mba morten beyer & agnew
|
|
- Martin Brooks
- 2 years ago
- Views:
Transcription
1 Business Valuation: How to Make the Most of Your Business Pooja Gardemal, CPA/ABV Vice President Business Valuation & Economic Analysis 1
2 About is a global consulting firm with offices in the U.S. and Asia, providing a broad spectrum of services to airlines, governments, and investors since Industry Expertise Integrated Teams Credentials Legal Background Government Airline Operations Aircraft Maintenance Consulting Services Include Valuations Market Analysis & Evaluation Cost Benefit Analysis Due Diligence Asset Management Technical / Audit Services Financing Support Alternatives Aerospace Engineers MBAs Pilots CPAs ISTAT Certified Appraisers ABV / CVA Certified Valuators IATA Audit / Training Org. SMS Licensed Training Org. 2
3 services include Valuation Solutions Modeling & Analysis Asset Management Technical Support Training Expert Witness 3
4 Ms. Pooja Gardemal, Vice President BUSINESS VALUATION & ECONOMIC ANALYSIS 4
5 Intangible Asset Valuations Business Valuations Market Study & Trend Analysis Route Analysis Fleet Planning Due Diligence Cash Flow Modeling 5
6 How to Make the Most of Your Business BUSINESS VALUATION 6
7 Agenda Reasons to Obtain a Business Valuation Purpose of Engagement Raising Capital Sale Options Market Options Avenues for Sale Industry Trends Airline Industry Overview Aviation-Related Company Ratios & Multiples How Value is Derived Valuation Approaches: Income, Market, Asset Asset Approach Methodologies: Net Assets Market Approach Methodologies: Comparable Transactions, GPC Income Approach Methodologies: DCF, Capitalization of Earnings Valuation Methodology Valuation Exercises 7
8 Today s challenging global environment has raised the significance of valuations that aid in financial reporting requirements, tax planning, litigation, and mergers and acquisitions. REASONS TO OBTAIN A BUSINESS VALUATION 8
9 Purpose of Engagement Litigation Financial & Tax Reporting Compliance Planning Transactions Divorce Bankruptcy Intellectual Property (IP) Shareholder, Owner, Employee Disputes Corporate Reorganization S Corporation Conversions Income Tax Estate Tax Gift Tax Income Tax Estate Tax Gift Tax Mergers & Acquisitions Personal Financial Planning Mergers Acquisitions Buyout Initial Public Offering (IPO) Employee Stock Ownership Plans (ESOP) 9
10 RAISING CAPITAL 10
11 Options DEBT Private Banks Capital Markets EQUITY Minority Interest Sale Joint Venture Earn-Out Merger IPO 100% Sale 11
12 Avenues for Sale Private Equity Competitor Complimentary Business Consulting Firm Hedge Fund Bank 12
13 What to Expect Requirements 13
14 INDUSTRY TRENDS 14
15 Industry Volatility $30 10% 8% US$ Billions $20 $10 $0 $10 $ % 4% 2% 0% 2% 4% 6% Percent Growth, Passengers & Crude 8% $30 Airline Industry Net Profit Scheduled Passenger Growth World GDP Growth 10% Sources: IATA & World Bank Data 15
16 Profitability & Efficiency Ratios 60.0% 53.9% 50.0% 40.0% 30.0% 20.0% 17.9% 16.7% 18.4% 10.0% 4.7% 6.2% 4.1% 8.4% 6.0% 6.1% 7.9% 11.9% 0.0% Return on Asset Return on Equity Profit Margin Operating Margin Manufacturer Airline Leasing Company Sources: Yahoo Finance, Google Finance 12/31/2014 Financials 16
17 Leverage & Liquidity Ratios Debt /Equity Current Ratio 0.0 Sources: Yahoo Finance, Google Finance 12/31/2014 Financials 17
18 Valuation Multiples Price/Book Price/Sales EV/EBITDA EV/Revenue Manufacturer Airline Leasing Company Sources: Yahoo Finance, Google Finance 12/31/2014 Financials 18
19 HOW VALUE IS DERIVED 19
20 Standard of Value Type or definition of value. Premise of Value Circumstances under which the business will be analyzed. 20
21 Valuation Approaches Income airline oem Market lessor Asset 21
22 Asset Approach Method Typically Utilized: Net Assets Adjust Assets and Liabilities to FMV Liquidation Costs (if applicable) Apply Discounts Provides Floor for Value 22
23 Market Approach Comparable Transactions vs. Guideline Public Company 23
