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| Linking the Market Approach to the Income Approach: A Simulation Study (1526A_N) |
Course CPE: 2 hours
Field(s) of Study: Finance–2 hrs
Program Level: Overview
Prerequisites: None required. These overview programs may be appropriate for professionals at all organizational levels.
Advanced Preparation: None
Delivery Method: Self-Study
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Number: 15PBVNOLA26A
Shipping Weight: 0lbs. 0oz. |
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$147.00 |
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Recording Date: June 26, 2015
Presenter: M. Mark Walker, PhD, CFA, CBA
Program Description:
When an appraiser uses the Market Approach, the pricing multiples reflect items that typically transfer in an asset or stock sale. When an appraiser uses the Income Approach, he or she adjusts the implied value from the capitalization or Discounted Cash Flow Method for excess or deficient net working capital. The purpose of this simulation study is to reconcile the contrasting treatment of net working capital for the Market and Income approaches and their cascading effects on companies. For example, one must consider the impact of having excess cash on the firm's estimated value and financial statements. Finally, this webinar will evaluate several adjustments to the pricing multiples advocated in business valuation literature.
After completing this course, you will be able to:
- Identify the net working capital and other adjustments appraisers often make to the value implied by the Market and Income approaches
- Recognize the impact of excess or deficient working capital on the firm's estimated value and financial statements
- Recognize selected adjustments to the pricing multiples that authors have recommended in the business valuation literature
For more information regarding refund or concerns, please contact our offices at (800) 677-2009.
The Consultants’ Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. |
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