The Art of Valuation.pptx- HFAC

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    Bciicr Kanhw

    0?)07)1?

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    Zkh Arz ce Uanxazgci Dcan ce zkg prhhizazgci

    Lhhp wcx gizhrhzhj Uanxazgci g EXI

    H{pnagi zkh thalihh gikhrhiz gi aiw JBE Gizrcjxbh a zkrhh&nawhrhj apprcabk zc uanxazgci

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    JBE UanxazgciTkaz g gz3

    Rkcrzbcfgid

    Giabbxrazh giecrfazgci +jgzaiz bak enct' g ajjhj zcabbxrazh giecrfazgci +ihar&zhrf bak enct'. tkgbkprcjxbh giabbxrazh giecrfazgci

    Nhaj zc eanh hih ce hbxrgzw

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    H{afpnh Bcigjhr zkh Zhrfgian Uanxh gi a JBE

    Bcfprgh zkh famcrgzw ce zkh uanxh gi fcz uanxazgci

    Ge th arh trcid ow 1( gi hgzkhr jgrhbzgci. raidh ce ZUg drhazhr zkai 2&1!

    Zhrf) Bcz ceBapgzan

    Zhrf) Drctzk _azh Fxnzgpnh

    ;( :( 1#+;(&:(' 6 ?8

    4( 8( 1#+4(&8('6 80

    7( 2( 1#+7(&2(' 6 15)5

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    A Ohzzhr Rwzhf1' Ahz Uanxh& Kct fxbk arh zkh bcfpaiw ahz ci

    zkh occl tcrzk ZCJAW

    ?' Harigid Pcthr Uanxh& Kct fxbk g zkh bxrrhizharigid pcthr tcrzk +axfgid }hrc drctzk'

    2' JBE Kct fxbk +ge aiwzkgid' g drctzk tcrzk3

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    Ahz UanxhAiw uanxazgci zarz tgzk a jhbggci aocxz zkh

    bcfphzgzguh pcgzgci ce zkh egrf

    G gijxzrw)) Hbcicfgbannw ugaonh3

    Uanxh az _hprcjxbzgci Bcz

    Gi Zhrfgian Jhbngih3

    Uanxh az Ngqxgjazgci Uanxh +Rbrap' Huhi tgzk zkg apprcabk. th hparazh dccj aij oaj

    giecrfazgci +a th fcuh jcti OR'

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    Harigid Pcthr Uanxh Hzgfazh zkh bxrrhiz harigid pcthrge gz

    thrh zc bcizgixh gijhegigzhnw gizc zkh exzxrhtgzk }hrc drctzk)

    Ajmxzhj harigid gibnxjh _hbzgewgid abbcxizgid fgrhprhhizazgci +cih&zgfh bkardh _hcnugid jgbrhpaibgh ohzthhi jhprhbgazgci aij

    afcrzg}azgci aij abzxan afcxiz ce giuhzfhiz ow zkhbcfpaiw

    Zalh gizc abbcxiz zkh bxrrhiz pcgzgci gi zkh oxgih bwbnh HPU ka zkh ajuaizadh ce ohgid oahj hizgrhnw ci bxrrhiznw

    auagnaonh giecrfazgci aij g xibcizafgiazhj ow fcrhxibhrzagi bcimhbzxrh aocxz zkh exzxrh

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    Harigid Pcthr Uanxh Ecrfxna6

    HOGZ Za{h 6 ICPAZ +ihz cphrazgid prcegz aezhr za{'

    , Jhprhbgazgci aij afcrzg}azgci& Fagizhiaibh bapgzan h{phijgzxrh +cinw fagizhiaibh. icz zczan

    baph{'6 Ajmxzhj Cphrazgid Bak Enct

    +Ajmxzhj CBE# Bcz ce bapgzan' , Ihz Bak 6Harigid Pcthr Uanxh # Rkarh cxzzaijgid

    6 HPU#karh

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    JBE

    Uanxh zkh Drctzk Fcz jgeegbxnz zc hzgfazh. fxz oh bciegjhiz gi

    bcfphzgzguh ajuaizadh

    _hang}h icz ann drctzk g uanxaonhecr bcfpaigh t#cbcfphzgzguh ajuaizadh. drctzk bai abzxannw JHRZ_CW

    uanxh

    Ow hfpncwgid zkrhh&zadh uanxazgci. ai giuhzcr ka a earohzzhr gjha ce tkaz kh#kh g ohzzgid ci zkai ai giuhzcr

    mxz zarzgid tgzk JBE

    _huhrh JBE bai cezhi oh fcrh xhexn gi huanxazgidzkh aigzw ce zkh bxrrhiz farlhz prgbh

