tailieunhanh - Financial valuation Applications and Models phần 3

Doanh số trung bình ngày nổi bật của doanh số bán hàng tín dụng các biện pháp hiệu quả của phần mở rộng tín dụng của công ty và các chính sách thu. Chi phí hàng tồn kho của hàng bán Hàng tồn kho Hàng tồn kho doanh thu trung bình các biện pháp hiệu quả mà | Market Approach OVERVIEW The idea behind the market approach is that the value of a business often a small privately held firm can be determined by reference to reasonably comparable guideline companies sometimes called comparables or comps for which values are known. The values may be known because these companies are publicly traded or because they were recently sold and the terms of the transaction were disclosed. While data sources that provide financial and other information about guideline companies in a particular industry are useful for understanding industry norms they are useful for valuing businesses only if the underlying values of the businesses are known. The market approach is the most common approach employed by real estate appraisers. Real estate appraisers particularly those who specialize in residential real estate are fortunate in that they generally have tens or even hundreds of comps from which to choose. For a business valuation professional a large set of comps may be half a dozen. Questions to Consider What does comparable mean Does it imply being in the same industry as the subject How important is size and what measurement of size is relevant sales profits assets market capitalization Is location a significant factor How much weight should be given to financial ratios . profit margins current ratios etc. in the selection of guideline companies What about business and financial risks What are the key value indicators What do buyers of these kinds of businesses look at when determining what they will pay On what types of factors do investors in publicly traded companies focus revenues income cash flow number of clicks or assets What are the differences between the subject and the comps and how does one incorporate them into the analysis If all of the guideline companies were identical to one another and the subject company was identical to the guideline companies then its value would be equal to the values of the guideline companies all