1204:
investment. Using the same example as above, assume the first investment opportunity is a government bond that will pay interest of 5% per year and the principal and interest payments are guaranteed by the government. Alternatively, the second investment opportunity is a bond issued by small company and that bond also pays annual interest of 5%. If given a choice between the two bonds, virtually all investors would buy the government bond rather than the small-firm bond because the first is less risky while paying the same interest rate as the riskier second bond. In this case, an investor has no incentive to buy the riskier second bond. Furthermore, in order to attract capital from investors, the small firm issuing the second bond must pay an interest rate higher than 5% that the government bond pays. Otherwise, no investor is likely to buy that bond and, therefore, the firm will be unable to raise capital. But by offering to pay an interest rate more than 5% the firm gives investors an incentive to buy a riskier bond.
1321:.) The excess earnings method has the appraiser identify the value of tangible assets, estimate an appropriate return on those tangible assets, and subtract that return from the total return for the business, leaving the "excess" return, which is presumed to come from the intangible assets. An appropriate capitalization rate is applied to the excess return, resulting in the value of those intangible assets. That value is added to the value of the tangible assets and any non-operating assets, and the total is the value estimate for the business as a whole. See
1153:". But reporting asset values on financial statements at fair values gives managers ample opportunity to slant asset values upward to artificially increase profits and their stock prices. Managers may be motivated to alter earnings upward so they can earn bonuses. Despite the risk of manager bias, equity investors and creditors prefer to know the market values of a firm's assets—rather than their historical costs—because current values give them better information to make decisions.
47:
3800:
3790:
164:
1129:(Canada) and overseen by a government regulator. Alternatively, private firms do not have government oversight—unless operating in a regulated industry—and are usually not required to have their financial statements audited. Moreover, managers of private firms often prepare their financial statements to minimize profits and, therefore,
1148:
will usually show the value of land it owns at what the firm paid for it rather than at its current market value. But under GAAP requirements, a firm must show the fair values (which usually approximates market value) of some types of assets such as financial instruments that are held for sale rather
1467:
firms, are willing to pay for a share of the firm. They are not listed on any stock market, nor is the valuation based on their assets or profits, but on their potential for success, growth, and eventually, possible profits. Many startup companies use internal growth factors to show their potential
864:. The meanings of these terms differ. For instance, when an analyst believes a stock's intrinsic value is greater (or less) than its market price, an analyst makes a "buy" (or "sell") recommendation. Moreover, an asset's intrinsic value may be subject to personal opinion and vary among analysts. The
1030:
It is possible and conventional for financial professionals to make their own estimates of the valuations of assets or liabilities that they are interested in. Their calculations are of various kinds including analyses of companies that focus on price-to-book, price-to-earnings, price-to-cash-flow
998:
Some balance sheet items are much easier to value than others. Publicly traded stocks and bonds have prices that are quoted frequently and readily available. Other assets are harder to value. For instance, private firms that have no frequently quoted price. Additionally, financial instruments that
1203:
maintains that people are rational and averse to risk. They, therefore, need an incentive to accept risk. The incentive in finance comes in the form of higher expected returns after buying a risky asset. In other words, the more risky the investment, the more return investors want from that
1233:
This method determines the value of a firm by observing the prices of similar companies (called "guideline companies") that sold in the market. Those sales could be shares of stock or sales of entire firms. The observed prices serve as valuation benchmarks. From the prices, one calculates
1047:. All of these approaches may be thought of as creating estimates of value that compete for credibility with the prevailing share or bond prices, where applicable, and may or may not result in buying or selling by market participants. Where the valuation is for the purpose of a
1416:
The valuation is built on this base, with any of the standard market-, income-, or asset-based approaches employed. Often these are used in combination, providing a "triangulation" or (weighted) average. Particularly in the second case above, the company may be valued using
1479:
The valuation of early-stage startups can be more nuanced due to their lack of established track records. One common approach is using comparative valuations, although this method can be less accurate given the uniqueness of each startup. Some methods adjust the average
1282:
of a well-performing company exceed this floor value. Some companies, however, are worth more "dead than alive", like weakly performing companies that own many tangible assets. This method can also be used to value heterogeneous portfolios of investments, as well as
1133:. Alternatively, managers of public firms tend to want higher profits to increase their stock price. Therefore, a firm's historic financial information may not be accurate and can lead to over- and undervaluation. In an acquisition, a buyer often performs
1156:
There are commonly three pillars to valuing business entities: comparable company analyses, discounted cash flow analysis, and precedent transaction analysis. Business valuation credentials include the
Chartered Business Valuator (CBV) offered by the
1062:
There are different circumstances and purposes to value an asset (e.g., distressed firm, tax purposes, mergers and acquisitions, financial reporting). Such differences can lead to different valuation methods or different interpretations of the method
899:
models determine value based on the observation of market prices of 'comparable' assets, relative to a common variable like earnings, cashflows, book value or sales. This result will often be used to complement / revisit the intrinsic valuation. See
1739:, depending on the stage of development of the mining property or project; see for further discussion and context. Real Options analysis is sometimes used when there is a need to evaluate the project under different scenarios from inception.
1249:
Many price multiples can be calculated. Most are based on a financial statement element such as a firm's earnings (price-to-earnings) or book value (price-to-book value) but multiples can be based on other factors such as price-per-subscriber.
1561:
may be applied. Regardless of the method, the process is often time-consuming and costly. If required, stock markets can give an indirect estimate of a corporation's intangible asset value: this can be reckoned as the difference between its
1781:, and the contents of any single deposit will impact stock value in a limited fashion; this due to diversification, access to funding, and, also, since the share price inheres goodwill. Typically, then, the exposure is more to the
868:
include definitions for common bases of value and generally accepted practice procedures for valuing assets of all types. Regardless, the valuation itself is done generally using one or more of the following approaches:
1887:. Here, there are also industry-specific measures used to compare between investments and within sub-sectors; this, once normalized by market cap (or other appropriate result), and recognizing regulatory differences:
1484:
of pre-revenue startups based on various attributes within the same market. Average pre-money valuations in a particular region or sector, obtained from recent market deals, can also serve as reference points. During
3047:
2854:
1337:
The approaches to valuation outlined above, are generic and will be modified for the unique positioning and characteristics of the business in question. In the below cases, however, more specific valuation-practices
1179:
This method estimates the value of an asset based on its expected future cash flows, which are discounted to the present (i.e., the present value). This concept of discounting future money is commonly known as the
2485:
There is no meaningful stock market for these shares. Their values are based on what a small handful of investors—usually venture capital firms, private equity firms or other corporations—are willing to pay for a
3204:
990:
estimates of the current value of assets or liabilities as of this minute or this day for the purposes of managing portfolios and associated financial risk (for example, within large financial firms including
1098:, and taxable events. When correct, a valuation should reflect the capacity of the business to match a certain market demand, as it is the only true predictor of future cash flows. An accurate valuation of
1548:
of patents (etc) to equity value; see next paragraph. Since few sales of benchmark intangible assets can ever be observed, one often values these sorts of assets using either a present value model, or by
2669:
2750:
1246:
ratios—one or more of which used to value the firm. For example, the average price-to-earnings multiple of the guideline companies is applied to the subject firm's earnings to estimate its value.
1215:
method, one first estimates the future cash flows from the investment and then estimates a reasonable discount rate after considering the riskiness of those cash flows and interest rates in the
1444:. Balance sheet items external to the valuation, but due to the new owners, are similarly recognized; these include excess (or restricted) cash, and other non-operating assets and liabilities.
3077:
1598:
1073:
Users of valuations benefit when key information, assumptions, and limitations are disclosed to them. Then they can weigh the degree of reliability of the result and make their decision.
