The method will give more reliable data on the value of the enterprise if it has recently emerged and has significant tangible assets. The capital market method is based on the valuation of minority stakes. Exam materials for the discipline
1. In the analysis of costs in the method of discounted cash flow should be considered:
2. What is the method used in the evaluation of the business, where the value of the company in liquidation is higher than the current?
3. Has the effect on the risk level of the enterprise?
4. The yield of the business can be determined by:
5. The evaluator indicates the valuation date of the object in the evaluation report, following the principle:
6. To assess the value of the invention is often used:
7. What is the estimated multiplier is calculated similarly to the unit price index of income?
8. The method of "prospective sale" based on the following assumptions:
9. What method will give a more reliable data on the cost of the company, if it has recently emerged and has significant physical assets?
10. The cost of the cost of replicating the subject property in the current conditions, and in accordance with the current market value of preference is:
11. If the discounted cash flow method is used debt-free cash flow, the investment analysis is studied:
12.
13. The risk caused by environmental factors called:
14. On what is the method of capital market:
15. Which of the following methods are used to calculate the residual value for the existing businesses?
16. By what method you can determine the value of a minority stake:
17. Transformation of financial statements is required in the evaluation process of the enterprise.
18. For debt-free cash flow discount rate is calculated:
19. Is it true whether the statement, in the case of a stable level of income indefinitely capitalization rate is the discount rate?
20. In order to determine the value of a free share must be implemented at the cost of a controlling stake at a discount to deduct non-controlling character:
21. When the growth rate of the enterprise is mild and predictable, it is used:
22. By what method you can determine the value of non-controlling interest:
23. For cash flow to equity discount rate is calculated:
24. Do I have to spend the evaluator analysis of the financial condition of the enterprise:
25. What method is based transactions:
26. In determining the market value at the market must be understood:
27. Shares, measured in accordance with standard market value, almost always consists of:
28. What are the components include investment analysis for the calculation of the cash flow model for equity?
29. Is it true: for cases increasing the time the cash flow capitalization ratio is always greater than the discount rate?
30. In order to determine the value at stake in the privately held company is necessary because of the cost of the controlling stake to deduct a discount of insufficient liquidity:
31. Business is a commodity.
32. Which of the following is not the standard value:
33. Normalization of reporting is necessary to appraisal reports were objective.
34. Multiplier
35. The market value can be expressed as:
36. The discount rate is:
37. Normalization of reporting is aimed at:
38. The calculation of the residual value necessary to:
Additional information
In this work provides answers to the questions that should be considered when analyzing the expenditure method, discounted cash flow, which method should be used if the value of the company in liquidation steps above, the impact that the level of risk the size of the enterprise , which is determined with the help of business profitability . What principles guided the appraiser, indicating the date of valuation of the object that is used to estimate the cost of claims. Also provides answers to questions about what rate is similar to the multiplier unit price income on which assumptions are based approach "proposed sale" and which method should be used, if the company has recently emerged and has significant physical assets
AUTONOMOUS NON-PROFIT EDUCATIONAL ORGANIZATION
HIGHER PROFESSIONAL EDUCATION
« INDUSTRIAL INSTITUTE »
Department of real estate valuation
EXAM MATERIALS FOR THE DISCIPLINE
«BUSINESS VALUATION AND FIRM VALUE MANAGEMENT»
Department of real estate valuation,
Head department ___________/A.A. Belan /
APPROVE
Reviewed and approved at the meeting
Department of real estate valuation,
economics and finance,
Protocol No. ___ of "_____" __________ 201_
BUSINESS VALUATION AND VALUE MANAGEMENT EXAM QUESTIONS
1 Business, enterprise, firm, capital as objects of assessment.
2 Features of business, enterprises, firms as objects of assessment.
3 Subjects of assessment. The need and purpose of business valuation.
4 cost. Types of value determined in the evaluation. Factors affecting the estimated value.
5 Principles of business valuation.
6 Approaches and methods used for business valuation.
7 Time estimate of cash flows. The main functions of the monetary unit and their economic meaning.
8 Provisional valuation of money capital. Turnover functions of the monetary unit and their economic meaning.
9 System of information used in the evaluation process. Requirements and organization of information. Internal information required for the assessment and its main sources.
10 External information needed for the assessment and its sources.
11 Inflationary adjustment of reporting under evaluation. Purpose, methods of correction.
12 Normalization of financial statements in the evaluation process. The purpose and directions of the normalization of financial documentation.
