l l
1. COVER
2. TABLElOFlCONTENTS
3. TITLEl PAGE
4. COPYRIGHT
5. DEDICATION
6. PREFACE
7. ACKNOWLEDGMENTS
8. ABOUTlTHElAUTHOR
9. CHAPTERl 1:l Valuationl Casel Studyl Exercises
1. 1.1l INTRODUCTION
2. 1.2lTHElVALUATIONlREPORT
3. 1.3lHISTORYlANDlNATURElOFlBUSINESS15
4. 1.4lGENERALlECONOMIClANDlINDUSTRYlOUTLOOK
5. 1.5lBOOKlVALUElANDlFINANCIALlPOSITION
6. 1.6l PROJECTIONS
7. 1.7lAPPROACHESlTOlVALUE
8. 1.8lINCOMElAPPROACH
9. 1.9lCOSTlOFlCAPITAL
10. 1.10lMARKETlAPPROACH
11. 1.11lGUIDELINElPUBLIClCOMPANYlMETHOD
12. 1.12lGUIDELINElCOMPANYlTRANSACTIONSlMETHOD
13. 1.13lRECONCILIATIONlOFlVALUATIONlMETHODS
, 14. 1.14lCONCLUSIONlOFlVALUE
15. 1.14lADDENDUM:lDISCOUNTlCASElSTUDYlEXERCISES
16. Notes
0. CHAPTERl2:lValuationlCaselStudylExercises:lSolutionslandlE
xplanations
1. 2.1lADDENDUM:lDISCOUNTlCASElSTUDYlEXERCISES
1. CHAPTERl3:lFinanciallValuationlApplicationslandlModels
Companionl Exercisesl andl Testl Questions
1. 3.1lCHAPTERl1:lINTRODUCTIONlTOlFINANCIALl
VALUATION
2. 3.2lCHAPTERl2:lSTANDARDSlOFlVALUE
3. 3.3lCHAPTERl3:lRESEARCHlANDlITSlPRESENTATION
4. 3.4lCHAPTERl4:lFINANCIALlSTATEMENTlANDlCOMPANYl
RISKlANALYSIS
5. 3.5lCHAPTERl5:lINCOMElAPPROACH
6. 3.6lCHAPTERl6:lCOSTlOFlCAPITAL/RATESlOFlRETURN
7. 3.7lCHAPTERl7:lINTERNATIONALlCOSTlOFlCAPITAL
8. 3.8lCHAPTERl8:lMARKETlAPPROACH
9. 3.9lCHAPTERl9:lASSETlAPPROACH
10. 3.10lCHAPTERl10:lVALUATIONlDISCOUNTSlANDlPREMIUMS
11. 3.11lCHAPTERl11:lREPORTlWRITING
12. 3.12lCHAPTERl12:lBUSINESSlVALUATIONlSTANDARDS
13. 3.13lCHAPTERl13:lVALUATIONlOFlPASS‐
THROUGHlENTITIES
, 14. 3.14lCHAPTERl27D:lVALUATIONlISSUESlINlPREFERREDlS
TOCK
15. 3.15lCHAPTERl27E:lRESTRICTEDlSTOCKlVALUATION
16. 3.16lCHAPTERl27G:lVALUATIONlISSUESlRELATEDlTOl
STOCKlOPTIONSlANDlOTHERlSHARE‐
BASEDlCOMPENSATION
17. 3.17lCHAPTERl14:lESTATE,lGIFT,lANDlINCOMElTAXl
VALUATIONS
18. 3.18lCHAPTERl15:lVALUATIONlOFlFAMILYlLIMITEDl
PARTNERSHIPS
19. 3.19lCHAPTERl16:lSUMMARYlOFlCOURTlCASElVALUATIONlI
SSUES
20. 3.20lCHAPTERl17:lSHAREHOLDERlDISPUTES
21. 3.21lCHAPTERl18:lEMPLOYEElSTOCKlOWNERSHIPlPLANS
22. 3.22lCHAPTERl19:lVALUATIONlINlTHElDIVORCElSETTING
23. 3.23lCHAPTERl20:lVALUATIONlISSUESlINlSMALLl
BUSINESSES
24. 3.24lCHAPTERl21:lVALUATIONlISSUESlINlPROFESSIONALl
PRACTICES
25. 3.25lCHAPTERl22:lREASONABLElCOMPENSATION
26. 3.26lCHAPTERl23:lTHElVALUATORlASlEXPERTlWITNESS
27. 3.27lCHAPTERl24:lFAIRlVALUElMEASUREMENTlANDlTHEl
VALUATIONlOFlINTANGIBLElASSETS
28. 3.28lCHAPTERl25:lMARKETING,lMANAGING,lANDlMAKING