Valuation Complexities

257 39 53MB

English Pages [207] Year 2014

Table of contents :
Cover
1) Complexities with Comps
Complications with Share Count
Adjustments to EV & TEV
Normalizing to Net Income
Industry Specific Comps
International Companies
Overview of Operating Leases
Adjusting for Pensions
Overview of Expensing Stock-based Compensation
2) Complexities with Discounted Cash Flow Analysis
The Mid-Period Convention
Discounting to a “Valuation Date”
Equity Investment and DCFs
Adjusted Present Value (APV)
Synergy DCF Analysis
3) Advanced Merger Topics
Deal Protection Techniques
Tax Issues with Business Combinations
4) Advanced LBO Topics
Dividend Recapitalizations
Case Study: Burger King
Leveraged “Recap” Accounting
Modeling Considerations for “Recap” Accounting
5) Inputting Valuation Ranges
6) Calculator Guide
7) Additional Resources
Key Formulas

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