1305:
This method is most appropriate in situations where there are no significant intangible assets, or when a company is voluntarily liquidating its assets as a result of ceased operations.
752:
of a (potential) investment, asset, or security. Generally, there are three approaches taken, namely discounted cashflow valuation, relative valuation, and contingent claim valuation.
1432:
As required, various adjustments are then made to this result, so as to reflect characteristics of the firm external to its profitability and cash flow. These adjustments consider any
2472:
3111:
3197:
1704:
2940:
3104:"Morgan Stanley Names Two New Heads for FX Options Desk; Silverman and Jeurissen are replacing Thiago Melzer, who was fired in November amid allegations of mismarking securities"
1718:
3039:
2886:
3190:
910:, in this context, are used to value specific balance-sheet items, or the asset itself, when these have option-like characteristics. Examples of the first type are
2858:
2316:
1708:
2182:
1118:
986:. Since the value of things fluctuates over time, valuations are as of a specific date like the end of the accounting quarter or year. They may alternatively be
2343:
2666:
1963:
in securities valuation takes place when the value that is assigned to securities does not reflect what the securities are actually worth, due to intentional
3166:
2923:
791:
issued by a company). Valuation is a subjective exercise, and in fact, the process of valuation itself can also affect the value of the asset in question.
2772:
2747:
2689:
428:
1970:
Mismarking misleads investors and fund executives about how much the securities in a securities portfolio managed by a trader are worth (the securities'
1755:
2601:
3069:
2623:
1759:
1747:
865:
1141:
413:
2366:
2915:
2266:
1806:
and debt are not clearly defined: "debt for a financial service firm is more akin to raw material than to a source of capital; the notion of
877:") that determine the present value of an asset's expected future cash flows. These models take two general forms: multi-period models such as
1985:
from the financial firm for which he works, where his bonus is calculated by the performance of the securities portfolio that he is managing.
2794:. Special committee of the Canadian Institute Of Mining, Metallurgy and Petroleum on Valuation of Mineral Properties (CIMVAL), February 2003"
2708:
2522:
2461:
2418:
2230:
1858:
1827:
1722:
1545:
1517:, and customer relationships. As economies are becoming increasingly informational, it is recognized that there is a need for new methods to
1473:
1208:
1174:
418:
3040:"Morgan Stanley reportedly fires or places on leave at least 4 traders while investigating millions in hidden losses | Markets Insider"
3103:
727:
578:
282:
179:
64:
2935:
1912:
1463:
based on the price at which their most recent investor put money into the company. The price reflects what investors, for the most part
822:
context, various techniques are used to determine the (hypothetical) price that a third party would pay for a given company; while in a
433:
423:
189:
2789:
838:
at which the stock is fairly valued relative to its projected and historical earnings, and to thus profit from related price movement.
2291:
485:
1468:
growth which may attribute to their valuation. The professional investors who fund startups are experts, but hardly infallible, see
1184:. For instance, an asset that matures and pays $ 1 in one year is worth less than $ 1 today. The size of the discount is based on an
3025:
2385:
1594:
1126:
613:
490:
130:
2765:
2726:
1309:
An alternative approach to the net asset value method is the excess earnings method. (This method was first described in the U.S.
3671:
2882:
2439:
1869:
1586:
1263:
438:
381:
111:
2054:
1680:
1654:
1590:
522:
1629:. For relative valuation, a specialized ratio is R&D spend as a percentage of sales. Similar analysis may be applied to
83:
3584:
2991:
2830:
1162:
1114:
999:
have prices that are partly dependent on theoretical models of one kind or another are difficult to value and this generates
475:
68:
3730:
2963:
2236:
1066:
All valuation models and methods have limitations (e.g., degree of complexity, relevance of observations, mathematical form)
30:
This article is about corporate finance. For the valuation of derivatives and interest rate / fixed income instruments, see
1318:
2498:
2192:
2024:
1770:
The price of a "Junior" mining stock, typically having one asset, will at its early stages be linked to the result of its
2730:
1675:, litigation, mergers and acquisitions, and shareholder-related matters. In valuing a mining project or mining property,
1144:(GAAP) show many assets based on their historic costs rather than at their current market values. For instance, a firm's
90:
3834:
3824:
3524:
3018:
2547:
1149:
than at their original cost. When a firm is required to show some of its assets at fair value, some call this process "
3641:
2162:
2029:
2009:
1751:
1650:
1228:
1185:
1110:
1397:, to "better reflect the firm's indebtedness, financing costs and recurring earnings". Here adjustments are made to
1287:, for which discounted cash flow analysis is not relevant. The valuation premise normally used is that of an orderly
3829:
3604:
2649:
1994:
947:
896:
97:
3163:
3775:
3760:
3750:
3589:
3404:
2139:
1955:
1938:
1850:
1815:
1743:
1550:
1326:
1292:
1235:
987:
874:
861:
2769:
2686:
1774:; later, the price will be a function of that mine's viability and value, largely applying the above techniques.
1051:
the respective businesses make available further detailed financial information, usually on the completion of a
3793:
3770:
3708:
3534:
3459:
3419:
3399:
2948:
2167:
2144:
2129:
1838:
1771:
1602:
1322:
1310:
1091:
1052:
1048:
720:
527:
79:
3504:
3494:
3464:
3434:
3374:
2598:
1925:
1854:
1626:
1622:
1610:
1304:
1239:
975:
943:
361:
237:
57:
2620:
1833:
The approach taken for a DCF valuation, is to then "remove" debt from the valuation, by discounting at the
1409:, non-recurring professional fees and costs, above- or below-market leases, excess salaries in the case of
653:
588:
163:
3745:
3646:
3509:
3347:
3317:
2571:
2197:
2119:
2074:
2059:
1700:
1571:
1347:
1099:
784:
312:
1605:(R&D), and testing, that typically takes years to complete, and where the new product may ultimately
3661:
2124:
2064:
1999:
1921:
1575:
1563:
1529:
1418:
1379:
1367:
1343:
1020:
1016:
915:
823:
638:
376:
242:
184:
1798:
firms. The first is that the cash flows to a financial service firm cannot be easily estimated, since
1625:
under development, and, at the same time, also estimate the impact on existing revenue streams due to
3683:
3678:
2363:
2049:
1823:
1460:
1390:
1279:
1212:
1122:
907:
878:
688:
227:
31:
2910:
2261:
1274:. Any cash that would remain establishes a floor value for the company. This method is known as the
2406:
1908:
1799:
1630:
1614:
1533:
1525:
1481:
1402:
1243:
1200:
1181:
1106:
886:
811:
795:
713:
678:
673:
648:
643:
583:
512:
470:
452:
405:
386:
317:
222:
147:
2855:
Now, this is the Time for Mining
Companies to Choose - Real Option Valuation or Discount Cash Flow
2705:
2331:
1679:
is the standard of value to be used. In general, this result will be a function of the property's
3803:
3715:
3698:
3656:
3579:
3571:
3357:
3342:
3217:
2187:
2004:
1899:
1846:
1795:
1732:
1728:
1667:- i.e. as distinct from a listed mining corporate. Mining valuations are sometimes required for
1541:
1441:
1422:
1406:
1394:
1375:
1363:
1351:
1082:
1044:
951:
901:
890:
847:
819:
517:
352:
307:
2172:
1004:
935:
104:
3735:
3720:
3651:
3594:
3539:
3514:
3484:
3474:
3384:
3367:
3288:
3283:
3243:
3238:
3225:
3213:
2644:
2414:
2226:
2149:
2079:
1951:
1917:
1676:
1646:
911:
831:
799:
749:
698:
693:
272:
247:
3136:
George J. Benston (July–August 2006). "Fair-value accounting: A cautionary tale from Enron".
