By Viral V Acharya; et al
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Extra resources for Guaranteed to fail : Fannie Mae, Freddie Mac, and the debacle of mortgage finance
A business is a collection of net assets (including intangible assets), financed by the providers of capital: ordinary shareholders (‘equity providers’), preference shareholders and other non-equity investors, and debt holders (bank lenders, bondholders, asset financiers / lessors, and holders of other interest-bearing securities). The value of the whole business (the ‘Enterprise Value’) represents the sum of individual value components (the fair value of each type of capital). e. non-financing).
For example, if an acquirer is valuing a target that operates in another business sector with significantly different business risk, then using its own WACC could result in the target being under- or over-valued (the acquirer’s WACC being more than or less than, respectively, the target’s). For further discussion on the WACC and the Capital Asset Pricing Model (‘CAPM’), see Appendix B1 (pages 166 to 177). Valuation - DCF - Forecasting 17 The Forecast Period The DCF Enterprise Value is estimated by discounting cash flows arising over a forecast period, based on an explicit forecast of revenues, operating profits, capital investments, and other factors that determine value (‘Value Drivers’).
Risk management policies • How exposed is the company to interest rate and currency risks, and what policy is adopted with respect to minimising, hedging or controlling such risks? • How exposed is the company to operational risks? Adequacy of internal accounting systems • What procedures and systems are in place for: - preventing and detecting the occurrence of fraudulent activities; - ensuring all revenues and costs are captured and recorded in the management information system; - reconciling external information to management information, and management information to the financial accounting records; - investigating actual vs.