Upload
thevariantview
View
224
Download
0
Embed Size (px)
Citation preview
7/31/2019 The Art of Valuation.pptx- HFAC
1/17
Bciicr Kanhw
0?)07)1?
7/31/2019 The Art of Valuation.pptx- HFAC
2/17
Zkh Arz ce Uanxazgci Dcan ce zkg prhhizazgci
Lhhp wcx gizhrhzhj Uanxazgci g EXI
H{pnagi zkh thalihh gikhrhiz gi aiw JBE Gizrcjxbh a zkrhh&nawhrhj apprcabk zc uanxazgci
7/31/2019 The Art of Valuation.pptx- HFAC
3/17
JBE UanxazgciTkaz g gz3
Rkcrzbcfgid
Giabbxrazh giecrfazgci +jgzaiz bak enct' g ajjhj zcabbxrazh giecrfazgci +ihar&zhrf bak enct'. tkgbkprcjxbh giabbxrazh giecrfazgci
Nhaj zc eanh hih ce hbxrgzw
7/31/2019 The Art of Valuation.pptx- HFAC
4/17
H{afpnh Bcigjhr zkh Zhrfgian Uanxh gi a JBE
Bcfprgh zkh famcrgzw ce zkh uanxh gi fcz uanxazgci
Ge th arh trcid ow 1( gi hgzkhr jgrhbzgci. raidh ce ZUg drhazhr zkai 2&1!
Zhrf) Bcz ceBapgzan
Zhrf) Drctzk _azh Fxnzgpnh
;( :( 1#+;(&:(' 6 ?8
4( 8( 1#+4(&8('6 80
7( 2( 1#+7(&2(' 6 15)5
7/31/2019 The Art of Valuation.pptx- HFAC
5/17
A Ohzzhr Rwzhf1' Ahz Uanxh& Kct fxbk arh zkh bcfpaiw ahz ci
zkh occl tcrzk ZCJAW
?' Harigid Pcthr Uanxh& Kct fxbk g zkh bxrrhizharigid pcthr tcrzk +axfgid }hrc drctzk'
2' JBE Kct fxbk +ge aiwzkgid' g drctzk tcrzk3
7/31/2019 The Art of Valuation.pptx- HFAC
6/17
Ahz UanxhAiw uanxazgci zarz tgzk a jhbggci aocxz zkh
bcfphzgzguh pcgzgci ce zkh egrf
G gijxzrw)) Hbcicfgbannw ugaonh3
Uanxh az _hprcjxbzgci Bcz
Gi Zhrfgian Jhbngih3
Uanxh az Ngqxgjazgci Uanxh +Rbrap' Huhi tgzk zkg apprcabk. th hparazh dccj aij oaj
giecrfazgci +a th fcuh jcti OR'
7/31/2019 The Art of Valuation.pptx- HFAC
7/17
Harigid Pcthr Uanxh Hzgfazh zkh bxrrhiz harigid pcthrge gz
thrh zc bcizgixh gijhegigzhnw gizc zkh exzxrhtgzk }hrc drctzk)
Ajmxzhj harigid gibnxjh _hbzgewgid abbcxizgid fgrhprhhizazgci +cih&zgfh bkardh _hcnugid jgbrhpaibgh ohzthhi jhprhbgazgci aij
afcrzg}azgci aij abzxan afcxiz ce giuhzfhiz ow zkhbcfpaiw
Zalh gizc abbcxiz zkh bxrrhiz pcgzgci gi zkh oxgih bwbnh HPU ka zkh ajuaizadh ce ohgid oahj hizgrhnw ci bxrrhiznw
auagnaonh giecrfazgci aij g xibcizafgiazhj ow fcrhxibhrzagi bcimhbzxrh aocxz zkh exzxrh
7/31/2019 The Art of Valuation.pptx- HFAC
8/17
Harigid Pcthr Uanxh Ecrfxna6
HOGZ Za{h 6 ICPAZ +ihz cphrazgid prcegz aezhr za{'
, Jhprhbgazgci aij afcrzg}azgci& Fagizhiaibh bapgzan h{phijgzxrh +cinw fagizhiaibh. icz zczan
baph{'6 Ajmxzhj Cphrazgid Bak Enct
+Ajmxzhj CBE# Bcz ce bapgzan' , Ihz Bak 6Harigid Pcthr Uanxh # Rkarh cxzzaijgid
6 HPU#karh
7/31/2019 The Art of Valuation.pptx- HFAC
9/17
JBE
Uanxh zkh Drctzk Fcz jgeegbxnz zc hzgfazh. fxz oh bciegjhiz gi
bcfphzgzguh ajuaizadh
_hang}h icz ann drctzk g uanxaonhecr bcfpaigh t#cbcfphzgzguh ajuaizadh. drctzk bai abzxannw JHRZ_CW
uanxh
Ow hfpncwgid zkrhh&zadh uanxazgci. ai giuhzcr ka a earohzzhr gjha ce tkaz kh#kh g ohzzgid ci zkai ai giuhzcr
