Final exam IPO valuation of the enterprise in the number 3
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1. The economic principle according to which the maximum value of the enterprise is determined by the lowest price at which may be acquired by another company with an equivalent utility, called:
2. Cost to determine where in the agreement sets out the terms of evaluation, are not included in the concept of market or other value defined in the Government Decree №519 «On approval of the appraisal standards" refers to:
3. Select the correct calculation of the cash flow diagram, brought in equity companies, spreading the "+" or "-" in brackets. Net profit (), depreciation (), reducing long-term payables (), an increase of working capital (), the increase of capital investments (), a decrease in accounts receivable ().
4. Which of the following is wrong?
5. The discount rate for the cash flow, brought in its own capital, calculated on the basis of:
6. The cost of non-controlling interest for the closed joint-stock company can be determined:
7. If you are using a comparative approach allows financial analysis:
Possible answers:
8. The advantages of a comparative approach lies in the fact that:
9. Calculate the weighted average cost of capital, if the nominal risk-free rate of 7%, beta - 1.5, the average market rate of return of 12%, debt service (percentage of the loan, 8%), the tax rate of 24%, the proportion of borrowed funds 0.4.
10. The real rate of return on government bonds is 9%. The average market rate of return in nominal terms - 33%. Estimated by the company is characterized by a beta coefficient of 1.3. The index of inflation in the year to 15%. Calculate the real discount rate on the capital asset pricing model.
11. At the end of each of the next four years, the joint-stock company "Rainbow" is intended to pay dividends in the amount of: the first year - $ 2., The second year - 1.5 dollars., For the third year - USD 2.5., The fourth year - US $ 3.5 . If it is expected that future dividends will grow by 8% a year, and the required rate of return is 10%, then it is advisable to pay what price today per share of the Company?
12. Evaluate the liquidation value of the company using the following information:
Fixed assets 4000 Accounts
Stocks of raw materials and outstanding 230 2900
Accounts receivable 1,000
Cash 500
According to the appraiser, fixed assets are 50% more expensive; stocks of raw materials and 30% cheaper; 35% of accounts receivable will not be collected.
Fixed assets will be eliminated in 11 months, stocks - 1 month, accounts receivable will be received within 2 months, payables will be repaid in 6 months.
Severance payments and other costs incurred in the liquidation amount 1200 (not discounted). The annual discount rate - 14% (with monthly charges).
13. To determine the market value of JSC "Tempo", for which JSC "Volga" is analogue. The market value of shares of JSC "Volga" at the valuation date is 4 rubles 14 kopecks. There were produced and sold 50,000 shares. There are the following data:
Indicators of JSC "Temp" JSC "Volga"
Proceeds from the sale of 90,000,110,000
Cost of sales (excluding depreciation) 70 000 82 500
Depreciation 11 000 9200
Interest on loans 800 2000
Taxes 1600 2500
When calculating the market value of joint-stock company "Temp" weight value determined by multiple price / net profit is 60%, and the share value calculated by multiple price / cash flow - 40%.
2. Cost to determine where in the agreement sets out the terms of evaluation, are not included in the concept of market or other value defined in the Government Decree №519 «On approval of the appraisal standards" refers to:
3. Select the correct calculation of the cash flow diagram, brought in equity companies, spreading the "+" or "-" in brackets. Net profit (), depreciation (), reducing long-term payables (), an increase of working capital (), the increase of capital investments (), a decrease in accounts receivable ().
4. Which of the following is wrong?
5. The discount rate for the cash flow, brought in its own capital, calculated on the basis of:
6. The cost of non-controlling interest for the closed joint-stock company can be determined:
7. If you are using a comparative approach allows financial analysis:
Possible answers:
8. The advantages of a comparative approach lies in the fact that:
9. Calculate the weighted average cost of capital, if the nominal risk-free rate of 7%, beta - 1.5, the average market rate of return of 12%, debt service (percentage of the loan, 8%), the tax rate of 24%, the proportion of borrowed funds 0.4.
10. The real rate of return on government bonds is 9%. The average market rate of return in nominal terms - 33%. Estimated by the company is characterized by a beta coefficient of 1.3. The index of inflation in the year to 15%. Calculate the real discount rate on the capital asset pricing model.
11. At the end of each of the next four years, the joint-stock company "Rainbow" is intended to pay dividends in the amount of: the first year - $ 2., The second year - 1.5 dollars., For the third year - USD 2.5., The fourth year - US $ 3.5 . If it is expected that future dividends will grow by 8% a year, and the required rate of return is 10%, then it is advisable to pay what price today per share of the Company?
12. Evaluate the liquidation value of the company using the following information:
Fixed assets 4000 Accounts
Stocks of raw materials and outstanding 230 2900
Accounts receivable 1,000
Cash 500
According to the appraiser, fixed assets are 50% more expensive; stocks of raw materials and 30% cheaper; 35% of accounts receivable will not be collected.
Fixed assets will be eliminated in 11 months, stocks - 1 month, accounts receivable will be received within 2 months, payables will be repaid in 6 months.
Severance payments and other costs incurred in the liquidation amount 1200 (not discounted). The annual discount rate - 14% (with monthly charges).