24 Market Approach: Comparable Transactions Arm s - Length Sales Sale of Entire Enterprises Qualitative and Quantitative Measures are Used for Comparability Dates of Transaction and Relevance of Market are KEY 24
25 Market Approach: Guideline Public Company Publicly Traded Company Multiples Benchmarking for Balance Sheet and Income Statement Items Typically Provides a Minority Interest 25
26 Income Approach Discounted Cash Flow v. Capitalization of Earnings Equity Value v. Enterprise Value 26
27 Income Approach: Capitalization of Earnings Expected Benefits are Capitalized into Perpetuity Using a Capitalization Rate Cap Rate = Discount Rate Long-Term Growth Rate 27
28 Income Approach: Discounted Cash Flow Future Benefit Streams are Forecasted for Typical Business Cycle or Expected Period of Volatility and then Discounted Back to Today Used When Historic Earnings and/or Market Conditions are not Indicative of Future Earning Capabilities 28
29 VALUATION METHODOLOGY 29
30 Where to Begin? 1. Financial Statements: Income Statement, Balance Sheet, Cash Flows for Past 5 Years 2. Tax Information 3. Corporate Structure and Key Persons 4. Competitors and Customers 5. Internal Forecasts, Projections, and Strategy 6. Industry Projections 7. Industry Ratios 8. Site Visit 30
31 Then What? 1. Review Financial Statements Through Common Sizing and Year Over Year Growth 2. Perform Ratio Analysis to Establish How the Company Operates Within its Own Industry 3. Forecast Revenues & Expenses, Depreciation & Amortization, Capital Expenditures 4. Determine a Discount Rate 31
32 Analyze & Employ Judgement Reasonability of Internal Projections Fuel Prices Sales Economic Forecasts Political Climate Inflation Inventory Changes Taxes Exogenous Events 32
33 Forecast Cash Flows 33
34 Forecast Cash Flows Revenues Less: Expenses Operating Earnings Less: Taxes After Tax Income Add back: Depreciation Less: Capital Expenditures Adjust for: Changes in Net Working Capital Net Cash Flow 34
35 Assess Specific Company Risk Key Person Risk Reliance on Related Parties Depth of Management Competitive Position Quality of Earnings Financial Strength Financial Leverage Diversification of Products Diversification of Customers Diversification of Suppliers / Subcontractors Company Reputation 35
36 Apply Valuation Discounts Lack of Marketability Lack of Control 36
37 Recap If You Are in Need of Cash, There Are Many Avenues to Obtain it Be Reasonable in Your Expectations Understand How a Business Valuation is Derived 1. Income Approach 2. Market Approach 3. Asset Approach 37
38 Thank You 38
COMMUNICATING THE VALUATION REPORT
COMMUNICATING THE VALUATION REPORT Dave Diehl, CFA Prairie Capital Advisors, Inc. ddiehl@prairiecap.com Chieoke Moore, CPA Prairie Capital Advisors, Inc. cmoore@prairiecap.com OUTLINE OF TODAY S PRESENTATION
Business Valuation. Presented by: CPA Assurance http://www.cpaassurance.com
Business Valuation Presented by: CPA Assurance http://www.cpaassurance.com Presentation Summary Overview of business valuation approaches Standards of value Valuation adjustments Current developments Using
Business Valuation What You Need to Know. Frankel & Reichman LLP www.calcpaexpert.com
Business Valuation What You Need to Know Frankel & Reichman LLP www.calcpaexpert.com Presentation Summary Overview of business valuation approaches Standards of value Valuation adjustments Using a qualified
Business Valuation A presentation for Manitoba Learning Match 2014. Daniel Bernard, CA, CBV
Business Valuation A presentation for Manitoba Learning Match 2014 February 11, 2014 Daniel Bernard, CA, CBV J.P. Barnabé, CA Overview When to get a Valuation Valuation Reports Basic Principles of Valuation
Chapter 5: Business Valuation (Market Approach)
Chapter 5: Business Valuation (Market Approach) This methodology values larger companies based upon the value of similar publicly traded For smaller companies, otherwise known as micro businesses (e.g.,
