tailieunhanh - valuation for m a building value in private companies phần 8

Hãy xem xét phạm vi, có nghĩa là, và bội số trung bình của các công ty hướng dẫn của các hướng dẫn mục tiêu và tương tự ít nhất, và liệu công ty mục tiêu mạnh hơn hoặc yếu hơn so với tất cả nguyên tắc, và tại sao. | 210 Reconciling Initial Value Estimates Consider the range mean and median multiples of the guideline companies to which of the guidelines the target is most and least similar and whether the target company is stronger or weaker than all of the guidelines and why. ASSET APPROACH REVIEW Because the asset approach does not adequately recognize the profitability of a business it is frequently inappropriate in the appraisal of profitable companies. This method is used most often in the appraisal of asset-intensive companies or underperforming businesses that do not generate an adequate return on capital employed. In assessing the results of the asset approach review the following Consider whether the value determined is under a goingconcern premise or a premise of liquidation. The liquidation premise assumes the company will cease operations which generally renders use of the income or the market approach to be unreasonable. Consider whether the interest being appraised possesses the legal authority to execute a sale of assets. Because noncontrol interests typically lack this capacity the asset approach is seldom appropriate to appraise a minority interest of an operating company. Consider whether the company s value is derived primarily from ownership of its assets rather than from the results of its operations. This condition would support use of the asset approach. Consider the quality and reliability of the asset appraisals or other means under which the net asset value was determined. Although an asset approach may be an appropriate choice its reliability is dependent on accurate asset valuations. Consider whether any of the target company s assets are carried on its balance sheet at a low tax basis which could subject a buyer to a potential built-in gains tax on a subsequent sale. Asset Approach Review 211 Some Quick Checks to Make When Values from the Income Approach and the Market Approach Disagree The market approach generally should produce a value that .

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