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Valuation

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Indian Institute of Management, Kozhikode
BusinessEconomy & Finance
1 of 103
Valuation Anjana Vivek [email_address] Rs.
FOREWORD ,[object Object],www.bizkul.com ? ? ?
FOREWORD ,[object Object],[object Object],www.bizkul.com ? ? ?
AGENDA www.bizkul.com Topic Slide no. Background 6 Valuation methods 13 Cost based 16 Book value 18 Goodwill 24 Intangible assets 28 Replacement 31 Liquidation 32 Income based 33 Earnings capitalisation 35 DCF 36 Limitations of DCF 43 Market based 52
AGENDA www.bizkul.com Topic Slide no. What value depends on 63 Valuation process 67 Special situations Multi business 75 M & A 84 Cyclic companies 91 Companies in distress 94 Cross border transactions 97 Privatisation 102
BACKGROUND - FAQs ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
VALUATION PROCESS ,[object Object],[object Object],[object Object],www.bizkul.com
What is value ,[object Object],[object Object],[object Object],www.bizkul.com
Value to user ,[object Object],[object Object],www.bizkul.com
Complex nature of valuation ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Why Value ,[object Object],www.bizkul.com
Why Value ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
[object Object],www.bizkul.com
Valuation methods ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation methods ,[object Object],[object Object],[object Object],www.bizkul.com
[object Object],www.bizkul.com
Cost based methods ,[object Object],[object Object],[object Object],www.bizkul.com
Book value method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Book value method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Book value method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Book value method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Book value method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Book value method ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation of goodwill ,[object Object],[object Object],[object Object],www.bizkul.com
Valuation of goodwill ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation of goodwill ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation of goodwill ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation of IA ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation of IA ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
IA value in transactions ,[object Object],[object Object],[object Object],www.bizkul.com
Replacement value method ,[object Object],www.bizkul.com
Liquidation value method ,[object Object],[object Object],www.bizkul.com
[object Object],www.bizkul.com
Income Based methods ,[object Object],[object Object],www.bizkul.com
Earnings capitalisation method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Discounted cash flow method ,[object Object],www.bizkul.com Year Net CF 15% disc. Rs. ‘000 1 -10,000 1 2 1,000 0.8696 3 3,000 0.7561 4 5,000 0.6575 5 6,500 0.5718
Discounted cash flow method ,[object Object],[object Object],www.bizkul.com Year Net CF 15% disc. NPV Rs. ‘000 Rs. ‘000 1 -10,000 1 -10,000 2 1,000 0.8696 870 3 3,000 0.7561 2,268 4 5,000 0.6575 3,288 5 6,500 0.5718 3,717 5,500 142
Applicability of DCF method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Discounted cash flow ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Discounted cash flow ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Discounted cash flow www.bizkul.com ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Applicability ,[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],www.bizkul.com
Limitations ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
[object Object],www.bizkul.com
Market based method ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Exercise in Valuation www.bizkul.com
Value estimated www.bizkul.com
Exercise in Valuation www.bizkul.com
Value estimated ? www.bizkul.com Since multiples differ, this cannot be used as a dependable guide for valuation
Relative Valuation ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Relative Valuation ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Relative Valuation ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Applicability ,[object Object],[object Object],www.bizkul.com
Limitation ,[object Object],[object Object],[object Object],www.bizkul.com
[object Object],www.bizkul.com
Valuation depends on ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation depends on ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Valuation depends on ,[object Object],[object Object],[object Object],www.bizkul.com Initial ballpark valuation can also be a deal issue
VALUATION: Process www.bizkul.com
Process of valuation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Process of valuation ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com A valuation range is preferable to a single number
Process of valuation ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Process of valuation ,[object Object],[object Object],[object Object],www.bizkul.com
Valuation: for investment ,[object Object],[object Object],www.bizkul.com Investor Value Company Value Function of time
Valuation: in M&A ,[object Object],www.bizkul.com Value (A+B) Value A + Value B
[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Multi business models ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Mergers/Acquisitions ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Cyclic companies ,[object Object],[object Object],[object Object],www.bizkul.com
Cyclic companies ,[object Object],[object Object],[object Object],www.bizkul.com
Cyclic companies ,[object Object],[object Object],www.bizkul.com
Companies in distress ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Companies in distress ,[object Object],[object Object],[object Object],www.bizkul.com
Companies in distress ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Cross border transactions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Cross border transactions ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Cross border transactions ,[object Object],[object Object],www.bizkul.com
Cross border transactions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Cross border transactions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Privatisation ,[object Object],[object Object],[object Object],[object Object],www.bizkul.com
Privatisation ,[object Object],[object Object],[object Object],[object Object],[object Object],www.bizkul.com

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Valuation

  • 1. Valuation Anjana Vivek [email_address] Rs.
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  • 4. AGENDA www.bizkul.com Topic Slide no. Background 6 Valuation methods 13 Cost based 16 Book value 18 Goodwill 24 Intangible assets 28 Replacement 31 Liquidation 32 Income based 33 Earnings capitalisation 35 DCF 36 Limitations of DCF 43 Market based 52
  • 5. AGENDA www.bizkul.com Topic Slide no. What value depends on 63 Valuation process 67 Special situations Multi business 75 M & A 84 Cyclic companies 91 Companies in distress 94 Cross border transactions 97 Privatisation 102
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  • 54. Exercise in Valuation www.bizkul.com
  • 56. Exercise in Valuation www.bizkul.com
  • 57. Value estimated ? www.bizkul.com Since multiples differ, this cannot be used as a dependable guide for valuation
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  • 67. VALUATION: Process www.bizkul.com
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