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jzhuangst · 2024年03月26日

DLOC AND DLOM

  1. CFA II
  2. Equity

NO.PZ2023123001000017

问题如下：

The management of Starbeam LLC, a private company owned solely by its managers, is seeking to raise funds by selling an equity stake in the company while maintaining control. A private valuation expert recently estimated Starbeam’s company value based on its current status as a 100% management-owned company. Which type(s) of premiums and/or discounts would most likely be applied to the recent valuation in valuing the proposed equity stake?

选项：

A.

Control premium and DLOM

B.

DLOC

C.

DLOC and DLOM

解释：

B is Correct. The recent valuation would have reflected a control premium because of management’s controlling position and a DLOM because Starbeam is a private company, thus A would only be correct for the recent valuation, rather than the valuation of the proposed stake. C would not be correct because the DLOM would already have been applied in estimating the recent valuation. Thus, the proposed, non-controlling stake would only need a DLOC.

解析没有看懂。要估值的是equity stake，非控股，首先就不应该有control premium才对，但解析里的A说提到control premium是对的？


另外评估private company就应该考虑DLOM，为什么又说不考虑呢？

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1 个答案

王园圆_品职助教 · 2024年03月26日

同学你好，确实不应该有control premium，因为卖出的是非控股部分的股权，但是DLOC是指discount of lack of control的意思啊，也就是题干和B结合的意思就是这部分股权的价值应该考虑缺乏控制权所带来的折价——这个表达完全正确

DLOM正常确实应该考虑，但是题目说“A private valuation expert recently estimated Starbeam’s company value based on its current status as a 100% management-owned company.”也就是这个估值专家本身就是一个非上市公司的估值专家，它的初步估值就是对Starbeam 这家非上市公司已经估了一个值了（那这个估值肯定已经包含了DLOM了)，只是这个估值是基于100%控股来估计的，所以忘了考虑DLOC而已

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