Company analysis applied valuation
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The document discusses various techniques for company analysis and valuation, including regression analysis, trend analysis, and decision tree analysis. Regression analysis examines relationships between company variables, such as revenues and expenses, and external economic factors. Trend analysis predicts future stock movements based on past data, while decision trees illustrate all possible outcomes of decisions. The document also covers challenges with newer techniques, as well as active and passive equity management strategies and tools for analysis like price-earnings ratios and projecting dividends.
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Corporate restructuring
The Concept
A stable strategy arises out of a basic perception by the management that the firm should concentrate on using its present resources for developing its competitive strength in particular market areas.
In simple words, stability strategy refers to the company’s policy of continuing the same business and with the same objectives
A firm pursues stability strategy when
1. It continues to serve the public in the same product or service, market, and function sectors as defined in its business definition.
2. Its main strategic decisions focus on incremental improvement of functional performance.
2. Corporate Restructuring is the process of redesigning one or more aspects of a company.
3. The process of reorganizing a company may be implemented due to a number of different factors, such as positioning the company to be more competitive, surviving a currently adverse economic climate, or acting on the self confidence of the corporation to move in an entirely new direction.
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corporate governance theories and practices
This document discusses corporate misgovernance and governance issues in India and other countries. It provides examples of corporate scandals in India like the Harshad Mehta case and preferential allotment scam. Examples from the US like the Worldcom and Enron scandals are also mentioned. Reasons for misgovernance like a closed economy and lack of regulatory frameworks are discussed. The document also covers various corporate governance models and theories. It examines the roles, composition and responsibilities of boards of directors. Benefits of good governance and issues regarding boards, disclosure, and shareholder rights are summarized.
The cadbury committee report on corporate governance
The Cadbury Committee was set-up in May 1991 by the Financial Reporting Council of the London Stock Exchange.
The committee published its report in December 1992.
Adrian Cadbury the chairman of the Cadbury committee.
The report sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures.
Walter’s model on dividend policy
Walter's model states that a company's dividend policy impacts its valuation, with higher-dividend companies valued more than lower- or no-dividend companies. The model uses two factors - dividend payout ratio and the relationship between internal rate of return and cost of capital - in its valuation formula. The formula calculates share price as the present value of infinite dividend and retained earnings flows. The model implies different optimal payout ratios depending on a company's growth phase: 0% for growth companies, no optimum for normal companies, and 100% for declining companies.
ACQUIRING AN ESTABLISHED VENTURE
The document discusses acquiring an established business venture through purchasing an existing business. It notes that buying an existing business can represent less risk than starting a new business from scratch. However, one must perform due diligence to understand the terms of the purchase. The document provides advice on evaluating business opportunities and established ventures through examining financial records, operations, competition, and viability factors. It also discusses different business valuation methods like asset-based, earnings-based, and market-based approaches.
Mm approach of dividend policy
The document summarizes the Modigliani-Miller theory of dividend policy. Some key points:
1) According to the theory, the value of a firm is based solely on its earnings and investment policy, not its dividend policy. Whether a firm retains earnings or pays dividends, the total return to shareholders is the same.
2) The theory is based on assumptions of perfect capital markets, no taxes, fixed investment policy, and no uncertainty.
3) Through mathematical proofs, the theory shows that dividends do not appear in the final equation determining a firm's value, indicating dividend policy is irrelevant to shareholders.
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Corporate restructuring
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A stable strategy arises out of a basic perception by the management that the firm should concentrate on using its present resources for developing its competitive strength in particular market areas.
In simple words, stability strategy refers to the company’s policy of continuing the same business and with the same objectives
A firm pursues stability strategy when
1. It continues to serve the public in the same product or service, market, and function sectors as defined in its business definition.
2. Its main strategic decisions focus on incremental improvement of functional performance.
2. Corporate Restructuring is the process of redesigning one or more aspects of a company.
3. The process of reorganizing a company may be implemented due to a number of different factors, such as positioning the company to be more competitive, surviving a currently adverse economic climate, or acting on the self confidence of the corporation to move in an entirely new direction.
