By James R. Hitchner
A one-stop source for either newcomers and skilled practitioners
Comprehensive monetary valuation calls for the mastery of numerous capabilities to be hired in a number of valuation occasions. The monetary Valuation Workbook applies valuation conception to real-world company environments, offering an in depth case research, types, and workouts which could reduce the novice’s studying curve in part and support skilled practitioners in larger organizing the valuation strategy.
The Workbook follows the valuation engagement layout, equipped by means of general, simply identifiable sections that let for simple reference via all pros. This obtainable, authoritative textual content:
- Covers step-by-step the intricacies of getting ready a reputable valuation
- Guides the fewer skilled valuation practitioner via ideas and applications
- Includes a valuation approach flowchart
- Presents an prepared source of checklists, info requests, and different instruments to aid valuation practitioners in organizing their engagements
Authors James Hitchner and Michael Mard additionally comprise a bankruptcy of worthy ''ValTips'' submitted by means of twenty-five prime valuation specialists. CPAs, lawyers, appraisers, merger and acquisition execs, and MBA applicants will locate the monetary Valuation Workbook to be a vital source.
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Extra info for Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation
__________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ A marketability discount is intended, among other things, to account for the issues a controlling owner must face as he or she begins to liquidate his or her controlling interest in the company.
__________________________________________________________________ __________________________________________________________________ 33 Appraisal of Fair Market Value __________________________________________________________________ __________________________________________________________________ EXERCISE 47: Ibbotson data. Speciﬁc company risk premiums can be determined from a. True b. False EXERCISE 48: Using the information in the text, calculate the cost of equity for LEGGO. Rs RPm RPs RPu Ke = = = = = Risk-free rate of return Risk premium common stock Risk premium small stock Company-speciﬁc risk premium Cost of equity = = = = = ____ ____ ____ ____ ____ The total of these four factors provides a net cost of equity, which is also called the equity rate, of 23% (rounded).
It is based on the fact and circumstances in each situation and is based in part on the distribution policy of the S corporation. EXERCISE 7: We are valuing a 100% controlling interest in LEGGO. The percentage of ownership of individual shareholders is not an issue here. However, assume we are valuing the 85% of Tom Proﬁt as opposed to the 100% in LEGGO. The value of an 85% interest in LEGGO would be based on 85% of the 100% control value in LEGGO. a. True b. False ANSWER: b. False An 85% interest in the company may not be equal to 85% of the 100% controlling interest value.
Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation by James R. Hitchner