合并中的财务(ppt63)英文版！-财务综合(编辑修改稿)

合并中的财务(ppt63)英文版！-财务综合(编辑修改稿)内容摘要：

• Share Option Unquoted Companies • Discount the P/E • Loss of Key Employees • Premium for controlling interest • Gearing The Valuation of Quoted amp。 Unquoted Companies Methods of Valuation • P/E Earnings Method • Accounting Rate of Return • Net assets method • Dividend yield method • CAPM (plus Div yield method) • Super Profits Method • Discounted Future Profits – Choice of method depends on size of shareholding being valued . reason for valuation The Valuation of Quoted amp。 Unquoted Companies Method of Valuation is dependent on decision criteria M e t ho d of V a l ua t i onP / EN e t A sse t sC o n t r o l l i n gI n t e r e stD i v i d e n dY i e l dN o n C o n t r o l l i n gI n t e r e stD e ci si o nC r e t e r i aThe Valuation of Quoted amp。 Unquoted Companies P/E Ratio Earnings Method of Valuation – P/E relates earnings per share to Share Value – P/E = Market Value per share Earnings per Share – Market Value per share = P/E * EPS – Market Value = Earnings * P/E The Valuation of Quoted amp。 Unquoted Companies P/E Ratio Earnings Method of Valuation – EPS can be historical of prospective (Exam) – Higher the P/E the higher the Price – High P/E may indicate: – Expectation of EPS future growth – Security of Earnings – Status – Quoted Company (P/E of Unquoted Co 50% of Quoted pany) The Valuation of Quoted amp。 Unquoted Companies P/E Ratio Earnings Method of Valuation Guidelines: • Unquoted Co P/E is ultimately negotiation : Look at • General economies and financial conditions • Type of industry and its prospects • Size of Co within the industry amp。 overall market • Marketability • Diversity of Shareholdings • Sustainability and reliability of Profits • Asset Backing and Liquidity • Nature of Assets • Gearing • Key Individual amp。 /or Skill reliance The Valuation of Quoted amp。 Unquoted Companies The Accounting Rate of Return Method Value = Estimated Future Profits Req. RoR on Cap Emp • Adjust Profits for changes post acquisition in: • Directors Remuneration • Interest Charges (Debt Restructuring) • Charge for notional Rent where existing properties will be sold • Product amp。 /or management rationalisation The Valuation of Quoted amp。 Unquoted Companies The Accounting Rate of Return Method • Used to determine the maximum Price as it represents desired return post acquisition The Valuation of Quoted amp。 Unquoted Companies Net Assets Method – Value of Shares in a particular class = The Net Tangible assets attributable to that class by the number of shares in that class – Exclude intangibles unless they have a market value – Asset values vary and this is the biggest difficulty with this method The Valuation of Quoted amp。 Unquoted Companies Net Assets Method • Professional Valuation。