REALIZING VALUE - BUYING AND SELLING YOUR BUSINESS
REALIZING VALUE - BUYING AND SELLING YOUR BUSINESS Presented By: Norm Snyder and Jeff Capron November 2009 805 King Farm Boulevard, Suite 300 Rockville, Maryland 20850 301.231.6200 301.231.7630 F www.aronsoncompany.com
The McLean Group s. Business Valuation Practice. Austin Office. The McLean Group 401 Congress Avenue Suite 1540 Austin, TX 78701
The McLean Group s Austin Office The McLean Group 401 Congress Avenue Suite 1540 Austin, TX 78701 Contents Page I. The McLean Group 3 II. Our 4 III. Why Our? 5 IV. Recent Business Valuation Experience
Copyright 2015, American Institute of Certified Public Accountants, Inc. All Rights Re... Page 1 of 59 STATEMENTS ON STANDARDS FOR VALUATION SERVICES
Copyright 2015, American Institute of Certified Public Accountants, Inc. All Rights Re... Page 1 of 59 Valuation Services VS Section STATEMENTS ON STANDARDS FOR VALUATION SERVICES VS Section 100 Valuation
Today s Agenda. DFR1 and Quiz 3 recap. Net Capital Expenditures. Working Capital. Dividends. Estimating Cash Flows
Today s Agenda DFR1 and Quiz 3 recap Net Capital Expenditures Working Capital Dividends Estimating Cash Flows Net Capital expenditures Net capital expenditures = capital expenditures - depreciation Depreciation
ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION
ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION OCTOBER 2006 Table of Contents 1. INTRODUCTION... 3 2. FINANCIAL RATIOS FOR COMPANIES (INDUSTRY - COMMERCE - SERVICES) 4 2.1 Profitability Ratios...4 2.2 Viability
VALUATION ANALYSIS APPENDIX B
APPENDIX B THIS VALUATION ANALYSIS PRESENTS INFORMATION FOR ALL REORGANIZED DEBTORS ON A CONSOLIDATED BASIS. PRIOR TO THE HEARING TO APPROVE THE DISCLOSURE STATEMENT, THE DEBTORS WILL REPLACE THIS VALUATION
Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings
NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737
DETERMINING AGENCY VALUE PART 5
DETERMINING AGENCY VALUE PART 5 VALUATION METHODOLOGY (continued) By: Chuck Coyne, ASA This month we continue our discussion of how to determine an agency s value. Last month we discussed many of the typical
EMERSON AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) TABLE 1 Quarter Ended March 31, Percent Change Net Sales $ 5,854 $ 5,919 1% Costs and expenses: Cost of sales 3,548 3,583
HHIF Lecture Series: Financial Statement Analysis
HHIF Lecture Series: Financial Statement Analysis Alexander Remorov Based on the Materials by Daanish Afzal University of Toronto November 5, 2010 Alexander Remorov, Daanish Afzal (University of Toronto)
Second Annual Conference September 16, 2015 to September 18, 2015 Chicago, IL
Second Annual Conference September 16, 2015 to September 18, 2015 Chicago, IL Mergers and Acquisitions Primer for Service Contract Providers Brian T. Casey, Esq. Partner, Co-Chair Regulatory & Transactions
* * * Chapter 15 Accounting & Financial Statements. Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall
Chapter 15 Accounting & Financial Statements Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall Bookkeeping vs. Accounting Bookkeeping Accounting The recording of business transactions.
HOW A COMPANY IS VALUED. An Overview of Valuation Methods and Their Application
HOW A COMPANY IS VALUED An Overview of Valuation Methods and Their Application HOW A COMPANY IS VALUED AN OVERVIEW OF VALUATION METHODS AND THEIR APPLICATION // 2 Investors in publicly-traded companies
Fundamental analysis
Fundamental analysis 2 June 2016 CERN Finance Club c.laner@cern.ch Introduction Let s cover the two main types of investment analysis used in traditional investing Today: Fundamental analysis Next time:
Current Ratio: Current Assets / Current Liabilities. Measure of whether company has enough cash to cover immediate expenses
1 Beta: a measure of a stock s volatility relative to the overall market (typically the S&P500 index is used as a proxy for the overall market ). The higher the beta, the more volatile the stock price.
