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Andy · 2025年04月27日

此题如何求解?

NO.PZ2025041801000100

问题如下:

Question
  • The company's normalized EBITDA is $35,000,000
  • The comparable peer multiple for EV/EBITDA is 8.0
  • The discount for lack of control is 12%
  • The discount for lack of marketability is 15%

Based on the guideline public company method, the value of the company is:

An analyst is assessing the value of a private company from the perspective of a non-controlling, minority-interest shareholder. The analyst gathers the following information:

选项:

A.A.$209,440,000. B.B.$246,400,000. C.C.$280,000,000.

解释:

  • calculate the value of a private company using market-based methods and describe the advantages and disadvantages of each method

此题如何求解?

1 个答案

王园圆_品职助教 · 2025年04月27日

同学你好,这道题就是考察如何调整乘数以对非上市公司进行估值

题目说了对这个非上市公司估值的时候是针对的“from the perspective of a non-controlling, minority-interest shareholder. ”非控股和小股东的估值

先需要考虑discount for lack of marketability,所以调整后的EV/EBITDA = 8*(1-15%)= 6.8

再考虑缺乏控制,所以调整后的EV/EBITDA = 6.8*(1-12%) = 5.984

所以这个非上市公司的EV= 5.984*35000000 = 209440000——选A

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