13. To determine the market value of JSC "Tempo", for which JSC "Volga" is analogue. The market value of shares of JSC "Volga" at the valuation date is 4 rubles 14 kopecks. There were produced and sold 50,000 shares. There are the following data:
Indicators of JSC "Temp" JSC "Volga"
Proceeds from the sale of 90,000,110,000
Cost of sales (excluding depreciation) 70 000 82 500
Depreciation 11 000 9200
Interest on loans 800 2000
Taxes 1600 2500
When calculating the market value of joint-stock company "Temp" weight value determined by multiple price / net profit is 60%, and the share value calculated by multiple price / cash flow - 40%.
"Valuation of real estate"
1. Calculate the capitalization rate for the property. The rate of return - 15%, risk-free rate - 7% of the economic life of 80 years of real estate, the date of entry in January 1990, the date of valuation in January 2010, a return of capital by the method of the ring.
2. Calculate the net operating income for the purpose of real estate valuation. Area available for rental - 700 square meters. meters, the annual rental rate - 350 CU for the quarter. meter, the loss factor of the underutilization - 15%, operating expenses - 50% of the potential gross income.
3. The estimated two-story office building with a 15% depreciation. The available data on recently sold objects peers:
4. The building is in satisfactory condition and its purpose and architecture of the buildings is consistent with other districts, and it is not subjected to unusual external influences, the
5. Functional obsolescence (wear) of the building appears:
"Valuation of machinery and vehicles"
1. According to forecasts of the production line provides the following revenue stream for 3 years:
2. Determine the cost of the replacement machine model SAS2500M1 (Russia) standard with the physical deterioration of 20%. The price of similar new Saws model SC 2500 (Italy) 6480 dollars. Taking into account the additional equipment (including VAT). The cost of extra equipment is 10%. The difference in price brands 20%. Parametric correction coefficient = 1.15.
3. It is necessary to evaluate the reservoir with a capacity of 35 m3. The evaluator decides to apply the method of specific economic indicators, based on the following information about the prices of these tanks:
Capacity m3 Price, USD.
4.Ustanovlenie relations between the cost (price) of equipment and options - this is the essence of the method:
5.Inventarnym subject to technological machines can be:
3rd option
2. Intellectual property rights have
3. The market value of intangible assets, if the income from its use in the forecast period are substantially different from each other in size, can be calculated
4. Within four years plans to release products using a protected integrated circuit layout in the following terms:
1st year 2nd year 3rd year 4th year
Volume of the issue, pcs. 55000 92000 110000 140000
The unit price of the product, rub. 2000 2100 2200 2150
Royalties% 4.0% 4.0% 5.0% 5.0%
The cost of providing legal protection to the estimated effectiveness of the OIC, rub. 15000 26000 38000 42000
Income tax rate 20%
The discount rate is 21.50%
At a discount rate of 21.5% and income tax of 20%, determine the value of exclusive rights to the use of topology.
5. The market value of a business estimated at 48,300 rubles., Net profit of the company after taxes amounted to 4440 rubles. The average return on assets for the industry is 8.5%. The capitalization rate - 32%. Determine the value of the goodwill of the enterprise.
1. Calculate the capitalization rate for the property. The rate of return - 15%, risk-free rate - 7% of the economic life of 80 years of real estate, the date of entry in January 1990, the date of valuation in January 2010, a return of capital by the method of the ring.
2. Calculate the net operating income for the purpose of real estate valuation. Area available for rental - 700 square meters. meters, the annual rental rate - 350 CU for the quarter. meter, the loss factor of the underutilization - 15%, operating expenses - 50% of the potential gross income.
3. The estimated two-story office building with a 15% depreciation. The available data on recently sold objects peers:
4. The building is in satisfactory condition and its purpose and architecture of the buildings is consistent with other districts, and it is not subjected to unusual external influences, the
5. Functional obsolescence (wear) of the building appears:
"Valuation of machinery and vehicles"
1. According to forecasts of the production line provides the following revenue stream for 3 years:
2. Determine the cost of the replacement machine model SAS2500M1 (Russia) standard with the physical deterioration of 20%. The price of similar new Saws model SC 2500 (Italy) 6480 dollars. Taking into account the additional equipment (including VAT). The cost of extra equipment is 10%. The difference in price brands 20%. Parametric correction coefficient = 1.15.
3. It is necessary to evaluate the reservoir with a capacity of 35 m3. The evaluator decides to apply the method of specific economic indicators, based on the following information about the prices of these tanks:
Capacity m3 Price, USD.
4.Ustanovlenie relations between the cost (price) of equipment and options - this is the essence of the method:
5.Inventarnym subject to technological machines can be:
3rd option
2. Intellectual property rights have
3. The market value of intangible assets, if the income from its use in the forecast period are substantially different from each other in size, can be calculated
4. Within four years plans to release products using a protected integrated circuit layout in the following terms:
1st year 2nd year 3rd year 4th year
Volume of the issue, pcs. 55000 92000 110000 140000
The unit price of the product, rub. 2000 2100 2200 2150
Royalties% 4.0% 4.0% 5.0% 5.0%
The cost of providing legal protection to the estimated effectiveness of the OIC, rub. 15000 26000 38000 42000
Income tax rate 20%
The discount rate is 21.50%
At a discount rate of 21.5% and income tax of 20%, determine the value of exclusive rights to the use of topology.
5. The market value of a business estimated at 48,300 rubles., Net profit of the company after taxes amounted to 4440 rubles. The average return on assets for the industry is 8.5%. The capitalization rate - 32%. Determine the value of the goodwill of the enterprise.
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