tailieunhanh - valuation for m a building value in private companies p5

Vì vậy, các nhà cung cấp vốn thường xuyên sử dụng một giá trị không chính xác đầu tư của họ. • Các rủi ro tương đối của sự không chắc chắn đầu tư trở lại trong tương lai sẽ được nhận là không chính thức định lượng. Mặc dù | 114 Income Approach Using Rates and Returns to Establish Value company s return. Both computations assume that the return will grow at this rate forever so an unrealistic growth rate can substantially distort value. The factors most commonly considered in determining the growth rate include General economic conditions Growth expectation for the company s industry including consideration of growth expectations for industries in which the company s products are sold Synergistic benefits that could be achieved in an acquisition The company s historical growth rate Management s expectations as to future growth considering the company s competitive condition including changes in technology product lines markets pricing and sales and marketing techniques In evaluating these factors it is essential to keep in mind that the SPCM and the terminal value in the MPDM involve perpetual models they assume the returns extend to infinity. A good way to begin selection of the long-term growth rate is with consideration of macroeconomic factors. In the United States for example population growth is less than 2 and growth in gross national product is usually less than 3 . Thus the weighted average growth rate of all industries is about 3 in the long term. With this macroeconomic benchmark in mind move to the specific industry and determine its historical and forecasted long-term growth. From that if appropriate move to that segment of the industry in which the target company operates and perform a similar analysis. While national data can be used for companies that sell nationwide smaller firms that operate regionally or locally should be analyzed based on the performance in these specific areas. Remember that the growth rate chosen is applied to the company s return earnings or cash flow so product mix prices and margins should be used to assess the reasonableness of the growth rate chosen. Companies that possess a track record of double-digit growth reflect competitive advantages .