Metoda sferei opțiunilor reale
The WACC method determines the subject company's actual cost of capital by calculating the weighted average of the company's cost of debt and cost of equity. The WACC must be applied to the subject company's net cash flow to total invested capital.
Business valuation - Wikipedia
One of the problems with this method is that the valuator may elect to calculate WACC according to the subject company's existing capital structurethe average industry capital structureor the optimal capital structure. Such discretion detracts from the objectivity of this approach, in the minds of some critics. Indeed, since the WACC captures the risk of the subject business itself, the existing or contemplated capital structures, rather than industry averages, are the appropriate choices for business valuation.
Once the capitalization rate or discount rate is determined, it must be applied to an appropriate economic income stream: pretax cash flow, aftertax cash flow, pretax net incomeafter tax net income, excess earnings, projected cash flow, etc.
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The result of this formula is the indicated value before discounts. Before moving on to calculate discounts, however, the valuation professional must consider the indicated value under the asset and market approaches.
Careful matching of the discount rate to the appropriate measure of economic income is critical to the accuracy of the business valuation results. Net cash flow is a frequent choice in professionally conducted business appraisals.
The rationale behind this choice is that this earnings basis corresponds to the equity discount rate derived from the Build-Up or CAPM models: the returns obtained from investments in publicly traded companies can easily metoda sferei opțiunilor reale represented in terms of net cash flows. At the same time, the discount rates are generally also derived from the public capital markets data. Build-Up Method[ edit ] The Build-Up Method is a metoda sferei opțiunilor reale recognized method of determining the after-tax net cash flow discount rate, which in turn yields the capitalization rate.
The figures used in the Build-Up Method are derived from various sources. This method is called a "build-up" method because it is the sum of risks associated with various classes of assets.
It is based on the principle that investors would require a greater return on classes of assets that are more risky. The first element of a Build-Up capitalization rate is the risk-free ratewhich is the rate of return for long-term government bonds.
Investors who buy large-cap equity stockswhich are inherently more risky than long-term government bondsrequire a greater return, so the next element of the Build-Up method is the equity risk premium.
In determining a company's value, the long-horizon equity risk premium is metoda sferei opțiunilor reale because the Company's life is assumed to be infinite. The sum of the risk-free rate and the equity risk premium yields the long-term average market rate of return on large public company stocks. Similarly, investors who invest in small cap stockswhich are riskier than blue-chip stocksrequire a greater return, called the " size premium.
By adding the first three elements of a Build-Up discount rate, we can determine the rate of return metoda sferei opțiunilor reale investors would require on their investments in small public company stocks. These three elements of the Build-Up discount rate are known collectively as the " systematic risks. It arises from external factors and affect every type of investment in the economy. As a result, investors taking systematic risk are rewarded by an additional premium.
In addition to systematic risks, the discount rate must include " unsystematic risk " representing that portion of total investment risk that can be avoided through diversification. Public capital markets do not provide evidence of unsystematic risk since investors that fail to diversify cannot expect additional returns.
Unsystematic risk falls into two categories. One of those categories is the "industry risk premium". It is also known as idiosyncratic risk and can be observed by studying the returns of a group of companies operating in the same industry sector. Morningstar's yearbooks contain empirical data to quantify the risks associated with various industries, grouped by SIC industry code. The other category of unsystematic risk is referred to as "company specific risk. However, as of latenew research has been able to quantify, or isolate, this risk for publicly traded stocks through the use of Total Beta calculations.
Butler and K. While it is possible to isolate the company-specific risk premium as shown above, many appraisers just key in on the total cost of equity TCOE provided by the first equation.
It is similar to using the market approach in the income approach instead of adding separate and potentially redundant measures of risk in the build-up approach. The use of total beta developed by Aswath Damodaran is a relatively new concept. It is, however, gaining acceptance in metoda sferei opțiunilor reale business valuation Consultancy community since it is based on modern portfolio theory.
Total beta can help appraisers develop a cost of metoda sferei opțiunilor reale who were content to use their intuition alone when previously adding a purely subjective company-specific risk premium in the build-up approach. It is important to understand why this capitalization rate for small, privately held companies is significantly higher than the return that an investor might expect to receive from other common types of investments, such as money market accounts, mutual funds, or even real estate.
Those investments involve substantially lower levels of risk than opțiuni binare ing investment in a closely held company. Depository accounts are insured by the federal government up to certain limits ; mutual funds are composed of publicly traded stocks, for which risk can be substantially minimized through portfolio diversification.
Closely held companieson the other hand, frequently fail for a variety of reasons too numerous to name.
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Examples of the risk can be witnessed in the storefronts on every Main Street in America. There are no federal guarantees.
The risk of investing in a private company cannot be reduced through diversification, and most businesses do not own the type of hard assets that can ensure capital appreciation over time. This is why investors demand a much higher return on their investment in closely held businesses; such investments are inherently much more risky.