13 Transformation of financial statements.
14 Calculation of relative indicators in the evaluation process. Main groups of indicators.
15 The essence of the income approach to the valuation of an enterprise (business) using the discounted cash flow income approach.
16 Cash flows. cash flow models. Determining the duration of the forecast period.
17 Retrospective analysis and forecast of gross sales proceeds. Analysis and forecast of expenses and investments.
18 Methods for calculating the amount of cash flow for each year of the forecast period.
19 Discount rates. Methods for determining the discount rate. Calculation of the current values of future cash flows in the forecast period. Making final amendments.
20 Economic content of the profit capitalization method of the income approach and the main stages of its application. Analysis of financial statements.
21 Capitalization rate and models for its calculation.
22 General characteristics of the comparative approach to business valuation and its basic provisions. The main methods of business valuation by a comparative approach.
23 Basic principles for selecting enterprises - analogues in business valuation by the company - analogue method (capital market method). Distinctive features of financial analysis in a comparative approach.
24 Characteristics and calculation of price multipliers when evaluating a business using the analogue company method (capital market method).
25 Business (enterprise) valuation using the transaction method and the industry-specific method.
26 The essence of the cost approach in business valuation. The main methods of the cost approach. Stages of calculating the value of a business (enterprise) using the net asset value method.
27 Determination of the fair market value of the company's real estate using the income approach.
28 Determining the reasonable market value of real estate using a comparative (market) approach.
29 Determining the reasonable market value of real estate property using the cost approach.
30 Assessment of the market value of land. Essence, methods.
31 Valuation of the market value of machinery and equipment using the cost approach.
32 Assessment of the market value of machinery and equipment by a comparative (market) approach.
33 Valuation of the market value of machinery and equipment using the income approach.
34 Valuation of intangible assets and their group. Essence, features.
35 Application of the income approach in the valuation of intangible assets.
36 Application of the cost approach in the valuation of intangible assets.
37 Assessment of the market value of financial investments: bonds, shares.
38 Evaluation of inventories, deferred expenses, receivables, cash.
39 Scope of the salvage value method. Stages of liquidation value calculation.
40 Valuation of controlling and non-controlling interests.
41 Report on the assessment of the business of enterprises and the requirements for it.
APPROVE
Reviewed and approved at the meeting
Department of real estate valuation,
economics and finance,
Protocol No. ___ of "_____" __________ 201_
Head department ___________ / A.A. Belan /
TESTS FOR FRONTIER CONTROL FOR THE DISCIPLINE BUSINESS EVALUATION AND COMPANY VALUE MANAGEMENT
1 option
1. When analyzing costs in the DCF method, the following should be taken into account:
a) inflation expectations for each category of costs;
b) prospects in the industry, taking into account competition;
c) interdependencies and trends of past years;
d) the expected increase in product prices;
2. The cost of the appraisal object in case the appraisal object must be alienated within a period less than the usual exposure period of analogues is:
a) replacement cost;
b) salvage value;
c) book value;
d) investment cost;
e) disposal cost.
3. Does the size of the enterprise affect the level of risk?
4. The appraiser indicates the date of appraisal of the object in the appraisal report, guided by the principle:
a) compliance;
b) utility;
c) marginal productivity;
d) changes in value.
5. The method of "proposed sale" comes from the following. assumptions:
a) in the residual period, the depreciation and capital investments are equal;
b) in the residual period, stable long-term growth rates should be maintained;
c) the owner of the enterprise does not change;
6. Which method will give more reliable data on the value of an enterprise if it has recently emerged and has significant tangible assets?
a) salvage value method;
c) income capitalization method.
7. If the discounted cash flow method uses debt-free cash flow, then investment analysis examines:
a) capital investments;
b) net working capital;
c) change in the balance of long-term debt;
8. What is the capital market method based on:
a) on the evaluation of minority stakes in peer companies
b) on the evaluation of controlling stakes in companies-analogues;
c) on the company's future earnings.
9. Which of the following methods are used to calculate the residual value for a going concern?
a) the Gordon model;
b) the "presumed sale" method;
c) by the value of net assets;
10. For a debt-free cash flow, the discount rate is calculated:
a) as the weighted average cost of capital;
b) the method of cumulative construction;
c) using the capital asset valuation model;
11. Is the statement true: for the case of a stable level of income for an unlimited time, the capitalization ratio is equal to the discount rate?