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The cadbury committee report on corporate governance
The Cadbury Committee was set-up in May 1991 by the Financial Reporting Council of the London Stock Exchange.
The committee published its report in December 1992.
Adrian Cadbury the chairman of the Cadbury committee.
The report sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures.
Walter’s model on dividend policy
Walter's model states that a company's dividend policy impacts its valuation, with higher-dividend companies valued more than lower- or no-dividend companies. The model uses two factors - dividend payout ratio and the relationship between internal rate of return and cost of capital - in its valuation formula. The formula calculates share price as the present value of infinite dividend and retained earnings flows. The model implies different optimal payout ratios depending on a company's growth phase: 0% for growth companies, no optimum for normal companies, and 100% for declining companies.
ACQUIRING AN ESTABLISHED VENTURE
The document discusses acquiring an established business venture through purchasing an existing business. It notes that buying an existing business can represent less risk than starting a new business from scratch. However, one must perform due diligence to understand the terms of the purchase. The document provides advice on evaluating business opportunities and established ventures through examining financial records, operations, competition, and viability factors. It also discusses different business valuation methods like asset-based, earnings-based, and market-based approaches.
Mm approach of dividend policy
The document summarizes the Modigliani-Miller theory of dividend policy. Some key points:
1) According to the theory, the value of a firm is based solely on its earnings and investment policy, not its dividend policy. Whether a firm retains earnings or pays dividends, the total return to shareholders is the same.
2) The theory is based on assumptions of perfect capital markets, no taxes, fixed investment policy, and no uncertainty.
3) Through mathematical proofs, the theory shows that dividends do not appear in the final equation determining a firm's value, indicating dividend policy is irrelevant to shareholders.
4) However, the theory is criticized for being based on unrealistic
Factors affecting dividend policy
A brief presentation on the factors affecting dividend policy prepared for class room presentation at Institute of Management in Kerala
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This document discusses several theories of dividend decision-making:
- Walter's model states that share price is the sum of dividends and retained earnings discounted by the cost of equity. It suggests retaining earnings if return on investment exceeds the cost of equity.
- Gordon's model similarly values shares based on dividends but also incorporates the growth rate of earnings from retained profits. It argues investors prefer dividends over capital gains.
- The Miller-Modigliani hypothesis asserts that under perfect capital markets, dividend policy does not affect share price, as investors will value future cash flows regardless of payout method.
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- A prospectus is a formal legal document that provides details about an investment offering for sale to the public so investors can make an informed decision. It must be filed with the SECP.
- The prospectus contents include information on the company's business, management, capital structure, financials, and risks. It requires audited reports and consent from experts.
- Companies are liable for any misstatements in the prospectus. Directors and experts can be liable but have defenses if they can prove the statement was not material or they withdrew consent.
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This document provides an overview of behavioural corporate finance. It discusses how behavioural corporate finance studies the decisions made by company managers and owners that affect company value, examining how psychological biases influence corporate finance decisions. Some key biases discussed include narrow framing, confirmation bias, and overconfidence. The document also summarizes assumptions of behavioural corporate finance, and discusses topics like corporate dividend policy, empirical data on dividend presence and absence, ex-dividend day behavior, announcing good and bad news, using behavioral factors systematically, neurophysiology of risk taking, and linking personality traits to risk attitudes.
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A portfolio is a combination of various investment products like bonds, shares, securities, and mutual funds. Portfolio revision involves changing the mix of securities in an existing portfolio by adding or removing assets. This is done to maximize returns and minimize risks. Reasons for portfolio revision include having additional funds to invest, changes in financial goals, or market fluctuations. There are active and passive portfolio revision strategies, with active strategies involving more frequent changes and passive only changing according to predetermined rules. The roles of a portfolio manager include designing customized investment plans, keeping up to date on the market, guiding clients impartially, and regularly communicating with clients.
