Private Company Valuation教程

《Private Company Valuation教程》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、PrivateCompanyValuationAswathDamodaranAswathDamodaran179ProcessofValuingPrivateCompaniesnChoosingtherightmodel¥ValuingtheFirmversusValuingEquity¥SteadyState,Two-StageorThree-StagenEstimatingaDiscountRate¥CostofEquityÐEstimatingBetas¥CostofDebtÐEstimati

2、ngDefaultRiskÐEstimatinganafter-taxcostofdebt¥CostofCapitalÐEstimatingaDebtRationEstimatingCashFlowsnCompletingtheValuation:Dependsuponwhyandforwhomthevaluationisbeingdone.AswathDamodaran180EstimatingCostofEquityforaPrivateFirmnMostmodelsofriskandretur

3、n(includingtheCAPMandtheAPM)usepastpricesofanassettoestimateitsriskparameters(beta(s)).nPrivatefirmsanddivisionsoffirmsarenottraded,andthusdonothavepastprices.nThus,riskestimationhastobebaseduponanapproachthatdoesnotrequirepastpricesAswathDamodaran181I

4、.ComparableFirmBetasnCollectagroupofpubliclytradedcomparablefirms,preferablyinthesamelineofbusiness,butmoregenerally,affectedbythesameeconomicforcesthataffectthefirmbeingvalued.¥ASimpleTest:Toseeifthegroupofcomparablefirmsistrulycomparable,estimateacor

5、relationbetweentherevenuesoroperatingincomeofthecomparablefirmsandthefirmbeingvalued.Ifitishigh(andpositive),ofcourse,yourhavecomparablefirms.nIftheprivatefirmoperatesinmorethanonebusinesslinecollectcomparablefirmsforeachbusinesslineAswathDamodaran182E

6、stimatingcomparablefirmbetasnEstimatetheaveragebetaforthepubliclytradedcomparablefirms.nEstimatetheaveragemarketvaluedebt-equityratioofthesecomparablefirms,andcalculatetheunleveredbetaforthebusiness.b=b/(1+(1-taxrate)(Debt/Equity))unleveredleverednEsti

7、mateadebt-equityratiofortheprivatefirm,usingoneoftwoassumptions:¥Assumethattheprivatefirmwillmovetotheindustryaveragedebtratio.Thebetafortheprivatefirmwillconvergeontheindustryaveragebeta.b=b(1+(1-taxrate)(IndustryAverageDebt/Equity)privatefirmunlevere

8、dnEstimatetheoptimaldebtratiofortheprivatefirm,baseduponitsoperatingincomeandcostofcapital.b=b(1+(1-taxrate)(OptimalDebt/Equity)privatefirmunleverednStep5:Estimateacostofequitybaseduponthisbeta.AswathDamodaran183AccountingBetasnStep1:Co