1762:. Re the latter, a distinction is usually made based on size and financial capabilities; see
3693:
3688:
3599:
3554:
3454:
3352:
3273:
3258:
3233:
3145:
2800:
2616:
2359:
2327:
2312:
2287:
2257:
2176:
2089:
2034:
1811:
1782:
1695:
1672:
1554:
1502:
1498:
1489:, the typical valuation for startups is reported to be between $ 10 million to $ 15 million
1196:
939:
768:
480:
366:
3182:
1069:
Model inputs can vary significantly because of necessary judgment and differing assumptions
3755:
3666:
3619:
3609:
3544:
3469:
3439:
3389:
3337:
3309:
3253:
3170:
3022:
2967:
2944:
2919:
2834:
2776:
2754:
2712:
2693:
2673:
2627:
2605:
2389:
2370:
2270:
2134:
2109:
2084:
2014:
1971:
1930:
1819:
1807:
1803:
1736:
1464:
1452:
1437:
1410:
1398:
1275:
1216:
1189:
992:
923:
827:
568:
532:
322:
302:
287:
232:
217:
174:
2382:
3703:
3614:
3003:
2621:
A decision tree valuation of a pharmaceutical company with one drug in the FDA pipeline
2402:
2154:
2069:
1895:
1834:
1778:
1664:
1537:
1518:
1486:
1469:
1383:
1219:. Next, one makes a calculation to compute the present value of the future cash flows.
1150:
1103:
1024:
1008:
1000:
788:
776:
573:
541:
252:
2431:
1822:
of financial- vs non-financial firms.) The second is that these firms operate under a
1703:, is widely recognized as a "standard" for the valuation of mining projects. (CIMVal:
963:
In finance, valuation analysis is required for many reasons including tax assessment,
3818:
3322:
3149:
2099:
1982:
1606:
1558:
1433:
1371:
1339:
1158:
1145:
1134:
1032:
1012:
927:
760:
683:
546:
465:
460:
297:
35:
3561:
3409:
3394:
3268:
2044:
2039:
2019:
1978:
1873:
1634:
1514:
1426:
1296:
1040:
1036:
1027:, is increasingly being recognized as a valuable asset in the information economy.
968:
931:
882:
853:
618:
357:
2827:
2960:
2222:
Investment
Valuation: Tools and Techniques for Determining the Value of Any Asset
2220:
1102:
largely depends on the reliability of the firm's historic financial information.
1090:
or fractional interests in businesses may be valued for various purposes such as
1035:
calculations, and analyses of bonds that focus on credit ratings, assessments of
889:
the former). These models rely on mathematics rather than price observation. See
3519:
3489:
3332:
3263:
1300:
1288:
979:
504:
46:
1258:
The third-most common method of estimating the value of a company looks to the
1199:
is based on a relation between the risk and return of some sort of investment.
1165:, and the CVA by the National Association of Certified Valuators and Analysts.
1023:, are open to a wide range of value interpretations. Another intangible asset,
3765:
3725:
3529:
3479:
3449:
3327:
3248:
1964:
1960:
1842:
1567:
1095:
983:
964:
919:
857:
608:
292:
155:
3070:"Amid falling markets, valuation challenges and mis-marking fraud risks rise"
3015:
1585:
As regards listed equity, the above techniques are most often applied in the
3740:
3499:
3362:
2094:
1934:
1891:
1884:
1506:
1284:
780:
17:
27:
Process of estimating what something is worth, used in the finance industry
3549:
3444:
3429:
1880:
1510:
1271:
1267:
1087:
807:
764:
1421:, serving to complement (or sometimes replace) this standard value; see
3379:
2828:
A comparative study of valuation methodologies for mineral developments
2344:"International Private Equity and Venture Capital Valuation Guidelines"
2114:
1857:
is often employed. This is in contrast to the more typical approach of
972:
741:
391:
371:
277:
2870:
759:(for example, investments in marketable securities such as companies'
3164:"Independent Fund Administrators As A Solution for Hedge Fund Fraud,"
2523:"How to evaluate startups: methods for early & pre-revenue stage"
2499:"Determining Seed-Round Valuation for Startups | Silicon Valley Bank"
1865:
1763:
1688:
1660:
1270:
company could shut down operations, sell off the assets, and pay the
803:
772:
537:
212:
1378:, or (ii) to purchase the company - or its debt - at a discount,
2839:
The
Journal of The South African Institute of Mining and Metallurgy
1868:
less capital expenditures and working capital is discounted at the
3278:
1663:, valuation is the process of determining the value or worth of a
1259:
1130:
756:
560:
342:
207:
2104:
1904:
1618:
1579:
1456:
950:, in that the value will be contingent on some other asset. See
347:
3186:
1459:, which was valued at $ 50 billion in early 2015, are assigned
934:. The most common option pricing models employed here are the
3068:
Eugene
Ingoglia; Todd Fishman; Mark Daniels (April 22, 2020).
2274:
1684:
1668:
815:
40:
2822:
2820:
2792:
Standards and
Guidelines for Valuation of Mineral Properties
2548:"How do you use the scorecard method to value your startup?"
2317:
Numbers and
Narrative: Modeling, Story Telling and Investing
1830:) must incorporate regulatory limits, at least as "bounds".
2413:, Andrew Miller's Valuation of a Distressed Company p. 24.
1436:
resulting in a discount, and re the stake in question, any
2225:(Second ed.). John Wiley & Sons. pp. 9, 11.
1599:
List of largest biotechnology and pharmaceutical companies
1712:
2639:
2637:
2635:
2593:
2591:
2383:
Financial statement recasting and credit risk assessment
1981:
engages in mismarking, it allows him to obtain a higher
1291:
of the assets, although some valuation scenarios (e.g.,
891:
Outline of finance § Discounted cash flow valuation
852:
Common terms for the value of an asset or liability are
1617:
thus apply the above techniques - and here especially
1551:
estimating the cost of recreating the asset in question
1705:
Canadian
Institute of Mining, Metallurgy and Petroleum
1003:. For example, options are generally valued using the
794:
Valuations may be needed for various reasons such as
2381:
George Batta, Ananda
Ganguly, Joshua Rosett (2012).
1785:
in the portfolio, than to the individual properties.
952:
Outline of finance § Contingent claim valuation
3632:
3570:
3418:
3308:
3297:
3224:
3016:"1QIS 2 - Operational Risk Loss Data – 4 May 2001,"
1750:) is also specialized, as the valuation requires a
1423:
Business valuation § Option pricing approaches
1352:
Business valuation § Option pricing approaches
71:. Unsourced material may be challenged and removed.
2645:Real-Options Valuation for a Biotechnology Company
2462:"Main Street Portfolios Are Investing in Unicorns"
1752:good understanding of the company's overall assets
1413:, and certain non-operating income/expense items.
2849:
2847:
1140:Financial statements prepared in accordance with
3174:Fordham Journal of Corporate & Financial Law
2961:"Methods of Bank Valuation: A Critical Overview"
2722:
2720:
2572:"Series A, B, C, D, and E Funding: How It Works"
2859:Australasian Institute of Mining and Metallurgy
1974:, or NAV), and thus misrepresents performance.
1794:There are two main difficulties with valuing
2183:Fuzzy pay-off method for real option valuation
3198:
2937:Analysis and Valuation of Insurance Companies
1524:Valuations here are often necessary both for
1058:Valuation requires judgment and assumptions:
721:
8:
2905:
2903:
946:. This approach is sometimes referred to as
902:Outline of finance § Relative valuation
881:models, or single-period models such as the
2392:, Accounting and Finance. Volume54, Issue1.