A client guide to business valuation engagements and reports.
A client guide to business valuation engagements and reports. Disclaimer This guide is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting
Mergers & Acquisitions
Mergers & Acquisitions 2013 Program 1 st week Introduction M&A business Marked overview, Motivation doing a deal and Reasons of failing acquisitions Shareholder Value requirements and reality, Example
Services and Capabilities. Financial Services Transfer Pricing
Services and Capabilities Financial Services Transfer Pricing Our team of experts offers an unmatched combination of economic credentials, industry expertise, and testifying experience. FINANCIAL SERVICES
Chapter 4: Liquor Store Business Valuation
Chapter 4: Liquor Store Business Valuation In this section, we will utilize three approaches to valuing a liquor store. These approaches are the: (1) cost (asset based), (2) market, and (3) income approach.
Financing Your Dream: A Presentation at the Youth Business Linkage Forum (#EAWY2014) Akin Oyebode Head SME Banking, Stanbic IBTC Bank, Nigeria.
Financing Your Dream: A Presentation at the Youth Business Linkage Forum (#EAWY2014) Akin Oyebode Head SME Banking, Stanbic IBTC Bank, Nigeria. Content 1 Introduction 2 Profit and loss Account or Income
Discussion Board Articles Ratio Analysis
Excellence in Financial Management Discussion Board Articles Ratio Analysis Written by: Matt H. Evans, CPA, CMA, CFM All articles can be viewed on the internet at www.exinfm.com/board Ratio Analysis Cash
Financial Modeling & Forecasting. Jason MacMorran www.pncpa.com
Financial Modeling & Forecasting Jason MacMorran www.pncpa.com Presentation Outline I. Introduction and Learning Objectives II. Definitions and Standards Overview III. Uses for Financial Models IV. Basics
Income Measurement and Profitability Analysis
PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance
VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6
VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis Fall 2015 Comp Week 6 CODE: COMPS Timeline Date Topic 9/10/15 Introduction to Finance 9/17/15 Qualitative Analysis: SWOT and Porter s Five
The ESOP Business Model. February 2013
The ESOP Business Model February 2013 Topics to be Covered + Purpose and Regulatory Environment + Major Benefits of ESOPs + ESOP Transactions + Business Valuation Standards + ESOP Accounting Rules + ESOP
Overview of Financial Management
Overview of Financial Management Uwadiae Oduware FCA Akintola Williams Deloitte 1-1 Definition Financial Management entails planning for the future for a person or a business enterprise to ensure a positive
BUILDING FUTURES ADVANCED DIPLOMA MCT
BUILDING FUTURES ADVANCED DIPLOMA MCT SYLLABUS ADVANCED DIPLOMA MCT Study Unit 1: Treasury strategy Study Unit 2: Treasury applications Study Unit 3 Strategic treasury solutions INTRODUCTION The MCT Advanced
NACVA. National Association of Certified Valuators and Analysts
NACVA National Association of Certified Valuators and Analysts The Core Body of Knowledge for Business Valuations All rights reserved. No part of this work covered by the copyrights herein may be reproduced
VALUATION CA Bhavik Shah 16 May 2015
VALUATION CA Bhavik Shah 16 May 2015 Presentation Overview Valuation Concept Purpose of Valuation Principal Methods of Valuation Net Assets Value (NAV) Method Price to Book Multiple (P/B) Method Price
What is the fair market
3 Construction Company Valuation Primer Fred Shelton, Jr., CPA, MBA, CVA EXECUTIVE SUMMARY This article explores the methods and techniques used in construction company valuation. Using an illustrative
Content Specification Outlines Certified Management Accountant (CMA) Examinations
Effective May 1, 2010 Content Specification Outlines Certified Management Accountant (CMA) Examinations The content specification outlines presented below represent the body of knowledge that will be covered
What's Your Business Worth? What you see isn't usually what you get - or want!
