Corporate Valuation


iBOSS Premier顧問團


iBOSS Premier 注於非上市公司及中小企的買賣。由金融、會計、法律及營運等各方面的專才組成,企業買賣隊伍人數超過100名。2014iBoss成功售出超200間公司,總值近 HK$1.92億。


這可能是最重要的原則,對叫價的影響比其他因素大。一門業務只會因為現在和將來的賺錢能力而存在價值。沒有賺錢能力的資產只會有相當低的價值。因此有說服力的做法是以目前純利以及行業的市場市盈率作計算,再加入其他主觀個別因素予以調整 (例如是否有預見的增長/衰退,或重覆往績特別困難):


  • 我們會分析企業的實際利潤能力從企業取得管理人賬目、現金流賬目及損益財務表
  • 從企業取得管理人賬目、現金流賬目及損益財務表
  • 收集行業數據以進行利潤基礎的價值評估。

This may well be the most important methodology, having a greater influence on the calling price than other factors. A business is only worth what it could earn now and also in the future. Asset which lacks the ability to generate income will have a much lower value. Therefore a persuasive approach is to multiply the current net profit by a market PE ratio of the industry, to be adjusted by subjective components (such as whether growth/decline is foreseeable, or it will be difficult to repeat previous records).


  • We will look at the actual earning ability of a corporation.
  • Obtain Management Accounts, Cash Flow Accounts and Profit & Loss Accounts from the corporation.
  • Collect industry data to perform evaluation on earning basis.




  • 我們會考慮“出售資產內容”及“初期投入資金詳情”
  • 從企業取得最新的資產負債表

The Purchaser will always ask the question, “what exactly am I buying?” Although in the eyes of a valuation professional this may not be a very accurate question, the assets of a corporation, both tangible and intangible, shall be one of the pillars in the process of valuation. Under this methodology, both “assets included in the Sale” (Acquisition Cost Concept), and “start-up capital details” (Replacement Cost concept) shall be looked at. It is the rule of thumb that a corporation with high net asset value shall have a higher Calling Price.

  • We will look at the “assets included in the Sale” and “start-up capital details”
  • Obtain the most updated Balance Sheet from the corporation



The truth is all Sale is affected by the market. Your corporation may not be the only company on Sale in the industry, and therefore the price of another company and the purchaser’s demand may have an influence on your Calling Price. Therefore different industries will have different “industry” multiplier – the PE Ratio. Our valuation methodologies recognize market evidence and industry specific practice.


If it is just partial sale of the company shares, or a cluster of companies with different ownership structure is involved, this fact and the risk/work associated will be taken into account. In addition, it is important the management of a corporation is retained. If the shareholders are the managers and they will leave, it will surely have implications for the Calling Price.