1879:For a multiple based valuation, similarly,
1814:may be meaningless as a consequence." (See
1777:A "Major", on the other hand, has numerous
429:International Financial Reporting Standards
3799:
3789:
3305:
3205:
3191:
3183:
2742:
2740:
2738:
2643:Kellogg, D., & Charnes, J. M. (2000).
728:
714:
142:
2982:
2980:
1707:on Valuation of Mineral Properties ) The
814:, taxable events to determine the proper
131:Learn how and when to remove this message
3131:
3129:
3097:
3095:
2883:"Inside the world of the mining analyst"
2871:Real Options Analysis of Mining Projects
2826:E.V. Lilford and R.C.A. Minnitt (2005).
2687:Valuation and price in the drug business
2661:
2659:
2364:Option Pricing Applications in Valuation
1727:. These standards stress the use of the
1532:transactions. They are also inherent in
1142:generally accepted accounting principles
3138:Journal of Accounting and Public Policy
3080:from the original on September 28, 2020
2527:InnMind: Blog for Web3 Startup Founders
2411:A Practitioner's Guide to Restructuring
2332:Beyond Inputs: Choosing the right model
2211:
1764:Mining § Corporate classifications
1476:discusses various considerations here.
1188:and it is expressed as a percentage or
154:
3114:from the original on February 26, 2021
1683:- the estimated size and grade of the
1497:Valuation models can be used to value
34:. For a discussion of the theory, see
3102:Aziz Abdel-Qader (January 31, 2020).
2219:Damodaran, Aswath (31 January 2002).
2105:Present value of growth opportunities
1474:Valuation using discounted cash flows
1195:In finance theory, the amount of the
1175:Valuation using discounted cash flows
1011:firms are valued using the theory of
419:Generally-accepted auditing standards
7:
3038:Daniel Strauss (November 29, 2019).
2294:from the original on 9 November 2020
1601:). These businesses are involved in
1137:to verify the seller's information.
69:adding citations to reliable sources
2853:Shafiee, S and Abbate, N. (2012).
2748:A Beginner's Guide to Mining Stocks
2460:Andrew Ross Sorkin (May 11, 2015).
2401:Joseph Swanson and Peter Marshall,
1376:reflecting its potential thereafter
1015:. Intangible business assets, like
848:Outline of finance § Valuation
434:International Standards on Auditing
2239:from the original on 27 March 2023
1859:discounting free cash flow to the
1389:Preliminary to the valuation, the
1127:Chartered Professional Accountants
748:is the process of determining the
25:
3026:Bank of International Settlements
2779:, minewiki.engineering.queensu.ca
2475:from the original on June 2, 2015
1754:, its operational business model
1380:as part of an Investment Strategy
1346:. To these, more than elsewhere,
1266:of the business. At a minimum, a
866:International Valuation Standards
491:Notes to the financial statements
3798:
3788:
3150:10.1016/j.jaccpubpol.2006.05.003
1870:weighted average cost of capital
1790:Valuing financial services firms
1358:Valuation of a suffering company
439:Management Accounting Principles
162:
45:
3050:from the original on 2021-04-15
2912:Valuing Financial Service Firms
2889:from the original on 2021-02-28
2442:from the original on 2017-03-16
2055:Intellectual property valuation
1758:, and an understanding of that
1655:Mineral resource classification
1278:or cost method. In general the
1115:Chartered Certified Accountants
1007:model while the liabilities of
978:, business analysis, and basic
56:needs additional citations for
3585:Debtor-in-possession financing
2972:Financial Assets and Investing
1691:and costs of extracting this.
1493:Valuation of intangible assets
1448:Valuation of a startup company
1384:realizing a profit on recovery
1163:American Society of Appraisers
930:; the second type are usually
1:
2193:Markov switching multifractal
2025:Earnings response coefficient
1826:, and valuation assumptions (
1756:as well as key market drivers
1315:Appeals and Review Memorandum
414:Generally-accepted principles
3525:Staggered board of directors
2263:An Introduction to Valuation
1935:price to tangible book value
1824:highly regulated environment
1783:market value of each mineral
1641:Valuation of mining projects
1521:, another intangible asset.
1111:Certified Public Accountants
824:portfolio management context
3642:Accretion/dilution analysis
2667:Biotech vs. Pharmaceuticals
2163:Capital asset pricing model
2030:Efficient-market hypothesis
2010:Business valuation standard
1913:provision for credit losses
1651:Mineral resource estimation
1229:Comparable company analysis
1186:opportunity cost of capital
1169:Discounted cash flow method
755:Valuations can be done for
3851:
3605:Leveraged recapitalization
2992:"Putting a value on banks"
2731:Project Evaluation Methods
2650:Financial Analysts Journal
2409:International LLP (2008).
1995:Appraisal (disambiguation)
1949:
1760:sector of the stock market
1644:
1226:
1223:Guideline companies method
1172:
1080:
948:contingent claim valuation
845:
29:
3784:
3776:Valuation using multiples
3761:Sum-of-the-parts analysis
3731:Modigliani–Miller theorem
3590:Dividend recapitalization
3405:Secondary market offering
3006:by Prof. Aswath Damodaran
2909:Aswath Damodaran (2009).
2685:Aswath Damodaran (N.D.),
2597:Aswath Damodaran (N.D.).
2140:Sum-of-the-parts analysis
1956:Mark-to-market accounting
1939:return on tangible equity
1872:, which incorporates the
1845:less any reinvestment in
1699:generally applied by the
1327:Residual income valuation
1317:34, and later refined by
1293:purchase price allocation
1100:privately owned companies
283:Constant purchasing power
180:Constant purchasing power
3794:List of investment banks
3709:Free cash flow to equity
3535:Super-majority amendment
3460:Management due diligence
3400:Seasoned equity offering
2949:Columbia Business School
2869:Rudolf Zdravlje (2011).
2704:Brian DeChesare (N.D.),
2599:The Value of Intangibles
2432:"Investing in Potential"
2168:Arbitrage pricing theory
2159:Specific pricing models
2130:Standard cost accounting
1855:dividend based valuation
1839:free cash flow to equity
1603:research and development
1574:), i.e. effectively its
1546:incremental contribution
1442:lack of control discount
1372:restructure the business
1323:Clean surplus accounting
1311:Internal Revenue Service
1161:, ASA and CEIV from the
1092:mergers and acquisitions
1053:non-disclosure agreement
873:Absolute value models ("
614:Accounting organizations
602:People and organizations
80:"Valuation" finance
3505:Shareholder rights plan
3495:Post-merger integration
3465:Managerial entrenchment
3435:Contingent value rights
3375:Initial public offering
2746:Andrew Beattie (2020).
2706:Biotech Equity Research
1926:assets under management
1611:Contingent value rights
1555:option-based techniques
1487:Series A funding rounds
1201:Classic economic theory
885:(which, in fact, often
362:Amortization (business)
3647:Adjusted present value
3510:Special-purpose entity
3348:Direct public offering
3318:At-the-market offering
3074:Investigations Insight
2198:Multiple factor models
2120:Real options valuation
2075:Market-based valuation
2060:Intermediated research
1701:Toronto Stock Exchange
1595:pharmaceutical sectors
1370:", may intend (i) to
1348:real options valuation
1303:replacement cost new.
1254:Net asset value method
916:employee stock options
3662:Conglomerate discount
2934:Doron Nissim (2010).
2290:. 22 September 2017.