12. When the growth rate of the enterprise is moderate and predictable, then the following is used:
a) discounted cash flow method;
b) income capitalization method;
c) net assets method.
13. What method can be used to determine the value of a non-controlling stake:
a) the method of transactions;
b) the net asset value method;
c) the capital market method.
14. Transformation of reporting is mandatory in the process of assessing an enterprise.
1. When analyzing expenses in the discounted cash flow method, one should take into account:
2. The cost of the appraisal object in case the appraisal object must be alienated within a period less than the usual exposure period of analogues is:
3. Does the size of the enterprise affect the level of risk?
4. The appraiser indicates the date of appraisal of the object in the appraisal report, guided by the principle:
5. The "presumed sale" method is based on the following assumptions:
6. Which method will give more reliable data on the value of an enterprise if it has recently emerged and has significant money?
7. If a debt-free cash flow is used in the discounted cash flow method, then investment analysis examines:
8. What is the capital market method based on:
9. Which of the following methods are used to calculate the residual value for a going concern?
10. For a debt-free cash flow, the discount rate is calculated:
11. Is the statement true: for the case of a stable level of income for an unlimited time, the capitalization ratio is equal to the discount rate?
12. When the growth rate of the enterprise is moderate and predictable, then the following is used:
13. What method can be used to determine the value of a non-controlling stake:
14. Transformation of reporting is obligatory in the process of assessing an enterprise.
15.For cash flow for equity The discount rate is calculated:
16. Is it necessary for the appraiser to analyze the financial condition of the enterprise:
17. In determining the market value, the market should be understood as:
18. To determine the value of a smaller share in a closed company, it is necessary to subtract a discount for insufficient liquidity from the value of the controlling stake:
19.What components does it include investment analysis for calculations under the cash flow model for equity?
20. The lack of what approach in business valuation does the Edwards-Bell-Ohlson model eliminate?
21. The multiplier is the ratio between the sale price and some financial indicator:
22. Business is:
23. The discount rate is
24. Normalization of reporting is carried out in order to:
25. The calculation of the residual value is necessary in:
1. It is known that the current assets of the enterprise are 200,000, the amount of assets is 700,000, borrowed capital 300,000. Determine the autonomy factor. Specify a solution.
2. It is known that the company's income expected to be received in the middle of each year is 300,000 in the 1st year, 400,000 in the 2nd year, and 350,000 in the 3rd year; discount rate - 8%. Determine the present value of the cash flows. Specify a solution.
3. The price of the company's equity capital is 7%, borrowed capital is 10%, the share of borrowed capital in the entire capital of the company is 50%. Determine the weighted average cost of capital. Specify a solution.
4. Determine the value of the enterprise using the income approach, if it is known that the income in the first forecast year was CU 300,000, in the second - CU 550,000, in the third - CU 700,000, long-term growth rate of cash flow 5%. In addition, it is known that the risk-free rate of return is 12%, the coefficient is 0.9, and the market premium is 5%.
Specify solution:
5. Determine the value of the enterprise using a market approach, if it is known that the price / profit multiplier for peer companies was 6.3; price/cash flow 10.5; price/revenue 4.3. The entity being valued is unprofitable with revenues of CU1,200,000 and cash flow of CU200,000.
AT judicial practice two different approaches to determining the value of the share of a member of a limited liability company. These approaches are especially clearly visible when applying paragraph 2 of Art. 26 of the Federal Law "On Limited Liability Companies", according to which, upon withdrawal of a participant from the company, it is obliged to pay the participant the actual value of his share, determined on the basis of the financial statements of the company for the year during which the application for withdrawal from the company was filed.
A number of decisions of district arbitration courts indicate that the amount of funds due to a participant withdrawing from the company should be determined solely from accounting data (decisions of the Federal Arbitration Court of the East Siberian District in case N A74-1594 / 03-K1-F02-584 / 04 -С2, Federal Arbitration Court of the West Siberian District in case N Ф04 / 14-2239 / A27-2003, Federal Arbitration Court of the North-Western District in case N А26-5712 / 02-13, Federal Arbitration Court of the Urals District in cases N F09 -1115/04-GK and F09-40/04-GK, Federal Arbitration Court of the Central District in case N A54-2921/02-C9-C8-C17). This approach can be called the "accounting" method of determining the value of the share.