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The document discusses capital structure, which refers to the mix of debt and equity used by a company to finance its long-term operations. It examines several factors that influence a company's capital structure choices as well as different theories about optimal capital structure. The Net Income Theory proposes that firms can maximize value and minimize cost of capital by using as much debt as possible. The Net Operating Income Theory argues capital structure is irrelevant to firm value and cost of capital. The Traditional Theory suggests an optimal debt-equity mix exists. Finally, the Modigliani-Miller Theory states that under certain assumptions, capital structure does not impact firm value or cost of capital, though when taxes are considered, more debt can increase value.
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Corporate governance obligations
Corporate governance is the system by which companies are directed and controlled. It involves balancing the interests of stakeholders like shareholders, management, customers, and society. The document discusses the obligations of corporate governance to various groups, including society, investors, and employees. It notes obligations to society include legal compliance, ethical conduct, and social responsibility. For investors, obligations are transparency and accurate financial reporting. For employees, obligations are fair employment practices, equal opportunities, and humane treatment.
Dividend decision theories
This document discusses several theories of dividend decision-making:
- Walter's model states that share price is the sum of dividends and retained earnings discounted by the cost of equity. It suggests retaining earnings if return on investment exceeds the cost of equity.
- Gordon's model similarly values shares based on dividends but also incorporates the growth rate of earnings from retained profits. It argues investors prefer dividends over capital gains.
- The Miller-Modigliani hypothesis asserts that under perfect capital markets, dividend policy does not affect share price, as investors will value future cash flows regardless of payout method.
Types of company
Companies can be classified in several ways, including by incorporation, liability of members, ownership, and control. There are two main types of companies - statutory companies formed by special acts of parliament, and registered companies formed under the Indian Companies Act. Registered companies are further divided into companies limited by shares, where member liability is limited to unpaid shares; companies limited by guarantee, where member liability is limited to a guaranteed contribution in the event of winding up; and unlimited companies with no limit on member liability. Private and public companies are also distinguished, with private companies having fewer than 200 members and lower minimum capital. Government companies are at least 51% owned by the government, while non-government companies are foreign companies registered outside of India.
Credit rating agencies
Credit rating agencies provide independent ratings of issuers' ability to repay their debts. The document discusses major international and Indian credit rating agencies such as Moody's, S&P, CRISIL, ICRA, CARE, and others. It defines credit ratings, explains different rating scales, and provides brief histories of the large agencies. Major services of agencies include rating government bonds, corporate bonds, and other debt instruments in both domestic and international markets.
Debt securitisation
This document discusses securitization and housing finance in India. It begins by defining securitization as the process of liquidating illiquid long-term assets like loans and receivables by issuing marketable securities against them. It then outlines the key parties and stages involved in securitization. Some benefits of securitization include additional funding, profitability, and risk spreading. Housing finance and the role of the National Housing Bank in promoting affordable housing are also summarized. Securitization has grown the Indian debt market and housing finance sector.
Fundamental analysis
Fundamental analysis is a method of evaluating securities that involves performing an analysis of the underlying company and industry. It examines factors like the overall economy, industry conditions, and the financial condition and management of companies to determine a company's intrinsic value. The analysis involves evaluating economic, industry, and company-specific factors to estimate future earnings and stock prices. Some key aspects of fundamental analysis include analyzing the economy, industry life cycles, and individual company financials and operations.
New Issue Market
The document discusses various aspects of new issue markets, including the meaning, functions, and methods of floating new issues. It describes the main functions of new issue markets as facilitating the transfer of resources from savers to users and mobilizing funds from savers to borrowers. The key methods of floating new issues discussed are public issues, rights issues, private placements, and preferential issues. It also covers various other topics related to new issue markets such as pricing of issues, offer documents, listing of securities, and participants in securities markets.
Wealth Maximization is superior then the profit maximization
Wealth maximization is superior to profit maximization for several reasons. Wealth maximization considers long-term sustainability rather than short-term profits. It accounts for the time value of money by discounting future cash flows. Wealth maximization also factors in risk and uncertainty through the discount rate. The goal of wealth maximization is to improve shareholder value, while considering the total value generated relative to costs for the business. It provides a more efficient allocation of resources while also ensuring benefits to society.