2125:Real estate appraisal
2065:Investment management
2000:Asset price inflation
1950:Further information:
1922:investment management
1645:Further information:
1564:market capitalisation
1530:intellectual property
1461:post-money valuations
1434:lack of marketability
1419:real options analysis
1374:, with the valuation
1368:distressed securities
1319:Revenue Ruling 68-609
1280:discounted cash flows
1123:Chartered Accountants
1049:merger or acquisition
1021:intellectual property
908:Option pricing models
486:Management discussion
3684:Economic value added
3679:Discounted cash flow
3021:1 March 2021 at the
2407:Kirkland & Ellis
2050:Fundamental analysis
1800:capital expenditures
1633:re the valuation of
1623:pipeline of products
1615:Industry specialists
1403:capital expenditures
1391:financial statements
1350:may be applied; see
1299:" valuation such as
1213:discounted cash flow
1107:financial statements
879:discounted cash flow
763:and related rights,
453:Financial statements
406:Accounting standards
65:improve this article
32:Mathematical finance
3835:Financial economics
3825:Valuation (finance)
3269:Senior secured debt
2405:and Lyndon Norley,
2288:"The Value of Data"
1909:net interest margin
1892:Insurance companies
1534:securities analysis
1526:financial reporting
1482:pre-money valuation
1344:investment industry
1182:time value of money
1045:real interest rates
995:and stockbrokers).
875:Intrinsic valuation
812:financial reporting
796:investment analysis
679:Earnings management
649:Positive accounting
523:Double-entry system
513:Bank reconciliation
318:Revenue recognition
3804:Outline of finance
3716:Market value added
3699:Financial modeling
3657:Business valuation
3580:Debt restructuring
3358:Follow-on offering
3343:Corporate spin-off
3301:(terms/conditions)
3218:investment banking
3169:2021-03-03 at the
2966:2023-06-14 at the
2959:Oleg Deev (2011).
2943:2019-10-20 at the
2918:2019-10-20 at the
2833:2021-02-28 at the
2775:2023-03-08 at the
2766:Queen's University
2753:2021-01-29 at the
2727:Queen's University
2711:2021-09-02 at the
2692:2022-01-19 at the
2676:, investopedia.com
2672:2021-01-24 at the
2626:2022-01-19 at the
2604:2022-01-19 at the
2469:The New York Times
2388:2022-05-18 at the
2369:2012-09-16 at the
2269:2021-07-08 at the
2188:Single-index model
2005:Business valuation
1900:actuarial reserves
1847:regulatory capital
1816:related discussion
1796:financial services
1748:resource companies
1687:in question - and
1553:. In some cases,
1544:must estimate the
1407:cost of goods sold
1083:Business valuation
1077:Business valuation
842:Valuation overview
820:business valuation
654:Sarbanes–Oxley Act
589:Sarbanes–Oxley Act
518:Debits and credits
353:Cost of goods sold
308:Matching principle
3830:Financial markets
3812:
3811:
3736:Net present value
3721:Minority interest
3652:Associate company
3628:
3627:
3595:Financial sponsor
3515:Special situation
3485:Pre-emption right
3475:Minority discount
3385:Private placement
3284:Subordinated debt
3239:Exchangeable debt
3226:Capital structure
3214:Corporate finance
2770:Project economics
2665:T. Segal (2020).
2419:978-1-905121-31-1
2232:978-0-471-41490-2
2150:Undervalued stock
2080:Minority discount
1952:Valuation control
1881:price to earnings
1828:and model outputs
1772:feasibility study
1744:mining corporates
1742:Analyzing listed
1677:fair market value
1673:fairness opinions
1647:Mineral economics
1540:- in cases where
1499:intangible assets
1453:Startup companies
1411:private companies
1364:suffering company
1333:Specialised cases
1240:price-to-earnings
834:to determine the
800:capital budgeting
769:intangible assets
738:
737:
699:Two sets of books
694:Off-balance-sheet
336:Selected accounts
273:Accounting period
141:
140:
133:
115:
16:(Redirected from
3842:
3802:
3801:
3792:
3791:
3694:Fairness opinion
3689:Enterprise value
3672:Weighted average
3600:Leveraged buyout
3455:Drag-along right
3353:Equity carve-out
3310:Equity offerings
3306:
3302:
3274:Shareholder loan
3259:Second lien debt
3254:Preferred equity
3234:Convertible debt
3207:
3200:
3193:
3184:
3177:
3162:Kent Oz (2009).
3160:
3154:
3153:
3133:
3124:
3123:
3121:
3119:
3108:Finance Magnates
3099:
3090:
3089:
3087:
3085:
3065:
3059:
3058:
3056:
3055:
3044:Business Insider
3035:
3029:
3013:
3007:
3000:
2994:
2984:
2975:
2957:
2951:
2932:
2926:
2907:
2898:
2897:
2895:
2894:
2879:
2873:
2867:
2861:
2851:
2842:
2824:
2815:
2814:
2812:
2811:
2805:
2799:. Archived from
2798:
2786:
2780:
2763:
2757:
2744:
2733:
2724:
2715:
2702:
2696:
2683:
2677:
2663:
2654:
2641:
2630:
2617:Aswath Damodaran
2614:
2608:
2595:
2586:
2585:
2583:
2582:
2576:www.startups.com
2568:
2562:
2561:
2559:
2558:
2552:www.linkedin.com
2544:
2538:
2537:
2535:
2534:
2519:
2513:
2512:
2510:
2509:
2495:
2489:
2488:
2482:
2480:
2466:
2457:
2451:
2450:
2448:
2447:
2427:
2421:
2399:
2393:
2379:
2373:
2360:Aswath Damodaran
2357:
2351:
2350:
2348:
2340:
2334:
2328:Aswath Damodaran
2325:
2319:
2313:Aswath Damodaran
2310:
2304:
2303:
2301:
2299:
2284:
2278:
2258:Aswath Damodaran
2255:
2249:
2248:
2246:
2244:
2216:
2090:Patent valuation
2035:Enterprise value
1931:Investment banks
1883:is preferred to
1812:enterprise value
1719:Southern African
1631:options on films
1627:expiring patents
1572:only hard assets
1503:patent valuation
1395:initially recast
1197:opportunity cost
1043:, and levels of
993:investment banks
924:embedded options
818:liability. In a
767:enterprises, or
730:
723:
716:
166:
143:
136:
129:
125:
122:
116:
114:
73:
49:
41:
21:
3850:
3849:
3845:
3844:
3843:
3841:
3840:
3839:
3815:
3814:
3813:
3808:
3780:
3756:Stock valuation
3751:Residual income
3667:Cost of capital
3624:
3620:Project finance
3610:High-yield debt
3566:
3545:Tag-along right
3470:Mandatory offer
3440:Control premium
3421:
3414:
3390:Public offering
3338:Bought out deal
3300:
3299:
3293:
3220:
3211:
3181:
3180:
3171:Wayback Machine
3161:
3157:
3135:
3134:
3127:
3117:
3115:
3101:
3100:
3093:
3083:
3081:
3067:
3066:
3062:
3053:
3051:
3037:
3036:
3032:
3023:Wayback Machine
3014:
3010:
3001:
2997:
2985:
2978:
2968:Wayback Machine
2958:
2954:
2945:Wayback Machine
2933:
2929:
2920:Wayback Machine
2908:
2901:
2892:
2890:
2881:
2880:
2876:
2868:
2864:
2852:
2845:
2835:Wayback Machine
2825:
2818:
2809:
2807:
2803:
2796:
2788:
2787:
2783:
2777:Wayback Machine
2764:
2760:
2755:Wayback Machine
2745:
2736:
2725:
2718:
2713:Wayback Machine
2703:
2699:
2694:Wayback Machine
2684:
2680:
2674:Wayback Machine
2664:
2657:
2653:, 56(3), 76–84.
