tailieunhanh - valuation for m a building value in private companies p10

Phương pháp này được sử dụng thường xuyên nhất trong việc thẩm định tài sản công ty hoặc các doanh nghiệp hoạt động kém hiệu quả mà không tạo ra một sự trở lại đầy đủ về vốn sử dụng. Trong đánh giá kết quả của cách tiếp cận tài sản, xem xét sau đây: | 274 Merger and Acquisition Valuation Case Study Exhibit 16-11 Stand-Alone Fair Market Value Implied Multiple of Adjusted EBIT EBITDA in thousands Year 5 Implied EBIT Multiple Implied EBITDA Multiple Normalized EBIT for Year 5 7 650 Normalized EBITDA for Year 5 9 250 were adequately similar to Cardinal to determine value based on the price paid for alternative investments in the public markets. The guideline public company method employs the invested capital model where returns to debt and equity include EBIT EBITDA and revenues. These returns are compared to the market value of invested capital MVIC rather than the equity price per share because the returns are to debt and equity. Based on research and analysis of the guideline companies considering their performance and strategic strengths and weaknesses along with industry conditions and trends they were compared to Cardinal based on various operational performance measures. The following ratios were computed for each of the guideline companies including the mean and median for each ratio MVIC to EBIT MVIC to EBITDA MVIC to Revenues To begin the search for guideline companies we selected the following criteria Public Guideline Companies Industry SIC 2841 Printing and Publishing Size Annual sales between million and 750 million within a factor of 10 times the size of Cardinal Time Transactions as of the valuation date Type Minority interest transactions Computation of the Stand-Alone Fair Market Value 275 Status Profitable companies financially solvent and reasonably leveraged that are freely and actively traded Growth Companies whose recent historical growth rates and forecasted growth rates are reasonably similar Domicile . corporations The guideline companies that were selected are Guideline Companies Name Latest Fiscal Year Latest Fiscal Year Sales CRP Publications 12 31 Year5 144 496 402 Night Rider Inc. 9 30 Year 5 66 851 000 Industry Trends 6 30 Year 5 597 165 000 Hanover Media 3 31 Year5 .