A Consensus View: Q&A Guide to Financial Valuation 2016 edition

March 2016 PDF

James Hitchner, Jay Fishman, Shannon Pratt

In this new guide, Hitchner, Pratt, and Fishman answer the most important business valuation questions they’ve been asked over the years.

In A Consensus View Q&A Guide to Business Valuation, Jim Hitchner, Shannon Pratt, and Jay Fishman answer over 150 of the most important business valuation questions they’ve been asked over the years. Each year, new chapters will be added and existing chapters will be updated. The Q&A Guide is available in both print and digital formats.

“It is a great thing when three of the best-known and respected business appraisers in the nation get together to try to bring some consensus, general agreement, and guidance on major valuation issues of the day...It is a tremendous resource.”
-- Z. Christopher Mercer, ASA, CFA, ABAR, CEO, Mercer Capital, Memphis, Tennessee

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Table of Contents


Chapter 1 Income Approach 
Capitalized Cash Flow vs. Discounted Cash Flow Methods
Cash Flow vs. Income 
Weighting Historical Earnings 
Growth Rates 
Capitalized Cash Flow Method 
Direct to Equity vs. Invested Capital Methods 
Discounted Cash Flow Method 
Terminal Year Calculations 

Chapter 2 Cost of Capital/Rates of Return 
Risk-Free Rate 
Equity Risk Premiums 
Size Premiums 
Industry Risk Premiums 
Company-Specific Risk Premiums 
Dr. Aswath Damodaran 
Weighted Average Cost of Capital 
Venture Capital Rates of Return 
Duff & Phelps Data Summary 
Duff & Phelps Case Study Applications (2014-2015) 
Duff & Phelps and Morningstar/Ibbotson Applications (Pre-2014)

Chapter 3 Discounts and Premiums 
Discounts for Lack of Marketability 
Liquidity vs. Marketability 
Restricted Stock Studies and Data 
Pre-IPO Studies and Data 
Option Models 
Control Premiums, Lack of Control, and Minority Discounts 
Mergerstat Data 
Supportability of Control Premiums 
Double-Counting Control 
Control of Minority Valuation Methods 
50/50 Interests 
Minority and Control in the Cash Flows

Chapter 4 Business Valuation Standards and Ethics 
Comparability of U.S. Valuation Standards 
AICPA SSVS VS Section 100, NACVA, and IBA 
Calculations including Opinions