Corporate Valuation


關於我們

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.

 


 

買家常常會問的一個問題是:究竟其實我在買甚麼?雖然在專業估價顧問眼中這是個極不準確的問題,然而企業的有形及無形資產是價值評估過程中的一個重要支柱。在資產基礎法則下,“出售資產內容”(購置成本概念)及“初期投入資金詳情”(重置成本概念)都會作為考慮。經驗告訴我們,擁有高資產價值的企業會有較高昂的叫價。

  • 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

 

事實上,所有買賣都會受市場影響。你的企業很可能不是行內唯一正在出售的公司,所以另一間公司的售價以及買家的需求可能會對你的叫價有所影響。因此,不同的行業會有不同的“行業”乘數-市盈率。我們的價值評估法則會考慮到市場數據和行業獨有特性。

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.


如果只是把部份公司股份出售,或有一堆不同產權架構的企業集團牽涉在內,這些因素以及其附帶的風險或工作將會被計算在內。另外,相當重要的是企業的管理層得以保留及延續。如果股東是管理人員而他們全部都會撤離,這對叫價一定會有重大影響。

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.