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EBITDA Single-Period Income Capitalization for Business Valuation EBITDA单期收入资本化用于企业估值
Business Valuation Review Pub Date : 2016-12-28 DOI: 10.5791/0882-2875-35.3.86
Z. C. Mercer
{"title":"EBITDA Single-Period Income Capitalization for Business Valuation","authors":"Z. C. Mercer","doi":"10.5791/0882-2875-35.3.86","DOIUrl":"https://doi.org/10.5791/0882-2875-35.3.86","url":null,"abstract":"This article begins with a discussion of EBITDA, or earnings before interest, taxes, depreciation, and amortization. The focus on the EBITDA of private companies is almost ubiquitous among business appraisers, business owners, and other market participants. The article then addresses the relationship between depreciation (and amortization) and EBIT, or earnings before interest and taxes, as one measure of relative capital intensity. This relationship, which is termed the EBITDA Depreciation Factor, is then used to convert debt-free pretax (i.e., EBIT) multiples into corresponding multiples of EBITDA. The article presents analysis that illustrates why, in valuation terms (i.e., expected risk, growth, and capital intensity), the so-called pervasive rules of thumb suggesting that many companies are worth 4.0× to 6.0× EBITDA, plus or minus, exhibit such stickiness. The article suggests a technique based on the adjusted capital asset pricing model whereby business appraisers and market participants can indepen...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126416672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Two Theories of Control 两种控制理论
Business Valuation Review Pub Date : 2016-12-28 DOI: 10.5791/0882-2875-35.3.103
E. Sundheim, Jordan Sundheim
{"title":"Two Theories of Control","authors":"E. Sundheim, Jordan Sundheim","doi":"10.5791/0882-2875-35.3.103","DOIUrl":"https://doi.org/10.5791/0882-2875-35.3.103","url":null,"abstract":"This paper identifies two different theories of control premiums: One theory supposes control only benefits controlling shareholders; the other supposes control benefits all shareholders. We first ...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121453547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating Discounts for Lack of Marketability: Understanding Alternative Approaches—Put Options Versus Monetizing an Option Collar 估计缺乏适销性的折扣:理解替代方法-看跌期权与期权领圈货币化
Business Valuation Review Pub Date : 2016-12-28 DOI: 10.5791/0882-2875-35.3.81
Jay E. Fishman, B. O'rourke
{"title":"Estimating Discounts for Lack of Marketability: Understanding Alternative Approaches—Put Options Versus Monetizing an Option Collar","authors":"Jay E. Fishman, B. O'rourke","doi":"10.5791/0882-2875-35.3.81","DOIUrl":"https://doi.org/10.5791/0882-2875-35.3.81","url":null,"abstract":"The method for calculating a discount for lack of marketability (DLOM) has been a subject of debate for several years. Professionals have searched for alternatives to the traditional sources to quantify the DLOM. This search has led to increasing reliance on the use of financial derivatives to help determine a proxy for the DLOM. The most common derivative used to quantify DLOM is some form of put option. However, research is ongoing concerning the use of derivatives to estimate the DLOM. Recent literature has discussed the use of at-the-money collars and prepaid variable forward contracts to arrive at the DLOM. Another article in the spring 2015 edition of the Business Valuation Review takes a different position on how derivatives should be used to estimate a DLOM. This article highlights and discusses the differences between these approaches.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"341 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122045326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Stock-for-Stock Mergers: An Empirical Study of Fairness Determinations in Fairness Opinions 以股换股:公允意见中公平性决定的实证研究
Business Valuation Review Pub Date : 2016-12-01 DOI: 10.5791/BVR-D-16-00015.1
Gilbert E. Matthews
{"title":"Stock-for-Stock Mergers: An Empirical Study of Fairness Determinations in Fairness Opinions","authors":"Gilbert E. Matthews","doi":"10.5791/BVR-D-16-00015.1","DOIUrl":"https://doi.org/10.5791/BVR-D-16-00015.1","url":null,"abstract":"This study asks which valuation approaches and analyses are currently being used as the foundation for fairness opinions in stock-for-stock mergers involving US companies. An examination of the SEC's EDGAR database for the years 2009 through 2014 identified 146 proxy statements for stock-for-stock mergers containing 290 fairness opinions and descriptions of the approaches, methods, and analyses employed. We found that most opinions employed more than one approach, and that opinion providers (primarily investment bankers) determined the fairness of stock-for-stock mergers by considering relative analyses as well as customary valuation approaches. More than 90% of the fairness opinions utilized the two traditional ways to quantify going-concern value: the income and market approaches. In addition, more than 90% used one or more relative analyses. Relative analyses, which assess the relative fairness of the exchange ratios in a stock-for-stock merger, are applicable only when target shareholders continue to ...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128244622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Book ReviewThe Economics of Business Valuation: Towards a Value Functional Approach, authored by Patrick L. Anderson . Stanford, California: Stanford University Press, 2013. US$85, hardback. 《商业估值经济学:走向价值功能方法》，作者:帕特里克·安德森。斯坦福，加州:斯坦福大学出版社，2013。85美元,精装版。
Business Valuation Review Pub Date : 2016-12-01 DOI: 10.5791/BVR-D-16-00014.1
Gene A. Trevino
