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Willie Sutton robbed banks “because that’s where the money is.” The terminal value is an important component of a business valuation because that’s where most of the value is. Join Michael Vitti and Seth Fliegler of Duff & Phelps as they address the nuts and bolts of determining the terminal value, as well as issues that are brought up within the business valuation community and mistakes to avoid. Be better prepared to address terminal value-related issues after attending this event.
Program Agenda
General Approaches
Perpetuity
Exit Multiple
Reconciliation
Corporate Mortality / Discounting the Terminal Value to Present Value
Forever does not really mean forever
Some perpetuities are terminal
N v. N + 0.5 vs. N + 1 periods
Teasing Out Implied Assumptions
For example, predictions on what future congresses will do re: corporate income tax rates
‘Permanent’ Temporary v. ‘Temporary’ Temporary Differences
Relationship Between Depreciation and Capex
Interrelationship between Investment, Rates of Return, and Value
Terminal Value Disputes in Litigation
Learning Objectives
Identify and address various nuances that underlie terminal value determinations
Identify implied assumptions
Describe to defend their terminal value determinations in a dispute setting
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