Should I Be Wet Before My Period?

financial assets

Asset Simple Method

Objective: To give a market value of the book value equity, through a series of adjustments.

• K = Adjusted shareholders' equity

conceptual limit: The value expressed by this method is not oriented to appreciate the ability to generate value over time.

• liquidation value
• value of the resources provided to management for the operation of the business
• missing the measurement of "earning capacity" or "ability to create value."

Corrections: W (Market) - W (Budget)

eg Assessment for merger with Banca Intesa BCI

• Equity accounting adjustments
Gains on trading securities
• Reversal of the value of intangibles budget
• Goodwill Goodwill arising on consolidation
• Gains on real estate (by independent assessments)
• different
• Gains Tax effects
• K = Shareholders' equity Corrected
• Despite the numerous corrections, the PNR is usually close enough to the book value of equity.
• This is due to the fact that in the balance sheets of many budget items are naturally found in market value. The corrections thus concern only those items which are included in the budget to historic value.

K = K '+ SA

• Surplus Assets
• SA = K' = Adjusted Equity Instrumental

The surplus assets can be liquidated because they are not used directly in the business.

The transfer of intangibles requires their replacement by an independent, objective and timely intangibles themselves. This assessment measures the ability of management to generate more value in excess of its peers.

All adjustments should be determined after eliminating from the emergence of capital gains tax.

Method total capital

W = K + Attorney

goodwill Rating:

• root element of creating value: the collection of public savings
• Years 1970: Start = c * R = R
• collection
• c = capacity to generate income from the collection
• But there are various forms of collection: Collection
• direct
• Overnight deposits (low cost)
• term deposits
• Indirect
• Asset Management
• Years 1990: Start = c1 * c2 * R1 + R2
• R1 = Direct deposits
• inexpensive
• revenue for employment is the responsibility of the intermediary
• R2 = Indirect
• The revenue is the responsibility of the investor
• The revenue of the intermediary are the management fees
• c1> c1 c2
• is a direct function of the spread
• c2 is a direct function of net commissions
• 2000s:
• It is recognized that even within classes of direct and indirect collection there are different types with very different earnings capacity
• Direct funding: various types of indirect burden in order of increasing and decreasing capacity for income generation
• C / C
• Special-interest bearing certificates of deposit (Short, MLT)
• Repurchase
• Bonds
• Hybrid instruments (valid for regulatory capital)
• Indirect: in order of decreasing profitability
• networks of financial advisors
• Networks insurance
• Assets under management: Asset management
• Wealth Management
• Private Banking
• Trusts
• Assets under Administration: service brokerage
• custody

coefficients in the estimated harvest of goodwill (Fusion IntesaBci)

• Direct
• C / C: 8%
• deposits Savings: 6%
• Certificates of Deposit: 4%
• Repos: 1.5%
• Indirect
• Run: 1.5%
• Administered: 3.5%

Price vs