A different approach is set out in the decisions of the Federal Arbitration Court of the West Siberian District in case N Ф04-7802 / 2004 (6012-А03-13 and the Federal Arbitration Court of the North Caucasus District in cases N А32-10056 / 2003-17 / 207 and А53-15243 /02-C4-11). When adopting these judicial acts, the courts proceeded from the need to verify the reliability of the company's accounting data, comply with the requirement for mandatory revaluation of fixed assets, and take into account market prices for property (for convenience of presentation, we will call this approach "market").
In accordance with paragraph 16 of the decision of the Plenum of the Supreme Court of the Russian Federation and the Plenum of the Supreme Arbitration Court Russian Federation dated December 9, 1999 N 90/14 "On Certain Issues of Application of the Federal Law "On Limited Liability Companies", if a participant does not agree with the size of the actual value of his share determined by the company, the court checks the validity of his arguments, as well as the company's objections to on the basis of the evidence presented by the parties, provided for by civil procedural and arbitration procedural legislation, including the conclusion of the examination carried out in the case.Thus, in this matter, the highest judicial instances also proceed from the "market approach".
We believe that it is this approach that is in line with the law, although, at first glance, it does not correspond to the letter of the law (Article 26 of the said Law).
By virtue of Art. 94 Civil Code RF, when a participant withdraws from a limited liability company, the participant must be paid the cost of a part of the property corresponding to his share in the authorized capital of the company, in the manner, in the manner and within the time limits provided for by the law on limited liability companies and the constituent documents of the company.
Consequently, when determining the amount of funds to be paid to the retiring participant, the value of the company's property is first determined (of course, the company's debts should be excluded from the total value of the property), and then the part of the value due to the participant. The value of property is understood as its real market value, since the Code does not provide for the use of another type of value in these respects, and in all those cases where the use of other types of value (balance sheet, residual, nominal, etc.) is expected, the legislation specifically stipulates this.
Thus, both the value of the share of the departing participant and the value of the company's property are determined in the prices of one category - in market prices.
Incidentally, Art. 26 of the Federal Law "On Limited Liability Companies", pointing to the use of the actual value, does not exclude the use of the "market approach". In general, if it were not for the wording of this article, it is unlikely that anyone would try to prove that the market value is not the real value of the property, but the real one is the market one. These concepts are identical, and such a representation exists not only in economics, but also in law.
Commenting on Art. 1105 of the Civil Code of the Russian Federation, which also refers to the actual value, A.L. Makovsky (one of the developers of the code) points out that "the value of the property to be returned, determined "at the time of acquisition", must be "valid"" (paragraph 1 of article 1105). This obviously means the value of the relevant property for which, at the time of its receipt by an unjustly enriched acquirer, it could be bought in open market trade" *(1) .
According to Art. 7 of the Federal Law "On appraisal activities"(the title of the article is "Assumption on the establishment of the market value of the appraised object") if the regulatory legal act containing the requirement for the mandatory appraisal of any appraisal object, or the contract on the appraisal of the object does not specify a specific type of value of the appraised object, the establishment the market value of this object shall be subject to the said rule shall also be applied in the case of use in the normative legal act of terms not provided for by this Federal Law or valuation standards that determine the type of value of the object of valuation, including the terms "actual value", "reasonable value", "equivalent cost", "real value" and others. Thus, this law proceeds from the fact that the concepts of "real" and "market" value coincide, the organization is obliged to determine the market value as of the end of the year.
Of course, this law regulates only relations in the field of valuation activities. However, it is difficult to find arguments in favor of the fact that when making an assessment, the actual price should correspond to the market price, and in other cases it should not. Without a doubt, there are no obvious obstacles to applying in the interpretation of Art. 26 of the Federal Law "On Limited Liability Companies" the conclusion about the coincidence of the concepts of "actual" and "market" value by analogy (Article 6 of the Civil Code of the Russian Federation).
It should also be noted that according to Art. 94 of the Civil Code of the Russian Federation, the law on limited liability companies determines only the procedure, method and terms for paying the cost of a share, but not its size. And the norms of civil legislation contained in other laws must comply with this Code (clause 2, article 3 of the Civil Code of the Russian Federation). Thus, if we proceed from the fact that the law on companies establishes a different amount of payments than the Civil Code of the Russian Federation, i.e. the code is to be applied, that is, these sizes should be determined on the basis of market prices, and not according to balance sheet data.
In our opinion, there are no contradictions between the code and the law, at least they are not significant. This becomes apparent if one pays attention to the order in which the actual value is established.
