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tT
发表于 2011-3-18 15:55 | 只看该作者

Reading 44: Market-Based Valuation: Price and Enterprise Val

2011, following, interpret, center
Session 12: Equity Investments: Valuation Models
Reading 44: Market-Based Valuation: Price and Enterprise Value Multiples

LOS o: Calculate and interpret enterprise value multiples, and critique the use of EV/EBITDA.

 

 

An analyst gathers the following information for ABC Industries:

Market Value of Debt
$110 million
Market Value of Equity
$90 million
Book Value of Debt
$100 million
Book Value of Equity
$50 million
EBITDA
$75 million

The EV/EBITDA is closest to:

A)
 2.67.
B)
 2.00.
C)
 2.13.

 

EV uses market values for debt and equity. (110 + 90) / 75 = 2.67.

[此贴子已经被作者于2011-3-21 11:35:55编辑过]

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土豆妮

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2#
发表于 2011-3-18 15:55 | 只看该作者

An analyst gathered the following data for TRK Construction [all amounts in Swiss francs (Sf)]:

Recent share price Sf 30.00
Shares outstanding Sf 40 million
Market value of debt Sf 120 million
Cash and marketable securities Sf 75 million
Investments Sf 200 million
Net income Sf 160 million
Interest expense Sf 9 million
Depreciation and amortization Sf 12 million
Taxes Sf 48 million

The EV/EBITDA multiple for TRK Construction is closest to:

A)
 3.47x.
B)
 4.56x.
C)
 5.21x.

EBITDA = (net income + interest + taxes + depreciation / amortization)

EV = (market value of common stock + market value of debt – cash and investments)

EBITDA = 160 + 9 + 12 + 48 = Sf 229 million

EV = (30 × 40) + 120 – 75 – 200 = Sf 1045 million

EV / EBITDA = 4.56

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土豆妮

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3#
发表于 2011-3-18 15:55 | 只看该作者

An analyst gathered the following data for TRK Construction [all amounts in Swiss francs (Sf)]:

Recent share price Sf 22.00
Shares outstanding 40 million
Market value of debt Sf 140 million
Cash and marketable securities Sf 55 million
Investments Sf 300 million
Net income Sf 140 million
Interest expense Sf 7 million
Depreciation and amortization Sf 10 million
Taxes Sf 56 million

The EV/EBITDA ratio for TRK Construction is closest to:

A)
 3.12x.
B)
 2.52x.
C)
 3.49x.

EBITDA = (net income + interest + taxes + depreciation / amortization)

EV = (market value of common stock + market value of debt – cash and investments)

EBITDA = 140 + 7 + 10 + 56 = Sf 213 million

EV = (22 × 40) + 140 – 55 – 300 = Sf 665 million

EV / EBITDA = 3.12

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4#
发表于 2011-3-18 15:55 | 只看该作者

Which of the following are advantages of using EV/EBITDA?

A)
 If working capital is growing, EBITDA will be larger than CFO.
B)
 EV/EBITDA ignores how different revenue recognition policies affect CFO.
C)
 EBITDA is useful for valuing capital-intensive businesses with high levels of depreciation and amortization.

EBITDA is useful for valuing capital-intensive businesses with high levels of depreciation and amortization. The other statements are disadvantages to using EV/EBITDA.

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土豆妮

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5#
发表于 2011-3-18 15:55 | 只看该作者

Which of the following is a disadvantage to using EV/EBITDA?

A)
 EBITDA is useful for valuing capital-intensive businesses with high levels of depreciation and amortization.
B)
 Since FCFF captures the amount of capital expenditures, it is more strongly linked with valuation theory than EBITDA.
C)
 EBITDA is usually positive even when EPS is not.

Since FCFF captures the amount of capital expenditures, it is more strongly linked with valuation theory than EBITDA. The other statements are advantages.

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6#
发表于 2011-3-18 15:56 | 只看该作者

An analyst gathered the following data for TRK Construction [all amounts in Swiss francs (Sf)]:

Recent share price Sf 25.00
Shares outstanding 40 million
Market value of debt Sf 130 million
Cash and marketable securities Sf 65 million
Investments Sf 250 million
Net income Sf 150 million
Interest expense Sf 8 million
Depreciation and amortization Sf 11 million
Taxes Sf 52 million

The EV/EBITDA multiple for TRK Construction is closest to:

A)
 2.47x.
B)
 3.69x.
C)
 4.12x.

EBITDA = (net income + interest + taxes + depreciation / amortization)

EV = (market value of common stock + market value of debt – cash and investments)

EBITDA = 150 + 8 + 11 + 52 = Sf 221 million

EV = (25 × 40) + 130 – 65 – 250 = Sf 815 million

EV / EBITDA = 3.69

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