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Valuation of businesses, Option 2 (12 tasks)
Uploaded: 02.07.2013
Content: 30702092759790.zip 35,04 kB
Product description
12 pages
1. The hotel is within the first 4 years will annually generate an annual income in the form of rents in the amount of 120,000 rubles., After which it is expected that the hotel will be sold for 3 million rubles. Calculate the present value of total income in the required yield of 15%.
2. Within the first 5 years of real estate will be an annual yield of $ 5,000. Rents over the next 10 years - a year for $ 15,000. The rent must be paid at the end of each year. What is the current value of the lease payments at 12% -s´ nominal annual discount rate?
3. Calculate the weighted average cost of capital, provided that:
the risk-free rate of return of 10%;
beta of 1.3;
average market rate of return of 16%;
debt service (interest on loans) 8%;
tax rate of 30%;
leverage ratio of 50%.
4. Evaluate the net liquidation value of the company using the following information:
Article Carrying value valuation adjustments
Fixed assets
Resources
Debit. arrears.
Cash. tools
Total assets
Accounts payable
Equity 4000
230
1000
500
5730
3500
2230 + 50%
- 30%
- 35%
0%
Termination benefits and other non-recurring costs of liquidation will amount to 1200. Current assets can be realized at the time of evaluation, the main 6 months. Costs for the maintenance of assets before the sale was 100 CU monthly discount rate of 10%.
5. During the first 2 years of real estate will be a year to bring 15 thousand. Rub. rents over the next 3 years - every year 20 thousand. rub. The rent is paid at the end of each year. Calculate the present value of the lease payments, if the discount rate is 15%.
6. Last year, the company paid a dividend of $ 10. Per share. It is expected that within the next 5 years dividend will grow at 2% per year. Subsequent annual increase indefinitely should reach 3%. What time did you vote share, the flow of dividends to apply a discount rate of 20%?
Additional information
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
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