tailieunhanh - Financial valuation Applications and Models phần 5

trước khi IPO một là 44 và 43,% tương ứng. Trong giai đoạn gần đây nhất nghiên cứu, tháng 11 năm 1995 đến tháng 4 năm 1997, chiết khấu trung bình là 43% và giảm giá trung bình là 42% (xem Phụ lục 8,9).Bằng chứng thực nghiệm Giảm giá tiếp thị | 394 REPORT WRITING What support did the analyst provide for not utilizing this well-accepted methodology Application of the method requires finding companies sufficiently comparable. Many companies share SICs with the subject but further analysis was the key. The company has a narrow focus and market niche which was not in line with the public companies. Again the analyst documents the reasons for ultimately not applying the method. Doing this helps the reader understand the unique nature of the business and why reliance must be placed on other methodologies. Analysis and judgment may have revealed companies an analyst believes to be sufficiently similar for application of this method. Going back to RR 59-60 we see that the use of the method is supported. We also know that the terms same or similar as they apply to publicly traded companies have been widely interpreted by the courts and by analysts. Guideline Company Transaction Method The guideline company transaction method is very similar to the guideline public company method. In this method the subject company is compared to similar companies that have recently been purchased. We searched the following sources for information on relevant purchases of public and private companies within the above-stated SIC classifications The transaction database of the Institute of Business Appraisers IBA Pratt s Stats The acquisitions database of Thomson Financial Securities Data Corporation SDC Houlihan Lokey Howard Zukin s Mergerstat Review within the Instruments classifications Our sources which consist of transactions occurring on a national basis located transactions within Acme s general industry group. The analyst documents consideration of utilizing private company transaction multiples and indicates the limitations of the method. Why were the located comparative transactions not used They were for acquisitions of controlling interests and synergistic considerations may be reflected in the prices. This may move the .