17 rights and_privileges_of_shareholders
The document discusses the rights and privileges of shareholders in a company. It outlines several key rights including the right to obtain company documents, transfer shares, attend general meetings, vote, receive dividends, inspect meeting minutes, and participate in director elections. It also discusses how strong investor protections are important for effective corporate governance and can help reduce agency costs by aligning manager and shareholder objectives.
prospectus of a company
The document discusses the definition, purpose, contents and requirements of a company prospectus according to the Companies Ordinance 1984 of Pakistan. Some key points:
- A prospectus is a formal legal document that provides details about an investment offering for sale to the public so investors can make an informed decision. It must be filed with the SECP.
- The prospectus contents include information on the company's business, management, capital structure, financials, and risks. It requires audited reports and consent from experts.
- Companies are liable for any misstatements in the prospectus. Directors and experts can be liable but have defenses if they can prove the statement was not material or they withdrew consent.
Corporate governance in india & sebi regulations
- This document discusses corporate governance in India and regulations established by the Securities and Exchange Board of India (SEBI). It provides background on corporate scandals that led to increased regulation. SEBI established Clause 49, which strengthened the role of independent directors and introduced new disclosure requirements for public companies. The key changes required companies to have a minimum number of independent directors, limited terms for non-executive directors, established codes of conduct, and enhanced financial disclosures and internal controls. Effective corporate governance is important for India's corporations as they increasingly compete globally and attract foreign investment.
Business Portfolio Analysis
Business portfolio analysis is a technique that analyzes a company's different business units or products in the same way an investment portfolio is analyzed. It uses tools like the BCG matrix and GE nine-cell matrix to evaluate business units based on factors such as market share and market growth. This helps companies allocate resources more effectively by identifying strong business units in attractive markets that should receive more investment, and weak units in unattractive markets that may need to be improved or divested. While portfolio analysis provides a systematic approach and encourages strategic evaluation, the analyses can oversimplify strategies and produce static snapshots that may not account for changing market conditions.
Security Analysis
This document provides an overview of security analysis, which involves analyzing tradeable financial instruments like stocks, bonds, and derivatives. It discusses the main approaches to security analysis: fundamental analysis and technical analysis. Fundamental analysis examines underlying business and economic factors, while technical analysis focuses on price trends and momentum. The document then goes into more detail about fundamental analysis and the three steps involved: economic analysis, industry analysis, and company analysis. It provides examples of key variables to consider in each type of analysis.
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Wealth Maximization is superior then the profit maximization
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Forecasting And Decision Making
Forecasting and decision making are important for businesses to plan effectively amid risk and uncertainty. Economic forecasting helps businesses understand changes in the broader environment so they can formulate strategies. Demand forecasting also allows businesses to predict sales and allocate resources appropriately. Qualitative techniques like expert opinions and surveys, and quantitative techniques like time series analysis are commonly used for demand forecasting. The results of forecasting assist both businesses and governments in planning investments and policies.
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The document discusses valuation practices for intangible assets such as technology. It outlines three main valuation approaches - cost, market, and income approaches. It then describes the typical valuation process, including defining the objective, describing the asset, selecting an approach, and reporting results. Finally, it provides an example of valuing software using both cost and income approaches.
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The document discusses various methods for valuing companies, including cost-based methods like book value and replacement cost, income-based methods like earnings capitalization and discounted cash flow, and market-based methods. It notes that valuation depends on factors like management, performance, projections, industry, and the transaction context. The valuation process involves considering financial and non-financial factors, using multiple models, and arriving at a valuation range. Special situations like multi-business companies, M&A, and cyclic businesses require tailored applications of valuation models.
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Kiran Kumar has a PhD in finance from the Indian Institute of Science. He has over 20 research papers and has received five best research paper awards. He is currently an associate professor at IIM Indore and has previously held positions at the National Institute of Securities Markets and ISB. His research focuses on high frequency data analysis, market microstructure, and derivatives.
