Valuation for M&A Building Value in Private Companies

ISBN-10: 0471411019

ISBN-13: 9780471411017

Edition: 2000

Authors: Frank C. Evans, David M. Bishop

List price: $85.00
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Description:

This guide shows senior executives and M&A professionals how to value companies they wish to buy and sell by looking at the investment value of a target company rather than the fair market value.
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Book details

List price: $85.00
Copyright year: 2000
Publisher: John Wiley & Sons, Incorporated
Publication date: 10/4/2001
Binding: Hardcover
Pages: 312
Size: 6.25" wide x 9.50" long x 1.00" tall
Weight: 1.496
Language: English

Winning through Merger and Acquisition
Critical Values Shareholders Overlook
Stand-Alone Fair Market Value
Investment Value to Strategic Buyers
"Win-Win" Benefits of Merger and Acquisition
Building Value in a Nonpublicly Traded Entity
Value and Value Creation
Public Company Value Creation Model
Nonpublic Company Value Creation Model
Measuring Value Creation
Analyzing Value Creation Strategies
Competitive Analysis
Linking Strategic Planning to Building Value
Assessing Specific Company Risk
Competitive Factors Frequently Encountered in Nonpublic Entities
Merger and Acquisition Market and Planning Process
Common Seller and Buyer Motivations
Why Mergers and Acquisitions Fail
Sales Strategy and Process
Acquisition Strategy and Process
Due Diligence Preparation
Measuring Synergies
Synergy Measurement Process
Key Variables in Assessing Synergies
Synergy and Advanced Planning
Valuation Approaches and Fundamentals
Business Valuation Approaches
Using the Invested Capital Model to Define the Investment Being Appraised
Why Net Cash Flow Measures Value Most Accurately
Frequent Need to Negotiate from Earnings Measures
Financial Statement Adjustments
Managing Investment Risk in Merger and Acquisition
Income Approach: Using Rates and Returns to Establish Value
Why Values for Merger and Acquisition Should Be Driven by the Income Approach
Two Methods within the Income Approach
Establishing Defendable Long-Term Growth Rates and Terminal Values
Cost of Capital Essentials for Accurate Valuations
Cost of Debt Capital
Cost of Preferred Stock
Cost of Common Stock
Fundamentals and Limitations of the Capital Asset Pricing Model
Modified Capital Asset Pricing Model
Buildup Method
Summary of Ibbotson Rate of Return Data
International Cost of Capital
How to Develop an Equity Cost for a Target Company
Weighted Average Cost of Capital
Iterative Weighted Average Cost of Capital Process
Shortcut Weighted Average Cost of Capital Formula
Common Errors in Computing Cost of Capital
Market Approach: Using Guideline Companies and Strategic Transactions
Merger and Acquisition Transactional Data Method
Guideline Public Company Method
Selection of Valuation Multiples
Market Multiples Commonly Used
Asset Approach
Book Value versus Market Value
Premises of Value
Use of the Asset Approach to Value Lack-of-Control Interests
Asset Approach Methodology
Treatment of Nonoperating Assets or Asset Surpluses or Shortages
Specific Steps in Computing Adjusted Book Value
Adjusting Value through Premiums and Discounts
Applicability of Premiums and Discounts
Application of Premiums and Discounts
Apply Discretion in the Size of the Adjustment
Control versus Lack of Control in Income-Driven Methods
Other Premiums and Discounts
Fair Market Value versus Investment Value
Reconciling Initial Value Estimates and Determining Value Conclusion
Essential Need for Broad Perspective
Income Approach Review
Market Approach Review
Asset Approach Review
Value Reconciliation and Conclusion
Candidly Assess Valuation Capabilities
Art of the Deal
Unique Negotiation Challenges
Deal Structure: Stock versus Assets
Terms of Sale: Cash versus Stock
Bridging the Gap
See the Deal from the Other Side
Measuring and Managing Value in High-Tech Start-Ups
Key Differences in High-Tech Start-Ups
Value Management Begins with Competitive Analysis
Quantifying the Value of a Start-Up Company
Need for Additional Risk Management Techniques
Reconciliation of Value
Merger and Acquisition Valuation Case Study
History and Competitive Conditions
Potential Buyers
General Economic Conditions
Specific Industry Conditions
Growth
Computation of the Stand-Alone Fair Market Value
Computation of Investment Value
Suggested Considerations to Case Conclusion
Index
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