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 对公司价值评估的一点补遗，based on real life cases. |
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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Natually it is lot more difficult to measure the valuation of a privately owned company vs a publically traded one. The rule of thumb valuation techniques are 1)ba<x>sed on book value; 2)ba<x>sed on EBITAD (earning before interest, tax, amort. and depreciation);3)ba<x>sed on sales revenues; 4)ba<x>sed on the previous market price of the same type of company next door; 5)ba<x>sed on dcf; or a combination of all the above.
But, how to evaluate a well established company which has a little earning year over year or even has a negative earnings for a few years? Is the company worthless? To a buyer is there any money to be made?? We need to pay special attention to "owner's benefit." Some owners pay themselves a modest salary but by the yearend an oversized bonus; others have their wives and sons and daughters on the payrolls; still others have complicated holding company which has several other companies underneath (self dealings). This is so-called discretionary cash flow structured in a way to minimize the income taxes. As a buyer you need to get rid of the previous owner's salary plus bonus, deplete his wife, sons and daughters off the payroll, more often than not you may save a few millions here and there. After the recap you will see the real free cash flow picture of the company.
Another very very important matter to both buyer and seller is how the deal shall be structured? Is it an asset sale or a stock sale? 一言难尽。 
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 对公司价值评估的一点补遗，based on real life cases. -- ceo/cfo - (1496 Byte) 2007-11-17 周六, 11:29 (1942 reads) - NOD -- yongaolin - (18 Byte) 2007-11-19 周一, 09:30 (256 reads)
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