By virtue of Art. 1 of the Federal Law "On Accounting" all organizations must ensure the formation of complete and reliable information about their property status. Article 12 of the said Law establishes that in order to ensure the reliability of accounting data and financial statements, organizations are required to conduct an inventory of property and liabilities, during which their presence, condition and assessment are checked and documented. An inventory is mandatory, in particular, before the preparation of annual financial statements.
Obviously, only the information that reflects the value of the property at which the property can be sold, i.e. the market value, can be recognized as reliable information about the property status.
This is also expressed in by-laws. So, in paragraph 41 of the order of the Ministry of Finance of the Russian Federation dated October 13, 2003 N 91n "On approval of the Guidelines for the accounting of fixed assets" states: "Revaluation of fixed assets is carried out in order to determine the real value of fixed assets by bringing the initial cost of objects fixed assets in accordance with their market prices and reproduction conditions as of the date of revaluation.
Thus, when preparing annual financial statements, which are used in determining the actual value of property, the company must draw up a balance sheet based on the inventory, and it, in turn, must be based on market prices.
It is worth paying attention to how the issue of determining the amount of payment to a participant in organizations of other forms is resolved. Legislation, the same rules as in relation to a limited liability company, are established in relation to other forms of organizations, in particular a general partnership (Article 78 of the Code), production cooperative(Article 111 of the Code, Article 18 of the Federal Law "On Agricultural Cooperation").
Special rules apply in joint-stock companies. The legislation does not provide for the possibility of exit from joint-stock company, however, it contains an institution similar to the payment of a share to a company member - the redemption of shares at the request of shareholders (Article 75 of the Federal Law "On Joint Stock Companies").
The joint-stock legislation unequivocally indicates the necessity of applying the "market approach". So, in paragraph 3 of Art. 75 of the said Law says: "The redemption of shares by the company is carried out at a price determined by the board of directors (supervisory board) of the company, but not lower than the market value, which must be determined by an independent appraiser without taking into account its change as a result of the company's actions that led to the emergence of the right to demand evaluation and redemption shares". According to Art. 77 of the Law, in cases where the buyback price of a company's issue-grade securities is determined by a decision of the board of directors (supervisory board) of the company, it must be determined based on their market value.
It should be noted that the deviation from the "market approach" is contrary to the principles of equality of participants and the requirements of fairness and good faith (Articles 1 and 6 of the Civil Code of the Russian Federation). When calculating the value of a share based on the balance sheet value of the company's property, which differs significantly from its market value, the withdrawing participants find themselves in an unequal position with the remaining participants, whose share in the event of liquidation of the company will be proportional to the value of the company's property received from the sale of property at market prices, regardless of accounting data.
The determination of the value of the share paid to the retiring participant without taking into account the market value of the property creates grounds for abuse, violation of the interests of not only the retiring participants of the company, but also the company itself, since if the value of the property is overestimated, the company will be forced to pay the retiring participant more than he is due. So, if the value determined by the balance sheet is doubled compared to the market value, the withdrawing participant who owns a 50% stake in the authorized capital must be paid the market value of the entire property of the company. In this case, the company will be forced to sell all the property in order to pay off the participant who owns only 50% of the share in the authorized capital, and the rest of the participants will be left with nothing.
Judicial practice shows that the use of the "accounting" method often violates the balance of interests of the participants leaving the company and the company (the participants remaining in it). This can be justified by the need to stimulate entrepreneurship. This justification is not entirely correct. Imagine yourself as a person thinking about where to invest your money. Would you dare to transfer your money to an organization, knowing that when you leave it, you can be returned much less than the organization earns from your funds? In addition, you will have to wait at least six months, or even all of one and a half months, for a refund (if you file an application for withdrawal on January 1, 2006, the payment of your share due to you may be delayed until June 31, 2007). Also remember that during the period from January 1, 2007 to June 31, 2007 you will not receive any payment for the use of the money due to you. It should also be borne in mind that you should not count on the decency of your debtor. It is likely that by the date of determining the actual value of the property, the amount of net assets will be as close as possible to zero due to the efforts of the head of the company and other interested parties. In addition, from the moment you submit the application, you will lose the rights of a member of the company, and therefore the possibility of even minimal control over the activities of the company. It seems that the answer to our question is obvious, if you are not an altruist, a limited liability company in your eyes has a meager investment attractiveness. Sorry, there is one exception. If you are the leader of a society, the attractiveness of the latter rises sharply.
