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Business Valuation

An Integrated Theory
BuchGebunden
512 Seiten
Englisch
Wiley & Sonserschienen am26.11.20203. Aufl.
A guide that demystifies modern valuation theory and shows how to apply fundamental valuation concepts The revised and updated third edition of Business Valuation: An Integrated Theory explores the core concepts of the integrated theory of business valuation and adapts the theory to reflect how the market for private business actually works. In this third edition of their book, the authors-two experts on the topic of business valuation-help readers translate valuation theory into everyday valuation practice. This important updated book: Includes an extended review of the core concepts of the integrated theory of business valuation and applies the theory on a total capital basisExplains typical valuation discounts (marketability and minority interest) and premiums (control premiums) in the context of financial theory, institutional reality and the behavior of market participantsExplores evolving valuation perspectives in the context of the integrated theoryWritten by two experts on valuation theory from Mercer Capital The third edition of Business Valuation is the only book available regarding an integrated theory of business valuation-offering an essential, unprecedented resource for business professionals.mehr
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Produkt

KlappentextA guide that demystifies modern valuation theory and shows how to apply fundamental valuation concepts The revised and updated third edition of Business Valuation: An Integrated Theory explores the core concepts of the integrated theory of business valuation and adapts the theory to reflect how the market for private business actually works. In this third edition of their book, the authors-two experts on the topic of business valuation-help readers translate valuation theory into everyday valuation practice. This important updated book: Includes an extended review of the core concepts of the integrated theory of business valuation and applies the theory on a total capital basisExplains typical valuation discounts (marketability and minority interest) and premiums (control premiums) in the context of financial theory, institutional reality and the behavior of market participantsExplores evolving valuation perspectives in the context of the integrated theoryWritten by two experts on valuation theory from Mercer Capital The third edition of Business Valuation is the only book available regarding an integrated theory of business valuation-offering an essential, unprecedented resource for business professionals.
Details
ISBN/GTIN978-1-119-58309-7
ProduktartBuch
EinbandartGebunden
Erscheinungsjahr2020
Erscheinungsdatum26.11.2020
Auflage3. Aufl.
Seiten512 Seiten
SpracheEnglisch
Artikel-Nr.50791685
Rubriken
GenreWirtschaft

Inhalt/Kritik

Inhaltsverzeichnis
Introduction xiii What´s New in the Third Edition? xiv Who Should Read This Book? xvii Part One Conceptual Overview of the Integrated Theory Chapter 1 The World of Value 3 Introduction 3 Common Questions 3 The World of Value 4 The Organizing Principles 5 Summary 16 Chapter 2 The Integrated Theory (Equity Basis) 19 Introduction 19 Common Questions 20 The Fundamental Valuation Model 21 The Conceptual Levels of Value 23 Symbolic Notation for the Integrated Theory 27 The Marketable Minority Interest Level of Value 29 Introduction to the Control Levels of Value 35 Strategic Control Level of Value 51 Firmwide Levels versus the Shareholder Level of Value 58 The Nonmarketable Minority Level of Value 60 The Integrated Theory of Business Valuation on an Equity Basis 67 Summary 67 Chapter 3 The Integrated Theory (Enterprise Basis) 71 Introduction 71 Comparing the Levels of Value: Equity and Enterprise Bases 73 Final Comparisons of the Equity and Enterprise Bases 77 Summary 79 Part Two Valuing Enterprise Cash Flows Chapter 4 Income Approach (Cash Flows) 83 Introduction 83 Reconciling Single-Period Capitalization and Discounted Cash Flow Methods 84 Defining Enterprise Cash Flows 90 Defining Equity Cash Flows 95 Reinvestment Rates and Interim Growth Rates 99 Terminal Growth Rates 104 Expected Cash Flows and the Integrated Theory 108 Marketable Minority Interest Level: Public Company Equivalent 115 Financial Control Level: Private Equity Cash Flows 124 Strategic Control Level: Strategic Acquirer Cash Flows 128 Assessing the Reasonableness of Projected Enterprise Cash Flows 136 Conclusion 139 Chapter 5 Income Approach (Discount Rate) 141 Introduction 141 Return Basics: Realized versus Required Returns 142 Components of the Weighted Average Cost of Capital 148 Market Participants and the WACC 165 The Levels of Value and the WACC 169 Assessing Overall Reasonableness 175 Chapter 6 Market Approach (Guideline Public Companies) 177 Introduction 177 Relationship of the Income and Market Approaches 178 What Do Observed Public Company Valuation Multiples Mean? 180 Adjusting Valuation Multiples for Differences in Risk and Growth 199 Guideline Public Company Multiples and the Enterprise Levels of Value 214 Assessing Overall Reasonableness 219 Chapter 7 Market Approach (Guideline Transactions) 221 Introduction 221 Attributes of Guideline Transaction Data 222 Drawing Valuation Inferences from Guideline Transaction Data 225 Minority Interest Discounts Inferred from Observed Control Premiums 240 Guideline Transaction Multiples and the Levels of Value 242 Assessing Overall Reasonableness 244 Appendix 7-A: A Historical Perspective on the Control Premium and Minority Interest Discount 247 Part Three Valuing Shareholder Cash Flows Chapter 8 Restricted Stock Discounts and Pre-IPO Studies 271 Introduction 271 An Overview of Restricted Stock Discounts 275 Review of the FMV/Stout Restricted Stock Database 306 Pre-IPO Discounts 317 Conclusion 325 Chapter 9 Introduction to the QMDM (Quantitative Marketability Discount Model) 327 Introduction 327 Potential Valuation Approaches at the Shareholder Level 328 A Shareholder Level Discounted Cash Flow Model in Outline 331 Economic Factors Giving Rise to the Marketability Discount 338 Conclusion 346 Appendix 9-A: Liquidity and Marketability 349 Chapter 10 The QMDM Assumptions in Detail 359 Introduction 359 Assumption 1: Expected Holding Period for the Investment (HP) 360 Assumption 2A: Expected Dividend Yield (D %) 368 Assumption 2B: Expected Growth of Dividends (GD) 377 Assumption 2C: Timing of Dividend Receipt 378 Assumption 3A: The Expected Growth Rate in Value (GV) 379 Assumption 3B: Adjustments to the Terminal Value 385 Assumption 4: Required Holding Period Return (Rhp) 385 Conclusion 399 Chapter 11 Applying the QMDM 401 Introduction 401 Comprehensive Example of the QMDM in Use 401 Condensed QMDM Examples 414 The Uniform Standards of Professional Appraisal Practice and the QMDM 427 Chapter 12 Applying the Integrated Theory to Tax Pass-Through Entities 435 Introduction 435 The Nature of the S Corporation Benefit 437 The Firmwide Level Value of S Corporations 440 Other Observations Regarding Relative Value at the Firmwide Levels 443 The Shareholder Level Value of S Corporations 446 S Corporations and the Tax Cuts and Jobs Act of 2017 458 Conclusion 467 About the Authors 469 Index 477mehr

Autor

Z. CHRISTOPHER MERCER, FASA, CFA, ABAR, is the founder and CEO of Mercer Capital. A nationally renowned author, speaker, and business valuator, Mr. Mercer's interests include the valuation of privately held and public companies, as well as litigation engagements in which valuation questions require analysis.

TRAVIS W. HARMS, CFA, CPA/ABV, is the leader of Mercer Capital's Family Business Advisory Services Group. He focuses primarily on providing financial, strategic, and valuation consulting to multi-generational family businesses. Mr. Harms regularly speaks and writes on valuation and related topics for family business owners and their advisors.