Читать книгу Performance of Valuation Methods in Financial Transactions - Группа авторов - Страница 2
ОглавлениеTable of Contents
1 Cover
5 1 Traditional Valuation Methods and Ways of Applying Them 1.1. Introduction 1.2. The cost of financial structure 1.3. Valuation measures and follow-up measures 1.4. The perspectives of assessment: control operations 1.5. Conclusion
6 2 The Performance of the Assessment and the Creation of Value from Control Operations 2.1. Introduction 2.2. Theoretical adjustments 2.3. Contextual impacts and adjustments 2.4. The creation of value resulting from control operations 2.5. Conclusion
8 Appendix Demonstrating the Terminal Value (TV) of DCFs
10 Index
List of Illustrations
1 Chapter 1Figure 1.1. Optimal weighted average cost of capital according to the traditiona...Figure 1.2. Modern theory of financial structureFigure 1.3. Adjusted cost of capitalFigure 1.4. Summary of valuations by stock market comparisons of shares from Roy...Figure 1.5. Principle of a leverage operation
List of Tables
1 Chapter 1Table 1.1. Financial aggregates of the companies in the framework (amounts in mi...Table 1.2. Stock market repository of repository companiesTable 1.3. Valuation of Royal Dutch Shell by stock market comparisons (amounts i...Table 1.4. Valuation by DCF of Royal Dutch Shell (amounts in millions $)Table 1.5. Determining the weighted average cost of capital of Royal Dutch ShellTable 1.6. Indebted beta of companies in the benchmarkTable 1.7. Value of equity of Royal Dutch ShellTable 1.8. Sensitivity analysis of the value of Royal Dutch Shell at the risk-fr...Table 1.9. 2013 balance of Shell and values used to determine its VSBTable 1.10. Determining Shell’s PCVTable 1.11. Determining the economic value of equity of ShellTable 1.12. Consolidated opening and closing balance sheets of the holding compa...Table 1.13. Forecast of activity and operational profitability of the Carrefour ...Table 1.14. Cash flow forecast for the Carrefour SA targetTable 1.15. Provisional assessment of the Carrefour SA targetTable 1.16. Holding’s debt scheduleTable 1.17. Provisional accounts of the holding company of the Carrefour SA targ...Table 1.18. Determination of the capital amount of the takeover holding company
2 Chapter 2Table 2.1. Percentage difference between the values obtained by the VPA and thos...Table 2.2. Errors (the definition of the error results from the calculation |) b...Table 2.3. Variation in valuation errors depending on the size of risk premiums ...Table 2.4. Error between current values of multiples and predicted values of mul...Table 2.5. Error between current P/E multiple and forecast P/E according to the ...Table 2.6. Error between the current P/E and forecast P/E multiples between youn...Table 2.7. Error between the current value of the multiples and the predicted va...Table 2.8. Error between the current turnover multiple and the forecasted values...Table 2.9. Characteristics of bankruptcy buyout transactions compared to two ben...Table 2.10. Comparing evaluation errors31 on the basis of the CCF method and the...Table 2.11. Low Drofitabilitv of acauisitions accordino to Moeller et al. (2005)Table 2.12. Difference in profitability for buyers with strong and weak governan...
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