Which method will give more reliable data on the value of the enterprise if it has recently emerged and has significant tangible assets. On the "accuracy" and reliability of the results of determining the fair value of economically significant enterprises. Rest calculation
The value of the non-controlling (minority) stake is determined using the capital market method, since this method is based on information about stock quotes on world stock markets.
The comparative approach is based on three:
The capital market method is based on the use of market prices for shares of similar firms.
Which method will give more reliable data on the value of an enterprise if it has recently arisen and has significant tangible assets?
as the weighted average cost of capital2. by the method of cumulative construction
3. using the capital asset valuation model
171. When the growth rate of an enterprise is moderate and predictable, then the following is used:
1. discounted cash flow method
2. capitalization of income
3. net asset method
172. Which can be used to determine the value of a non-controlling stake:
The capital market method is
The ancestor of fractal market analysis is Benoit Mandelbrot, who described the theory in his book, co-authored with Richard L. Hudson (Disobedient Markets: ... ... WikipediaVALUATION OF AN ENTERPRISE - (BUSINESS) (English business (corporate) valuation) - the activities of experts in the systematic collection and analysis of data necessary to determine the value of various enterprises, types of business (any type of activity or equity participation in ... ... Financial and credit encyclopedic dictionary
VALUATION OF FINANCIAL INSTITUTIONS - (eng.
The capital market method is based on the valuation of minority stakes
All rights to the security belong only to the bearer. The release is made in electronic or paper form. The issuing company may not know who holds the shares and how much. No separate transfer of ownership is required.2. By type of issue in joint-stock companies:
— a placed share is a security that has already been placed among shareholders.
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 asset method.
84. What components does it include investment analysis 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 emerged and has significant tangible assets s:
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 appraisal activities;
in. executive agencies;
d. the owner of the property being valued.
What document is the basis for business valuation?
a. license;
b. agreement;
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 depreciation allowances 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).
Tests
Option 1.
d) the expected increase in product prices.
2. What method is used in business valuation when the value of the enterprise at
liquidation is higher than the current one:
4. The profitability of a business can be determined using:
a) normalization of reporting;
c) investment analysis;
5. The appraiser indicates the date of appraisal of the object in the appraisal report, guided by
principle:
a) compliance;
b) utility;
d) changes in value.
6. What estimated multiplier is calculated similarly to the price indicator
income units:
a) price/cash flow;
b) price/profit
c) price / equity.
7. The "presumed sale" method is based on the following assumptions:
a) in the residual period, the depreciation and capital investments are equal;
rates of growth;
8. Which method will give more reliable data on the value of the enterprise, if it
a) salvage value method;
b) the net asset value method;
c) income capitalization method.
9. The cost of the cost of reproduction of the object of property in modern conditions and in accordance with modern market preferences is the cost:
a) substitutions;
b) reproduction;
c) balance;
d) investment.
10. If the discounted cash flow method uses a debt-free
a) capital investments;
11. The risk caused by environmental factors is called:
a) systematic;
b) non-systematic;
c) another answer.
12. What method can be used to determine the value of a minority stake
a) the method of transactions;
b) the net asset value method;
c) the capital market method.
13. Transformation of reporting is mandatory in the process of assessing an enterprise.
14. For a debt-free cash flow, the discount rate is calculated:
15. 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:
16. To determine the value of a freely realizable smaller share, it is necessary
deduct the discount for non-controlling nature from the cost of the controlling interest:
17. When the growth rate of the enterprise is moderate and predictable, then the following is used:
c) net asset method.
18. What is the method of transactions based on:
a) on the evaluation of minority stakes in peer companies
a) investment;
c) demand for products.
20. 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:
21. Which of the following is not a cost standard:
a) market value;
b) fundamental value;
c) salvage value.
23. Market value can be expressed in:
a) combination Money and illiquid securities;
b) monetary units;
c) money equivalent.
24. The discount rate is:
a) the current rate of return on alternative options
investments;
b) the expected rate of return on alternative investment options.
a) the capital market method;
Option 2
1. When analyzing expenses in the discounted cash flow method, one should
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 value of the property, considered as the total value
the materials it contains, less the cost of disposal, is:
a) replacement cost;
b) the cost of reproduction;
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 the object appraisal in the appraisal report,
guided by the principle:
a) compliance;
b) utility;
in) ultimate performance;
d) changes in value.
5. The "presumed sale" method is based on the following assumptions:
a) in the residual period, the amount of depreciation and capital investments
b) in the residual period, stable long-term
rates of growth;
c) the owner of the enterprise does not change.
6. Which method will give more reliable data on the value of the enterprise, if it
recently arose and has significant tangible assets:
a) salvage value method;
b) the net asset 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) own 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
cost for an operating enterprise:
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 asset 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:
15. For cash flow to equity, 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.
16. Is it necessary for the appraiser to analyze the financial condition of the enterprise:
17. In the definition market value market means:
a) a specific seller and buyer of similar types of enterprises;
b) all potential sellers and buyers of similar species
enterprises.
18. Shares valued according to the market value standard are almost
are always:
a) a controlling stake;
b) a minority stake.
19. What components does investment analysis include for model calculations
cash flow for equity:
a) investment;
b) increase in own working capital;
c) demand for products.
20. Is the statement true: for cases of increasing money
flows, the capitalization ratio will always be greater than the rate
discounting:
21. The multiplier is the ratio between the sale price and any
22. Business is:
a) the enterprise as a whole;
b) an enterprise with branches and subsidiaries;
c) a specific activity organized within a certain
structures.
