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Business valuation 企业价值
These can be used to determine a range of prices. The final price will result from negotiations between the parties.
The valuation methods:
•Asset based valuation (Net asset or replacement cost or net realizable value)
Often based on historical cost rather than market value.
Estimating of NRV of assets for which there is no active market.
Technology change means it is often difficult to find comparable assets for the purposes of valuation.
•Earning based valuation
P/E= Market price/EPS
EPS= Earnings (PAT excluding preferred dividend)/Number of shares
Earning yield= EPS/Market price per share
Value of the company=Share price×Number of shares
•Dividend based valuation
Dividend yield=(Dividend per share/Market price per share)×100
Share price=Dividend per share/ Dividend yield
Po= Do(1+g)/(Ke- g)
Debt valuation
For redeemable/ convertible debt
The market value = Present value of future interest and redemption receipts, discounted at investor’s required return (effective rate).
Interest payment, frequency of interest payment, redemption value, redemption period, convertible value, convertible period, cost of debt will influence market value of tradable bonds.
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