case studies in finance_case 42
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- 2010.12.01
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- 2010.10
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MS 워드
- 가격 1,500원
소개글
Case studies in Finance 6th edition
Case 42. Arcandian Microarray Technologies, Inc.
목차
Problems
Value of Company
Growth Rate under the DCF Method
Multiple Estimation
Multiple Estimation
본문내용
Problems: Arcadian Microarray Technologies, Inc. wants to sell its 60% of equity interest to Sierra Capital Partners for 40 million dollars. Each of two companies conducts future cash flow evaluation to compute proper Arcadian’s current value. Arcadian’s estimation is optimistic and Sierra’s estimation relatively less optimistic. According to Sierra’s estimation, 40 million dollar is not enough to cover Arcadian capital deficit of 2005 even if Sierra paid Arcadian’s highly optimistic asking price.
Value of Company: One of visible value of a company is dividend. However, a dividend takes small portion of company’s value. Appendix 1 shows that less than 10% is attributable to the company’s total value. Moreover, there are many companies which don’t pay dividend. Under the current financial technique, terminal value takes large portion of total value. A key point of judgment in valuation analysis is to set the forecast horizon at that point where stability or stable growth begins. Theoretically, we forecast the individual components of revenue,
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