Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
Burger King franchise may be diluted if another BurgerKingisallowedtoopenfivemilesdownthe highway. Final Thoughts on Franchise V ...
a company to charge higher prices for its products and generatemoreincashflows.Asaconsequence,valuingthese intangibleassetsismor ...
Brand Name Brandnameistheassetthatcomestomindmostoftenwhen thereistalkaboutintangibleassets.Afterall,brand names account for a l ...
willcollectthebrand nameexpenditures eachyear forthe past 20 years. 3.Usingastraight-lineamortizationschedule,wewriteoffa portio ...
truth, we should be going back a lot longer, but data limitations get in the way.) Weassumethat50%ofthesellingandadvertisingexpe ...
is to convert the past expenditures into current dollar expenditures, based on inflation. In other words, an expenditureof$1.12b ...
Genericoperatingmarginapproach.Inthisapproach, wereplacetheoperatingmarginofthebrand name firmwiththeoperatingmarginofgenericco ...
differentlevels forthebrand nameandthegeneric company. Alegitimateargument canbe made that brand name companies have less market ...
tobrandname,thevalueofthebrandnamecanbecomputed asthedifferencebetweentheestimatedvalueofthefirmand the book value of capital in ...
Coca-Cola Cott Return on capital (after-tax) 20.84% 11.20% Thebenefits of brand name areclearlyvisible. Coca-Cola generatesmorer ...
Value of Coca-Cola With Current Margin With Cott’s Margin Return on capital (after-tax) 20.84% 7.06% Growthrateduring period (g) ...
WenextvalueCoca-Cola’sbrandnameusingthereturnon capital approach, changing Coke’s return on capital of 20.84%toCott’sreturnoncap ...
ReplacingCoca-Cola’sreturnoncapitalwithCott’sreturnon capitalchangesthecurrentoperating income, growthrates, and value, and the ...
Value of Coca-Cola With Current Excess Return With Cott’s Excess Return Return on capital (after-tax) 20.84% 11.20% Growth rate ...
constantatCoca-Cola’scurrentlevelof$16,406million.The following table summarizes the values: Value of Coca-Cola With Current Exc ...
Reviewingourcalculations,thehighestestimatethatweget for brand name value comes from the operating margin approach($64billion)an ...
company. The brand name value can be backed out as follows: Thus, if weare usingEV/sales ratiosas ourmultiples for comparison, t ...
Wecouldintroducea brand namedummyvariable intotheregressionandcaptureitseffectonvalue.For instance, using EV/Sales ratio as them ...
In this example, we first compare Coca-Cola’s market valuationtothatofCottCorporationinthefollowingtable (dollar amounts in mill ...
Thevaluesrangewidely,dependingonthemetricused,with the highest value, at least in this case, generated by the revenue measure an ...
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