What's Your Business Worth? What you see isn't usually what you get - or want! "How much is my business worth?" and "How do I know for sure?" and "Why should I care? After all, I have no intention of selling
VALUATION observations
VALUATION observations What is the Value of Your AEC Firm? Make Sure to Nail Down These Points By Kelly C. Noll, CFA and Bob Biehl, CCIFP, CPA Many architectural, engineering and construction ( AEC ) firms
ACCOUNTING III Cash Flow Statement & Linking the 3 Financial Statements. Fall 2015 Comp Week 5
ACCOUNTING III Cash Flow Statement & Linking the 3 Financial Statements Fall 2015 Comp Week 5 CODE: CA$H Administrative Stuff Send an email to trentnelson@college.harvard.edu if you have not been added
Learning Objectives: Quick answer key: Question # Multiple Choice True/False. 14.1 Describe the important of accounting and financial information.
0 Learning Objectives: 14.1 Describe the important of accounting and financial information. 14.2 Differentiate between managerial and financial accounting. 14.3 Identify the six steps of the accounting
Develop Your Intuition about Value Multiples By Serena Morones, CPA, ABV, ASA, CFE
By Serena Morones, CPA, ABV, ASA, CFE Introduction Do you have a reasonable sense about what multiple of EBITDA is appropriate to value your client s business? Or do you toss around standard rules of thumb
An Introduction to Business Valuation
An Introduction to Business Valuation TM I ntroduction to Business Valuation If you own stock in a public corporation, you can readily determine its value by going to The Wall Street Journal and finding
BUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE
BUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca A COMMON GOAL AND COMMON UNDERSTANDINGS Agreed: Our common
Consolidated and Non-Consolidated Financial Statements
May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,
Financial Condition Analysis Model
Financial Condition Analysis Model GOVERNMENTAL ACTIVITIES & ENTERPRISE FUNDS Economic resources and accrual basis of accounting Flow Financial Dimension Financial Indicator Interpretation Interperiod
FIRESWIRL TECHNOLOGIES INC.
FIRESWIRL TECHNOLOGIES INC. Management Discussion and Analysis of the Financial Condition and Results of Operation, for the three months ended March 31, 2007 and 2006. 1 MANAGEMENT DISCUSSION AND ANALYSIS
Additional Revision to Brief Report of Settlement of Accounts for Full Fiscal Year Ending March 31, 2007
June 22, 2007 Company Name: ARUZE CORP. Name and Title of Representative: Kunihiko Yogo Representative Director and CEO (JASDAQ Code: 6425) Contact: Norihisa Kiriu General Manager Finance and Accounting
STATUS Final EFFECTIVE DATE N/A
ILLUSTRATIVE EXAMPLES TO ACCOMPANY IFRS 13 FAIR VALUE MEASUREMENT UNQUOTED EQUITY INSTRUMENTS WITHIN THE SCOPE OF INTERNATIONAL FINANCIAL REPORTING BULLETIN 2013/06 Summary In December 2012, the IFRS Foundation
Pro Forma Projections How to prepare reasonable projections based on your market and customers
Pro Forma Projections How to prepare reasonable projections based on your market and customers Dennis Beard, Serra Ventures, LLC EnterpriseWorks EIR Workshop Series, February 16, 2011 Workshop Agenda 2
onetravel@aol.com 954-540-3697
onetravel@aol.com 954-540-3697 Valuation Principles Good Afternoon! I want to thank all of you who have attended our round table discussion in regards to valuations. Having an independent valuation can
Your Target Market. Taking Your Company Global. International Tax & Accounting Services
Your Target Market Taking Your Company Global & Company www.rowbotham.com (415) 433-1177 consulting@rowbotham.com San Francisco Silicon Valley Associated Firms Worldwide International Tax & Accounting
Is Apple overvalued? An Introduction to Financial Analysis
Is overvalued? An Introduction to Financial Analysis The fact that the stock price almost doubled during the last year, was evidence enough for many people to say that investors had gone crazy. Other people
