A Practice Session in Visual Studio .NET

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A Practice Session
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in the sense of ability to pay off current obligations Higher ratios indicate greater liquidity as a general rule
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Quick Ratio Cash and Equivalents Receivables or Total Current Liabilities Industry Median 2
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A ratio less than 10 can suggest a struggle to stay current with obligations The median indicates that the industry as a whole may wrestle with liquidity problems, and even the top 25% of reported companies re ect only a ratio of 05
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(Income Statement) Sales or Receivables (Balance Sheet) Industry Median 343 1861
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Sales/Receivable Ratio
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This is an important ratio and measures the number of times that receivables turn over during the year
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Day s Receivable Ratio 1999 2000 365 or Sales/Receivable Ratio Industry Median 2001 11 2 days
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This highlights the average time in terms of days that receivables are outstanding Generally, the longer that receivables are outstanding, the greater the chance that they may not be collectible Slow-turnover accounts merit individual examination for conditions of cause
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Cost of Sales/Payables Ratio 1999 2000 Cost of Sales or Payables Industry Median 2001 273
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The Valuation Exercise
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Generally, the higher their turnover rate, the shorter the time between purchase and payment Lower turnover suggests that companies may frequently pay bills from daily in-house cash receipts due to slower receivable collections This practice may be somewhat misguided in light of investment principles whereby one normally attempts to match collections relatively close to payments so that more business income can be directed into the pockets of owners Some businesses may, however, have little choice
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Sales/Working Capital Ratio 1999 2000 Sales or Working Capital* Industry Median 2001 219
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*Current assets less liabilities equals working capital
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A low ratio may indicate an inef cient use of working capital, whereas a very high ratio often signals a vulnerable position for creditors This minus industry median indicates that working capital is scarce or that inef cient uses of working capital prevail throughout this industry To analyze how well inventory is being managed, the cost of sales to inventory ratio can identify important potential shortsightedness
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Cost of Sales/Inventory Ratio 1999 2000 Cost of Sales or Inventory Industry Median 2001 38
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A higher inventory turnover can signify a more liquid position and/or better skills at marketing, whereas a lower turnover of inventory may indicate shortages of merchandise for sale, overstocking, or obsolescence
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The Valuation Exercise
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Book Value Method
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Total Assets at Year-End 2001 Total Liabilities Book Value at Year-End 2001 $ $
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A Practice Session
Adjusted Book Value Method
Assets Cash Acct/Rec Inventory Prepaid Exp Land Real Estate/Docks Improvements Vehicles Furniture/Equip Tools Signs Other Accumulated Deprec Total Assets Total Liabilities Business Book Value Adjusted Book Value at 2001 Balance Sheet Cost $ Fair Market Value $
$ $ $
$ $ $ $
Weighted Average Cash Flow
1999 2000 2001 Totals $ (1) (2) (3) (6) $
$ 6 $
Divided by Weighted Reconstructed Income
The ip-side nature of three years of sales and income suggests the possibility that revenues might have peaked and that income is now largely dependent upon each year s economy However, to assure oneself of such assumptions, several other years performance should be examined You can take this assumption for granted in our case
The Valuation Exercise
Hybrid Method
(This is a form of the capitalization method) 1 2 3 High amount of dollars in assets and low-risk business venture Medium amount of dollars in assets and medium-risk business venture Low amount of dollars in assets and high-risk business venture
1 Yield on Risk-Free Investments Such as Government Bondsa (often 6% 9%) Risk Premium on Nonmanagerial Investmentsa (corporate bonds, utility stocks) Risk Premium on Personal Management Capitalization Rate Earnings Multipliers
2 80% 45% 145% 270% 37
3 80% 45% 225% 350% 29
80% 45% 75% 200% 5
a These rates are revised periodically to re ect changing economies They can be composed through the assistance of expert investment advisers if need be
This particular version of a hybrid method tends to place 40% of business value in book values
Book Value at Year-End 2001 Add: Appreciation in Assets Book Value as Adjusted Weight to Adjusted Book Value Weighted Reconstructed Income Times Multiplier Total Business Value $ $ 40% $ $ $ $
A Practice Session
Excess Earnings Method
(This method considers cash ow and values in hard assets, estimates intangible values, and superimposes tax considerations and nancing structures to prove the most-likely equation)
Reconstructed Cash Flow Less: Comparable Salary (provided) Less: Contingency Reserve Net Cash Stream to Be Valued Cost of Money Market Value of Tangible Assets (see reconstructed balance sheet) Times: Applied Lending Rate Annual Cost of Money Excess of Cost of Earnings Return Net Cash Stream to Be Valued Less: Annual Cost of Money Excess of Cost of Earnings Intangible Business Value Excess of Cost of Earnings Times: Intangible Net Multiplier Assigned* Intangible Business Value Add: Tangible Asset Value TOTAL BUSINESS VALUE (Prior to Proof)