This paragraph is biased, presuming that by the mere fact that a company is closely held, it is prone towards failure. Asset-based approaches[ edit ] In asset-based analysis the value of a business is equal to the sum of its parts.
That is the theory underlying the asset-based approaches to business valuation. The asset approach to business valuation reported on the books of the subject company at their acquisition value, net of depreciation where applicable. These values must be adjusted to fair market value wherever possible. The value of a company's intangible assets, such as goodwill, is generally impossible to determine apart from the company's overall enterprise value.
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For this reason, the asset-based approach is not the most probative method of determining the value of going business concerns. In these cases, the asset-based approach yields a result that is probably lesser than the fair market value of the business. In considering an asset-based approach, the valuation professional must consider whether the shareholder whose interest is being valued would have any authority to access the value of the assets directly.
Shareholders own shares in a corporation, but not its assets, which are owned by the corporation. A controlling shareholder may have the authority metoda sferei opțiunilor reale direct the corporation to sell all or part of the assets it owns and to distribute the proceeds to the shareholder s. The non-controlling shareholder, however, lacks this authority and cannot access the value of the assets. As a result, the value of a corporation's assets is not the true indicator of value to a shareholder who cannot avail himself of that value.
The asset based approach is the entry barrier value and should preferably to be used in businesses having mature or declining growth cycle and is more suitable for capital intensive industry. Adjusted net book value may be the most relevant standard of value where liquidation is imminent or ongoing; where a company earnings or cash flow are nominal, negative or worth less than its assets; or where net book value is standard in the industry in which the company operates.
The adjusted net book value may also be used as a "sanity check" when compared to other methods of valuation, such as the income and market approaches Main article: Valuation using multiples The market approach to business valuation is rooted in the economic principle of competition: that in a free market the supply and demand forces will drive the price metoda sferei opțiunilor reale business assets to a certain equilibrium.
Buyers would not pay more for the business, and the sellers will not accept less, than the price of a comparable business enterprise. The buyers and sellers are assumed to be equally well informed and acting in their own interests to conclude a transaction.
It is similar in many respects to the "comparable sales" method that is commonly used in real estate appraisal.
The market price of the stocks of publicly traded companies engaged in the same or a similar line of business, whose shares are actively traded in a free and open market, can be a valid indicator of value when the transactions in which stocks are traded are sufficiently similar to permit meaningful comparison.
The difficulty lies in identifying public companies that are sufficiently comparable to the subject company for this purpose. Also, as for a private companythe equity is less liquid in other words its stocks are less easy to buy or sell than for a public companyits value is considered to be slightly lower than such a market-based valuation would give.
When there is a lack of comparison with direct competition, a meaningful alternative could be a vertical value-chain approach where the subject company is compared with, for example, a known downstream industry to have a good feel of its value by building useful correlations with its downstream companies.
Such comparison often reveals useful insights which help business analysts better understand performance relationship between the subject company and its downstream industry. For example, if a growing subject company is in an industry more concentrated than its downstream industry with a high degree of interdependence, one should logically expect the subject company performs better than the downstream industry in terms of growth, margins and risk.
Guideline Public Company method[ edit ] Guideline Public Company method entails a comparison of the subject company to publicly traded companies. The comparison is generally based on published data regarding the public companies' stock price and earnings, sales, or revenues, which is expressed as a fraction known metoda sferei opțiunilor reale a "multiple.
The public companies identified for comparison purposes should be algoritmi pentru tranzacționare to the subject company metoda sferei opțiunilor reale terms of industry, product lines, market, growth, margins and risk. However, if the subject company is privately owned, its value must be adjusted for metoda sferei opțiunilor reale of marketability.
This is usually represented by a discount, or a percentage reduction in metoda sferei opțiunilor reale value of the company when compared to its publicly traded counterparts.
This reflects the higher risk associated with holding stock in a private company. The difference in value can be quantified by applying a discount for lack of marketability.
Он нащупал в кармане пиджака пистолет. До сих пор Дэвиду Беккеру необыкновенно везло, и не следует и дальше искушать судьбу. Пиджак защитного цвета от него отделяли теперь уже только десять человек. Беккер шел, низко опустив голову. Халохот прокручивал в голове дальнейшие события.
This discount is determined by studying prices paid for shares of ownership in private companies that eventually offer their stock in a public offering.
Alternatively, the lack of marketability can be assessed by comparing the prices paid for restricted shares to fully marketable shares of stock of public companies. Option pricing approaches[ edit ] As abovein certain cases equity may be valued by applying the techniques and frameworks developed for financial optionsvia a real options framework.
In general, equity may be viewed as a call option on the firm,  and this allows for the valuation of troubled firms which may otherwise be difficult to analyse. Of course, where firm value is greater than debt value, the shareholders would choose to repay i. Thus analogous to out the money options which nevertheless have value, equity will may have value even if the value of the firm falls well below the face value of the outstanding debt—and this value can should be determined using the appropriate option valuation technique.
