Business valuation : theory and practice / by Marco Fazzini
By: Fazzini, Marco.Publisher: Cham, Switzerland : Palgrave Macmillan, 2018Description: xv, 227 p. ; electronic resource.ISBN: 9783319894935.Subject(s): Valuations | Companies | Business | Intangible assetsOnline resources: Download as an eBook
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VALUE, VALUATION, AND VALUER: What does making a valuation mean? -- The business valuation -- What is value? -- Valuation methods at a glance -- Types of valuation -- Who is the valuer -- The valuation report -- Compliance with valuation standards. INTEGRATED VALUATION APPROACH (IVA): The traditional valuation approach -- Integrated valuation approach (IVA) -- Context analysis -- Analysis of past results -- Choosing the valuation approach -- Is a business worth something only if it creates value? -- Can valuation be standardized? FINANCIAL STATEMENT ANALYSIS: How to set up the financial statement analysis -- Comparing values -- Reclassified balance sheet -- Reclassified income statement -- The cash flow statement -- Ratio analysis -- Financial statement analysis in distressed firms. INCOME-BASED METHOD: Expected cash flows -- Discount rate -- Cost of equity -- Cost of debt -- Weighted average cost of capital (WACC) -- The terminal value -- A summary example -- The dividend discount model (DDM). MARKET-BASED METHOD: Widespread use of the multiple method -- Asset-side and equity-side approach -- Application of the market multiple method -- Selection of the peer group -- Correlation between multiple and performance measure -- Asset-side multiples -- Comparison between EV/EBITDA and EV/EBIT -- Equity-side multiples -- Application of multiple to the target company. THE COST APPROACH: The rationale of the cost approach -- Replacement and reproduction cost -- Plant and equipment valuation. INTANGIBLE ASSETS VALUATION: The increasing role of intangible assets -- Definition and identification of intangible assets -- The valuer's tasks -- Valuation approaches -- The income approach -- The market approach -- The cost approach. PREMIUMS AND DISCOUNTS IN BUSINESS VALUATION: Value of the firm and value of the shares -- Premiums and discounts -- CP and DLOC -- Discount for lack of marketability -- Other discounts.
Provides an integrated approach to valuation, based on the international valuation standards, so that finance and accounting practitioners can tailor valuations to individual businesses.