Finance involves making investment and funding decisions to allocate resources and generate returns. The three major corporate finance decisions are investments, financing, and dividends. Investments should earn returns above the hurdle rate, financing should minimize costs, and excess cash should be returned to shareholders if no high-return investments exist. The traditional goal of corporate finance is to maximize
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1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...Falcon Invoice Discounting
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.Recently uploaded (20)
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Company analysis applied valuation
- 1. COMPANY ANALYSIS: APPLIED VALUATION Group 2
- 2. Techniques Of Analysis • There are 3 modern techniques of Analysis: – Regression Analysis – Trend Analysis – Decision Tree Analysis
- 3. Regression & Correlation Analysis in Forecasting Revenues & Expenses Regression Analysis Linear Regression- Relationship between two variables Multiple Linear Regression- Relationship of Several Variables Correlation analysis- Goodness of fit between these variables
- 4. Regression equations are built upon the relationships such as: • Relationship between external economic variables & company analysis (e.g. Sales), internal company variables & external industry variables. • Relationship among: industry (e.g. Benchmark EPS) , economic (e.g. GNP), firm variables (e.g. Cost of funds) & company expenses. • Correlation acts as a specific measure of the explanatory power of a regression equation.
- 5. Trend Analysis • Tries to predict the future movement of a stock based on past data. Decision Trees • A decision tree is a graph that uses a branching method to illustrate every possible outcome of a decision
- 6. Problem Areas In Implementation Of Newer Techniques Regression Analysis • Need to develop plausible economic relationships between variables. • Isolating key explanatory variables - time consuming process. • Requires understanding of the firm’s mode of operation and structure & performance of industry.
- 7. Alternative Stock-Selection Techniques Active Equity Management • Growth Stock Approach- a company whose earnings are expected to grow at an above-average rate compared to its industry or the overall market. • Undervalued Stock Approach- companies that have either high dividend yields, and low price earnings ratio. • Small Capitalization Approach- investment in smaller companies that have potential to grow.
- 8. • Market Timer Approach- it varies the proportion of certain types of stock in portfolio depending on where he views the stock market to be at particular time. Passive Equity Management • Buy And Hold Approach To Stock- an investor buys stocks and holds them for a long period of time, regardless of fluctuations in the market.
- 9. Price-Earning Ratio • Defined as a closing price of the stock divided by reported earnings. • P/E ratio is primarily determined by the riskiness of the firm and the rate of growth in its earnings. • Low P/E ratio is associated with low earnings and cyclical businesses and vice-versa.
- 10. Projecting Dividends • The projected earning per share is multiplied by the payout ratio to arrive at projected dividends. • Payout Ratio = Dividends per Share (DPS) / Earnings per Share (EPS) • Also known as dividend payout ratio.
Editor's Notes
- Able to link internal & external variables , revenue & expenses & other complex interrelationships. Regression Analysis Degree of Correspondence between two “real” variables Regression helps to establish functional relationship between two variables. Correlation explains : How well the Independent Variable “explains” the Dependent Variables in the Regression Equation.
- Trend Analysis Examine behaviour of economic series over a period of time i.e. one “real” variable which is being regressed over a period of years. Trend analysis is based on the idea that what has happened in the past gives traders an idea of what will happen in the future. Trend analysis is helpful because moving with trends, and not against them, will lead to profit for an investor. Decision trees:- It overcomes the criticism of traditional approaches: Based on subjective analysis & resulted in a point estimate. Did not carry, formal measurement of probability. Lacked objective measurement of quality. It assesses the alternative actions & probabilities existing in an investment environment. It multiples various independent outcomes & their probabilities w.r.t the desired sequence of occurring
- Relation is after examination of past data, Economical rational to explain logical relationship, Application & Testing of Variables. develop
- Growth stock approach- companies who have above average earning growth over a period of time will tend to produce stock values that will lead to above average return for investor.
- A lower payout ratio is generally preferable to a higher payout ratio, with a ratio greater than 100% indicating the company is paying out more in dividends than it makes in net income.