The “rupture” of legal relations in the period between the filing of an application for withdrawal and the determination of the amount of funds to be paid to the withdrawing participant also seems absurd. The rights of a member of the company are terminated from the moment of the application, but it is premature to talk about the occurrence of a monetary obligation to pay the cost of the share, since the amount of payments has not been determined. No less ridiculous is the fact that the determination of the amount of a monetary obligation depends on the debtor (he can influence the amount of the debt both through "incorrect" accounting and by withdrawing property from the company's possession). Is it possible to imagine that the buyer determines the value of the purchased item. Hardly. But in the relationship between the retiring participant and society, for some reason this is considered normal.
As we can see, even the application of the "market approach" does not guarantee the observance of the rights and interests of the departing participant. "High technologies" of minimizing net assets make it possible to leave a participant who has left the company "at nothing". It seems necessary to make such changes in the legislation that would reduce the "risk" of a participant leaving the company. These changes may relate either to the introduction of certain control over the activities of the company by the departing participants, or the preservation of the rights of the participant until the cost of the share is paid in full, or the determination of the value of the share of the participant as of the date of the last (before submitting the application for withdrawal) balance sheet.
In our opinion, the termination of the rights of a participant should entail the emergence of a monetary obligation, and for the time of using the funds, the company must pay interest corresponding to the bank interest rate.
In the interests of society, an installment payment may be established, the establishment of certain restrictions on the amount of payments. So, it can be envisaged that the company sends for settlements with retired participants cash in the amount of net profit, but is obliged to pay the cost of the share in full within a certain period.
Yu.V. Shirvis, Chairman of the Judiciary of the Federal Arbitration Court of the North Caucasus District
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technical and operational qualities of an object under the influence of natural factors and human activity is called:
a) wear and tear;
b) functional wear;
c) external (economic) wear and tear.
79. Bringing the future value of a monetary unit to the current moment in time is:
a) discounting;
b) annuity;
c) comparison.
80. Does the size of the enterprise affect the level of risk:
81. Risk due to factors external environment called:
a) systematic;
b) non-systematic;
c) another answer.
82. For a debt-free cash flow, the discount rate is calculated:
83. When the growth rate of the enterprise is moderate and predictable, then the following is used:
a) discounted cash flow method;
b) income capitalization method;
c) net assets method.
84. What components does the investment analysis include for calculations under the cash flow model for equity:
a) investment;
b) increase in own working capital;
c) demand for products.
85. Which of the following is not a cost standard:
a) market value;
b) fundamental value;
c) salvage value.
86. Which method will give more reliable data on the value of an enterprise if it has recently arisen and has significant tangible assets:
a) salvage value method;
b) the net asset value method;
c) income capitalization method.
87. For a debt-free cash flow, the discount rate is calculated:
a) as the weighted average cost of capital;
b) the method of cumulative construction;
c) using the capital asset valuation model;
Which of the statements does not correspond to the legally established concept of the market value of the appraised object?
a) the payment for the valuation object is expressed in cash or in kind;
b. the parties to the transaction are well aware of the subject of the transaction and act in their own interests;
in. one of the parties to the transaction is not obliged to alienate the object of evaluation, and the other party is not obliged to accept the performance.
89. If the calculation of the value of the business is carried out for the purpose of concluding a sale and purchase transaction, then the following is calculated:
a. investment value;
b. the cost of replacing the object of assessment;
in. market value;
d. salvage value.
90. Consumers of the evaluation results may be:
a. only customer evaluation;
b. any participant in the valuation activity;
in. executive agencies;
d. the owner of the property being valued.
What document is the basis for business valuation?
a. license;
b. contract;
d. certificate;
e. order.
At what stage should the appraiser consider the inflation rate and the company's market share?
a. determination of the discount rate;
b. retrospective analysis and forecast of gross proceeds from sales;
in. calculation of the value in the post-forecast period;
d. choice of cash flow model.
At what stage should the appraiser determine the depreciation allowance based on the current holdings of assets and future additions and disposals?
a. analysis and forecast of expenses;
b. analysis and forecast of accounts payable;
in. determination of the duration of the forecast period;
d. making final amendments.
94. The formula below calculates:
WACC= kd( 1 − t)Wd+ ksws+ kp wp
a. the share of borrowed capital in the capital structure of the enterprise;
b. the cost of raising equity capital (preferred shares);
in. weighted average cost of capital;
d. the share of ordinary shares in the capital structure of the enterprise;
e. the cost of raising equity capital (ordinary shares).