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Some Truths !
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ALL THE METHODS HAVE THEIR LIMIT
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THERE'S NO UNIVERSAL METHOD
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THE OBTAINED VALUE DEPENDS MORE ON THE EVALUATEUR THAN ON THE METHOD IT EVEN
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THE SAME COMPANY ESTIMATED BY THE ADVICE OF THE BUYER CAN BE WORTH HALF OF THE VALUE ESTEEMED BY THE ADVICE OF the SALESMAN
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Evaluation of the Company Choice of the method
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Our Cabinet retains several methods (minimum 3 - 4)
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Our Cabinet estimates the company by balancing the various obtained values (the reserved coefficients of level-headedness are a function of various factors appropriate for the Company)
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Our Cabinet brings a particular lighting on the valuation of the companies which are a part of "NTIC"
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Evaluation Approaches the Salesman
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- Consideration of the immaterial immobilizations
- Start-up costs
- Patents, licenses
- Expenses of Research and development
- Right to the lease
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- Industrial real-estate
- Installations and materials
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On the basis of the replacement value
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Based:
- The Turnover
- The Name, the Signboard(Banner)
- The Fame
- The Strategic Value
- The Know how
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Based:
- Sometimes excessive Reprocessings of the result (ex: level of payment for the rescuer)
- The future Results (capacity of the Company to improve its results)
- Overvalued PER close relations or superiors in 10 (reference to the highly-rated companies)
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Evaluation Approaches the Buyer
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- Immaterial immobilizations = Not value
Ex: expenses of Rech. and Dévelopt. considered as running expenses fiscally deferred
- Physical immobilizations = Tool of production necessary for the obtaining of the result
- The Revaluation of assets pulls a decline of the result by the mechanism of the amortizations(depreciations).
- Provisions:
For depreciation (stocks, customers)
For risks...
Are they sufficient(self-important)?
- Social passive:Load(Charge) with reorganization
Hiring, dismissals
Investments of renovation
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Basée sur :
- The history of the Results (generally the last 3 exercises)
- A return on more or less fast investment according to the level of the risk
- PER appropriate(clean) for the unquoted SMALL AND MEDIUM-SIZED FIRMS / SMALL INDUSTRIAL FIRMS
between 4 and 8 according to The sector
- The perspectives of the Company on her market
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Value of the Company Conclusion
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There're effectively several methods of evaluation
But there's a single market price, according to the nature of the buyer
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Buyer(Rescuer) physical person
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