28
Date: Thursday, June 28, 2018
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for more information)

Z. Christopher Mercer
ASA, CFA,
Mercer Capital

About This Program

The focus on the EBITDA of private companies is almost ubiquitous among business appraisers. Join Chris Mercer to learn about the relationship between depreciation (and amortization) and EBIT as one measure of relative capital intensity. This relationship, "the EBITDA Depreciation Factor," is then used to convert debt-free pre-tax (i.e., EBIT) multiples into corresponding multiples of EBITDA. Mercer presents analysis that illustrates why the pervasive rules of thumb suggest that many private companies were worth 4.0x to 6.0x EBITDA, plus or minus, have had such stickiness. Get insight into the likely impact of the Tax Cut and Jobs Act on private company enterprise value multiples. Hear about a suggested methodology based on the Adjusted Capital Asset Pricing Model, whereby business appraisers can independently develop EBITDA enterprise value multiples under the Income Approach and includes private and public company market evidence.

Agenda

  • What is EBITDA?
  • Finding EBITDA
  • The Gordon Model: Market Value of Equity, Discounted Cash Flow, and Enterprise Value
  • Developing Enterprises (Total Capital) Indications of Value
  • A Single-Period Income Capitalization Technique to Capitalize EBITDA
  • Risk, Expected Growth, Capital Intensity, and EBITDA Multiples
  • Assumptions to Develop a Range of EBITDA Multiples
  • A Range of Implied EBITDA Multiples for Discussion
  • Tradeoffs Between Expected Growth and Risk and the Impact of Value
  • Risk, Growth, and the EBITDA Depreciation Factor
  • Market Evidence for the EBITDA Depreciation
  • Public & Private Market Evidence
  • Implications for Business Valuation

Learning Objectives

  • Describe the relationship between EBIT and depreciation (and amortization) and why companies have relatively high or low EBITDA multiples
  • Examine research about the “EBITDA Depreciation Factor” for public and private companies and learn how capital intensity impacts EBITDA multiples
  • “Build” multiples of EBITDA for specific assumptions in unique valuation situations using the Adjusted Capital Asset Pricing Model
  • Employ those multiples to develop indications of enterprise value

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Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

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Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must provide a $50 processing fee assessed at the completion of the online CE survey for this course.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)


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