开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Gigi W.藝錡 · 2023年05月13日

intangibles value

NO.PZ2023032701000104

问题如下:

You have been asked to value Pacific Corporation, Inc., using an excess earnings method, given the following information:

Working capital balance = $2,000,000

Fair value of fixed assets = $5,500,000

Book value of fixed assets = $4,000,000

Normalized earnings of firm = $1,000,000

Required return on working capital = 5.0 percent

Required return on fixed assets = 8.0 percent

Required return on intangible assets = 15.0 percent

Weighted average cost of capital = 10.0 percent

Long-term growth rate of residual income = 5.0 percent

Based on this information, the market value of invested capital is:

选项:

A.

$12,330,000

B.

$540,000

C.

$4,830,000

解释:

The excess earnings consist of any remaining income after returns to working capital and fixed assets are considered. Fair value estimates and rate of return requirements for working capital and fixed assets are provided. The return required for working capital is $2,000,000 × 5.0 percent = $100,000 and the return required for fixed assets is $5,500,000 × 8.0 percent = $440,000, or $540,000 in total.

The residual income for intangible assets is $460,000 (the normalized earnings of $1,000,000 less the $540,000 required return for working capital and fixed assets). The value of intangible assets can then be calculated using the capitalized cash flow method. The intangibles value is $4,830,000 based on $483,000 of year-ahead residual income available to the intangibles capitalized at 10.0 percent (15.0 percent discount rate for intangibles less 5.0 percent long-term growth rate of residual income).

The market value of invested capital is the total of the values of working capital, fixed assets, and intangible assets. This value is $2,000,000+ $5,500,000 + $4,830,000 = $12,330,000.

 The intangibles value 为什么不是=460000/capitalized at 10.0 percent= $46,000,000 ?



以及 intangible asset 的 cap rate 都是要discount rate for intangibles less long-term growth rate of residual income 吗,这是一个公式记住就好是吗?

1 个答案
已采纳答案

王园圆_品职助教 · 2023年05月13日

同学你好,请看以下EEM相关的讲义截图

第二页的公式EE1/(r-g)就是intangible asset的value,460000相当于是零时刻的EE,本公式类似于GGM,需要使用未来预测的EE1,,所以需要用460000*(1+5%)=483000计算EE1然后计算无形资产价值

最后“以及 intangible asset 的 cap rate 都是要discount rate for intangibles less long-term growth rate of residual income 吗”——是的,只要是使用EEMmodel,就都是这样计算,记得用EE1而非EE0即可

  • 1

    回答
  • 0

    关注
  • 336

    浏览
相关问题

NO.PZ2023032701000104 问题如下 You have been asketo value Pacific Corporation, Inc., using excess earnings metho given the following information:• Working capitbalan= $2,000,000• Fair value of fixeassets = $5,500,000• Book value of fixeassets = $4,000,000• Normalizeearnings of firm = $1,000,000• Requirereturn on working capit= 5.0 percent• Requirereturn on fixeassets = 8.0 percent• Requirereturn on intangible assets = 15.0 percent• Weighteaverage cost of capit= 10.0 percent• Long-term growth rate of resiincome = 5.0 percentBaseon this information, the market value of investecapitis: A.$12,330,000 $540,000 C.$4,830,000 The excess earnings consist of any remaining income after returns to working capitanfixeassets are consire Fair value estimates anrate of return requirements for working capitanfixeassets are provi The return requirefor working capitis $2,000,000 × 5.0 percent = $100,000 anthe return requirefor fixeassets is $5,500,000 × 8.0 percent = $440,000, or $540,000 in total.The resiincome for intangible assets is $460,000 (the normalizeearnings of $1,000,000 less the $540,000 requirereturn for working capitanfixeassets). The value of intangible assets cthen calculateusing the capitalizecash flow metho The intangibles value is $4,830,000 baseon $483,000 of year-aheresiincome available to the intangibles capitalize10.0 percent (15.0 percent scount rate for intangibles less 5.0 percent long-term growth rate of resiincome).The market value of investecapitis the totof the values of working capital, fixeassets, anintangible assets. This value is $2,000,000+ $5,500,000 + $4,830,000 = $12,330,000. The intangibles value 为什么不是=460000/15%?

2023-09-24 13:14 1 · 回答