2642:
2633:
2628:Wayback Machine
2615:
2611:
2606:Wayback Machine
2596:
2589:
2580:
2578:
2570:
2569:
2565:
2556:
2554:
2546:
2545:
2541:
2532:
2530:
2521:
2520:
2516:
2507:
2505:
2497:
2496:
2492:
2478:
2476:
2465:(Dealbook blog)
2464:
2459:
2458:
2454:
2445:
2443:
2429:
2428:
2424:
2400:
2396:
2390:Wayback Machine
2380:
2376:
2371:Wayback Machine
2358:
2354:
2346:
2342:
2341:
2337:
2326:
2322:
2311:
2307:
2297:
2295:
2286:
2285:
2281:
2271:Wayback Machine
2256:
2252:
2242:
2240:
2233:
2218:
2217:
2213:
2208:
2135:Stock valuation
2110:Price discovery
2085:Paper valuation
2015:Control premium
1991:
1972:net asset value
1958:
1948:
1820:risk management
1808:cost of capital
1804:working capital
1792:
1737:income approach
1733:market approach
1665:mining property
1657:
1643:
1607:not be approved
1495:
1465:venture capital
1450:
1438:control premium
1399:working capital
1366:, or in other "
1362:Investors in a
1360:
1335:
1276:net asset value
1256:
1236:price multiples
1231:
1225:
1217:capital markets
1177:
1171:
1109:are audited by
1085:
1079:
961:
862:intrinsic value
850:
844:
828:stock valuation
734:
705:
704:
703:
668:
660:
659:
658:
633:
625:
624:
623:
603:
595:
594:
593:
563:
553:
552:
551:
507:
497:
496:
495:
455:
445:
444:
443:
408:
398:
397:
396:
337:
329:
328:
327:
323:Unit of account
303:Historical cost
288:Economic entity
267:
259:
258:
257:
202:
194:
175:Historical cost
137:
126:
120:
117:
74:
72:
62:
50:
39:
28:
23:
22:
15:
12:
11:
5:
3848:
3846:
3838:
3837:
3832:
3827:
3817:
3816:
3810:
3809:
3807:
3806:
3796:
3785:
3782:
3781:
3779:
3778:
3773:
3771:Terminal value
3768:
3763:
3758:
3753:
3748:
3743:
3738:
3733:
3728:
3723:
3718:
3713:
3712:
3711:
3704:Free cash flow
3701:
3696:
3691:
3686:
3681:
3676:
3675:
3674:
3664:
3659:
3654:
3649:
3644:
3638:
3636:
3630:
3629:
3626:
3625:
3623:
3622:
3617:
3615:Private equity
3612:
3607:
3602:
3597:
3592:
3587:
3582:
3576:
3574:
3568:
3567:
3565:
3564:
3559:
3558:
3557:
3547:
3542:
3537:
3532:
3527:
3522:
3517:
3512:
3507:
3502:
3497:
3492:
3487:
3482:
3477:
3472:
3467:
3462:
3457:
3452:
3447:
3442:
3437:
3432:
3426:
3424:
3416:
3415:
3413:
3412:
3407:
3402:
3397:
3392:
3387:
3382:
3377:
3372:
3371:
3370:
3360:
3355:
3350:
3345:
3340:
3335:
3330:
3325:
3320:
3314:
3312:
3303:
3295:
3294:
3292:
3291:
3286:
3281:
3276:
3271:
3266:
3261:
3256:
3251:
3246:
3244:Mezzanine debt
3241:
3236:
3230:
3228:
3222:
3221:
3212:
3210:
3209:
3202:
3195:
3187:
3179:
3178:
3155:
3144:(4): 465–484.
3125:
3091:
3060:
3030:
3008:
2995:
2976:
2952:
2927:
2899:
2874:
2862:
2843:
2816:
2781:
2758:
2734:
2716:
2697:
2678:
2655:
2631:
2609:
2587:
2563:
2539:
2514:
2490:
2452:
2430:Cook, Andrew.
2422:
2403:Houlihan Lokey
2394:
2374:
2352:
2335:
2320:
2305:
2279:
2250:
2231:
2210:
2209:
2207:
2204:
2203:
2202:
2201:
2200:
2195:
2190:
2185:
2180:
2170:
2165:
2157:
2155:Valuation risk
2152:
2147:
2145:Terminal value
2142:
2137:
2132:
2127:
2122:
2117:
2112:
2107:
2102:
2097:
2092:
2087:
2082:
2077:
2072:
2070:Lipper average
2067:
2062:
2057:
2052:
2047:
2042:
2037:
2032:
2027:
2022:
2017:
2012:
2007:
2002:
1997:
1990:
1987:
1947:
1944:
1943:
1942:
1928:
1915:
1905:Banking sector
1902:
1896:embedded value
1835:cost of equity
1791:
1788:
1787:
1786:
1775:
1711:equivalent is
1689:the complexity
1642:
1639:
1591:life sciences-
1559:decision trees
1505:, but also in
1494:
1491:
1470:Dot-com bubble
1449:
1446:
1359:
1356:
1340:have developed
1334:
1331:
1255:
1252:
1227:Main article:
1224:
1221:
1173:Main article:
1170:
1167:
1151:mark-to-market
1104:Public company
1081:Main article:
1078:
1075:
1071:
1070:
1067:
1064:
1009:life assurance
1001:valuation risk
988:mark-to-market
960:
957:
956:
955:
944:lattice models
928:callable bonds
905:
897:Relative value
894:
843:
840:
810:transactions,
736:
735:
733:
732:
725:
718:
710:
707:
706:
702:
701:
696:
691:
686:
681:
676:
670:
669:
666:
665:
662:
661:
657:
656:
651:
646:
641:
635:
634:
631:
630:
627:
626:
622:
621:
616:
611:
605:
604:
601:
600:
597:
596:
592:
591:
586:
581:
576:
571:
565:
564:
559:
558:
555:
554:
550:
549:
544:
542:General ledger
535:
530:
525:
520:
515:
509:
508:
503:
502:
499:
498:
494:
493:
488:
483:
478:
473:
468:
463:
457:
456:
451:
450:
447:
446:
442:
441:
436:
431:
426:
421:
416:
410:
409:
404:
403:
400:
399:
395:
394:
389:
384:
379:
374:
369:
364:
355:
350:
345:
339:
338:
335:
334:
331:
330:
326:
325:
320:
315:
310:
305:
300:
295:
290:
285:
280:
275:
269:
268:
265:
264:
261:
260:
256:
255:
250:
245:
240:
235:
230:
225:
220:
215:
210:
204:
203:
200:
199:
196:
195:
193:
192:
187:
182:
177:
171:
168:
167:
159:
158:
152:
151:
139:
138:
53:
51:
44:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
3847:
3836:
3833:
3831:
3828:
3826:
3823:
3822:
3820:
3805:
3797:
3795:
3787:
3786:
3783:
3777:
3774:
3772:
3769:
3767:
3764:
3762:
3759:
3757:
3754:
3752:
3749:
3747:
3744:
3742:
3739:
3737:
3734:
3732:
3729:
3727:
3724:
3722:
3719:
3717:
3714:
3710:
3707:
3706:
3705:
3702:
3700:
3697:
3695:
3692:
3690:
3687:
3685:
3682:
3680:
3677:
3673:
3670:
3669:
3668:
3665:
3663:
3660:
3658:
3655:
3653:
3650:
3648:
3645:
3643:
3640:
3639:
3637:
3635:
3631:
3621:
3618:
3616:
3613:
3611:
3608:
3606:
3603:
3601:
3598:
3596:
3593:
3591:
3588:
3586:
3583:
3581:
3578:
3577:
3575:
3573:
3569:
3563:
3560:
3556:
3553:
3552:
3551:
3548:
3546:
3543:
3541:
3538:
3536:
3533:
3531:
3528:
3526:
3523:
3521:
3518:
3516:
3513:
3511:
3508:
3506:
3503:
3501:
3498:
3496:
3493:
3491:
3488:
3486:
3483:
3481:
3478:
3476:
3473:
3471:
3468:
3466:
3463:
3461:
3458:
3456:
3453:
3451:
3448:
3446:
3443:
3441:
3438:
3436:
3433:
3431:
3428:
3427:
3425:
3423:
3417:
3411:
3408:
3406:
3403:
3401:
3398:
3396:
3393:
3391:
3388:
3386:
3383:
3381:
3378:
3376:
3373:
3369:
3366:
3365:
3364:
3361:
3359:
3356:
3354:
3351:
3349:
3346:
3344:
3341:
3339:
3336:
3334:
3331:
3329:
3326:
3324:
3323:Book building
3321:
3319:
3316:
3315:
3313:
3311:
3307:
3304:
3296:
3290:
3287:
3285:
3282:
3280:
3277:
3275:
3272:
3270:
3267:
3265:
3262:
3260:
3257:
3255:
3252:
3250:
3247:
3245:
3242:
3240:
3237:
3235:
3232:
3231:
3229:
3227:
3223:
3219:
3215:
3208:
3203:
3201:
3196:
3194:
3189:
3188:
3185:
3175:
3172:
3168:
3165:
3159:
3156:
3151:
3147:
3143:
3139:
3132:
3130:
3126:
3113:
3109:
3105:
3098:
3096:
3092:
3079:
3075:
3071:
3064:
3061:
3049:
3045:
3041:
3034:
3031:
3027:
3024:
3020:
3017:
3012:
3009:
3005:
2999:
2996:
2993:
2989:
2986:Yann Le Fur,
2983:
2981:
2977:
2974:. Vol.2, No.3
2973:
2969:
2965:
2962:
2956:
2953:
2950:
2946:
2942:
2939:
2938:
2931:
2928:
2925:
2921:
2917:
2914:
2913:
2906:
2904:
2900:
2888:
2884:
2878:
2875:
2872:
2866:
2863:
2860:
2856:
2850:
2848:
2844:
2840:
2836:
2832:
2829:
2823:
2821:
2817:
2806:on 2013-12-12
2802:
2795:
2793:
2785:
2782:
2778:
2774:
2771:
2767:
2762:
2759:
2756:
2752:
2749:
2743:
2741:
2739:
2735:
2732:
2728:
2723:
2721:
2717:
2714:
2710:
2707:
2701:
2698:
2695:
2691:
2688:
2682:
2679:
2675:
2671:
2668:
2662:
2660:
2656:
2652:
2651:
2646:
2640:
2638:
2636:
2632:
2629:
2625:
2622:
2618:
2613:
2610:
2607:
2603:
2600:
2594:
2592:
2588:
2577:
2573:
2567:
2564:
2553:
2549:
2543:
2540:
2528:
2524:
2518:
2515:
2504:
2500:
2494:
2491:
2487:
2474:
2470:
2463:
2456:
2453:
2441:
2437:
2433:
2426:
2423:
2420:
2416:
2412:
2408:
2404:
2398:
2395:
2391:
2387:
2384:
2378:
2375:
2372:
2368:
2365:
2361:
2356:
2353:
2349:. IPEV. 2022.
2345:
2339:
2336:
2333:
2329:
2324:
2321:
2318:
2314:
2309:
2306:
2293:
2289:
2283:
2280:
2277:teaching note
2276:
2272:
2268:
2265:
2264:
2259:
2254:
2251:
2238:
2234:
2228:
2224:
2223:
2215:
2212:
2205:
2199:
2196:
2194:
2191:
2189:
2186:
2184:
2181:
2178:
2174:
2173:Black–Scholes
2171:
2169:
2166:
2164:
2161:
2160:
2158:
2156:
2153:
2151:
2148:
2146:
2143:
2141:
2138:
2136:
2133:
2131:
2128:
2126:
2123:
2121:
2118:
2116:
2113:
2111:
2108:
2106:
2103:
2101:
2100:Present value
2098:
2096:
2093:
2091:
2088:
2086:
2083:
2081:
2078:
2076:
2073:
2071:
2068:
2066:
2063:
2061:
2058:
2056:
2053:
2051:
2048:
2046:
2043:
2041:
2038:
2036:
2033:
2031:
2028:
2026:
2023:
2021:
2018:
2016:
2013:
2011:
2008:
2006:
2003:
2001:
1998:
1996:
1993:
1992:
1988:
1986:
1984:
1980:
1975:
1973:
1968:
1966:
1962:
1957:
1953:
1945:
1940:
1936:
1932:
1929:
1927:
1923:
1919:
1916:
1914:
1910:
1906:
1903:
1901:
1897:
1893:
1890:
1889:
1888:
1886:
1882:
1877:
1875:
1871:
1867:
1863:
1862:
1856:
1852:
1851:excess return
1848:
1844:
1840:
1836:
1831:
1829:
1825:
1821:
1817:
1813:
1809:
1805:
1801:
1797:
1789:
1784:
1780:
1776:
1773:
1769:
1768:
1767:
1765:
1761:
1757:
1753:
1749:
1745:
1740:
1738:
1734:
1730:
1729:cost approach
1726:
1725:
1720:
1716:
1715:
1710:
1706:
1702:
1698:
1697:
1692:
1690:
1686:
1682:
1678:
1674:
1670:
1666:
1662:
1656:
1652:
1648:
1640:
1638:
1636:
1632:
1628:
1624:
1620:
1616:
1612:
1608:
1604:
1600:
1596:
1592:
1588:
1583:
1581:
1577:
1573:
1569:
1565:
1560:
1556:
1552:
1547:
1543:
1539:
1536:- listed and
1535:
1531:
1527:
1522:
1520:
1516:
1515:trade secrets
1512:
1508:
1504:
1500:
1492:
1490:
1488:
1483:
1477:
1475:
1471:
1466:
1462:
1458:
1454:
1447:
1445:
1443:
1439:
1435:
1430:
1428:
1424:
1420:
1414:
1412:
1408:
1404:
1400:
1396:
1392:
1387:
1385:
1381:
1377:
1373:
1369:
1365:
1357:
1355:
1353:
1349:
1345:
1341:
1332:
1330:
1328:
1324:
1320:
1316:
1312:
1307:
1306:
1302:
1298:
1294:
1290:
1286:
1281:
1277:
1273:
1269:
1265:
1261:
1253:
1251:
1247:
1245:
1244:price-to-book
1241:
1237:
1230:
1222:
1220:
1218:
1214:
1210:
1205:
1202:
1198:
1193:
1191:
1190:discount rate
1187:
1183:
1176:
1168:
1166:
1164:
1160:
1159:CBV Institute
1154:
1152:
1147:
1146:balance sheet
1143:
1138:
1136:
1135:due diligence
1132:
1128:
1124:
1120:
1116:
1112:
1108:
1105:
1101:
1097:
1093:
1089:
1084:
1076:
1074:
1068:
1065:
1061:
1060:
1059:
1056:
1054:
1050:
1046:
1042:
1038:
1034:
1033:present value
1028:
1026:
1022:
1018:
1014:
1013:present value
1010:
1006:
1005:Black–Scholes
1002:
996:
994:
989:
985:
981:
977:
974:
970:
966:
958:
953:
949:
945:
941:
937:
936:Black–Scholes
933:
929:
925:
921:
917:
913:
909:
906:
903:
898:
895:
892:
888:
884:
880:
876:
872:
871:
870:
867:
863:
859:
855:
849:
841:
839:
837:
833:
829:
825:
821:
817:
813:
809:
805:
801:
797:
792:
790:
786:
782:
778:
774:
770:
766:
762:
758:
753:
751:
747:
743:
731:
726:
724:
719:
717:
712:
711:
709:
708:
700:
697:
695:
692:
690:
687:
685:
684:Error account
682:
680:
677:
675:
672:
671:
664:
663:
655:
652:
650:
647:
645:
642:
640:
637:
636:
629:
628:
620:
617:
615:
612:
610:
607:
606:
599:
598:
590:
587:
585:
582:
580:
577:
575:
572:
570:
567:
566:
562:
557:
556:
548:
547:Trial balance
545:
543:
