valuation Methode (DE-588)4038971-6 gnd Risikoanalyse (DE-588)4137042-9 gnd Bilanzanalyse (DE-588)4069453-7 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4038971-6 (DE-588)4137042-9 (DE-588)4069453-7 (DE-588)4078594-4 (DE-588)4143413-4 |
| title | Financial valuation applications and models |
| title_auth | Financial valuation applications and models |
| title_exact_search | Financial valuation applications and models |
| title_full | Financial valuation applications and models James R. Hitchner |
| title_fullStr | Financial valuation applications and models James R. Hitchner |
| title_full_unstemmed | Financial valuation applications and models James R. Hitchner |
| title_short | Financial valuation |
| title_sort | financial valuation applications and models |
| title_sub | applications and models |
| topic | Lehrbuch / Textbook - 28 Unternehmensbewertung / Theorie / USA Corporations Valuation Methode (DE-588)4038971-6 gnd Risikoanalyse (DE-588)4137042-9 gnd Bilanzanalyse (DE-588)4069453-7 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Lehrbuch / Textbook - 28 Unternehmensbewertung / Theorie / USA Corporations Valuation Methode Risikoanalyse Bilanzanalyse Unternehmensbewertung Aufsatzsammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029758482&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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