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Topic 5 – Equity
Reading 27 – Private Company Valuation
0:00 Introduction and Learning Outcome Statements
2:47 LOS: Compare public and private company valuation.
5:50 LOS: Describe uses of private business valuation and explain applications of greatest concern to financial analysts.
8:11 LOS: Explain the income, market, and asset-based approaches to private company valuation and factors relevant to the selection of each approach.
10:17 LOS: Explain cash flow estimation issues related to private companies and adjustments required to estimate normalized earnings.
16:23 LOS: Calculate the value of a private company using free cash flow, capitalized cash flow, and/or excess earnings methods.
30:57 LOS: Explain factors that require adjustment when estimating the discount rate for private companies.
33:00 LOS: Compare models used to estimate the required rate of return to private company equity (for example, the CAPM, the expanded CAPM, and the build-up approach).
37:29 LOS: Calculate the value of a private company based on market approach methods and describe the advantages and disadvantages of each method.
42:58 LOS: Describe the asset-based approach to private company valuation.
43:42 LOS: Explain and evaluate the effects on private company valuations of discounts and premiums based on control and marketability.
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