Corporate Valuation

Ralf Hafner

doi:10.24053/9783739803258

Corporate Valuation

1. Edition 2017

No access

doi.org/10.24053/9783739803258
ISBN print: 978-3-86764-756-4
ISBN online: 978-3-7398-0325-8
uvk, Konstanz/München uvk, Konstanz/München

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Zusammenfassung

This textbook offers readers an interesting overview of the corporate valuation area in a quick and easy way. It includes:

Introduction

Discounted Cash Flow Valuation (DCF Valuation)

Comparable Companies Analysis

Precedent Transactions Analysis

Further Valuation Methods

From Enterprise Value to Equity Value

The Tension between Principals, Evaluators, Objectives and Leeway in Corporate Valuations

Value and Price – a Tangent on Valuation Theory

Self-Test Questions – Proposal for Solutions

Chapter Expand | CollapsePage
1–10 Titelei/Inhaltsverzeichnis 1–10
11–14 1 Introduction 11–14
15–46 2 Discounted Cash Flow Valuation (DCF Valuation) 15–46
- 2.1 DCF Valuation Models
- 2.2 Enterprise DCF Valuation
  - 2.2.1 Company Analysis
  - 2.2.2 Projection of Future Free Cash Flows
  - 2.2.3 Estimation of Weighted Average Cost of Capital (WACC)
  - 2.2.4 Calculation of Terminal Value
  - 2.2.5 Computation of Present Values, Derivation of a Range of Enterprise Values, Sensitivity, Scenario and/or Simulation Analysis
47–58 3 Comparable Companies Analysis 47–58
- 3.1 Standard Multiples
- 3.2 Finding Comparable Companies
- 3.3 Preparation of Figures
- 3.4 Derivation of a Value Range
59–64 4 Precedent Transactions Analysis 59–64
65–78 5 Further Valuation Methods 65–78
- 5.1 LBO Valuation
- 5.2 Option-Based Valuation
- 5.3 Asset-Based Valuation
- 5.4 APV Valuation
- 5.5 Equity DCF Valuation
79–94 6 From Enterprise Value to Equity Value 79–94
- 6.1 Cash and Cash Equivalents
- 6.2 Holdings in Other Companies, Non-Controlling Interests and Other Assets Valued Separately
- 6.3 Pension Obligations, Accrued Liabilities and Provisions
- 6.4 Off-Balance-Sheet Financing
- 6.5 Stock Options, Option Bonds and Convertible Bonds
95–106 7 The Area of The Area of Tension between Principals, Evaluators, Objectives and Leeway in Corporate Valuations 95–106
- 7.1 Principals and their Objectives
- 7.2 Evaluators and their Objectives
- 7.3 Leeway in Valuations
  - 7.3.1 Leeway in DCF Valuations
  - 7.3.2 Leeway in Multiple-Based Valuations
107–118 8 Value and Price – a Tangent on Valuation Theory 107–118
- 8.1 Prices and Values of Companies
- 8.2 Intrinsic (Objective, Objectified, Fundamental) and Subjective Company Values
- 8.3 Functional Valuation Theory
119–122 Self-Test Questions – Proposal for Solutions 119–122
123–124 Index 123–124

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