mxz zarzgid tgzk JBE
_huhrh JBE bai cezhi oh fcrh xhexn gi huanxazgidzkh aigzw ce zkh bxrrhiz farlhz prgbh
7/31/2019 The Art of Valuation.pptx- HFAC
10/17
7/31/2019 The Art of Valuation.pptx- HFAC
11/17
H{afpnh= Rlhbkhr +RL['
Rkch bcfpaiw ecxijhj gi 177?. bcfphzh tgzk Ajgja.Iglh. Iht Oanaibh
Cuhr *1 O anh gibh ?008 Rkaph&Xp Occzhj harigid :0( gi ?010
Bcfpaiw zcc addrhguh tgzk drctzk pnai +eaj'
Ecrbhj zc ngqxgjazh giuhizcrw az kxdh trgzh&jcti
Tgnn nglhnw kauh zc paw nardh egih +*50 ff' ecr eanhajuhrzggid bnagf zc EZB
Rzcbl prgbh eannhi ercf kgdk ce *?2 zc nct ce *11 zcbxrrhiz prgbh ce *1:
7/31/2019 The Art of Valuation.pptx- HFAC
12/17
1= Ahz Uanxh Bxrrhiz Rzcbl Prgbh6 y*1:
*1; ZOU#karh +?;( xpgjh'
H{bnxjh uanxh ce giz) ahz Ihhj zc exrzkhr ajmxz ecr exrzkhr giuhizcrw trgzh&jcti
+*28 ff'. *50 ff EZB ngaogngzw
Ajmxzhj ZOU6 y*15 +1:( xpgjh'
IBAU= *7)?8& 7)4?#karh +y20( jctigjh' Fcz bcihruazguh hzgfazh ce Ahz Uanxh
7/31/2019 The Art of Valuation.pptx- HFAC
13/17
Harigid Pcthr Uanxh Ztc Rbhiargc fcjhnhj ecr rxi&razh
?004 cphrazgid rhxnz a a prc{w ecr tkaz zkh bcfpaiw
bcxnj nccl nglh tgzkcxz zkh Rkaph&xp rhuhixh ?008 cphrazgid rhxnz. tkgbk arh 20( ncthr zkai ?004
7/31/2019 The Art of Valuation.pptx- HFAC
14/17
?& Harigid Pcthr Uanxh?008 _hxnz ?004 _hxnz
HOGZ *44)? ff *11?)7 ff
Za{h *20);; *:8)15
ICPAZ *:5)2? *54)4:Fagizhiaibh Baph{ *1;)80 *1;)80
J%A *2? *2?
Ajm) Bak Enct *50 *;1
HPU *500 *;10Ihz Bak *52)4 *52)4
Zczan HPU *552)4 *;42)4
HPU#Rkarh *12)?5 +8( cuhruanxhj' *14):4 +?:( xijhruanxhj'
7/31/2019 The Art of Valuation.pptx- HFAC
15/17
Uanxh ce DrctzkAxfh ?004 zarzgid pcgiz ecr EBE +*40)? ff'
Auhradh 8( drctzk ih{z zhi whar. ?( ZD
11( Jgbcxiz _azh. bcizaiz fardgi GU#Rkarh 6 *?1. +80( xijhruanxhj'
7/31/2019 The Art of Valuation.pptx- HFAC
16/17
Uanxazgci RxffarwAhz Uanxh=
Nct= *7)?8
Kgdk= *15
HPU Nct= *12)?5 +8( JR'
Kgdk= *14):4 +?:( XR'
JBE Oah= *?1
HPU 9 Ahz Uanxh 6bcfpaiw kabcfphzgzguh aju) gi
farlhzpnabh Fw bcfphzgzguh aianwg
xddhz RL[ g nglhnw zcfagizagi farlhz
pcgzgci +oxz icz ihbb)Gibrhah'
Rzcbl nglhnw tcrzkohzthhi HPU uanxh
7/31/2019 The Art of Valuation.pptx- HFAC
17/17
Rxffarw _hnwgid ci JBE ancih g jaidhrcx
Gz nxfp zcdhzkhr hzgfazh oahj ci dccj giecrfazgci tgzk zkchoahj ci uhrw xibhrzagi axfpzgci prcjxbgid pccr giecrfazgci
Gz rhngh ci falgid abbxrazh hzgfazh ce huhiz zkaz arh ear gi zkhexzxrh
Zkh 2&Rzadh Uanxazgci fcjhn G kauh prcpchj hfpkag}hbxrrhiz giecrfazgci aij a lictnhjdh aocxz exijafhizbcfphzgzguh bcijgzgci
Gz jhphij ci phbgegb lictnhjdh aocxz parzgbxnar gijxzrgh aijahz. aij gz pnabh nh eagzk gi prcmhbzgci ce rcw exzxrh xinhxozaizgazhj ow bxrrhiz karj jazh
Zkg g zkh jgbgpngih ce uanxh giuhzgid gi zkh Drakaf aij JcjjZrajgzgci