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OverviewCorporate finance plays a vital role in every business as it pertains to an array of financing and investment decisions. Where most corporate finance books provide tools for public companies, this book presents new approaches and methods for planning and valuing private firms. Chapters discuss how typical valuation methods may not be perfectly adaptable to private firms and their investment decisions: in particular showing how the widely used Capital Asset Pricing Model cannot be precisely applied for the estimation of cost of equity for private companies, and the limitations of market multiples which may not match individual company features. The book suggests new ways of financial forecasting that can be better tailored to private businesses, such as by exploiting the concept of financial breakeven based on debt serviceability that departs from the more traditionally used concept of the revenue-cost breakeven. Topics including financial planning, working capital management,the cost of capital, and valuation methods are all covered. This book will be of interest to consultants, analysts and accountants working in private firms, as well as academics and students who are interested in an empirical assessment of the role of corporate finance in private businesses versus larger public companies. Full Product DetailsAuthor: Federico Beltrame , Alex SclipPublisher: Springer International Publishing AG Imprint: Palgrave Macmillan Edition: 1st ed. 2023 Weight: 0.341kg ISBN: 9783031380884ISBN 10: 3031380886 Pages: 139 Publication Date: 23 August 2023 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: Not yet available  This item is yet to be released. You can pre-order this item and we will dispatch it to you upon its release. Table of ContentsChapter 1: Corporate Financial Analysis 1.1. Introduction 1.2. The reclassification of the balance sheet 1.2.1 The reorganization of the balance sheet according to asset liquidity and liability maturity 1.2.2 The reorganization of the balance sheet by-function 1.2.3 In-depth analysis of NOWC monitoring and management 1.3. The income statement reorganization 1.3.1 The reorganization of the income statement as value-added 1.3.2 The reorganization of the income statement by the contribution margin 1.4. Ratio analysis 1.5 Cash flow statement analysis Appendix to Chapter 1 – A comprehensive financial analysis method Chapter 2: The financial and economic forecast 2.1 Introduction 2.2 Qualitative analysis 2.3 The traditional economic and financial forecast: from assumptions to estimation procedures 2.3.1 Assumptions 2.3.2 The estimation process to obtain a forecast budget 2.4 A different method to estimate forecast operating revenues 2.5 Conclusions Appendix to Chapter 2 – Drafting a forecast budget: combining new and classic approaches Chapter 3: The cost of capital for private businesses 3.1 Introduction 3.2 Private business evaluation: general points 3.3 The critical issues in calculating the cost of capital for private owned companies 3.3.1 First issue: “no market reference for equity and debt” 3.3.2 Second issue: “Consider specific risks when making the evaluation” 3.4 An alternative model to estimate the cost of capital of private corporations 3.4.1 The model basics 3.4.2 Estimating the unlevered cost of capital through a risk-neutral approach 3.4.3 The default probabilities for the model 3.4.4 The Loss Given Default (LGD) to be used in the model 3.5 Conclusions Appendix 1 to Chapter 3 – Steady-State and Steady-Growth evaluations Appendix 2 to Chapter 3 – Evaluation of an investment project Chapter 4: Business valuation through market multiples 4.1. Introduction 4.2. The key multiples 4.3. The evaluation process 4.4 The critical issues with comparabilities in the use of multiples 4.4.1 A conceptual outline 4.4.2 Adjustments by growth profile 4.4.3 Adjustments by debt level 4.4.3 Adjustments by growth rate and debt level 4.5 The issues relating to the calculation of the single multiple 4.6 Specific features of stock-market multiples 4.7 Using the multiples approach: final considerations Appendix to Chapter 4 –The unlevered value maps: an empirical evaluation Chapter 5: Conclusions - Putting all together for valuing a start - up 5.1. Introduction 5.2 Start-up capital structure, expected cash flows and cost of capital 5.3 Start – up valuation process 5.4 Focusing of the Venture Capital method 5.5 ConclusionsReviewsAuthor InformationFederico Beltrame is Associate Professor in Corporate Finance in the Department of Economics and Statistics, University of Udine, where he teaches corporate finance. He graduated in Economics at the University of Udine, where he also received his Ph.D. in Business Science. His main research interests are related to SMEs’ cost of capital, banks’ capital structure and mutual guarantee credit institutions. Alex Sclip is Assistant Professor of Corporate Finance in the department of business administration of the University of Verona, where he teaches corporate finance at the undergraduate level and strategic finance at the graduate level. He has obtained his PhD from the University of Udine and has been visiting fellow at the Essex Business School (UK). His main research interests are in the field of empirical corporate finance and financial intermediation. Tab Content 6Author Website:Countries AvailableAll regions |
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