06 Workshop on Business 2012 Masters

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06 Workshop on Business 2012 Masters

Task №1. The purpose of evaluation is to determine the market value of 100% of shares of JSC "Molokoproduct" as of 01.01.2012., Located in the Tver region. The information in this report assessment will be offered to potential investors to decide on the amount of investment in the production of dairy products. Schedule study: from 01-20 February 2012.
Evaluate the market value of "Molokoproduct" income approach, if there is the following background information:

Table 1.
Profit and loss report
JSC for 2009-2011, Molokoproduct. (Thous. Rub.)

Indicator 2009 2010 2011
Revenue from sales 15724 22020 28413
The cost price, including 13216 19750 24149
• Variable costs 5980 8900 10867
• Fixed costs 7030 7220 7570
• Depreciation and amortization 206 3630 5712
Gross profit 2508 2270 4264
Other income 100 530 834
Other expenses 152 628 815
Profit before tax 2456 2172 4283
Income tax expense 490 434 823
Net profit for the period 1966 1738 3460


TABLE 3
Schedule of depreciation (in thousands. Rub.).
Schedule of depreciation 2012 2013 2014 2015 Remaining period
Depreciation of existing assets 5992 5012 4004 2996 2996

Increase 2012 1200 1200 1200 1200 1200
2013 1000 1000 1000 1000
2014 750 750 750
2015 750 750
Total (thous. Rub.) 7192 7212 6954 6696 6696


Table 4
Additional Information:
2012 2013 2014 2015 Remaining period
The expected growth rate of revenue,% 22 15 8 8 5
Planned capital investments (thous. Rub.) 12012 9996 7504 7504 7504
The average life expectancy of 10 years of new assets
Depreciation of the remaining assets (thous. Rub.) 5992 5012 4004 2996 2996
The increase in receivables 0 0 0 0 0
The balance of debt securities 0 0 0 0 0
Inflation 8% per annum discount rate
1. Risk-free rate - 6%
2.? = 1, 25
3. The market premium - 9%
4. S2 = 7,25%
The required working capital (20% of revenue)

Task № 2. Using the information specified in Table 7 - 10, determine the market value of "Molokoproduct" comparative approach.
Table 7
The capital structure of comparable companies on 01.01.2012 (thous.)
The structure of the financial results of comparable companies.
Comparative analysis of the factors of comparable companies.
The data for the method peers.
Problem № 3. Evaluate the market value of "Molokoproduct" cost approach.
Not reflected in the balance sheet land area of \u200b\u200b3 hectares. The market value of one hundred square meters of land is 48 000 rubles.

TABLE 11
Valuation of assets on 01.01.2012

Costing in the Cost Approach

Task № 4. As a result of problems №№ 1, 2 and 3 perform the coordination of the results and bring the total value of the assessed company.
Table 12
Table matching results

Task № 5. The aim is to determine the type of project the best and most effective option for restructuring of "Molokoproduct" as of 01.01.2012., Located in the Tver region.

Perform financial analysis of JSC "Molokoproduct" draw conclusions, identify factors driving the cost, and offer 2 or 3 scenarios of business restructuring in order to increase its value.
TABLE 13
Calculation of financial ratios

Calculate the investment value of "Molokoproduct" taking into account the use of each scenario, restructuring and determine how best to restructure.
TABLE 14
The calculation of the value of the investment business. Scenario 1

Table 15

The calculation of the value of the investment business. Scenario 2
The calculation of the value gap

Scenario 1
Scenario 2

The conclusion about the best options for restructuring:

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