24. Normalization of reporting is carried out in order to:
a) bringing it to the unified accounting standards;
b) determination of income and expenses characteristic of normal
c) streamlining financial statements.
25. The calculation of the residual value is necessary in:
a) the capital market method;
b) the method of excess profits;
c) discounted cash flow method.
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1. When analyzing expenses in the discounted cash flow method, one should take into account:
2. What method is used in business valuation when the value of the enterprise in liquidation is higher than that of the current one?
3. Does the size of the enterprise affect the level of risk?
4. The profitability of a business can be determined using:
5. The appraiser indicates the date of appraisal of the object in the appraisal report, guided by the principle:
6. What valuation multiplier is calculated similarly to the price of a unit of income?
7. The "presumed sale" method is based on the following assumptions:
8. Which method will give more reliable data on the value of an enterprise if it has recently emerged and has significant tangible assets?
9. The value of the object of appraisal, determined on the basis of its profitability for a specific person, is the value of:
10. If the discounted cash flow method uses debt-free cash flow, then investment analysis examines:
11. The risk caused by factors of the internal environment is called:
12. What method can be used to determine the value of a minority stake:
13. What evaluation method is used to evaluate the results of business restructuring?
14. For a debt-free cash flow, the discount rate is calculated:
15. Is the statement true: for cases of increasing cash flows over time, the capitalization ratio will always be greater than the discount rate?
16. To determine the value of a non-controlling interest open company it is necessary to deduct the discount for non-controlling nature from the cost of the controlling stake:
17. When the growth rate of the enterprise is moderate and predictable, then the following is used:
18. What is the method of transactions based on:
19. What are the components of investment analysis for calculating the cash flow model for equity?
20. Shares valued at market value are almost always:
21. Which of the following is not a cost standard:
22. Multiplier is the ratio between the sale price and some financial indicator
23. Market value can be expressed in:
24. The discount rate is:
25. The calculation of the residual value is necessary in:
Tasks
1. It is known that the company's income in the last forecast year will be 650,000, the discount rate is 20%, and the long-term growth rate is 110%. Determine the residual value. Specify a solution.
2. It is known that the company's current assets are 200,000 at the beginning of the period and 270,000 at the end, the amount of assets is 700,000, revenue is 1,300,000. Determine the turnover of current assets, in days. Specify a solution.
3. It is known that the company's income expected to be received in the forecast period is 750,000 in the 1st year, 350,000 in the 2nd year, 500,000 in the 3rd year, and 550,000 in the 4th year , residual value - 1200 000, discount rate - 8%. Determine the current value of the enterprise. Specify a solution.
4. It is known that the average value of the price / profit multiplier for several companies - analogues is 6.5; profit of the company being valued 80000; revenue 1000000. Determine the value of the company being valued. Specify a solution.
5. 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 a solution.
A) the Gordon model;
7. How true is the statement that it is advisable to add the value of assets that are not involved in this business to the value of the enterprise, calculated as the current value of expected income:
A) is true;
8. Does the size of the enterprise affect the level of risk:
9. Which method will give more reliable data on the value of an enterprise if it has recently emerged and has significant tangible assets:
b) the net asset value method;
10. The risk caused by environmental factors is called:
a) systematic;
11. Is the transformation of reporting obligatory in the process of assessing an enterprise?
12. What method can be used to determine the value of a minority stake:
c) the capital market method.
13. To determine the value of a smaller share in a closed company, a discount for insufficient liquidity must be deducted from the cost of a controlling stake:
14. The multiplier is the ratio between the sale price and some financial indicator:
15. For cash flow to equity, the discount rate is calculated:
d) answers b) and c) are correct;
16. The "presumed sale" method is based on 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.
d) all answers are wrong.
17. To determine the value of a freely realizable minority interest, it is necessary to deduct the discount for non-controlling nature from the value of the controlling interest:
18. Which of the following is not a business valuation standard:
d) investment cost;
19. The discount rate is:
b) the expected rate of return on alternative investment options.
20. Is it true that systematic risk can be diversified through good company management?
b) incorrect.
Minority stake - does not allow direct participation in the management of the company
Majority shareholding -
Discount rate - rate of return (yield) used when discounting, taking into account the risks associated with obtaining cash flows (income).
Risk free rate - interest rate on investments least risk, i.e. the minimum return that an investor can receive on his capital by investing it in the most liquid assets.
Supervisory Participation Award – a monetary (absolute or relative) expression of the advantage that comes from owning a controlling interest compared to owning a non-controlling interest.
Rate of return (yield) - the ratio of the amount of income (losses) and (or) changes in value (realized or expected) to the total amount of invested funds.
Cost approach - a method of property valuation based on determining the cost of the costs of creating, modifying and disposing of property, taking into account all types of wear and tear.
Capital market method-based on the use of share prices of similar companies, formed. open stock market
The stages of valuation in the framework of the comparative approach:
1.collection necessary information;
2. selection of p / p analogues;
3. Making amendments;
4. pricing
Task.
Option no.
21. The economic principle, according to which the maximum value of an enterprise is determined by the lowest price at which another enterprise with equivalent utility can be acquired, is called:
a) the principle of substitution;
22. Which of the following factors do not affect the value of the enterprise?
f) all factors affect the value of the enterprise valuation.
23. Which of the following does not meet the definition of market value?
c) the sale is carried out on credit with a deferred payment;
24. Which of the following factors should be considered in determining the weight given to each of the valuation methods to arrive at an agreed value:
d) all of the above factors;
25. The equity capital of the company is equal to:
c) total invested capital minus liabilities.