New PDF release: A Blueprint. Corporate Governance

By Fred R. Kaen

ISBN-10: 081440586X

ISBN-13: 9780814405864

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The DCF forecasts future cash flows and discounts them to present value. The DFNI forecasts net income and discounts that to present value. Thus, we can narrow the question of which method is superior down to which measure of future economic benefits is superior: cash flow or net income. Here are the reasons cash flow is superior: 1. As we will discuss in detail in Chapter 4, cash flow includes net income, but net income does not include cash flow. Thus, cash flow is a more complete measure. 2.

Leonardo Meets the Snakeman My friend Leonardo opened a business with a partner, Victor Snakeman. They both worked in the business 9 See Chapter 5 for further explanation. It hides the assumption of the Payout Ratio, which is the percentage of income available to be paid out to the business owners as cash distributions. If the Payout Ratio is less than 100 percent and the valuator has not adjusted the discount rates, then he or she has just overvalued the company, because discount rates (a topic we will cover in Chapter 5) are calculated based on cash flows of publicly traded stocks.

Hybrid Method: Excess Earnings The Excess Earnings Method is a hybrid valuation method using the income statement and the balance sheet. 16 However, because it is somewhat mechanical and relatively simple, it frequently is used, and it’s even unofficially required in valuation for property settlement in divorce proceedings in some jurisdictions. We will only briefly go into this method, but it’s important to know that it suffers from theoretical and empirical problems that can produce serious distortions of value if handled improperly, and even if handled properly for high-growth firms!

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A Blueprint. Corporate Governance by Fred R. Kaen

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