Valuation for Mergers, Buyouts and Restructuring (John Wiley & Sons, New York, 2005)
Valuation for Mergers, Buyouts and Restructuring (John Wiley & Sons, New York, 2005) Professor of Finance and Economics Graduate School of Business, Columbia University New York, N.Y. 10027 Email: era1@columbia.edu
Econ Pro Valuation Methods - General recap and pitfalls. October 1, 2010
Econ Pro Valuation Methods - General recap and pitfalls October 1, 2010 1 Agenda Valuation Dimensions & Applications Valuation Methods Market method Cost method Income method Income method for Intangible
International Glossary of Business Valuation Terms*
40 Statement on Standards for Valuation Services No. 1 APPENDIX B International Glossary of Business Valuation Terms* To enhance and sustain the quality of business valuations for the benefit of the profession
DEPOSITION QUESTIONS FOR STEVEN GARCIA
DEPOSITION QUESTIONS FOR STEVEN GARCIA When you see a box, it means that I am telling you either the direction that I want to go in or what I expect his answer to be. BACKGROUND AND QUALIFICATIONS (BIOGRAPHICAL
Financial Statements and Ratios: Notes
Financial Statements and Ratios: Notes 1. Uses of the income statement for evaluation Investors use the income statement to help judge their return on investment and creditors (lenders) use it to help
Body of Knowledge for Professional Business Valuation Certification Programme
Body of Knowledge for Professional Business Valuation Certification Programme Copyright 2014 Institute of Valuers and Appraisers of Singapore. All rights reserved. Copies of this Body of Knowledge may
Products/Services. Management/ Employees. Profitability
4A 1 4A Value is determined by a proper assessment of the relationship between the future returns generated on an investment and the risk of attaining those returns The art of business valuation is to:
Company A Financial Scorecard
Company A Financial Scorecard DRAFT: This report has been prepared for your review. 2 Table of Contents Executive Summary Benchmark Metrics Appendix About HA&W Executive Summary Executive Summary 4 Overall,
One Unique Focus: Valuation
One Unique Focus: Valuation While FOCUS expertise spans a wide range of industries, our team is comprised of banking groups targeting particular market segments. One unique focus is corporate valuation
JOHN WILEY & SONS, INC. UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts)
UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts) US GAAP First Quarter Ended Revenue $ 430,069 407,938 5% Costs and Expenses Cost
Valuation Services. Global Capabilities Delivered Locally KPMG LLP
Valuation Services Global Capabilities Delivered Locally KPMG LLP Today s global environment has elevated the importance of valuations that support financial reporting, tax planning, litigation, and mergers
FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013
FINANCIAL RESULTS FOR THE THREE MONTH ENDED JUNE 2013 Based on US GAAP Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 http://www.mitsubishicorp.com/ Mitsubishi Corporation and
Delta Air Lines, Inc. David Pruchno BUS 210-00A-Su13 - M/W 6-9
Delta Air Lines, Inc. David Pruchno BUS 210-00A-Su13 - M/W 6-9 http://www.delta.com/content/dam/delta-www/pdfs/about-financial/deltaairlines_10k_2012.pdf Introduction Richard H Anderson, CEO Former UnitedHealth
CONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF INCOME 4 th quarter (a) 3 rd quarter 4 th quarter 2009 Sales 40,157 40,180 36,228 Excise taxes (4,397) (4,952) (4,933) Revenues from sales 35,760 35,228 31,295 Purchases, net
IFRS 13 Fair Value Measurement
December 2012 Education Illustrative examples to accompany IFRS 13 Fair Value Measurement Unquoted equity instruments within the scope of IFRS 9 Financial Instruments Educational material on fair value
Citrix Revises Outlook Due to Accelerated Share Repurchase Program
FOR IMMEDIATE RELEASE For media inquiries, contact: Eric Armstrong, Citrix Systems, Inc. (954) 267-2977 or eric.armstrong@citrix.com For investor inquiries, contact: Eduardo Fleites, Citrix Systems, Inc.
