. Value
- Price: results of a report negotiating
- Value: "Fair value", the objective value, reconstructed with analytical criteria
assessment process
- Until about five years ago
- Value: 1 main criterion
- Credit: one or more control policies
- Several methods, all major
- Each method reveals different aspects of method Ex
- stock prices as the market allows us to appreciate the value of the law.
- eg sheet complex method allows one to appreciate the value of the capital base and, separately, the ability of management to add value. Ex
- Method market multiples of comparable appreciates what the buyer actually paid for a representative share, possibly control.
- Each method generates a pair of scissors (or fork) of values \u200b\u200b
- Ex stock Price: min and max at 12 months
- We construct the intersection of the ranges of values \u200b\u200bindicated by each method
Evaluation methods:
- Analytics: point processes based on an algorithm formal
- Asset
- Simple
- NAV (Net Asset Value)
- Complex
- income
- Misti
- EVA
- Gordon
- Financial:
- DDM: Dividend Discount Model
- a market
- Stock Quotes
- Target price (consensus of analysts)
- market multiples
- Regression Analysis (Value Map)
- Empirical Contribution
- SOP: Sum of Parts
- "stand alone" in the absence of discontinuity
- In particular discontinuity of ownership.
- Price
- Synergies
- Diversity of negotiating power
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