See also Merton model. A further application of this principle is the analysis of principal—agent problems ; metoda sferei opțiunilor reale see contract design under principal—agent problem. Certain business situations, and the parent firms in those cases, are also logically analysed under an options framework; see "Applications" under the Real options valuation references.
Just as a financial option gives its owner the right, but not the obligation, to buy or sell a security at a given price, companies that make strategic investments have the right, but not the obligation, to exploit opportunities in the future; management will of course only exercise where this makes economic sense. Thus, for companies facing uncertainty of this type, the stock price may should be seen as the sum of the value of existing metoda sferei opțiunilor reale i.
Compare PVGO. A common application is to natural resource investments. The value metoda sferei opțiunilor reale the resource is then the difference between the value of the asset and the cost associated with developing the resource. Where positive " in the money " management will undertake the development, and will not do so otherwise, and a resource project is thus effectively a call option.
A resource firm may should therefore also be analysed using the options approach. Metoda sferei opțiunilor reale, the value of the firm comprises the value of already active projects determined via DCF valuation or other standard techniques and undeveloped reserves as analysed using the real options framework.
See Mineral economics.
Product patents may also be valued as options, and the value of firms holding these patents—typically firms in the bio-sciencetechnologyand pharmaceutical sectors—can should similarly be viewed as the sum of the value metoda sferei opțiunilor reale products in place and the portfolio of patents yet to be deployed. See Patent valuation § Option-based method.
Similar analysis may be applied to options on films or other works of intellectual property and the valuation of film studios.
Cultural valuation method[ edit ] Besides mathematical approaches for the valuation of companies a rather unknown method includes also the cultural aspect.
The so-called Cultural valuation method Cultural Due Diligence seeks to combine existing knowledge, motivation and internal culture with the results of a net-asset-value method. Especially during a company takeover uncovering hidden problems is of high importance for a later success of the business venture.
Discounts and premiums[ edit ] The valuation approaches yield the fair market value of the Company as a whole. In valuing a minority, non-controlling interest in a business, however, the valuation professional must consider the applicability of discounts that affect such interests. Discussions of discounts and premiums frequently begin with a review of the "levels of value". There are three common levels of value: controlling interest, marketable minority, and non-marketable minority.
The intermediate level, marketable minority interest, is less than the controlling interest level and higher than the non-marketable minority interest level. The marketable minority interest level represents the perceived value of equity interests that are freely traded without any restrictions. Some of the prerogatives of control include: electing metoda sferei opțiunilor reale, hiring and firing the company's management and determining their compensation; declaring dividends and distributions, determining the company's strategy and line of metoda sferei opțiunilor reale, and acquiring, selling or liquidating the business.
An additional premium may be paid by strategic investors who are motivated by synergistic motives. Non-marketable, minority level is the lowest level on the chart, representing the level at which non-controlling equity interests in private companies are generally valued or traded.
This level of value is discounted because no ready market exists in which to purchase or sell interests. Private companies are less "liquid" than publicly traded companies, and transactions in private companies take longer and are more uncertain. Between the intermediate and lowest levels of the chart, there are restricted shares of publicly traded companies.
Despite a growing inclination of the IRS and Tax Courts to challenge valuation discounts, Shannon Pratt suggested in a scholarly presentation recently that tranzacționarea opțiunilor binare este legală discounts are actually increasing as the differences between public and private companies is widening. Publicly traded stocks have grown more liquid in the past decade due to rapid electronic trading, reduced commissions, and governmental deregulation.
These developments have not improved the liquidity of interests in private companies, however. Valuation discounts are multiplicative, so they must be considered in order. Control premiums and their inverse, minority interest discounts, are considered before marketability discounts are applied. Discount for lack of control[ edit ] The first discount that must be considered is the discount for lack of control, which in this instance is also a minority interest discount.
While it is not without valid criticism, Mergerstat control premium data and the minority interest discount derived therefrom is widely accepted within the valuation profession. Discount for lack of marketability[ edit ] A "discount for lack of marketability" DLOM may be applied to a minority block of stock to alter the valuation of that block.
Marketability is defined as the ability to convert the business interest into cash quickly, with minimum transaction and administrative costs, and with a high degree of certainty as to the amount of net proceeds. There is usually a cost and a time lag associated with locating interested and capable buyers of interests in privately held companies, because there is no established market of readily available buyers and sellers. Conversely, an interest in a private-held company is worth less because no established market exists.
It is the valuation professional's task to quantify the lack of marketability of an interest in a privately held company. Because, in this case, the subject interest is not a controlling interest in the Company, and the owner of that interest cannot compel liquidation to convert the subject interest to cash quickly, and no established market exists on which that interest could be sold, the discount for lack of marketability is appropriate. These studies include the restricted stock studies and the pre-IPO studies.