Interview Questions. From Joshua Rosenbaum and Joshua Pearl Co-authors of Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions
Interview Questions From Joshua Rosenbaum and Joshua Pearl Co-authors of Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions How do the three primary financial statements link
MacIC Beginner Question Bank
Accounting MacIC Beginner Question Bank Here are the 5 most important Accounting concepts you need to know: The 3 financial statements and what each one means How the 3 statements link together and how
Class #17 Issues in Mergers and Acquisitions. 15.535 - Class #17 1
Class #17 Issues in Mergers and Acquisitions 15.535 - Class #17 1 Mergers & Acquisitions: The Issues Why take over another firm? What are the gains to takeovers? Strategies for Valuing Private Firms What
Financial Statement Analysis B10.2303.00 Spring 2006
Financial Statement Analysis B10.2303.00 Spring 2006 Professor Christine Tan e-mail: ctan@stern.nyu.edu Office Hours: Saturdays 8-9am and 12-1pm Course Objectives This course is designed to prepare you
Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased.
Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased. Accounts Receivable are the total amounts customers owe your business for goods or services sold
Overview of Business Valuations
Overview of Business Valuations By CA Niketa Agarwal Last few years have not been encouraging for the global economy due to crisis and slow recovery in several large and developed countries. India experienced
WTAS Valuation Services Group
WTAS Valuation Services Group Information & Overview March 2014 Presented to 1 Table of Contents I. WTAS Valuation Services Overview II. WTAS Overview III. Services Offering IV. Approach V. Professionals
Practice Bulletin No. 2
Practice Bulletin No. 2 INTERNATIONAL GLOSSARY OF BUSINESS VALUATION TERMS To enhance and sustain the quality of business valuations for the benefit of the profession and its clientele, the below identified
HMWC CPA's&Business Advisors, Orange County, California
Business Assurance Services Tax Consulting Services Business Advisory Services Estate Planning Financial Planning Pension & Human Resources Consulting Information Technology Services Mergers, Acquisitions
March 31, 2014 Income from operations... $ 121,521 $ 136,082 $ 120,847
Akamai Technologies, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures In addition to providing financial measurements based on generally accepted accounting principles in the United States of
JULY 30, 2015 INVESTOR PRESENTATION SENSATA TECHNOLOGIES ACQUIRES CST SENSING PORTFOLIO
JULY 30, 2015 INVESTOR PRESENTATION SENSATA TECHNOLOGIES ACQUIRES CST SENSING PORTFOLIO Forward looking statements This presentation contains certain forward looking statements that involve risks or uncertainties.
FINANCIAL MANAGEMENT
100 Arbor Drive, Suite 108 Christiansburg, VA 24073 Voice: 540-381-9333 FAX: 540-381-8319 www.becpas.com Providing Professional Business Advisory & Consulting Services Douglas L. Johnston, II djohnston@becpas.com
Understanding Business Valuations
Understanding Business Valuations SBA America East Conference August 1, 2012 Neal Patel, CBA Reliant Business Valuation Abridged Slides: Email neal@reliantvalue.com for full presentation Appraiser s Professional
Impairment Testing Procedures and Pitfalls
Audio Conference Dial-in Number: 877.691.9300; Access Code: 4321206 Impairment Testing Procedures and Pitfalls November 3, 2009 Presenters: Cory J. Thompson, CFA, CIRA Ryan A. Gandre, CFA Moderator: Jay
SMALL BUSINESS DEVELOPMENT CENTER RM. 032
SMALL BUSINESS DEVELOPMENT CENTER RM. 032 THE BUSINESS VALUATION PROCESS: BUYING/SELLING A BUSINESS (c) Revised January, 2013 Board of Regents, University of Wisconsin System Julie Britz, Writer; Mark
CFS. Syllabus. Certified Finance Specialist. International benchmark in Finance profession
CFS Certified Finance Specialist Syllabus International benchmark in Finance profession Certified Finance Specialist Summary: This award will provide candidates the opportunity to gain advanced level knowledge
AN INTRODUCTION TO BUSINESS VALUATION. John P. Murphy, ASA, MCBA