539:
536:
534:
531:
529:
528:FIFO and LIFO
526:
524:
521:
519:
516:
514:
511:
510:
506:
501:
500:
492:
489:
487:
484:
482:
479:
477:
474:
472:
469:
467:
466:Balance sheet
464:
462:
461:Annual report
459:
458:
454:
449:
448:
440:
437:
435:
432:
430:
427:
425:
422:
420:
417:
415:
412:
411:
407:
402:
401:
393:
390:
388:
385:
383:
380:
378:
375:
373:
370:
368:
365:
363:
359:
356:
354:
351:
349:
346:
344:
341:
340:
333:
332:
324:
321:
319:
316:
314:
311:
309:
306:
304:
301:
299:
298:Going concern
296:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
270:
263:
262:
254:
251:
249:
246:
244:
241:
239:
236:
234:
231:
229:
226:
224:
221:
219:
216:
214:
211:
209:
206:
205:
198:
197:
191:
188:
186:
183:
181:
178:
176:
173:
172:
170:
169:
165:
161:
160:
157:
153:
149:
145:
144:
135:
132:
124:
113:
110:
106:
103:
99:
96:
92:
89:
85:
82: –
81:
77:
76:Find sources:
70:
66:
60:
59:
54:This article
52:
48:
43:
42:
37:
36:Asset pricing
33:
19:
3746:Real options
3633:
3562:Tender offer
3422:acquisitions
3410:Underwriting
3395:Rights issue
3298:Transactions
3173:
3158:
3141:
3137:
3118:November 15,
3116:. Retrieved
3107:
3084:November 15,
3082:. Retrieved
3073:
3063:
3052:. Retrieved
3043:
3033:
3011:
2998:
2987:
2971:
2955:
2936:
2930:
2911:
2891:. Retrieved
2877:
2865:
2838:
2808:. Retrieved
2801:the original
2791:
2784:
2761:
2700:
2681:
2648:
2612:
2579:. Retrieved
2575:
2566:
2555:. Retrieved
2551:
2542:
2531:. Retrieved
2529:. 2020-08-31
2526:
2517:
2506:. Retrieved
2502:
2493:
2484:
2477:. Retrieved
2468:
2455:
2444:. Retrieved
2435:
2425:
2410:
2397:
2377:
2355:
2338:
2323:
2308:
2296:. Retrieved
2282:
2262:
2253:
2241:. Retrieved
2221:
2214:
2045:Film finance
2040:Equity value
2020:Depreciation
1979:rogue trader
1976:
1969:
1967:mispricing.
1959:
1878:
1874:cost of debt
1860:
1832:
1793:
1741:
1723:
1713:
1709:Australasian
1694:
1693:
1658:
1635:film studios
1584:
1523:
1501:such as for
1496:
1478:
1451:
1431:
1427:Merton model
1415:
1388:
1361:
1336:
1314:
1308:
1295:) imply an "
1257:
1248:
1238:such as the
1232:
1206:
1194:
1178:
1155:
1139:
1086:
1072:
1057:
1037:default risk
1029:
997:
962:
932:real options
883:Gordon model
854:market value
851:
835:
793:
754:
745:
739:
619:Luca Pacioli
540: /
360: /
358:Depreciation
266:Key concepts
238:Governmental
127:
118:
108:
101:
94:
87:
75:
63:Please help
58:verification
55:
18:Asset prices
3520:Squeeze-out
3490:Proxy fight
3420:Mergers and
3333:Bought deal
3264:Senior debt
3004:eqexret.xls
2841:, Jan. 2005
2503:www.svb.com
1746:(and other
1621:- to the
1578:; see also
1570:(including
1401:, deferred
1342:within the
1301:depreciated
1289:liquidation
1264:liabilities
1041:risk premia
980:bookkeeping
976:settlements
942:models and
920:investments
887:"telescope"
830:is used by
808:acquisition
785:liabilities
632:Development
609:Accountants
505:Bookkeeping
424:Convergence
382:Liabilities
313:Materiality
201:Major types
3819:Categories
3766:Tax shield
3726:Mismarking
3530:Stock swap
3480:Pitch book
3450:Divestment
3328:Bookrunner
3249:Pari passu
3054:2020-11-15
2924:Stern, NYU
2893:2021-02-12
2810:2013-12-05
2581:2023-10-21
2557:2023-10-21
2533:2023-10-21
2508:2023-10-21
2446:2017-03-15
2298:6 November
2206:References
1965:fraudulent
1961:Mismarking
1946:Mismarking
1843:net income
1779:properties
1735:, and the
1568:book value
1519:value data
1507:copyrights
1285:nonprofits
1211:using the
1125:(UK), and
1096:securities
1094:, sale of
1088:Businesses
984:accounting
858:fair value
846:See also:
783:) or for
781:trademarks
667:Misconduct
293:Fair value
243:Management
185:Management
156:Accounting
121:March 2009
91:newspapers
3741:Pure play
3634:Valuation
3500:Sell side
3363:Greenshoe
3002:See e.g.
2436:five23.io
2095:PEG ratio
1885:EV/EBITDA
1681:"reserve"
1382:aimed at
1272:creditors
1209:valuation
746:valuation
689:Hollywood
569:Financial
471:Cash-flow
228:Financial
3572:Leverage
3550:Takeover
3445:Demerger
3430:Buy side
3167:Archived
3112:Archived
3078:Archived
3048:Archived
3019:Archived
2990:(2022).
2964:Archived
2941:Archived
2916:Archived
2887:Archived
2831:Archived
2773:Archived
2768:(2014).
2751:Archived
2729:(2010).
2709:Archived
2690:Archived
2670:Archived
2624:Archived
2619:(N.D.),
2602:Archived
2473:Archived
2440:Archived
2386:Archived
2367:Archived
2330:(N.D.).
2315:(2014).
2292:Archived
2267:Archived
2260:(2012).
2237:Archived
1989:See also
1818:re. the
1587:biotech-
1576:goodwill
1566:and its
1542:analysts
1511:software
1455:such as
1017:goodwill
926:such as
912:warrants
832:analysts
771:such as
765:business
674:Creative
644:Research
574:Internal
561:Auditing
377:Goodwill
372:Expenses
223:Forensic
148:a series
146:Part of
3555:Reverse
3540:Synergy
3380:Pre-IPO
3368:Reverse
3289:Warrant
2988:et. al.
2479:May 12,
2243:1 March
2177:options
2115:Pricing
1977:When a
1924:firms:
1918:Wealth-
1837:either
1717:; the
1685:deposit
1538:private
1268:solvent
1113:(USA),
1063:results
973:divorce
969:estates
787:(e.g.,
773:patents
742:finance
639:History
533:Journal
392:Revenue
278:Accrual
105:scholar
2486:stake.
2417:
2229:
1866:EBITDA
1864:where
1724:SAMVAL
1714:VALMIN
1696:CIMVal
1661:mining
1653:, and
1297:in-use
1260:assets
1207:For a
940:Merton
918:, and
860:, and
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