tailieunhanh - Business Valuation and Taxes Procedure Law and Perspective phần 6

và / hoặc rủi ro của các công ty hướng dẫn cụ thể. Phân tích rủi ro là quan trọng bởi vì, những thứ khác là như nhau, cao hơn các nguy cơ, thấp hơn giá trị thị trường của công ty. Trong phương pháp thu nhập, cao hơn các nguy cơ, cao hơn tỷ lệ yêu cầu của thị trường dự kiến sẽ trở lại vào đầu tư. | 208 THE INCOME APPROACH Exhibit Optimum Software Estimation of Equity Value as of December 31 20X4 Capitalized Income Method Year 1 Net cash flow to invested capital WACC minus expected growth rate in perpetuity 1 Indicated value of business entity Less Market value of interest bearing debt 20X4 Indicated value of equity 2 723 734 41 268 703 564 844 40 703 859 Notes 1 WACC less the growth rate - . The is a blend of the short-term growth rate of 10 for 20X5-20X9 and the long-term rate of 5 after year 20X9. Market value of debt Book value of debt the market value of invested capital to arrive at the value of equity. If cash was deducted before the forecasted cash flows were computed it would be added back at this point. Capitalizing Net Cash Flow to Invested Capital Exhibit illustrates capitalizing the net cash flow to invested capital. This model assumes a percent growth in perpetuity a blending of the 10 percent growth for five years followed by a 5 percent growth thereafter using a readily available computer program and it subtracts this rate from the WACC to arrive at a capitalization rate of percent in our case. Just as in the discounting method when capitalizing net cash flow to invested capital the resulting value is the market value of all invested capital. The market value of debt as of the valuation date is subtracted from the market value of invested capital to arrive at the value of equity. Opinion of Value The application of the two methods of the income approach the discounted net cash flow method and the capitalized economic income method indicates values for the equity of Optimum Software of million and million respectively as shown in Exhibit . The analyst normally would not employ both the discounting and capitalization methods because the capitalization method is just a shortcut version of the discounting method and theoretically both should produce the same answer. The difference in this .