{"title":"Book ReviewThe Economics of Business Valuation: Towards a Value Functional Approach, authored by Patrick L. Anderson . Stanford, California: Stanford University Press, 2013. US$85, hardback.","authors":"Gene A. Trevino","doi":"10.5791/BVR-D-16-00014.1","DOIUrl":"https://doi.org/10.5791/BVR-D-16-00014.1","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121642078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Book ReviewA Consensus View—Q&A Guide to Financial Valuation, authored by James Hitchner , Shannon Pratt , and Jay E. Fishman . Ventnor City, New Jersey: VPS Valuation Productions and Services, LLC, 2016. Hardcover. 书评:James Hitchner, Shannon Pratt和Jay E. Fishman合著的《共识观点-财务估值问答指南》。Ventnor City, New Jersey: VPS Valuation Productions and Services, LLC, 2016。精装书。
Business Valuation Review Pub Date : 2016-07-01 DOI: 10.5791/0882-2875-35.2.74
Stephen J. Bravo
{"title":"Book ReviewA Consensus View—Q&A Guide to Financial Valuation, authored by James Hitchner , Shannon Pratt , and Jay E. Fishman . Ventnor City, New Jersey: VPS Valuation Productions and Services, LLC, 2016. Hardcover.","authors":"Stephen J. Bravo","doi":"10.5791/0882-2875-35.2.74","DOIUrl":"https://doi.org/10.5791/0882-2875-35.2.74","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128430534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Book ReviewThe Adviser’s Guide to Health Care, 2nd ed., authored by Robert James Cimasi and Todd A. Zigrang . New York, New York: American Institute of Certified Public Accountants, Inc., 2015. US$249, two-volume set, paperback. 书评:《医疗保健顾问指南》，第二版，罗伯特·詹姆斯·西马西和托德·a·齐朗合著。纽约，纽约:美国注册会计师协会，2015。249美元，两卷本，平装本。
Business Valuation Review Pub Date : 2016-07-01 DOI: 10.5791/0882-2875-35.2.72
Russell T. Glazer
{"title":"Book ReviewThe Adviser’s Guide to Health Care, 2nd ed., authored by Robert James Cimasi and Todd A. Zigrang . New York, New York: American Institute of Certified Public Accountants, Inc., 2015. US$249, two-volume set, paperback.","authors":"Russell T. Glazer","doi":"10.5791/0882-2875-35.2.72","DOIUrl":"https://doi.org/10.5791/0882-2875-35.2.72","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129888369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Part II: Appraiser vs. Real-World Debates: The Case for Using Private Capital Markets Data 第二部分:评估师与现实世界的争论:使用私人资本市场数据的案例
Business Valuation Review Pub Date : 2016-06-22 DOI: 10.5791/0882-2875-35.2.40
J. Paglia
{"title":"Part II: Appraiser vs. Real-World Debates: The Case for Using Private Capital Markets Data","authors":"J. Paglia","doi":"10.5791/0882-2875-35.2.40","DOIUrl":"https://doi.org/10.5791/0882-2875-35.2.40","url":null,"abstract":"In the 1st part of this series we focused on how appraisers and the real world have such differing views on ‘costs of capital,’ ‘capital access,’ and, thus, valuation. In Part I, entitled “Appraisers vs. Real World Debates: How many appraisers can dance on the head of the private capital market?,” I referenced that there is a considerable gap between reality and the hypothetical, which further limits the strategic value of business appraisals. In this article, we offer insights, data, and approaches to make cost of capital development more relevant.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122586300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Size Effect—It Is Still Relevant 规模效应——它仍然相关
Business Valuation Review Pub Date : 2016-06-22 DOI: 10.5791/0882-2875-35.2.62
R. Grabowski
{"title":"The Size Effect—It Is Still Relevant","authors":"R. Grabowski","doi":"10.5791/0882-2875-35.2.62","DOIUrl":"https://doi.org/10.5791/0882-2875-35.2.62","url":null,"abstract":"Practitioners commonly incorporate a size premium when developing their cost of capital estimates using the modified capital asset pricing model (MCAPM). This article is intended to correct common misconceptions about the size premium and demonstrate that data from recent periods support the continued use of a size premium.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130654341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
An “Enhanced Multiple” Corporate Valuation Model: Theory and Empirical Tests “增强型多重”公司估值模型:理论与实证检验
Business Valuation Review Pub Date : 2016-06-22 DOI: 10.5791/0882-2875-35.2.52
Bradford Cornell, Rajiv Gokhale
{"title":"An “Enhanced Multiple” Corporate Valuation Model: Theory and Empirical Tests","authors":"Bradford Cornell, Rajiv Gokhale","doi":"10.5791/0882-2875-35.2.52","DOIUrl":"https://doi.org/10.5791/0882-2875-35.2.52","url":null,"abstract":"In this article, we develop an enhanced corporate valuation model based on the implied cost of equity capital (ICC). We argue that the enhanced method extends the standard market multiples and discounted cash flow (DCF) methods to corporate valuation. Specifically, it incorporates positive aspects of the market comparables and DCF methods while mitigating the shortcomings of both. Unlike the traditional market comparables method, the enhanced method takes account of the full-term structure of earnings forecasts. Unlike the DCF method, it does not require estimation of the cost of equity capital. While other applications of the ICC, such as using it to estimate the cost of equity capital, are reported in the literature, our approach differs in that we do not treat the ICC as a discount rate, but rather as an enhanced multiple that allows estimation of equity value for a company based on publicly available information on projections and market prices for comparable companies and publicly available projectio...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121751393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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