Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
NotethattheminorityinterestsinSevillearecomputedtobe 49% of the book value of equity at Seville. TheminorityinterestsinLatinWork ...
EnvironmentAsafirm’s holdingsbecome morenumerous, estimating the values of individual holdings will become moreonerous.In fact,t ...
holdings would be $500 million. In fact, this approachcanbegeneralizedtoestimatethevalueof complexholdingswhereyoulacktheinforma ...
33 Thoughtheearningsmultipleswillbeconsistent, with both themarket value ofequity and earnings includingtheportionofthesubsidiar ...
forthisfirm.Figure10.7showshoweachinputinto the multiple will be affected by the consolidation. FIGURE 10.7 Consolidated Holding ...
Thiscanthenbecomparedtoothercompaniesthataresimilar to the parent company. OTHER NONOPERATING ASSETS Firmscanhaveothernonoperati ...
Howdoyoureflectthevalueofsuchassetsinfirmvalue?An inventory of allsuch assets (or atleast the most valuable ones)isafirststep,fo ...
wouldreflectthe 50 percentoftheexcessassetsthatthefirm will be left with after paying the taxes. Amorepracticalalternativeistore ...
proportionalownershipinthejointventureandaddingitto thevalueoftheoperatingassets.Inequityvaluation,thenet incomewillincludethepr ...
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1 J.M.Keynes,TheGeneralTheoryofEmployment,Interest and Money(New York: Harcourt, Brace & World, 1936). ...
2 Tim Opler, Lee Pinkowitz, René Stulz, and Rohan Williamson, “The Determinants and Implications of CorporateCash Holdings,”Jour ...
6 D.Haushalter,S.Klasa,andW.F.Maxwell,“TheInfluence ofProduct MarketDynamicsontheFirm’sCash Holdings andHedgingBehavior,”working ...
10 Michael C. Jensen. “Agency Costs of Free Cash Flow, Corporate Finance ond Takeovers,” American Economic Review76 (1986): 323– ...
protectionsforstockholders,thelowerthecashholdings at companies. 13 R. Zhang, “The Effects of Firm- and Country-Level Governance ...
19 Inthenetdebtratioapproach,weareassumingthatanytax benefitsfromdebt(usedtofundcash)areexactlyoffsetby thetaxcostsassociatedwit ...
26 L.Pinkowitz,R.Stulz,andR.Williamson,“DoFirmsin CountrieswithPoorProtectionofInvestorRightsHoldMore Cash?, working paper, SSRN ...
33 With majorityholdings, this willhappen indirectly.Full consolidationwillinitiallycount 100 percentoftheearnings ofthesubsidia ...
CHAPTER 11 Employee Equity Options and Compensation Inrecentyears,manyfirmshaveshiftedtowardequity-based compensationfor theirem ...
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