What are the terms “appraisal” and “valuation” used for?
Appraisal: Tangible & real assets or personal property
Valuation: Business, financial instruments or intangible assets
Basic valuation principles
Principle of Alternatives
Principle of Substitution
Principle of Future Benefits
Company analysis - what to take into account
Economic outlook
Industry outlook
Financial analysis
SWOT analysis
What types of financial adjustments exist?
Normalizing adjustments
Control adjustments
Normalizing adjustments - explanation
Non-recurring items or normalization of earnings levek
Control adjustments - explanation
Adjusting for items that would be different if control were obtained by a typical market participant
What valuation approaches exist?
Asset/cost approach
Market approach
Income approach
Asset/cost approach - methods
Asset accumulation method
Replacement cost method
Reproduction cost method
Market approach - methods
Guideline public company method
Comparative transaction/comparable sales method
Actual transaction method
Income approach - methods
DCF method
Capitalization of income method
What valuation adjustments exist?
Control premium
Lack of control discount
Lack of marketability
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