VALUATION OF NONPUBLIC COMPANIES in .NET

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(a) COMPANY BACKGROUND The following abbreviated valuation of a company is presented for illustrative purposes Many of the facts and most of the tables and charts used in a full valuation analysis have been omitted here for the sake of brevity The subject company and the guideline companies are ctional
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The purpose of the appraisal is to determine the fair market value of a 20 percent interest in ABC Snack Foods Inc, as of March 31, 20XX The ABC Snack Foods, Inc (hereinafter referred to as ABC ) is a producer of potato chips, tortilla and corn chips, and popcorn The company has two plants, one of 205,000 sq ft in Houston, Texas, and a second of 100,000 sq ft in Amarillo, Texas, which was opened in 20XX Products are distributed through 350 routes, of which 225 are company owned and 125 are independent distributors In each of its major markets ABC is either the rst or second brand Advertising, which averages 175 percent of sales, is done primarily by TV and radio and, to a lesser extent, by billboards Promotions normally account for 25 percent of sales No single customer accounts for more than 5 percent of sales The analysis indicated that ABC was growing somewhat faster than both the potato chip and the popcorn industries Both the potato chip and popcorn businesses are marked by fairly intense competition in terms of price, promotions, distribution, and advertising The company competes with several companies that are substantially larger than ABC, as well as with a large number of small local rms, some of which are industry leaders in their locality
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Financial and income data with appropriate adjustments are shown for ABC Snack Foods in Exhibit 441 (b) SELECTION OF GUIDELINE COMPANIES teria were established: In selecting guideline companies, certain cri-
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The common stock must be publicly held and actively traded The stock must trade above $200 per share This criterion was established to eliminate very
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cheap stocks whose prices frequently do not have realistic relationships to basic determinants of value Guideline companies must be primarily engaged in the production and sale of dessert and snack foods In searching for companies that would meet these criteria, we reviewed all companies classi ed as food companies in Standard Corporation Records and in Moody s Industrial Manual and Moody s OTC Industrial Manual These sources published nancial data concerning virtually all securities in which there is suf cient public interest to warrant such publication All the companies in the industry classi cations listed were reviewed, and eight were selected as being the best possible companies that could be used as a valuation guideline The reasons for the exclusion of the others were given A very brief description of each of these companies follows:
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Alabaster Ice Cream, Inc, manufactures premium ice cream for distribution throughout the West and in several major cities in the Midwest Hi-Grade Enterprises, Inc, manufactures and distributes potato chips, fried pork skins, peanut butter crackers, and popcorn Products are sold throughout the South Hudson Foods Corp, produces meat sticks and beef jerky under the names Slim Jim and Pemmican Distribution is national Interlaken Foods Corp is primarily a producer of chocolate and confectionary products distributed nationally
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ABC SNACK FOODS, INC Condensed Balance Sheets and Computations of Total Net Worth Net Income, Cash Flow, and Dividends (Figures in Thousands of Dollars) Fiscal Years Ending March 31, Condensed Balance Sheets Assets: Current assets Cash and equivalent Accounts receivable Inventories Other current assets Total current assets Net xed assets Net xed assets Other assets Other assets Total assets Capital and liabilities: Current liabilities Current liabilities Other credits Other liabilities Total net worth Total capital and liabilities Computation of Total Net Worth Preferred stock Common stock Additional paid-in capital Retained earnings Treasury stock Adjustments: Total net worth Additional Information Total liabilities Net working capital Net sales $ 4, 285 6, 219 51, 581 $ 5, 602 8, 459 58, 880 $ 5, 111 11, 040 62, 376 $ 5, 975 9, 116 66, 037 $ 6, 317 10, 047 70, 671 $ 7, 594 13, 822 76, 499 $ 2, 045 3, 554 7, 581 $ 2, 045 3, 554 10, 716 $ 2, 045 3, 554 13, 771 $ 2, 045 3, 554 16, 946 $ 2, 045 3, 554 20, 365 $ 2, 045 3, 554 23, 001 2004 2005 2006 2007 2008 2009
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Computation of Adjusted Net Income and Cash Flow Reported net income Adjustments: Flood loss (net) Adjusted net income Depreciation & amortization Cash ow Computation of Total Dividends Preferred stock dividends Common stock dividends Total dividends $ $ 342 342 $ $ 376 376 $ $ 505 505 $ $ 505 505 $ $ 686 686 $ 3, 481 3, 481 1,140 $ 4,620 $ 3, 431 3, 431 1,479 $ 4,911 $ 3, 679 3, 679 1,825 $ 5,504 $ 3, 924 3, 924 2,023 $ 5,947 $ 4, 386 843 5, 229 2,197 $ 7,426