7. The area of \u200b\u200bthe building, intended for rental to 9,000 m2, of which 300 m2 will not be rented. The rest of the space is rented for $ 20. Per m2. Operating expenses accounted for 20% of the actual gross revenue, in addition, the cost of replacement of components with a short lifespan - $ 500. The capitalization rate is 20%. Calculate the market value of the building.


8. Calculate the discount rate to assess the open joint stock company (shares are traded on the stock market), if:

• the average market yield on the Russian market 21%;

• the yield on government bonds of the Russian Federation 9.5%;

• beta of 1.2;

• the average market yield on the European stock market 14%;

• the yield on government bonds on the European stock market 5%;

• an amendment to the country risk of the Russian Federation 7%;

• an amendment to the company´s closing 6%.


9. It is estimated two-story office building area of \u200b\u200b500 square meters, requiring minor repairs. There is an analogue - a two-story office building area of \u200b\u200b400 square meters, which redecorated, Analogue was sold for 300,000 dollars. The available data on the pair sales:

The physical characteristics of the object Status Price

A one-story brick office building S = 150 sq.m. requires redecorating 60,000

Used Same,

S = 200 sq.m. redecorated 120,000

Calculate the correction for cosmetic repairs and the estimated cost of the building.


10. Calculate the liquidation value of the company based on the following data:

Assets Liabilities

Fixed assets

Resources

Accounts receivable

Cash in 1700

1400

1600

800 Long-term debt

Short-term payables 3,600

1900

According to the appraiser´s fixed assets are 20% more expensive than their book value, 50% of stocks is out of date and can not be sold, and the rest can be sold at their book value, 30% of accounts receivable will not be collected. It is expected that severance payments to employees was 1200, and the costs associated with the elimination of 500.


11. The hotel is within the first 4 years will bring an annual income in the amount of 120,000 thousand. Rub., After which it is expected to increase by 30,000 thousand. Rub. Calculate the present value of income over seven years, if the discount rate is 9%.


12. To determine the market value of the company "Jupiter", for which the company "Mars" is an analogue, if you know that "Mars" was sold for 225000 AE;

Indicators of "Jupiter", "Mars"

1. Revenues from sales 125,000 90,000

2. Expenses 105000 65000

2.1. including Depreciation 25000 15000

3. The amount of interest paid 5,000 5,000

4. Taxes 7,000 5,000

In deriving the final value of the company "Jupiter" weight value calculated by multiple price / net profit amounted to 30%, in addition appraiser used a multiplier Price / Cash Flow