AN INTRODUCTION TO BUSINESS VALUATION by John P. Murphy, ASA, MCBA This article discusses the framework for conducting a supportable valuation, and focuses on basic factors to be considered, valuation
Employee Stock Ownership Plans for Banks and Bank Holding Companies The Tax-Exempt Stock Market
Employee Stock Ownership Plans for Banks and Bank Holding Companies The Tax-Exempt Stock Market Presenters: W. William Gust, J.D., LLM President of Corporate Capital Resources, LLC Michael A. Coffey Managing
VALUE OF ASSETS OF PRZEDSIĘBIORSTWO ROBÓT KOMUNIKACYJNYCH W KRAKOWIE S.A. WITH REGISTERED OFFICE IN CRACOW AS AT 1 JULY 2013
VALUE OF ASSETS OF PRZEDSIĘBIORSTWO ROBÓT KOMUNIKACYJNYCH W KRAKOWIE S.A. WITH REGISTERED OFFICE IN CRACOW AS AT 1 JULY The document has been prepared at the request of ZUE S.A. Warsaw, 12 August 1 CONTENTS
BUSINESS VALUATION - Nuts and Bolts
BUSINESS VALUATION - Nuts and Bolts CA RAJIV SINGH FCA, LIFA(USA),CISA(USA) CO-FOUNDER EXPLICO CONSULTING rajivsinghfca@gmail.com AGENDA Business valuation introduction Valuation-Art or Science? Business
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest
Course Syllabus For Banking and Financial Management Department
For Banking and Financial Management Department School Year First Year First year Second year Third year Fifth year Fifth year Fifth year Fifth year Name of course Financial Accounting principles Intermediate
Fundamentals Level Skills Module, Paper F9. Section A. Monetary value of return = $3 10 x 1 197 = $3 71 Current share price = $3 71 $0 21 = $3 50
Answers Fundamentals Level Skills Module, Paper F9 Financial Management December 2014 Answers Section A 1 A Monetary value of return = $3 10 x 1 197 = $3 71 Current share price = $3 71 $0 21 = $3 50 2
Business Enterprise Value: What Does It Represent?
4506-CH04.pdf 6/19/07 11:55 AM Page 23 CHAPTER 4 Business Enterprise Value: What Does It Represent? It is not always possible to know the true value of a company s assets and the extent of its liabilities
Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*
Ford Credit Earns Full-Year Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* DEARBORN, Mich., Jan. 29, 2015 Ford Motor Credit Company reported a pre-tax profit of $1.9 billion in, its highest
2.2 Global Trends for Offshore Software Services. 2.3 Necessity of Business Valuation of Software Companies
2 Literature Review 2.1 Offshore Software Services Offshore software development can be defined as the purchase of services abroad with the supplier and buyer remaining in their respective locations. This
2014 Family Wealth Conference
2014 Family Wealth Conference James Bertram William Blair & Company Sarah Mercurio William Blair & Company Business Succession: Planning the Next Step for Your Most Valuable Asset Summary of Financial
NOTICE: For details of the project history please look under the Work Plan section of this website.
NOTICE: This Exposure Draft is available to show the historic evolution of the project. It does not include changes made by the Board following the consultation process and therefore should not be relied
Business Valuation and Exit Planning. Aaron J. Pryor, CFA, ASA
Business Valuation and Exit Planning Aaron J. Pryor, CFA, ASA Phases of a Business Valuation Assignment Define the valuation assignment What exactly is the subject of the valuation What is the purpose
Valuation for merger and acquisition. March 2015
Valuation for merger and acquisition March 2015 Flow of presentation Valuation methodologies Valuation in the context of Merger and Acquisition Indian Regulatory Environment and Minority Interest Safeguard
Matching Cash Flows and Discount Rates in Discounted Cash Flow Appraisals
Matching Cash Flows and Discount Rates in Discounted Cash Flow Appraisals Introduction by C. Donald Wiggins, DBA, ASA, CVA Business Valuation Review March 1999 There are many conceptual and practical problems
REMARKS FOR ACQUISITION OF OXFORD AVIATION ACADEMY. May 16, 2012. Time: 1:00p.m. Speakers: Mr. Marc Parent, President and Chief Executive Officer
REMARKS FOR ACQUISITION OF OXFORD AVIATION ACADEMY May 16, 2012 Time: 1:00p.m. Speakers: Mr. Marc Parent, President and Chief Executive Officer Mr. Stephane Lefebvre, Vice President, Finance, and Chief