enterprise valuation

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1、©2008PearsonAddisonWesley.AllrightsreservedChapterSevenEnterpriseValuation1©2008PearsonAddisonWesley.AllrightsreservedChapterOutlineIntroductionUsingaTwo-stepApproachtoEstimateEnterpriseValueEnterpriseValueOverviewDCFAnalysisandGordonGrowthModelHybridApp

2、roachtoEnterpriseValuationEnterpriseValuationUnderGrowthStrategiesUsingtheAPVModeltoEstimateEnterpriseValueWACCAssumptionsandProblemsAdjustedPresentValue(APV)ApproachtoEnterpriseValuationAPVImplementationEstimatingtheValueofSubsidizedDebtFinancing2©2008P

3、earsonAddisonWesley.AllrightsreservedIntroductionTheenterprisevalueofacompanyismostoftendeterminedusingatwo-stepvaluationapproachCompanycashflowsareforecastedforalimitednumberofyearscalledtheplanningperiodandarediscountedtopresentvalueTheestimatepresentv

4、alueofallremainingcashflowsiscalledtheterminalvalueTherearetwowaystoestimateterminalvalue:aperpetuityapproach(usingtheGordongrowthmodel)oramultiplesapproach(usingEBITDAmultiples)3©2008PearsonAddisonWesley.AllrightsreservedIntroduction(Continued)Enterpris

5、evaluationswillvaryaccordingtothegrowthstrategiesimplementedbymanagementWACCbasedapproachestoenterprisevaluearewidelyusedbutdonottakeintoconsiderationchangestocapitalstructureovertimeTheadjustedpresentvalue(APV)approachprovidesanimprovementovertraditiona

6、lWACCapproachesbecauseitrevealshowthecompany’sfinancingdecisionsinfluenceenterprisevalue4©2008PearsonAddisonWesley.AllrightsreservedEnterpriseValue-OverviewEnterprisevaluerepresentsthepresentvalueoffuturecashflowsintwosegmentsPlanningperiod(finitenumbero

7、fyears)Terminalperiod(allyearsthereafter)Note:Terminalvalueoftenrepresentsmorethan50%ofenterprisevalue5©2008PearsonAddisonWesley.AllrightsreservedEnterpriseValuationusingDCFAnalysisandGordonGrowthModelThepresentvalueofcashflowsintheplanningperiodiscalcul

8、atedusingasimpleDCFapproach.(1+WACC)tPresentValueofPlanningPeriodCashFlows=_____________Σt=1PPFFCFtNote:PP=planningperiod6EnterpriseValuationusingDCFAnalysisandGordonGrowthModel(Continued)UsingtheGordongrowthmodelwecancalc