Financial valuation, open market operations & asset based finance
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Valuation ratios of promotor / promotor group; open market operations; capital structure; asset securitization; capital asset based finance
![Reduction of Capital
Cancel paid up capital due to
asset impairment /poor
operational control Reduce the liability on
unpaid share capital from
investors
Dispose the paid up capital
issued in excess of its warrants
to investors
Fixed price Offer
Open
Market
Operations
IPO
FPO
Tender offer
11/28/2015 1
• Takeovers
• Acquisitions
• & Mergers
for public issue
/primary markets
Promoter /
Promoter Group
• Lead Manager / Advisor
• Investor group
• Investment banker
• Financial institution /
Registrar
Net EPS1 P/E
• D/ E Ratio
• Working capital
• Asset turn over
• Capital adequacy
Earnings
& Financial
positionImprove Earnings
Interest rate
on capital
employed
Bank / Financier /
Finance house
Revolving credit /
Line of credit
(matched swap)
Loan repayment
[principal + Interest]
• Market Regulator
• Creditors
• Issuers & investors
• Financial instruments
• Finance house deposits
• Creditworthiness
FIINACIAL VALUATION , OPEN MARKET OPERATIONS & ASSET BASED LOAN SECURITIZATION
Buy back
Dividend payout
Cash dividend
Dividend per share
Capital structure, Customer base
Book building
Open Offer
Pledged /
Encumbered capital
Secondary market
1 Obtained after deducting from earnings
• Intangible assets & Tax
• Preferred share dividend
• Minority shareholder equity dividend
2. 2 - may be used for paying dividends;
3. 2’ – used for capital projects only.
Unlisted firms
Listed firms
• 2’Fresh issue - single bid
• Raises capital with prospectus
• 2Offer for sale
• Multiple bids
Floor price
Issue price
Undistributable
reserves, SPA,
CRR
Distributable reserves,
Revenue
SPA - Securities
Premium
CRR – Capital
Redemption](https://image.slidesharecdn.com/financialvaluationopenmarketoperationsassetbasedfinance-151129054610-lva1-app6892/85/Financial-valuation-open-market-operations-amp-asset-based-finance-1-320.jpg)
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Financial valuation, open market operations & asset based finance
- 1. Reduction of Capital Cancel paid up capital due to asset impairment /poor operational control Reduce the liability on unpaid share capital from investors Dispose the paid up capital issued in excess of its warrants to investors Fixed price Offer Open Market Operations IPO FPO Tender offer 11/28/2015 1 • Takeovers • Acquisitions • & Mergers for public issue /primary markets Promoter / Promoter Group • Lead Manager / Advisor • Investor group • Investment banker • Financial institution / Registrar Net EPS1 P/E • D/ E Ratio • Working capital • Asset turn over • Capital adequacy Earnings & Financial positionImprove Earnings Interest rate on capital employed Bank / Financier / Finance house Revolving credit / Line of credit (matched swap) Loan repayment [principal + Interest] • Market Regulator • Creditors • Issuers & investors • Financial instruments • Finance house deposits • Creditworthiness FIINACIAL VALUATION , OPEN MARKET OPERATIONS & ASSET BASED LOAN SECURITIZATION Buy back Dividend payout Cash dividend Dividend per share Capital structure, Customer base Book building Open Offer Pledged / Encumbered capital Secondary market 1 Obtained after deducting from earnings • Intangible assets & Tax • Preferred share dividend • Minority shareholder equity dividend 2. 2 - may be used for paying dividends; 3. 2’ – used for capital projects only. Unlisted firms Listed firms • 2’Fresh issue - single bid • Raises capital with prospectus • 2Offer for sale • Multiple bids Floor price Issue price Undistributable reserves, SPA, CRR Distributable reserves, Revenue SPA - Securities Premium CRR – Capital Redemption