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    H{afpnh= Rlhbkhr +RL['

    Rkch bcfpaiw ecxijhj gi 177?. bcfphzh tgzk Ajgja.Iglh. Iht Oanaibh

    Cuhr *1 O anh gibh ?008 Rkaph&Xp Occzhj harigid :0( gi ?010

    Bcfpaiw zcc addrhguh tgzk drctzk pnai +eaj'

    Ecrbhj zc ngqxgjazh giuhizcrw az kxdh trgzh&jcti

    Tgnn nglhnw kauh zc paw nardh egih +*50 ff' ecr eanhajuhrzggid bnagf zc EZB

    Rzcbl prgbh eannhi ercf kgdk ce *?2 zc nct ce *11 zcbxrrhiz prgbh ce *1:

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    1= Ahz Uanxh Bxrrhiz Rzcbl Prgbh6 y*1:

    *1; ZOU#karh +?;( xpgjh'

    H{bnxjh uanxh ce giz) ahz Ihhj zc exrzkhr ajmxz ecr exrzkhr giuhizcrw trgzh&jcti

    +*28 ff'. *50 ff EZB ngaogngzw

    Ajmxzhj ZOU6 y*15 +1:( xpgjh'

    IBAU= *7)?8& 7)4?#karh +y20( jctigjh' Fcz bcihruazguh hzgfazh ce Ahz Uanxh

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    Harigid Pcthr Uanxh Ztc Rbhiargc fcjhnhj ecr rxi&razh

    ?004 cphrazgid rhxnz a a prc{w ecr tkaz zkh bcfpaiw

    bcxnj nccl nglh tgzkcxz zkh Rkaph&xp rhuhixh ?008 cphrazgid rhxnz. tkgbk arh 20( ncthr zkai ?004

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    ?& Harigid Pcthr Uanxh?008 _hxnz ?004 _hxnz

    HOGZ *44)? ff *11?)7 ff

    Za{h *20);; *:8)15

    ICPAZ *:5)2? *54)4:Fagizhiaibh Baph{ *1;)80 *1;)80

    J%A *2? *2?

    Ajm) Bak Enct *50 *;1

    HPU *500 *;10Ihz Bak *52)4 *52)4

    Zczan HPU *552)4 *;42)4

    HPU#Rkarh *12)?5 +8( cuhruanxhj' *14):4 +?:( xijhruanxhj'

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    Uanxh ce DrctzkAxfh ?004 zarzgid pcgiz ecr EBE +*40)? ff'

    Auhradh 8( drctzk ih{z zhi whar. ?( ZD

    11( Jgbcxiz _azh. bcizaiz fardgi GU#Rkarh 6 *?1. +80( xijhruanxhj'

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    Uanxazgci RxffarwAhz Uanxh=

    Nct= *7)?8

    Kgdk= *15

    HPU Nct= *12)?5 +8( JR'

    Kgdk= *14):4 +?:( XR'

    JBE Oah= *?1

    HPU 9 Ahz Uanxh 6bcfpaiw kabcfphzgzguh aju) gi

    farlhzpnabh Fw bcfphzgzguh aianwg

    xddhz RL[ g nglhnw zcfagizagi farlhz

    pcgzgci +oxz icz ihbb)Gibrhah'

    Rzcbl nglhnw tcrzkohzthhi HPU uanxh

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    Rxffarw _hnwgid ci JBE ancih g jaidhrcx

    Gz nxfp zcdhzkhr hzgfazh oahj ci dccj giecrfazgci tgzk zkchoahj ci uhrw xibhrzagi axfpzgci prcjxbgid pccr giecrfazgci

    Gz rhngh ci falgid abbxrazh hzgfazh ce huhiz zkaz arh ear gi zkhexzxrh

    Zkh 2&Rzadh Uanxazgci fcjhn G kauh prcpchj hfpkag}hbxrrhiz giecrfazgci aij a lictnhjdh aocxz exijafhizbcfphzgzguh bcijgzgci

    Gz jhphij ci phbgegb lictnhjdh aocxz parzgbxnar gijxzrgh aijahz. aij gz pnabh nh eagzk gi prcmhbzgci ce rcw exzxrh xinhxozaizgazhj ow bxrrhiz karj jazh

    Zkg g zkh jgbgpngih ce uanxh giuhzgid gi zkh Drakaf aij JcjjZrajgzgci