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标题: Reading 46: Private Company Valuation-LOS b 习题精选 [打印本页]

作者: 土豆妮 时间: 2011-3-21 13:49 标题: [2011]Session 12-Reading 46: Private Company Valuation-LOS b 习题精选

Session 12: Equity Investments: Valuation Models
Reading 46: Private Company Valuation

LOS b: Discuss the uses of private business valuation, and explain applications of greatest concern to financial analysts.

Assume that a property has a gross annual income equal to $150,000, and that comparable properties have a gross income multiplier equal to 11.25. The gross income multiplier approach provides a market value for this property that is closest to:

A)
$1,687,500.

B)
$1,625,000.

C)
$1,333,333.

Gross income multiplier technique: MV = gross income × income multiplier.
MV = $150,000 × 11.25 = $1,687,500

作者: 土豆妮 时间: 2011-3-21 13:49

Assume that a property has an estimated net operating income (NOI) equal to $150,000. Further assume that comparable properties have a capitalization rate of 11%. The direct income capitalization approach provides a market value for this property that is closest to:

A)
$13,636,363.

B)
$1,500,000.

C)
$1,363,636.

作者: 土豆妮 时间: 2011-3-21 13:50

Assume that a property that you are evaluating has a gross annual income equal to $230,000, and that comparable properties are selling for 10.5 times gross income. The gross income multiplier approach provides a market value for this property that is closest to:

A)
$2,587,500.

B)
$2,415,000.

C)
$2,190,476.

Gross income multiplier technique: MV = gross income × income multiplier.
MV = $230,000 × 10.5 = $2,415,000

作者: 土豆妮 时间: 2011-3-21 13:50

Which of the following is least likely an example of a transaction-related valuation for a private company?

A)
Bankruptcy proceeding.

B)
Performance-based managerial compensation.

C)
Financial reporting.

Venture capital financing, initial public offering (IPO), bankruptcy proceeding, performance-based managerial compensation, and sale in an acquisition are all examples of transaction-related valuations for a private company.

作者: 土豆妮 时间: 2011-3-21 13:50

Which of the following is least likely an example of a compliance-related valuation for a private company?

A)
Financial reporting.

B)
Bankruptcy proceeding.

C)
Tax purposes.

A bankruptcy proceeding is an example of a transaction-related valuation for a private company.

作者: 土豆妮 时间: 2011-3-21 13:51

Which of the following is least likely an example of a litigation-related valuation for a private company?

A)
Bankruptcy proceeding.

B)
Lost profits claims.

C)
Divorce settlements.

Litigation-related valuations may be required for shareholder suits, damage claims, lost profits claims, or divorce settlements. A bankruptcy proceeding is an example of a transaction-related valuation for a private company.

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