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Martin.c · 2023年04月22日

GTM不需要调整premium 吗

NO.PZ2023032701000109

问题如下:

Olsen is using the guideline transactions method (GTM) using next year's expected earnings before interest, taxes, depreciation, and amortization (EBITDA) to value FDF and she estimates the following from the company data, market information, and her own assessments.

FDF's expected EBITDA for 2013 equals $924,000.

Three recent purchase transactions of similar farms in North Dakota indicate an average MVIC (market value of invested capital) to EBITDA multiple of 9.0.

FDF commands a 30% control premium.

FDF does not need to incur any additional capital expenditures or borrowing. (Currently, FDF carries debt in the amount of $750,000 at an interest rate of 8%.).

The value of FDF’s equity as at the end of 2012, according to the approach and estimates by Olsen, is closest to:

选项:

A.

$10,810,800

B.

$7,566,000

C.

$10,060,800

解释:

1GTM不需要调整premium 吗

2请补充一下mvic知识点。谢谢

1 个答案

王园圆_品职助教 · 2023年04月22日

嗨,努力学习的PZer你好:


1.不需要,因为这是参考相同交易得到的乘数,所以已经考虑了control premium,请看以下讲义截图


以下是原版书上MVIC的定义,供同学参考

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虽然现在很辛苦,但努力过的感觉真的很好,加油!